N-CSRS

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: September 30

Registrant is making a filing for 12 of its series: Wells Fargo Diversified Capital Builder Fund, Wells Fargo Diversified Income Builder Fund, Wells Fargo Index Asset Allocation Fund, Wells Fargo International Bond Fund, Wells Fargo Strategic Income Fund, Wells Fargo C&B Mid Cap Value Fund, Wells Fargo Common Stock Fund, Wells Fargo Discovery Fund, Wells Fargo Enterprise Fund, Wells Fargo Opportunity Fund, Wells Fargo Special Mid Cap Value Fund, and Wells Fargo Global Investment Grade Credit Fund.

Date of reporting period:    March 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

March 31, 2019

Wells Fargo Diversified Capital Builder Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Other information	26
Appendix A	30

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Diversified Capital Builder Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Capital Builder Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Diversified Capital Builder Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Diversified Capital Builder Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Robert Junkin^‡

Margaret Patel

Average annual total returns (%) as of March 31, 2019

		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 (EKBAX)3	1-20-1998		0.47		8.40		13.39		6.58		9.69		14.08		1.12		1.12
Class C (EKBCX)3	1-22-1998		4.77		8.87		13.23		5.77		8.87		13.23		1.87		1.87
Administrator Class (EKBDX)4	7-30-2010		–		–		–		6.68		9.84		14.27		1.04		1.04
Institutional Class (EKBYX)3	1-26-1998		–		–		–		6.99		10.11		14.50		0.79		0.78
Diversified Capital Builder Blended Index5	–		–		–		–		8.59		9.19		14.89		–		–
ICE BofAML U.S. Cash Pay High Yield Index6	–		–		–		–		5.96		4.68		11.12		–		–
Russell 1000® Index7	–		–		–		–		9.30		10.63		16.05		–		–

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, wfam.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 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. 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, high-yield 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 5.

Performance highlights (unaudited) Wells Fargo Diversified Capital Builder Fund 5

Ten largest holdings (%) as of March 31, 20198
Danaher Corporation	3.25
Amphenol Corporation Class A	3.22
American Electric Power Company Incorporated	2.98
CMS Energy Corporation	2.79
Atmos Energy Corporation	2.73
DTE Energy Company	2.72
Leidos Holdings Incorporated	2.61
Akamai Technologies Incorporated	2.45
Resideo Funding Incorporated, 6.13%, 11-1-2026	2.41
Thermo Fisher Scientific Incorporated	2.33

Portfolio composition as of March 31, 2019⁹

^‡  Mr. Junkin became a portfolio manager of the Fund on April 1, 2019.

¹  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.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.20% for Class A, 1.95% for Class C, 1.05% for Administrator Class, and 0.78% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  Historical performance shown for this class prior to July 12, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen Diversified Capital Builder Fund.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  Source: Wells Fargo Funds Management, LLC. The Diversified Capital Builder Blended Index is composed 75% of the Russell 1000® Index and 25% of the ICE BofAML U.S. Cash Pay High Yield Index. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁷  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. 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 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 total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Diversified Capital Builder 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	993.73	$	5.57		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.64		1.12	%
Class C
Actual	$	1,000.00	$	989.75	$	9.28		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.61	$	9.40		1.87	%
Administrator Class
Actual	$	1,000.00	$	994.13	$	5.17		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.24		1.04	%
Institutional Class
Actual	$	1,000.00	$	995.35	$	3.88		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%

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—March 31, 2019 (unaudited) Wells Fargo Diversified Capital Builder Fund 7

Security name	Shares		Value
Common Stocks: 78.61%
Communication Services: 0.22%
Interactive Media & Services: 0.22%
Alphabet Incorporated Class A †		2,000	$	2,353,780
Consumer Discretionary: 0.46%
Specialty Retail: 0.46%
The Home Depot Incorporated		25,000		4,797,250
Consumer Staples: 0.71%
Food Products: 0.71%
Lamb Weston Holdings Incorporated		100,001		7,494,075
Energy: 3.68%
Oil, Gas & Consumable Fuels: 3.68%
Andeavor Logistics LP		145,000		5,112,700
Centennial Resource Development Class A †		230,000		2,021,700
Kinder Morgan Incorporated		350,000		7,003,500
ONEOK Incorporated		275,000		19,206,000
Plains All American Pipeline LP		105,000		2,573,550
The Williams Companies Incorporated		100,000		2,872,000
				38,789,450
Financials: 0.40%
Banks: 0.40%
PNC Financial Services Group Incorporated		10,000		1,226,600
Regions Financial Corporation		210,000		2,971,500
				4,198,100
Health Care: 14.88%
Health Care Equipment & Supplies: 7.68%
Abbott Laboratories		300,000		23,982,000
Becton Dickinson & Company		90,000		22,475,700
Danaher Corporation		260,000		34,325,200
Electrocore LLC Ǡ		30,000		210,000
				80,992,900
Health Care Providers & Services: 1.30%
HCA Holdings Incorporated		105,000		13,689,900
Life Sciences Tools & Services: 5.04%
Agilent Technologies Incorporated		220,000		17,683,600
Bio-Rad Laboratories Incorporated Class A †		15,000		4,585,200
Thermo Fisher Scientific Incorporated		90,000		24,634,800
Waters Corporation †		25,000		6,292,750
				53,196,350
Pharmaceuticals: 0.86%
Merck KGaA ADR		400,000		9,138,000

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

8 Wells Fargo Diversified Capital Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Industrials: 10.13%
Aerospace & Defense: 3.76%
Curtiss-Wright Corporation		130,000	$	14,734,200
Huntington Ingalls Industries Incorporated		65,000		13,468,000
Lockheed Martin Corporation		20,000		6,003,200
Raytheon Company		30,000		5,462,400
				39,667,800
Building Products: 0.50%
Apogee Enterprises Incorporated		140,000		5,248,600
Resideo Technologies Incorporated †		2,500		48,225
				5,296,825
Electrical Equipment: 1.22%
AMETEK Incorporated		155,000		12,860,350
Industrial Conglomerates: 0.87%
Honeywell International Incorporated		15,000		2,383,800
Roper Industries Incorporated		20,000		6,839,400
				9,223,200
Machinery: 3.78%
IDEX Corporation		120,000		18,208,800
John Bean Technologies Corporation		170,000		15,621,300
Oshkosh Corporation		80,000		6,010,400
				39,840,500
Information Technology: 28.81%
Communications Equipment: 1.03%
Palo Alto Networks Incorporated †		45,000		10,929,600
Electronic Equipment, Instruments & Components: 6.88%
Amphenol Corporation Class A		360,000		33,998,400
Corning Incorporated		670,000		22,177,000
FLIR Systems Incorporated		345,000		16,415,100
				72,590,500
IT Services: 5.06%
Akamai Technologies Incorporated †		360,000		25,815,600
Leidos Holdings Incorporated		430,000		27,558,700
				53,374,300
Semiconductors & Semiconductor Equipment: 7.56%
Advanced Micro Devices Incorporated †		480,000		12,249,600
Broadcom Incorporated		80,000		24,056,800
Cypress Semiconductor Corporation		900,000		13,428,000
Microchip Technology Incorporated «		205,000		17,006,800
Micron Technology Incorporated †		135,000		5,579,550
Texas Instruments Incorporated		70,000		7,424,900
				79,745,650

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Capital Builder Fund 9

Security name	Shares		Value
Software: 7.15%
Adobe Systems Incorporated †		60,000	$	15,989,400
Ansys Incorporated †		80,000		14,616,800
Nutanix Incorporated Class A †		150,000		5,661,000
Salesforce.com Incorporated †		70,000		11,085,900
ServiceNow Incorporated †		37,000		9,120,130
Synopsys Incorporated †		165,000		18,999,750
				75,472,980
Technology Hardware, Storage & Peripherals: 1.13%
Pure Storage Incorporated Class A †		325,000		7,081,750
Western Digital Corporation		100,000		4,806,000
				11,887,750
Materials: 7.61%
Chemicals: 5.23%
Ashland Global Holdings Incorporated		30,000		2,343,900
Celanese Corporation Series A		75,000		7,395,750
Eastman Chemical Company		75,000		5,691,000
Huntsman Corporation		280,000		6,297,200
LyondellBasell Industries NV Class A		280,000		23,542,400
Olin Corporation		60,000		1,388,400
The Sherwin-Williams Company		9,000		3,876,390
Tronox Holdings plc Class A		150,000		1,972,500
Westlake Chemical Corporation		40,000		2,714,400
				55,221,940
Containers & Packaging: 2.38%
AptarGroup Incorporated		60,000		6,383,400
Avery Dennison Corporation		75,000		8,475,000
Berry Global Group Incorporated †		190,000		10,235,300
				25,093,700
Real Estate: 0.49%
Equity REITs: 0.49%
Saul Centers Incorporated		100,000		5,137,000
Utilities: 11.22%
Electric Utilities: 2.98%
American Electric Power Company Incorporated		375,000		31,406,250
Gas Utilities: 2.73%
Atmos Energy Corporation		280,000		28,820,400
Multi-Utilities: 5.51%
CMS Energy Corporation		530,000		29,436,200
DTE Energy Company		230,000		28,690,200
				58,126,400
Total Common Stocks (Cost $698,027,205)				829,344,950

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

10 Wells Fargo Diversified Capital Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 18.45%
Communication Services: 0.23%
Media: 0.23%
McGraw-Hill Global Education Holdings LLC «144A		7.88	%		5-15-2024	$	3,000,000	$	2,430,000
Consumer Discretionary: 0.19%
Hotels, Restaurants & Leisure: 0.19%
Speedway Motorsports Incorporated		5.13			2-1-2023		2,000,000		2,015,000
Consumer Staples: 0.29%
Food Products: 0.29%
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		1,000,000		1,010,000
Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		2,000,000		2,027,500
									3,037,500
Energy: 0.10%
Oil, Gas & Consumable Fuels: 0.10%
Plains All American Pipeline LP		4.65			10-15-2025		1,000,000		1,042,499
Health Care: 5.11%
Health Care Equipment & Supplies: 0.69%
Teleflex Incorporated		4.88			6-1-2026		7,175,000		7,309,531
Health Care Providers & Services: 4.33%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		16,512,000		16,284,960
Davita Incorporated		5.00			5-1-2025		10,000,000		9,582,500
Davita Incorporated		5.13			7-15-2024		1,000,000		987,500
HCA Incorporated		5.38			2-1-2025		10,000,000		10,600,000
HealthSouth Corporation		5.13			3-15-2023		1,000,000		1,012,768
West Street Merger Subordinate Bond Incorporated 144A		6.38			9-1-2025		7,400,000		7,196,500
									45,664,228
Pharmaceuticals: 0.09%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		1,000,000		990,000
Industrials: 5.21%
Aerospace & Defense: 0.80%
TransDigm Group Incorporated		6.38			6-15-2026		7,000,000		6,928,950
TransDigm Group Incorporated		6.50			5-15-2025		1,500,000		1,522,650
									8,451,600
Commercial Services & Supplies: 0.14%
Acco Brands Corporation 144A		5.25			12-15-2024		1,500,000		1,470,000
Electrical Equipment: 2.41%
Resideo Funding Incorporated 144A		6.13			11-1-2026		24,612,000		25,411,890

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Capital Builder Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Machinery: 1.09%
HD Supply Incorporated 144A		5.38	%		10-15-2026	$	1,000,000	$	1,020,000
SPX FLOW Incorporated 144A		5.88			8-15-2026		10,500,000		10,552,500
									11,572,500
Trading Companies & Distributors: 0.77%
WESCO Distribution Incorporated		5.38			6-15-2024		8,000,000		8,100,000
Information Technology: 3.68%
Communications Equipment: 0.55%
CommScope Incorporated 144A		5.50			6-15-2024		6,000,000		5,874,600
Electronic Equipment, Instruments & Components: 1.23%
TTM Technologies Incorporated 144A		5.63			10-1-2025		13,505,000		12,981,681
IT Services: 1.13%
First Data Corporation 144A		5.00			1-15-2024		2,000,000		2,048,000
Gartner Incorporated 144A		5.13			4-1-2025		9,779,000		9,883,635
									11,931,635
Software: 0.77%
Nuance Communications Company		6.00			7-1-2024		3,000,000		3,081,570
Symantec Corporation 144A		5.00			4-15-2025		5,000,000		5,009,111
									8,090,681
Materials: 3.01%
Chemicals: 2.43%
Koppers Incorporated 144A		6.00			2-15-2025		8,190,000		8,005,725
Olin Corporation		5.50			8-15-2022		6,000,000		6,270,000
Platform Specialty Products Corporation 144A		5.88			12-1-2025		3,000,000		3,010,800
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		6,835,000		6,424,900
Valvoline Incorporated		4.38			8-15-2025		2,000,000		1,915,000
									25,626,425
Containers & Packaging: 0.58%
Berry Global Incorporated 144A		4.50			2-15-2026		2,000,000		1,900,400
Berry Global Incorporated		5.13			7-15-2023		4,120,000		4,181,800
									6,082,200
Real Estate: 0.43%
Equity REITs: 0.43%
Iron Mountain Incorporated 144A		5.38			6-1-2026		2,000,000		1,970,000
Iron Mountain Incorporated		5.75			8-15-2024		2,500,000		2,525,000
									4,495,000
Utilities: 0.20%
Independent Power & Renewable Electricity Producers: 0.20%
NRG Energy Incorporated		5.75			1-15-2028		2,000,000		2,120,000
Total Corporate Bonds and Notes (Cost $193,880,877)									194,696,970

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

12 Wells Fargo Diversified Capital Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 2.15%
Financials: 0.44%
Diversified Financial Services: 0.44%
Tronox Finance plc 144A		5.75	%		10-1-2025	$	5,000,000	$	4,637,500
Health Care: 0.22%
Pharmaceuticals: 0.22%
Mallinckrodt plc 144A		5.50			4-15-2025		3,000,000		2,340,000
Information Technology: 1.49%
Technology Hardware, Storage & Peripherals: 1.49%
Seagate HDD		4.75			6-1-2023		9,500,000		9,610,992
Seagate HDD		4.88			6-1-2027		6,396,000		6,102,207
									15,713,199
Total Yankee Corporate Bonds and Notes (Cost $22,738,242)									22,690,699
	Yield					Shares
Short-Term Investments: 1.23%
Investment Companies: 1.23%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55					10,900,002		10,901,092
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38					2,031,423		2,031,423
Total Short-Term Investments (Cost $12,932,515)									12,932,515

Total investments in securities (Cost $927,578,839)	100.44	%		1,059,665,134
Other assets and liabilities, net	(0.44	)		(4,632,159	)
Total net assets	100.00	%	$	1,055,032,975

† Non-income-earning security

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Capital Builder Fund 13

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)		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		14,415,390		59,231,472		62,746,860		10,900,002	$	0	$	0	$	177,261	$	10,901,092
Wells Fargo Government Money Market Fund Select Class		22,600,022		247,014,249		267,582,848		2,031,423		0		0		288,952		2,031,423
									$	0	$	0	$	466,213	$	12,932,515		1.23	%

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

14 Wells Fargo Diversified Capital Builder Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $10,676,773 on loan), at value (cost $914,646,324)	$	1,046,732,619
Investments in affiliated securities, at value (cost $12,932,515)		12,932,515
Receivable for investments sold		7,269,407
Receivable for Fund shares sold		2,737,754
Receivable for dividends and interest		4,634,547
Prepaid expenses and other assets		198,604
Total assets		1,074,505,446
Liabilities
Payable upon receipt of securities loaned		10,899,872
Payable for investments purchased		7,034,603
Payable for Fund shares redeemed		607,045
Management fee payable		547,853
Administration fees payable		161,816
Distribution fee payable		65,879
Trustees’ fees and expenses payable		1,242
Accrued expenses and other liabilities		154,161
Total liabilities		19,472,471
Total net assets	$	1,055,032,975
NET ASSETS CONSIST OF
Paid-in capital	$	901,578,746
Total distributable earnings		153,454,229
Total net assets	$	1,055,032,975
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	591,591,608
Shares outstanding – Class A1		58,338,146
Net asset value per share – Class A		$10.14
Maximum offering price per share – Class A2		$10.76
Net assets – Class C	$	105,574,555
Shares outstanding – Class C1		10,431,978
Net asset value per share – Class C		$10.12
Net assets – Administrator Class	$	11,909,482
Shares outstanding – Administrator Class1		1,173,395
Net asset value per share – Administrator Class		$10.15
Net assets – Institutional Class	$	345,957,330
Shares outstanding – Institutional Class1		34,357,023
Net asset value per share – Institutional Class		$10.07

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 March 31, 2019 (unaudited) Wells Fargo Diversified Capital Builder Fund 15

Investment income
Dividends	$	7,343,692
Interest		6,188,109
Income from affiliated securities		308,118
Total investment income		13,839,919
Expenses
Management fee		3,040,465
Administration fees
Class A		565,299
Class C		123,160
Administrator Class		7,321
Institutional Class		198,821
Shareholder servicing fees
Class A		672,974
Class C		146,619
Administrator Class		14,079
Distribution fee
Class C		439,857
Custody and accounting fees		24,434
Professional fees		22,992
Registration fees		54,597
Shareholder report expenses		54,597
Trustees’ fees and expenses		10,969
Other fees and expenses		17,162
Total expenses		5,393,346
Less: Fee waivers and/or expense reimbursements		(20,124	)
Net expenses		5,373,222
Net investment income		8,466,697
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		26,026,179
Net change in unrealized gains (losses) on investments		(41,927,275	)
Net realized and unrealized gains (losses) on investments		(15,901,096	)
Net decrease in net assets resulting from operations	$	(7,434,399	)

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

16 Wells Fargo Diversified Capital Builder Fund Statement of changes in net assets

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	8,466,697					$	9,550,632
Net realized gains on investments					26,026,179						45,547,043
Net change in unrealized gains (losses) on investments					(41,927,275	)					53,496,076
Net increase (decrease) in net assets resulting from operations					(7,434,399	)					108,593,751
Distributions to shareholders from net investment income and net realized gains
Class A					(32,511,852	)					(31,088,631	)
Class C					(7,166,981	)					(5,826,986	)
Administrator Class					(695,834	)					(638,260	)
Institutional Class					(19,273,631	)					(16,658,344	)
Total distributions to shareholders					(59,648,298	)					(54,212,221	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,732,559			65,489,734			4,168,569			43,865,273
Class C		2,568,136			24,977,068			3,054,283			32,032,658
Administrator Class		138,083			1,338,782			507,748			5,354,505
Institutional Class		8,382,114			81,506,647			10,093,186			106,245,129
					173,312,231						187,497,565
Reinvestment of distributions
Class A		3,329,904			31,214,958			2,909,042			29,709,824
Class C		748,073			6,973,095			555,563			5,639,821
Administrator Class		73,683			691,237			60,161			615,499
Institutional Class		1,888,462			17,597,958			1,566,794			15,933,541
					56,477,248						51,898,685
Payment for shares redeemed
Class A		(4,537,509	)		(44,097,575	)		(7,765,843	)		(81,546,998	)
Class C		(5,001,503	)		(48,528,036	)		(2,906,268	)		(30,438,895	)
Administrator Class		(307,257	)		(3,134,647	)		(290,129	)		(3,037,359	)
Institutional Class		(6,094,716	)		(58,377,974	)		(7,121,216	)		(73,887,823	)
					(154,138,232	)					(188,911,075	)
Net increase in net assets resulting from capital share transactions					75,651,247						50,485,175
Total increase in net assets					8,568,550						104,866,705
Net assets
Beginning of period					1,046,464,425						941,597,720
End of period				$	1,055,032,975					$	1,046,464,425

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

Financial highlights Wells Fargo Diversified Capital Builder Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.88			$10.30			$9.96			$9.12			$9.31			$7.89
Net investment income		0.08	1		0.10			0.14	1		0.17			0.11			0.09
Net realized and unrealized gains (losses) on investments		(0.20	)		1.06			1.12			1.71			(0.20	)		1.41
Total from investment operations		(0.12	)		1.16			1.26			1.88			(0.09	)		1.50
Distributions to shareholders from
Net investment income		(0.08	)		(0.09	)		(0.14	)		(0.15	)		(0.10	)		(0.08	)
Net realized gains		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00			0.00
Total distributions to shareholders		(0.62	)		(0.58	)		(0.92	)		(1.04	)		(0.10	)		(0.08	)
Net asset value, end of period		$10.14			$10.88			$10.30			$9.96			$9.12			$9.31
Total return2		(0.63	)%		11.72	%		13.62	%		22.85	%		(1.05	)%		19.10	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.11	%		1.12	%		1.14	%		1.19	%		1.21	%
Net expenses		1.12	%		1.11	%		1.12	%		1.14	%		1.19	%		1.20	%
Net investment income		1.72	%		0.96	%		1.43	%		1.77	%		1.17	%		1.09	%
Supplemental data
Portfolio turnover rate		35	%		31	%		54	%		73	%		69	%		82	%
Net assets, end of period (000s omitted)		$591,592			$574,760			$551,272			$467,503			$402,303			$431,388

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.

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

18 Wells Fargo Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.86			$10.28			$9.96			$9.12			$9.32			$7.90
Net investment income		0.05			0.02			0.08			0.10			0.05			0.03
Net realized and unrealized gains (losses) on investments		(0.21	)		1.06			1.11			1.72			(0.22	)		1.41
Total from investment operations		(0.16	)		1.08			1.19			1.82			(0.17	)		1.44
Distributions to shareholders from
Net investment income		(0.04	)		(0.01	)		(0.09	)		(0.09	)		(0.03	)		(0.02	)
Net realized gains		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00			0.00
Total distributions to shareholders		(0.58	)		(0.50	)		(0.87	)		(0.98	)		(0.03	)		(0.02	)
Net asset value, end of period		$10.12			$10.86			$10.28			$9.96			$9.12			$9.32
Total return1		(1.03	)%		10.88	%		12.85	%		21.96	%		(1.88	)%		18.21	%
Ratios to average net assets (annualized)
Gross expenses		1.87	%		1.87	%		1.87	%		1.89	%		1.94	%		1.96	%
Net expenses		1.87	%		1.87	%		1.87	%		1.89	%		1.94	%		1.95	%
Net investment income		0.97	%		0.21	%		0.65	%		1.03	%		0.41	%		0.34	%
Supplemental data
Portfolio turnover rate		35	%		31	%		54	%		73	%		69	%		82	%
Net assets, end of period (000s omitted)		$105,575			$131,601			$117,346			$67,630			$53,373			$45,670

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

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

Financial highlights Wells Fargo Diversified Capital Builder Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.89			$10.32			$9.97			$9.12			$9.32			$7.90
Net investment income		0.09	1		0.11	1		0.16	1		0.18	1		0.14	1		0.12	1
Net realized and unrealized gains (losses) on investments		(0.21	)		1.06			1.12			1.73			(0.22	)		1.41
Total from investment operations		(0.12	)		1.17			1.28			1.91			(0.08	)		1.53
Distributions to shareholders from
Net investment income		(0.08	)		(0.11	)		(0.15	)		(0.17	)		(0.12	)		(0.11	)
Net realized gains		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00			0.00
Total distributions to shareholders		(0.62	)		(0.60	)		(0.93	)		(1.06	)		(0.12	)		(0.11	)
Net asset value, end of period		$10.15			$10.89			$10.32			$9.97			$9.12			$9.32
Total return2		(0.59	)%		11.73	%		13.75	%		23.14	%		(0.92	)%		19.39	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.03	%		1.04	%		1.06	%		1.05	%		1.04	%
Net expenses		1.04	%		1.03	%		1.04	%		1.03	%		0.95	%		0.95	%
Net investment income		1.79	%		1.04	%		1.58	%		1.89	%		1.41	%		1.33	%
Supplemental data
Portfolio turnover rate		35	%		31	%		54	%		73	%		69	%		82	%
Net assets, end of period (000s omitted)		$11,909			$13,821			$10,225			$21,398			$7,898			$9,411

¹  Calculated based upon average shares outstanding.

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

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

20 Wells Fargo Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.81			$10.25			$9.90			$9.07			$9.27			$7.85
Net investment income		0.10			0.14			0.19			0.20			0.15			0.13	1
Net realized and unrealized gains (losses) on investments		(0.21	)		1.05			1.11			1.71			(0.21	)		1.41
Total from investment operations		(0.11	)		1.19			1.30			1.91			(0.06	)		1.54
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.17	)		(0.19	)		(0.14	)		(0.12	)
Net realized gains		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00			0.00
Total distributions to shareholders		(0.63	)		(0.63	)		(0.95	)		(1.08	)		(0.14	)		(0.12	)
Net asset value, end of period		$10.07			$10.81			$10.25			$9.90			$9.07			$9.27
Total return2		(0.46	)%		12.04	%		14.11	%		23.28	%		(0.75	)%		19.68	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.79	%		0.81	%		0.79	%		0.78	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.77	%		0.78	%
Net investment income		2.07	%		1.30	%		1.71	%		2.14	%		1.58	%		1.52	%
Supplemental data
Portfolio turnover rate		35	%		31	%		54	%		73	%		69	%		82	%
Net assets, end of period (000s omitted)		$345,957			$326,283			$262,754			$122,769			$97,251			$100,160

¹  Calculated based upon average shares outstanding.

²  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 Diversified Capital Builder Fund 21

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 Wells Fargo Diversified Capital Builder Fund (the “Fund”) 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 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.

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

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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

22 Wells Fargo Diversified Capital Builder Fund Notes to financial statements (unaudited)

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 (net of fees and rebates), 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.

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.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly 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

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $927,287,676 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	160,424,910
Gross unrealized losses		(28,047,452	)
Net unrealized gains	$	132,377,458

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

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)

Notes to financial statements (unaudited) Wells Fargo Diversified Capital Builder Fund 23

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 March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	2,353,780	$	0	$	0	$	2,353,780
Consumer discretionary		4,797,250		0		0		4,797,250
Consumer staples		7,494,075		0		0		7,494,075
Energy		38,789,450		0		0		38,789,450
Financials		4,198,100		0		0		4,198,100
Health care		157,017,150		0		0		157,017,150
Industrials		106,888,675		0		0		106,888,675
Information technology		304,000,780		0		0		304,000,780
Materials		80,315,640		0		0		80,315,640
Real estate		5,137,000		0		0		5,137,000
Utilities		118,353,050		0		0		118,353,050
Corporate bonds and notes		0		194,696,970		0		194,696,970
Yankee corporate bonds and notes		0		22,690,699		0		22,690,699
Short-term investments
Investment companies		2,031,423		10,901,092		0		12,932,515
Total assets	$	831,376,373	$	228,288,761	$	0	$	1,059,665,134

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.650	%
Next $500 million		0.600
Next $2 billion		0.550
Next $2 million		0.525
Next $5 million		0.490
Over $10 billion		0.480

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.63% of the Fund’s average daily net assets.

24 Wells Fargo Diversified Capital Builder Fund Notes to financial statements (unaudited)

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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

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, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Administrator Class shares and 0.78% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019, Funds Distributor received $26,156 from the sale of Class A shares and $174 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2019.

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.

Interfund transactions

The Fund 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 March 31, 2019 were $374,440,345 and $338,711,544, respectively.

6. 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.

Notes to financial statements (unaudited) Wells Fargo Diversified Capital Builder Fund 25

For the six months ended March 31, 2019, there were no borrowings by the Fund under the agreement.

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

26 Wells Fargo Diversified Capital Builder 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 wfam.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 wfam.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 (wfam.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.

Other information (unaudited) Wells Fargo Diversified Capital Builder Fund 27

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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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

28 Wells Fargo Diversified Capital Builder 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Capital Builder Fund 29

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 and 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 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

30 Wells Fargo Diversified Capital Builder 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”)

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 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.

• 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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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401599 05-19 SA225/SAR225 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Diversified Income Builder Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	24
Statement of operations	25
Statement of changes in net assets	26
Financial highlights	27
Notes to financial statements	32
Other information	40
Appendix A	44

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Diversified Income Builder Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Income Builder Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Diversified Income Builder Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Diversified Income Builder Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term 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

Margaret Patel

Average annual total returns (%) as of March 31, 2019

		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 (EKSAX)3	4-14-1987		-0.82		4.38		8.90		5.24		5.63		9.55		1.04		0.85
Class C (EKSCX)3	2-1-1993		3.25		4.84		8.73		4.25		4.84		8.73		1.79		1.60
Class R6 (EKSRX)4	7-31-2018		–		–		–		5.44		5.98		9.97		0.61		0.42
Administrator Class (EKSDX)5	7-30-2010		–		–		–		5.26		5.77		9.76		0.96		0.77
Institutional Class (EKSYX)3	1-13-1997		–		–		–		5.55		6.00		9.99		0.71		0.52
Diversified Income Builder Blended Index6	–		–		–		–		7.28		6.29		12.46		–		–
ICE BofAML U.S. Cash Pay High Yield Index7	–		–		–		–		5.96		4.68		11.12		–		–
Russell 1000® Index8	–		–		–		–		9.30		10.63		16.05		–		–

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, wfam.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 R6, 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. 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, high-yield 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 5.

Performance highlights (unaudited) Wells Fargo Diversified Income Builder Fund 5

Ten largest holdings (%) as of March 31, 20199
TTM Technologies Incorporated, 5.63%, 10-1-2025	2.33
Lamb Weston Holdings Incorporated, 4.63%, 11-1-2024	1.93
Koppers Incorporated, 6.00%, 2-15-2025	1.89
Iron Mountain Incorporated, 4.88%, 9-15-2027	1.69
Tronox Finance plc, 5.75%, 10-1-2025	1.63
Cheniere Corpus Christi Holdings LLC, 5.13%, 6-30-2027	1.46
Valvoline Incorporated, 4.38%, 8-15-2025	1.41
Versum Materials Incorporated, 5.50%, 9-30-2024	1.36
AMN Healthcare Incorporated, 5.13%, 10-1-2024	1.35
WESCO Distribution Incorporated, 5.38%, 6-15-2024	1.33

Portfolio composition as of March 31, 2019¹⁰

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

¹  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.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  Historical performance shown for this class prior to July 12, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen Diversified Income Builder Fund.

⁴  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 would be higher.

⁵  Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares.

⁶  Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed 65% of the ICE BofAML U.S. Cash Pay High Yield Index and 35% of the Russell 1000^® Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofAML U.S. Cash Pay High Yield Index and 25% of the Russell 1000^® Index. You cannot invest directly in an index.

⁷  The ICE BofAML U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the noninvestment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. 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 total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Diversified Income Builder 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,016.53	$	4.27		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Class C
Actual	$	1,000.00	$	1,012.55	$	8.03		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.95	$	8.05		1.60	%
Class R6
Actual	$	1,000.00	$	1,019.11	$	2.11		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.12		0.42	%
Administrator Class
Actual	$	1,000.00	$	1,017.17	$	3.87		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.09	$	3.88		0.77	%
Institutional Class
Actual	$	1,000.00	$	1,018.63	$	2.62		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.34	$	2.62		0.52	%

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—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 0.20%
Hertz Vehicle Financing LLC Series 2019-1A Class B 144A		4.10	%		3-25-2023	$	1,380,000	$	1,397,403
Total Asset-Backed Securities (Cost $1,398,975)									1,397,403
						Shares
Common Stocks: 27.90%
Communication Services: 0.82%
Diversified Telecommunication Services: 0.72%
AT&T Incorporated							58,120		1,822,643
China Communications Services Corporation Limited H Shares							256,000		228,282
China Telecom Corporation Limited H Shares							276,000		153,295
PCCW Limited							1,867,000		1,160,639
PT Telekomunikasi Indonesia Persero Tbk							1,629,300		451,948
Verizon Communications Incorporated							18,745		1,108,392
									4,925,199
Wireless Telecommunication Services: 0.10%
China Mobile Limited							36,500		371,977
SK Telecom Company Limited							644		142,689
Turkcell Iletisim Hizmetleri AS							60,101		130,324
									644,990
Consumer Discretionary: 1.49%
Auto Components: 0.05%
Huayu Automotive Systems Company Limited Class A							68,600		208,040
Xinyi Glass Holdings Limited							110,000		126,115
									334,155
Automobiles: 0.42%
Geely Automobile Holdings Limited							77,000		147,135
General Motors Company							25,514		946,569
Guangzhou Automobile Group Company Limited H Shares							256,000		302,310
Hyundai Motor Company							2,358		248,243
Peugeot SA							50,738		1,237,340
									2,881,597
Hotels, Restaurants & Leisure: 0.59%
Extended Stay America Incorporated							66,302		1,190,121
Genting Malaysia Bhd							141,600		110,991
Genting Singapore Limited							971,563		745,564
Las Vegas Sands Corporation							12,754		777,484
Sands China Limited							48,400		243,235
Starbucks Corporation							13,050		970,137
									4,037,532
Household Durables: 0.12%
Coway Company Limited							1,826		152,019
Midea Group Company Limited Class A							42,999		311,797

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

8 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Household Durables (continued)
Qingdao Haier Company Limited A Shares		123,399	$	314,181
				777,997
Leisure Products: 0.03%
Giant Manufacturing Company Limited		30,000		214,143
Specialty Retail: 0.06%
Chow Tai Fook Jewellery Company Limited		154,400		156,171
Mr Price Group Limited		9,181		120,591
Petrobras Distribuidora SA		20,600		121,800
				398,562
Textiles, Apparel & Luxury Goods: 0.22%
Kering SA		2,331		1,336,686
Makalot Industrial Company Limited		24,000		168,200
				1,504,886
Consumer Staples: 1.05%
Beverages: 0.02%
Thai Beverage PCL		206,000		128,441
Food & Staples Retailing: 0.42%
Koninklijke Ahold Delhaize NV		57,500		1,530,278
Wal-Mart de Mexico SAB de CV		101,000		270,006
Wal-Mart Stores Incorporated		10,911		1,064,150
				2,864,434
Food Products: 0.47%
Inner Mongolia Yili Industrial Group Company Limited Class A		92,199		399,380
Lamb Weston Holdings Incorporated		20,000		1,498,800
Nestle SA		11,902		1,134,321
Uni-President Enterprises Corporation		78,000		189,303
				3,221,804
Household Products: 0.14%
The Procter & Gamble Company		9,225		959,861
Energy: 5.76%
Energy Equipment & Services: 0.02%
Hi-Crush Partners LP		11,581		51,535
USA Compression Partners LP		4,401		68,700
				120,235
Oil, Gas & Consumable Fuels: 5.74%
Alliance Resource Partners LP		13,391		272,641
American Midstream Partners		5,116		26,450
Andeavor Logistics LP		46,379		1,635,324

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 9

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Antero Midstream Corporation		29,312	$	403,919
Black Stone Minerals LP		11,312		199,544
BP Midstream Partners LP		6,137		88,802
Buckeye Partners LP		19,803		673,698
Calumet Specialty Products LP †		8,046		28,644
Capital Product Partners LP		1,826		19,132
Cheniere Energy Partners LP		5,386		225,835
China Petroleum & Chemical Corporation H Shares		234,000		184,518
CNX Midstream Partners LP		3,438		52,292
ConocoPhillips		16,500		1,101,210
Consol Coal Resources LP		676		11,945
Crestwood Equity Partners LP		6,235		219,410
CrossAmerica Partners LP		3,812		69,607
DCP Midstream LP		11,626		384,239
Delek Logistics Partners LP		1,095		35,511
Diamond S Shipping Incorporated †		1,253		13,031
Dorchester Minerals LP		3,740		68,292
Enable Midstream Partners LP		5,578		79,877
Energy Transfer Equity LP		303,289		4,661,552
Enlink Midstream LLC		33,210		424,424
Enterprise Products Partners		191,113		5,561,388
Enviva Partners LP		1,567		50,536
EQT Midstream Partners LP		8,374		386,628
Foresight Energy LP		3,735		9,860
Gaslog Partners LP		4,096		92,692
Genesis Energy LP		13,889		323,614
Global Partners LP		3,589		70,560
Golar LNG Partners LP		6,242		80,584
Green Plains Partners LP		1,474		23,348
Hess Midstream Partners LP		2,143		45,432
Hoegh LNG Partners LP		2,218		43,362
Holly Energy Partners LP		5,837		157,541
JXTG Holdings Incorporated		117,900		538,810
Kimbell Royalty Partners LP		2,804		51,229
Kinder Morgan Incorporated		100,000		2,001,000
KNOT Offshore Partners LP		3,114		59,135
Lukoil PJSC ADR		3,723		333,581
Magellan Midstream Partners LP		29,410		1,783,128
Martin Midstream Partners LP		4,323		53,821
MPLX LP		36,804		1,210,484
Natural Resource Partners LP		1,025		43,050
NGL Energy Partners LP		15,971		224,073
Noble Midstream Partners LP		2,798		100,756
NuStar Energy LP		11,578		311,332
Oasis Midstream Partners LP		1,392		28,285
ONEOK Incorporated		24,000		1,676,160
PBF Logistics LP		2,860		60,117
PetroChina Company Limited H Shares		380,000		246,396
Phillips 66		9,575		911,253
Phillips 66 Partners LP		6,855		358,859
Plains All American Pipeline LP		126,111		3,090,981

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

10 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Plains GP Holdings LP Class A		20,494	$	510,710
Reliance Industries Limited GDR 144A		10,665		427,667
Repsol YPF SA		68,083		1,165,439
S-Oil Corporation		1,788		141,137
Shell Midstream Partners LP		15,850		324,133
SK Innovation Company Limited		1,773		280,375
Snam SpA		147,800		759,174
Sprague Resources LP		1,317		24,338
Summit Midstream Partners LP		5,289		51,462
Sunoco LP		7,243		225,692
Tallgrass Energy GP LP		18,517		465,517
TC Pipelines LP		6,794		253,824
Teekay LNG Partners LP		6,977		104,376
Teekay Offshore Partners LP		14,263		17,116
The Williams Companies Incorporated		60,000		1,723,200
USD Partners LP		1,353		14,639
Valero Energy Corporation		9,271		786,459
Viper Energy Partners LP		7,861		260,671
Western Midstream Partners LP		26,253		823,294
				39,167,115
Financials: 3.58%
Banks: 1.36%
Absa Group Limited		28,780		303,383
Agricultural Bank of China Limited H Shares		317,000		146,184
Banco de Brasil SA		16,700		207,804
Banco Santander Brasil SA		19,100		214,496
Bancolombia SA ADR		3,290		167,987
Bangkok Bank PCL		64,200		436,969
Bank of China Limited H Shares		660,000		299,314
Bank Pekao SA		4,644		133,052
China Construction Bank H Shares		770,000		660,144
CIMB Group Holdings Bhd		146,800		185,186
Citigroup Incorporated		13,375		832,193
Credicorp Limited		620		148,769
CTBC Financial Holding Company Limited		245,000		162,562
Hana Financial Group Incorporated		4,380		140,456
HDFC Bank Limited ADR		3,634		421,217
ICICI Bank Limited ADR		40,963		469,436
Industrial & Commercial Bank of China Limited H Shares		719,000		526,659
JPMorgan Chase & Company		13,597		1,376,424
Kasikornbank PCL		36,000		213,266
KB Financial Group Incorporated		6,066		223,647
PT Bank Rakyat Indonesia Tbk		1,703,400		492,838
Public Bank Bhd		35,600		201,959
Royal Bank of Canada		9,500		716,721
Sberbank of Russia ADR		27,800		368,628
Standard Bank Group Limited		17,634		226,378
				9,275,672

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 11

Security name	Shares		Value
Capital Markets: 0.79%
3i Group plc		62,073	$	796,181
Ares Capital Corporation		87,753		1,504,086
B3 SA Brasil Bolsa Balcao		48,800		400,336
Banco BTG Pactual SA		25,400		234,840
Bursa Malaysia Bhd		57,600		96,929
CITIC Securities Company Limited H Shares		134,500		313,207
Intermediate Capital Group		62,006		860,091
Macquarie Group Limited		8,484		779,634
Moscow Exchange MICEX-RTS PJSC		157,233		218,279
NH Investment & Securities Company Limited		14,720		174,420
				5,378,003
Diversified Financial Services: 0.25%
Compass Diversified Holdings		64,950		1,019,066
ORIX Corporation		47,800		685,537
				1,704,603
Insurance: 0.58%
Allianz AG		3,373		750,225
BB Seguridade Participacoes SA		19,500		132,080
Cathay Financial Holding Company		150,000		218,767
China Life Insurance Company H Shares		79,000		212,345
Legal & General Group plc		317,284		1,137,667
PICC Property & Casualty Company Limited H Shares		222,000		252,261
Ping An Insurance Group Company H Shares		56,400		631,540
Powszechny Zaklad Ubezpieczen SA		12,515		132,015
Samsung Fire & Marine Insurance		755		200,207
Sanlam Limited		50,109		256,158
				3,923,265
Mortgage REITs: 0.60%
Annaly Capital Management Incorporated		87,925		878,371
Ladder Capital Corporation		84,135		1,431,978
MFA Financial Incorporated		115,229		837,715
New Residential Investment Corporation		55,640		940,872
				4,088,936
Health Care: 3.27%
Biotechnology: 0.34%
Amgen Incorporated		6,572		1,248,549
Gilead Sciences Incorporated		16,760		1,089,568
				2,338,117
Health Care Equipment & Supplies: 0.86%
Abbott Laboratories		25,000		1,998,500
Becton Dickinson & Company		8,000		1,997,840
Danaher Corporation		14,000		1,848,280
				5,844,620

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

12 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 0.43%
CVS Health Corporation		25,375	$	1,368,474
Life Healthcare Group Holdings Limited		89,215		165,956
UnitedHealth Group Incorporated		5,570		1,377,238
				2,911,668
Life Sciences Tools & Services: 0.80%
Agilent Technologies Incorporated		16,000		1,286,080
Thermo Fisher Scientific Incorporated		7,000		1,916,040
Waters Corporation †		9,000		2,265,390
				5,467,510
Pharmaceuticals: 0.84%
Eli Lilly & Company		12,850		1,667,416
GlaxoSmithKline plc		52,390		1,089,582
Roche Holding AG		3,719		1,024,662
Sanofi SA		9,721		858,623
Takeda Pharmaceutical Company Limited		27,200		1,109,548
				5,749,831
Industrials: 2.88%
Aerospace & Defense: 0.83%
Curtiss-Wright Corporation		14,000		1,586,760
Huntington Ingalls Industries Incorporated		8,000		1,657,600
Raytheon Company		9,000		1,638,720
Singapore Technologies Engineering Limited		279,958		772,583
				5,655,663
Building Products: 0.01%
Resideo Technologies Incorporated †		2,000		38,580
Commercial Services & Supplies: 0.11%
Intrum Justitia AB		26,172		751,608
Construction & Engineering: 0.11%
China Communications Construction Company Limited H Shares		272,000		281,357
China State Construction Engineering Corporation Limited Class A		228,400		208,001
China State Construction International Holdings		286,000		267,785
				757,143
Electrical Equipment: 0.18%
AMETEK Incorporated		15,000		1,244,550
Industrial Conglomerates: 0.47%
Honeywell International Incorporated		17,025		2,705,613
Sime Darby Bhd		413,700		225,977
The Bidvest Group Limited		19,508		261,616
				3,193,206

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 13

Security name	Shares		Value
Machinery: 0.91%
Crane Company		14,766	$	1,249,499
CRRC Corporation Limited H Shares		240,000		226,243
Hyundai Robotics Company Limited		398		116,760
IDEX Corporation		9,000		1,365,660
Ingersoll-Rand plc		9,225		995,839
John Bean Technologies Corporation		20,000		1,837,800
Sany Heavy Industry Company Limited Class A		211,800		402,786
				6,194,587
Trading Companies & Distributors: 0.19%
Mitsubishi Corporation		46,470		1,288,900
Transportation Infrastructure: 0.07%
China Merchants Port Holdings Company Limited		120,000		255,594
Grupo Aeroportuario del Pacifico SAB de CV Class B		24,740		219,330
				474,924
Information Technology: 5.11%
Communications Equipment: 0.31%
Cisco Systems Incorporated		39,112		2,111,657
Electronic Equipment, Instruments & Components: 0.88%
Amphenol Corporation Class A		25,000		2,361,000
Corning Incorporated		65,000		2,151,500
Delta Electronics Incorporated		53,000		273,422
FLIR Systems Incorporated		22,000		1,046,760
Hon Hai Precision Industry		57,600		137,363
				5,970,045
IT Services: 0.61%
Computacenter plc		66,260		954,481
DXC Technology Company		11,480		738,279
Infosys Limited SP ADR		51,403		561,835
Leidos Holdings Incorporated		30,000		1,922,700
				4,177,295
Semiconductors & Semiconductor Equipment: 1.18%
Broadcom Incorporated		7,000		2,104,970
Cypress Semiconductor Corporation		100,000		1,492,000
KLA-Tencor Corporation		7,950		949,310
Mediatek Incorporated		29,000		265,813
Microchip Technology Incorporated		9,000		746,640
SK Hynix Incorporated		3,220		210,487
Taiwan Semiconductor Manufacturing Company Limited		154,000		1,226,684
Texas Instruments Incorporated		10,000		1,060,700
				8,056,604
Software: 1.21%
Adobe Systems Incorporated †		7,000		1,865,430
Microsoft Corporation		24,491		2,888,469

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

14 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Software (continued)
Oracle Corporation		21,400	$	1,149,394
Synopsys Incorporated †		20,000		2,303,000
				8,206,293
Technology Hardware, Storage & Peripherals: 0.92%
Advantech Company Limited		30,000		249,185
Apple Incorporated		8,215		1,560,439
Asustek Computer Incorporated		17,000		123,003
Chicony Electronics Company Limited		59,000		137,256
Lenovo Group Limited		1,196,000		1,075,645
Samsung Electronics Company Limited		33,385		1,313,224
Western Digital Corporation		20,000		961,200
Xerox Corporation		26,430		845,231
				6,265,183
Materials: 1.01%
Chemicals: 0.32%
Celanese Corporation Series A		6,000		591,660
Ciner Resources LP		585		14,771
CVR Partners LP		8,459		33,498
LyondellBasell Industries NV Class A		18,000		1,513,440
Westlake Chemical Partners LP		2,282		51,824
				2,205,193
Metals & Mining: 0.63%
Anglo American plc		48,866		1,306,960
Fortescue Metals Group Limited		265,089		1,338,290
Korea Zinc Company Limited		536		219,575
Polymetal International plc		20,349		229,097
POSCO		632		140,865
Steel Dynamics Incorporated		18,275		644,559
Suncoke Energy Partners LP		2,260		28,137
Ternium SA		6,867		186,920
Vale SA		13,300		173,003
				4,267,406
Paper & Forest Products: 0.06%
Mondi plc		8,101		179,158
Nine Dragons Paper Holdings Limited		211,000		201,056
Pope Resources LP		381		25,325
				405,539
Real Estate: 0.93%
Equity REITs: 0.46%
Growthpoint Properties Limited		117,784		199,344
Hospitality Properties Trust		43,150		1,135,277
Saul Centers Incorporated		35,000		1,797,950
				3,132,571

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 15

Security name						Shares		Value
Real Estate Management & Development: 0.47%
Aroundtown SA							85,208	$	702,528
China Merchants Shekou Industrial Zone Holdings Company Limited							68,700		235,536
China Overseas Land & Investment Limited							80,800		306,733
China Resources Land Limited							94,000		421,506
China Vanke Company Limited Class A							73,394		335,505
Shimao Property Holding Limited							395,500		1,236,890
									3,238,698
Utilities: 2.00%
Electric Utilities: 0.31%
American Electric Power Company Incorporated							24,000		2,010,000
Enel Americas SA ADR							14,229		127,065
									2,137,065
Gas Utilities: 0.59%
AmeriGas Partners LP							8,859		273,477
Atmos Energy Corporation							20,000		2,058,600
Star Group LP							5,420		52,032
Suburban Propane Partners LP							7,940		177,935
Superior Plus Corporation							173,800		1,489,138
									4,051,182
Independent Power & Renewable Electricity Producers: 0.19%
Brookfield Renewable Partner LP							11,281		360,428
Drax Group plc							165,406		815,198
Huaneng Renewables Corporation Limited H Shares							518,000		143,853
									1,319,479
Multi-Utilities: 0.88%
Brookfield Infrastructure Partners LP							17,499		732,683
CMS Energy Corporation							37,000		2,054,980
DTE Energy Company							16,000		1,995,840
Engie SA							79,063		1,177,789
									5,961,292
Water Utilities: 0.03%
Beijing Enterprises Water Group Limited							280,000		172,995
Total Common Stocks (Cost $171,010,782)									190,140,834
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 48.52%
Communication Services: 1.02%
Media: 1.02%
McGraw-Hill Global Education Holdings LLC 144A		7.88	%		5-15-2024	$	8,598,000		6,964,380
Consumer Discretionary: 2.44%
Auto Components: 1.42%
Dana Holding Corporation		5.50			12-15-2024		3,925,000		3,905,375
Tenneco Incorporated		5.00			7-15-2026		7,250,000		5,800,000
									9,705,375

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

16 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure: 0.36%
1929 Fieldhouse LLC / West Ward Street Development Corporation 144A		5.25	%		6-1-2020	$	2,410,000	$	2,428,455
Specialty Retail: 0.66%
Group 1 Automotive Incorporated		5.00			6-1-2022		4,453,000		4,464,133
Consumer Staples: 2.21%
Food Products: 2.21%
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		13,000,000		13,130,000
Post Holdings Incorporated 144A		5.00			8-15-2026		2,000,000		1,945,000
									15,075,000
Energy: 1.46%
Oil, Gas & Consumable Fuels: 1.46%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		9,500,000		9,963,125
Financials: 0.68%
Banks: 0.52%
Allied Irish Banks plc (5 Year EUR Swap +7.34%) ±		7.38			12-29-2049		3,000,000		3,583,992
Diversified Financial Services: 0.16%
Toll Road Investment Part II 144A¤		0.00			2-15-2030		2,000,000		1,070,070
Health Care: 10.56%
Health Care Equipment & Supplies: 2.51%
Hologic Incorporated 144A		4.38			10-15-2025		7,000,000		6,963,600
Teleflex Incorporated		4.63			11-15-2027		1,984,000		1,967,890
Teleflex Incorporated		4.88			6-1-2026		8,000,000		8,150,000
									17,081,490
Health Care Providers & Services: 4.88%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		9,335,000		9,206,644
Davita Incorporated		5.00			5-1-2025		9,000,000		8,624,250
HCA Incorporated		5.38			2-1-2025		5,500,000		5,830,000
HealthSouth Corporation		5.13			3-15-2023		2,000,000		2,025,535
St. Joseph’s Hospital & Medical Center		3.93			7-1-2022		2,000,000		2,015,528
West Street Merger Subordinate Bond Incorporated 144A		6.38			9-1-2025		5,700,000		5,543,250
									33,245,207
Health Care Technology: 1.19%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		7,000,000		7,123,200
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		1,000,000		1,023,130
									8,146,330
Life Sciences Tools & Services: 0.77%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		5,075,000		5,265,313
Pharmaceuticals: 1.21%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		8,300,000		8,217,000

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 9.15%
Aerospace & Defense: 2.10%
Moog Incorporated 144A		5.25	%		12-1-2022	$	5,500,000	$	5,582,500
TransDigm Group Incorporated		6.38			6-15-2026		8,800,000		8,710,680
									14,293,180
Commercial Services & Supplies: 1.14%
Acco Brands Corporation 144A		5.25			12-15-2024		5,000,000		4,900,000
Eastern Maine Healthcare		5.02			7-1-2036		1,000,000		997,451
South Nassau Communities		4.65			8-1-2048		2,000,000		1,832,792
									7,730,243
Construction & Engineering: 0.28%
Aecom Company		5.13			3-15-2027		2,000,000		1,932,500
Electrical Equipment: 0.91%
Resideo Funding Incorporated 144A		6.13			11-1-2026		6,000,000		6,195,000
Machinery: 3.39%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,175,194
HD Supply Incorporated 144A		5.38			10-15-2026		8,100,000		8,262,000
Oshkosh Corporation		5.38			3-1-2025		3,675,000		3,771,469
SPX FLOW Incorporated 144A		5.63			8-15-2024		4,500,000		4,522,500
SPX FLOW Incorporated 144A		5.88			8-15-2026		5,328,000		5,354,640
									23,085,803
Trading Companies & Distributors: 1.33%
WESCO Distribution Incorporated		5.38			6-15-2024		8,974,000		9,086,175
Information Technology: 7.72%
Communications Equipment: 0.85%
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		6,500,000		5,763,420
Electronic Equipment, Instruments & Components: 2.78%
Anixter International Incorporated		5.13			10-1-2021		3,000,000		3,090,000
TTM Technologies Incorporated 144A		5.63			10-1-2025		16,495,000		15,855,819
									18,945,819
IT Services: 0.30%
Gartner Incorporated 144A		5.13			4-1-2025		2,000,000		2,021,400
Semiconductors & Semiconductor Equipment: 2.38%
Micron Technology Incorporated		5.50			2-1-2025		6,750,000		6,959,993
Versum Materials Incorporated 144A		5.50			9-30-2024		8,834,000		9,286,743
									16,246,736
Software: 0.30%
Nuance Communications Company		6.00			7-1-2024		2,000,000		2,054,380
Technology Hardware, Storage & Peripherals: 1.11%
Diebold Incorporated		8.50			4-15-2024		8,500,000		7,565,000

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

18 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Materials: 10.59%
Chemicals: 7.68%
Koppers Incorporated 144A		6.00	%		2-15-2025	$	13,150,000	$	12,854,125
Olin Corporation		5.13			9-15-2027		5,000,000		5,056,250
Olin Corporation		5.50			8-15-2022		5,500,000		5,747,500
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		8,945,000		8,408,300
Scotts Miracle-Gro Company		5.25			12-15-2026		4,000,000		3,940,000
Scotts Miracle-Gro Company		6.00			10-15-2023		6,000,000		6,225,000
Valvoline Incorporated		4.38			8-15-2025		10,000,000		9,575,000
Valvoline Incorporated		5.50			7-15-2024		500,000		508,750
									52,314,925
Containers & Packaging: 2.59%
Ball Corporation		4.00			11-15-2023		1,000,000		1,007,500
Ball Corporation		5.00			3-15-2022		2,500,000		2,593,750
Berry Global Incorporated		5.13			7-15-2023		6,500,000		6,597,500
Sealed Air Corporation 144A		5.25			4-1-2023		4,650,000		4,824,375
Sealed Air Corporation 144A		5.50			9-15-2025		2,500,000		2,631,750
									17,654,875
Metals & Mining: 0.32%
Commercial Metals Company		4.88			5-15-2023		2,150,000		2,155,375
Real Estate: 2.69%
Equity REITs: 2.69%
Equinix Incorporated		5.38			5-15-2027		5,000,000		5,237,500
Equinix Incorporated		5.75			1-1-2025		1,500,000		1,555,313
Iron Mountain Incorporated 144A		4.88			9-15-2027		12,000,000		11,520,000
									18,312,813
Total Corporate Bonds and Notes (Cost $337,141,212)									330,567,514
Foreign Corporate Bonds and Notes @: 2.97%
Financials: 2.97%
Banks: 2.97%
ABN AMRO Bank NV (EUR) (5 Year EUR Swap +3.90%) ±		4.75			12-31-2099		3,000,000		3,232,323
Banco Bilbao Vizcaya Argentaria SA (EUR) (5 Year EUR Swap +6.60%) ±		6.75			12-29-2049		3,000,000		3,446,340
Bankia SA (EUR) (5 Year EUR Swap +6.22%) ±		6.38			12-31-2099		3,000,000		3,293,739
Cooperatieve Rabobank UA (EUR) (5 Year EUR Swap +6.70%) ±		6.63			12-29-2049		2,800,000		3,418,362
Governor & Company of The Bank of Ireland (EUR) (5 Year EUR Swap +6.96%) ±		7.38			12-29-2049		3,000,000		3,537,693
Nykredit Realkredit AS (EUR) (5 Year EUR Swap +5.99%) ±		6.25			12-29-2049		2,800,000		3,316,791
Total Foreign Corporate Bonds and Notes (Cost $20,344,846)									20,245,248
Municipal Obligations: 4.15%
Colorado: 0.33%
Health Revenue: 0.33%
Denver CO Health & Hospital Authority Series B		4.65			12-1-2023	$	1,205,000		1,252,525
Denver CO Health & Hospital Authority Series B		4.90			12-1-2024		250,000		260,988

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Denver CO Health & Hospital Authority Series B		5.00	%		12-1-2025	$	275,000	$	287,295
Denver CO Health & Hospital Authority Series B		5.15			12-1-2026		445,000		466,747
									2,267,555
Florida: 0.15%
Education Revenue: 0.15%
Florida HEFAR Jacksonville University Project Series A2 144A		5.43			6-1-2027		1,000,000		1,015,890
Guam: 0.09%
Airport Revenue: 0.09%
Guam Port Authority Series C		3.78			7-1-2021		635,000		641,121
Illinois: 0.82%
GO Revenue: 0.34%
Chicago IL Project Series C1		7.78			1-1-2035		2,000,000		2,299,240
Miscellaneous Revenue: 0.48%
Chicago IL Board of Education Taxable Build America Bonds Series E		6.04			12-1-2029		1,255,000		1,275,130
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		2,000,000		2,003,700
									3,278,830
									5,578,070
Indiana: 0.07%
Health Revenue: 0.07%
Knox County IN Good Samaritian Hospital Project Industry Economic Development Series B		5.90			4-1-2034		480,000		469,747
Iowa: 0.17%
GO Revenue: 0.17%
Coralville IA Series C		5.00			5-1-2030		1,200,000		1,168,812
Michigan: 0.49%
Miscellaneous Revenue: 0.49%
Wayne County MI Recovery Zone Economic Development Build America Bonds		10.00			12-1-2040		3,000,000		3,308,670
New Jersey: 0.30%
Education Revenue: 0.15%
New Jersey Educational Facilities Authority Georgian Court University Series H		4.25			7-1-2028		1,000,000		1,003,170
Utilities Revenue: 0.15%
Newark NJ Redevelopment Area Public Service Electric & Gas Project 144A		4.49			12-1-2047		1,000,000		1,018,150
									2,021,320

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

20 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New York: 0.17%
Health Revenue: 0.05%
Jefferson County NY Civic Facility Development Corporation Refunding Bond Series B Samaritan Medical Center Obligated Group		4.25	%		11-1-2028	$	330,000	$	329,901
Utilities Revenue: 0.12%
New York Energy R&D Authority Green Bond Series A		4.81			4-1-2034		800,000		820,624
									1,150,525
Oklahoma: 0.30%
Health Revenue: 0.08%
Oklahoma Development Finance Authority		5.45			8-15-2028		500,000		548,515
Miscellaneous Revenue: 0.22%
Woodward County OK Educational Facilities Authority Mooreland Public Schools Project Series B		4.63			9-15-2025		1,500,000		1,510,095
									2,058,610
Oregon: 0.08%
Health Revenue: 0.08%
Clackamas County OR Hospital Facility Authority Series C		4.00			11-15-2022		550,000		550,649
Pennsylvania: 0.29%
Housing Revenue: 0.29%
Philadelphia PA IDA MFHR University Square Apartments Low Income Housing Project 144A		5.00			12-1-2020		2,000,000		1,986,040
Tennessee: 0.30%
Tax Revenue: 0.30%
Bristol TN Industrial Development Board The Pinnacle Project Series A 144A		5.13			12-1-2042		2,000,000		2,011,820
Texas: 0.07%
Education Revenue: 0.07%
Clifton TX Higher Education Finance Corporation International Leadership Texas		6.13			8-15-2023		500,000		503,670
Virginia: 0.31%
Tax Revenue: 0.31%
Mosaic District VA CDA Series A-T		7.25			3-1-2036		2,000,000		2,101,160
Wisconsin: 0.21%
Education Revenue: 0.21%
Public Finance Authority Burrell College of Osteopathic Medicine Project 144A		5.13			6-1-2028		1,360,000		1,437,710
Total Municipal Obligations (Cost $27,975,051)									28,271,369
Non-Agency Mortgage-Backed Securities: 0.23%
JPMorgan Mortgage Trust Series 2019-2 Class A3 144A±±		4.00			8-25-2049		1,580,000		1,599,238
Total Non-Agency Mortgage-Backed Securities (Cost $1,599,750)									1,599,238

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 21

Security name	Dividend yield					Shares		Value
Preferred Stocks: 0.23%
Energy: 0.05%
Oil, Gas & Consumable Fuels: 0.05%
Petroleo Brasil SP ADR		2.28	%				21,601	$	308,894
Financials: 0.11%
Banks: 0.11%
Banco Bradesco SA		0.11					32,200		353,140
Itaúsa Investimentos Itaú SA		6.68					122,700		375,432
									728,572
Information Technology: 0.02%
Technology Hardware, Storage & Peripherals: 0.02%
Samsung Electronics Company Limited		0.99					4,686		149,650
Materials: 0.02%
Chemicals: 0.02%
Sociedad Quimica y Minera de Chile SA Class B		0.83					3,908		150,168
Utilities: 0.03%
Electric Utilities: 0.03%
Companhia Energetica de Minas Gerais SA		0.88					58,600		208,038
Total Preferred Stocks (Cost $1,216,842)									1,545,322
	Interest rate			Maturity date		Principal
Yankee Corporate Bonds and Notes: 9.45%
Financials: 6.53%
Banks: 3.85%
Barclays plc (5 Year USD Swap +4.84%) ±		7.75			12-31-2099	$	3,660,000		3,666,222
BNP Paribas SA (5 Year USD Swap +6.31%) ±		7.63			12-29-2049		3,460,000		3,628,675
Credit Agricole SA (5 Year USD Swap +4.90%) 144A±		7.88			12-29-2049		1,750,000		1,878,132
Credit Agricole SA (5 Year USD Swap +6.19%) 144A±		8.13			12-29-2049		1,750,000		1,965,516
DNB Bank ASA (5 Year USD Swap +5.08%) ±		6.50			12-29-2049		3,690,000		3,791,475
HSBC Holdings plc (5 Year USD ICE Swap Rate 11:00am NY +4.37%) ±		6.38			12-29-2049		3,690,000		3,809,925
Lloyds Banking Group plc (5 Year USD Swap +4.76%) ±		7.50			4-30-2049		3,665,000		3,774,950
Societe Generale SA (5 Year USD ICE Swap Rate 11:00am NY +5.87%) 144A±		8.00			12-29-2049		3,535,000		3,755,938
									26,270,833
Capital Markets: 0.53%
Credit Suisse Group AG (5 Year USD Swap +4.60%) 144A±		7.50			12-29-2049		3,395,000		3,590,022
Diversified Financial Services: 2.15%
Tronox Finance plc 144A		5.75			10-1-2025		12,000,000		11,130,000
UBS Group Funding Switzerland AG (5 Year USD Swap +4.87%) ±		7.00			12-29-2049		3,330,000		3,508,987
									14,638,987

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

22 Wells Fargo Diversified Income Builder Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 1.32%
Pharmaceuticals: 1.32%
Mallinckrodt plc 144A		5.50	%		4-15-2025	$	5,655,000	$	4,410,900
Mallinckrodt plc 144A		5.63			10-15-2023		5,500,000		4,565,000
									8,975,900
Industrials: 1.60%
Electrical Equipment: 1.60%
Sensata Technologies BV 144A		4.88			10-15-2023		6,700,000		6,901,000
Sensata Technologies BV 144A		5.63			11-1-2024		3,750,000		3,993,750
									10,894,750
Total Yankee Corporate Bonds and Notes (Cost $66,013,238)									64,370,492
	Yield					Shares
Short-Term Investments: 4.88%
Investment Companies: 4.85%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38					33,039,664		33,039,664
						Principal
U.S. Treasury Securities: 0.03%
U.S. Treasury Bill (z)#		1.19			4-2-2019	$	207,000		206,986
Total Short-Term Investments (Cost $33,246,650)									33,246,650

Total investments in securities (Cost $659,947,346)	98.53	%		671,384,070
Other assets and liabilities, net	1.47			9,982,832
Total net assets	100.00	%	$	681,366,902

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

† Non-income-earning security

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

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

@ Foreign bond principal is denominated in the local currency of the issuer.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

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

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

(z) Zero coupon security. The rate represents the purchase 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.

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 23

Abbreviations:

ADR American depositary receipt

CDA Community Development Authority

EUR Euro

GDR Global depositary receipt

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDA Industrial Development Authority

MFHR Multifamily housing revenue

R&D Research & development

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
British Pound Futures		(79)		6-17-2019	$	(6,451,735	)	$	(6,446,400	)	$	5,335	$	0

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
27,256,994 USD	23,900,000 EUR	Citibank	6-28-2019	$	245,393	$	0

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)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		71,872,762		121,865,049		160,698,147		33,039,664	$	0	$	0	$	332,448	$	33,039,664		4.85	%

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

24 Wells Fargo Diversified Income Builder Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $626,907,682)	$	638,344,406
Investments in affiliated securities, at value (cost $33,039,664)		33,039,664
Cash		370,255
Foreign currency, at value (cost $3,284,562)		2,930,308
Receivable for investments sold		218,700
Receivable for Fund shares sold		1,806,804
Receivable for dividends and interest		7,778,588
Receivable for daily variation margin on open futures contracts		26,169
Unrealized gains on forward foreign currency contracts		245,393
Prepaid expenses and other assets		170,275
Total assets		684,930,562
Liabilities
Payable for investments purchased		1,561,791
Payable for Fund shares redeemed		1,222,339
Cash collateral due to broker for forward foreign currency contracts		360,000
Management fee payable		196,374
Administration fees payable		100,420
Distribution fee payable		87,590
Trustees’ fees and expenses payable		2,617
Accrued expenses and other liabilities		32,529
Total liabilities		3,563,660
Total net assets	$	681,366,902
NET ASSETS CONSIST OF
Paid-in capital	$	681,320,533
Total distributable earnings		46,369
Total net assets	$	681,366,902
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	235,790,252
Shares outstanding – Class A1		39,242,143
Net asset value per share – Class A		$6.01
Maximum offering price per share – Class A2		$6.38
Net assets – Class C	$	139,002,638
Shares outstanding – Class C1		23,079,726
Net asset value per share – Class C		$6.02
Net assets – Class R6	$	23,750
Shares outstanding – Class R61		4,052
Net asset value per share – Class R6		$5.86
Net assets – Administrator Class	$	13,413,815
Shares outstanding – Administrator Class1		2,286,943
Net asset value per share – Administrator Class		$5.87
Net assets – Institutional Class	$	293,136,447
Shares outstanding – Institutional Class1		49,978,503
Net asset value per share – Institutional Class		$5.87

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 March 31, 2019 (unaudited) Wells Fargo Diversified Income Builder Fund 25

Investment income
Interest	$	14,020,740
Dividends (net of foreign withholding taxes of $80,830)		3,394,922
Income from affiliated securities		332,448
Total investment income		17,748,110
Expenses
Management fee		1,863,611
Administration fees
Class A		230,138
Class C		157,004
Class R6		4
Administrator Class		12,897
Institutional Class		193,460
Shareholder servicing fees
Class A		273,974
Class C		186,910
Administrator Class		24,571
Distribution fee
Class C		560,730
Custody and accounting fees		18,249
Professional fees		32,543
Registration fees		51,897
Shareholder report expenses		54,597
Trustees’ fees and expenses		11,827
Other fees and expenses		9,289
Total expenses		3,681,701
Less: Fee waivers and/or expense reimbursements		(703,688	)
Net expenses		2,978,013
Net investment income		14,770,097
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(12,004,739	)
Futures contracts		(838,169	)
Forward foreign currency contracts		338,300
Net realized losses on investments		(12,504,608	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		4,062,943
Futures contracts		(19,679	)
Forward foreign currency contracts		245,393
Net change in unrealized gains (losses) on investments		4,288,657
Net realized and unrealized gains (losses) on investments		(8,215,951	)
Net increase in net assets resulting from operations	$	6,554,146

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

26 Wells Fargo Diversified Income Builder Fund Statement of changes in net assets

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	14,770,097					$	25,677,784
Net realized gains (losses) on investments					(12,504,608	)					31,343,912
Net change in unrealized gains (losses) on investments					4,288,657						(33,794,120	)
Net increase in net assets resulting from operations					6,554,146						23,227,576
Distributions to shareholders from net investment income and net realized gains
Class A					(14,428,751	)					(10,518,893	)
Class C					(9,576,985	)					(6,577,828	)
Class R6					(1,664	)					(138	)1
Administrator Class					(1,756,111	)					(1,793,521	)
Institutional Class					(20,332,737	)					(16,782,186	)
Total distributions to shareholders					(46,096,248	)					(35,672,566	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,441,265			43,895,031			11,145,149			70,956,206
Class C		3,160,416			18,576,654			6,785,413			43,270,788
Class R6		0			0			4,052	1		25,000	1
Administrator Class		487,800			2,823,568			1,384,053			8,606,856
Institutional Class		12,906,104			73,942,460			22,967,858			142,978,608
					139,237,713						265,837,458
Reinvestment of distributions
Class A		2,376,964			13,627,650			1,561,264			9,891,159
Class C		1,530,564			8,772,889			946,882			6,011,290
Administrator Class		286,014			1,600,069			263,760			1,637,316
Institutional Class		2,959,904			16,586,751			2,194,831			13,596,513
					40,587,359						31,136,278
Payment for shares redeemed
Class A		(7,103,761	)		(41,545,544	)		(10,590,623	)		(67,150,218	)
Class C		(7,904,758	)		(46,582,542	)		(7,154,705	)		(45,403,714	)
Administrator Class		(3,805,307	)		(21,394,924	)		(3,003,395	)		(18,651,958	)
Institutional Class		(20,120,906	)		(115,871,155	)		(21,127,558	)		(130,722,169	)
					(225,394,165	)					(261,928,059	)
Net increase (decrease) in net assets resulting from capital share transactions					(45,569,093	)					35,045,677
Total increase (decrease) in net assets					(85,111,195	)					22,600,687
Net assets
Beginning of period					766,478,097						743,877,410
End of period				$	681,366,902					$	766,478,097

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

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

Financial highlights Wells Fargo Diversified Income Builder Fund 27

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$6.33			$6.42			$6.13			$5.71			$6.37			$6.13
Net investment income		0.12			0.21			0.20			0.20			0.21			0.23
Net realized and unrealized gains (losses) on investments		(0.05	)		(0.01	)		0.35			0.64			(0.31	)		0.38
Total from investment operations		0.07			0.20			0.55			0.84			(0.10	)		0.61
Distributions to shareholders from
Net investment income		(0.11	)		(0.19	)		(0.22	)		(0.21	)		(0.21	)		(0.23	)
Net realized gains		(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)
Total distributions to shareholders		(0.39	)		(0.29	)		(0.26	)		(0.42	)		(0.56	)		(0.37	)
Net asset value, end of period		$6.01			$6.33			$6.42			$6.13			$5.71			$6.37
Total return1		1.65	%		3.23	%		9.16	%		15.39	%		(1.92	)%		10.13	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.04	%		1.05	%		1.08	%		1.11	%		1.13	%
Net expenses		0.85	%		0.90	%		1.05	%		1.08	%		1.08	%		1.08	%
Net investment income		4.05	%		3.34	%		3.29	%		3.55	%		3.38	%		3.60	%
Supplemental data
Portfolio turnover rate		24	%		50	%		29	%		38	%		63	%		52	%
Net assets, end of period (000s omitted)		$235,790			$231,176			$220,977			$154,496			$127,242			$143,062

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

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

28 Wells Fargo Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$6.34			$6.44			$6.14			$5.72			$6.39			$6.14
Net investment income		0.10			0.17			0.16			0.16	1		0.16	1		0.18
Net realized and unrealized gains (losses) on investments		(0.05	)		(0.02	)		0.35			0.63			(0.32	)		0.39
Total from investment operations		0.05			0.15			0.51			0.79			(0.16	)		0.57
Distributions to shareholders from
Net investment income		(0.09	)		(0.15	)		(0.17	)		(0.16	)		(0.16	)		(0.18	)
Net realized gains		(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)
Total distributions to shareholders		(0.37	)		(0.25	)		(0.21	)		(0.37	)		(0.51	)		(0.32	)
Net asset value, end of period		$6.02			$6.34			$6.44			$6.14			$5.72			$6.39
Total return2		1.25	%		2.32	%		8.51	%		14.51	%		(2.81	)%		9.47	%
Ratios to average net assets (annualized)
Gross expenses		1.81	%		1.79	%		1.80	%		1.83	%		1.86	%		1.88	%
Net expenses		1.60	%		1.65	%		1.80	%		1.83	%		1.83	%		1.83	%
Net investment income		3.30	%		2.59	%		2.54	%		2.80	%		2.62	%		2.85	%
Supplemental data
Portfolio turnover rate		24	%		50	%		29	%		38	%		63	%		52	%
Net assets, end of period (000s omitted)		$139,003			$166,750			$165,513			$129,856			$110,457			$111,045

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.

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

Financial highlights Wells Fargo Diversified Income Builder Fund 29

(For a share outstanding throughout each period)

CLASS R6	Six months ended March 31, 2019 (unaudited)			Year ended September 30, 20181
Net asset value, beginning of period		$6.18			$6.17
Net investment income		0.13	2		0.02	2
Net realized and unrealized gains (losses) on investments		(0.04	)		0.02
Total from investment operations		0.09			0.04
Distributions to shareholders from
Net investment income		(0.13	)		(0.03	)
Net realized gains		(0.28	)		0.00
Total distributions to shareholders		(0.41	)		(0.03	)
Net asset value, end of period		$5.86			$6.18
Total return3		1.91	%		0.71	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.64	%
Net expenses		0.42	%		0.41	%
Net investment income		4.47	%		2.31	%
Supplemental data
Portfolio turnover rate		24	%		50	%
Net assets, end of period (000s omitted)		$24			$25

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

²  Calculated based upon average shares outstanding

³  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 Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$6.19			$6.29			$6.00			$5.60			$6.25			$6.01
Net investment income		0.12	1		0.21	1		0.21	1		0.21	1		0.21	1		0.24
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.01	)		0.34			0.61			(0.30	)		0.38
Total from investment operations		0.08			0.20			0.55			0.82			(0.09	)		0.62
Distributions to shareholders from
Net investment income		(0.12	)		(0.20	)		(0.22	)		(0.21	)		(0.21	)		(0.24	)
Net realized gains		(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)
Total distributions to shareholders		(0.40	)		(0.30	)		(0.26	)		(0.42	)		(0.56	)		(0.38	)
Net asset value, end of period		$5.87			$6.19			$6.29			$6.00			$5.60			$6.25
Total return2		1.72	%		3.21	%		9.45	%		15.45	%		(1.69	)%		10.46	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.96	%		0.97	%		1.00	%		0.97	%		0.96	%
Net expenses		0.77	%		0.81	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		4.07	%		3.40	%		3.51	%		3.72	%		3.56	%		3.77	%
Supplemental data
Portfolio turnover rate		24	%		50	%		29	%		38	%		63	%		52	%
Net assets, end of period (000s omitted)		$13,414			$32,938			$41,975			$70,051			$31,367			$48,690

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Diversified Income Builder Fund 31

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$6.19			$6.28			$6.00			$5.59			$6.25			$6.01
Net investment income		0.13			0.23			0.24			0.23			0.24			0.25	1
Net realized and unrealized gains (losses) on investments		(0.05	)		(0.01	)		0.31			0.61			(0.32	)		0.38
Total from investment operations		0.08			0.22			0.55			0.84			(0.08	)		0.63
Distributions to shareholders from
Net investment income		(0.12	)		(0.21	)		(0.23	)		(0.22	)		(0.23	)		(0.25	)
Net realized gains		(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)		(0.14	)
Total distributions to shareholders		(0.40	)		(0.31	)		(0.27	)		(0.43	)		(0.58	)		(0.39	)
Net asset value, end of period		$5.87			$6.19			$6.28			$6.00			$5.59			$6.25
Total return2		1.86	%		3.62	%		9.49	%		15.88	%		(1.65	)%		10.68	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.71	%		0.72	%		0.75	%		0.71	%		0.70	%
Net expenses		0.52	%		0.57	%		0.71	%		0.71	%		0.69	%		0.70	%
Net investment income		4.37	%		3.67	%		3.60	%		3.92	%		3.76	%		3.98	%
Supplemental data
Portfolio turnover rate		24	%		50	%		29	%		38	%		63	%		52	%
Net assets, end of period (000s omitted)		$293,136			$335,589			$315,413			$124,116			$77,558			$61,133

¹  Calculated based upon average shares outstanding

²  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 Diversified Income Builder Fund 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 Wells Fargo Diversified Income Builder Fund (the “Fund”) 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 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.

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.

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 March 31, 2019, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions.

Notes to financial statements (unaudited) Wells Fargo Diversified Income Builder Fund 33

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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 (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

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

Futures contracts

The Fund is subject to 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

34 Wells Fargo Diversified Income Builder Fund Notes to financial statements (unaudited)

gain exposure to, or protect against, changes in 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 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.

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.

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.

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

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $659,466,009 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	30,893,598
Gross unrealized losses		(18,724,809	)
Net unrealized gains	$	12,168,789

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,

Notes to financial statements (unaudited) Wells Fargo Diversified Income Builder Fund 35

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

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.

36 Wells Fargo Diversified Income Builder Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	1,397,403	$	0	$	1,397,403
Common stocks
Communication services		5,570,189		0		0		5,570,189
Consumer discretionary		10,148,872		0		0		10,148,872
Consumer staples		7,174,540		0		0		7,174,540
Energy		39,287,350		0		0		39,287,350
Financials		24,370,479		0		0		24,370,479
Health care		22,311,746		0		0		22,311,746
Industrials		19,599,161		0		0		19,599,161
Information technology		34,787,077		0		0		34,787,077
Materials		6,878,138		0		0		6,878,138
Real estate		6,371,269		0		0		6,371,269
Utilities		13,642,013		0		0		13,642,013
Corporate bonds and notes		0		330,567,514		0		330,567,514
Foreign corporate bonds and notes		0		20,245,248		0		20,245,248
Municipal obligations		0		28,271,369		0		28,271,369
Non-agency mortgage-backed securities		0		1,599,238		0		1,599,238
Preferred stocks
Energy		308,894		0		0		308,894
Financials		728,572		0		0		728,572
Information technology		149,650		0		0		149,650
Materials		150,168		0		0		150,168
Utilities		208,038		0		0		208,038
Yankee corporate bonds and notes		0		64,370,492		0		64,370,492
Short-term investments						0
Investment companies		33,039,664		0		0		33,039,664
U.S. Treasury securities		206,986		0		0		206,986
		224,932,806		446,451,264		0		671,384,070
Futures contracts		5,335		0		0		5,335
Forward foreign currency contracts		0		245,393		0		245,393
Total assets	$	224,938,141	$	446,696,657	$	0	$	671,634,798

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

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables 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 March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment

Notes to financial statements (unaudited) Wells Fargo Diversified Income Builder Fund 37

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.550	%
Next $500 million		0.525
Next $2 billion		0.500
Next $2 billion		0.475
Next $5 billion		0.440
Over $10 billion		0.430

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.54% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

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	%
Class R6		0.03
Administrator Class, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.42% for Class R6 shares, 0.77% for Administrator Class shares, and 0.52% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019, Funds Distributor received $21,804 from the sale of Class A shares and $270 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2019.

38 Wells Fargo Diversified Income Builder Fund Notes to financial statements (unaudited)

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.

Interfund transactions

The Fund 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 March 31, 2019 were $152,612,266 and $190,294,680, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2019, the Fund entered into futures contracts and forward foreign currency contracts for economic hedging purposes.

The volume of the Fund’s futures contracts and forward foreign currency contracts during the six months ended March 31, 2019 was as follows:

Futures contracts
Average notional balance on long futures	$	13,197,709
Average notional balance on short futures		2,189,368
Forward foreign currency contracts
Average contract amounts to buy	$	2,080,991
Average contract amounts to sell		18,994,666

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.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received			Net amount of assets
Citibank	$245,393	$0	$	(245,393	)	$	0

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.

Notes to financial statements (unaudited) Wells Fargo Diversified Income Builder Fund 39

For the six months ended March 31, 2019, there were no borrowings by the Fund under the agreement.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

40 Wells Fargo Diversified Income Builder 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 wfam.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 wfam.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 (wfam.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.

Other information (unaudited) Wells Fargo Diversified Income Builder Fund 41

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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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

42 Wells Fargo Diversified Income Builder 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Income Builder Fund 43

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 and 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 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

44 Wells Fargo Diversified Income Builder 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”)

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 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.

• 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.

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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401600 05-19 SA226/SAR226 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Index Asset Allocation Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	35
Other information	42
Appendix A	46

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Index Asset Allocation Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Asset Allocation Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Index Asset Allocation Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (GDP) grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Index Asset Allocation Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term 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 March 31, 2019

		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 (SFAAX)	11-13-1986		1.26		6.66		11.79		7.42		7.94		12.46		1.08		1.08
Class C (WFALX)	4-1-1998		5.64		7.14		11.62		6.64		7.14		11.62		1.83		1.83
Administrator Class (WFAIX)	11-8-1999		–		–		–		7.61		8.16		12.72		1.00		0.90
Institutional Class (WFATX)3	10-31-2016		–		–		–		7.79		8.24		12.76		0.75		0.75
Index Asset Allocation Blended Index4	–		–		–		–		7.70		8.94		11.94		–		–
Bloomberg Barclays U.S. Treasury Index5	–		–		–		–		4.22		2.16		2.43		–		–
S&P 500 Index6	–		–		–		–		9.50		10.91		15.92		–		–

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, wfam.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 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. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Index Asset Allocation Fund 5

Ten largest holdings (%) as of March 31, 20197
Microsoft Corporation	2.29
Apple Incorporated	2.12
Amazon.com Incorporated	1.85
Facebook Incorporated Class A	1.00
Berkshire Hathaway Incorporated Class B	0.99
Johnson & Johnson	0.94
Alphabet Incorporated Class C	0.91
Alphabet Incorporated Class A	0.89
Exxon Mobil Corporation	0.87
JPMorgan Chase & Company	0.84

Sector distribution as of March 31, 2019⁸

Neutral target allocation

Effective allocation as of March 31, 2019⁹

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

¹  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.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  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 the expenses of the Institutional Class shares. If these expenses had been included, returns for Institutional Class shares would be higher.

⁴  Source: Wells Fargo Funds Management, LLC. Effective April 1, 2015, the Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg Barclays U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg Barclays U.S. Treasury 20+ Year Index. You cannot invest directly in an index.

⁵  The Bloomberg Barclays U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index.

⁶  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.

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  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁹  Effective allocation includes the effect of any tactical futures overlay that may be in place. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Index Asset Allocation 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,004.24	$	5.40		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Class C
Actual	$	1,000.00	$	1,000.55	$	9.13		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.81	$	9.20		1.83	%
Administrator Class
Actual	$	1,000.00	$	1,005.17	$	4.50		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,006.18	$	3.75		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%

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—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.01%
FNMA Series 2002-T1 Class A4		9.50	%		11-25-2031	$	41,167	$	48,149
Total Agency Securities (Cost $41,167)									48,149
						Shares
Common Stocks: 59.65%
Communication Services: 6.02%
Diversified Telecommunication Services: 1.22%
AT&T Incorporated							238,418		7,476,788
CenturyLink Incorporated							31,181		373,860
Verizon Communications Incorporated							135,015		7,983,433
									15,834,081
Entertainment: 1.10%
Activision Blizzard Incorporated							24,704		1,124,773
Electronic Arts Incorporated †							9,719		987,742
Netflix Incorporated †							14,150		5,045,324
Take-Two Interactive Software Incorporated †							3,660		345,394
The Walt Disney Company							57,120		6,342,034
Viacom Incorporated Class B							11,535		323,787
									14,169,054
Interactive Media & Services: 2.87%
Alphabet Incorporated Class A †							9,729		11,449,963
Alphabet Incorporated Class C †							9,989		11,720,194
Facebook Incorporated Class A †							77,639		12,941,645
TripAdvisor Incorporated †							3,342		171,946
Twitter Incorporated †							23,539		773,962
									37,057,710
Media: 0.83%
CBS Corporation Class B							11,332		538,610
Charter Communications Incorporated Class A †							5,652		1,960,735
Comcast Corporation Class A							147,464		5,895,611
Discovery Communications Incorporated Class A «†							5,100		137,802
Discovery Communications Incorporated Class C †							11,701		297,439
DISH Network Corporation Class A †							7,515		238,150
Fox Corporation Class A †							11,422		419,302
Fox Corporation Class B †							5,263		188,836
Interpublic Group of Companies Incorporated							12,524		263,129
News Corporation Class A							12,499		155,488
News Corporation Class B							4,026		50,285
Omnicom Group Incorporated							7,281		531,440
									10,676,827
Consumer Discretionary: 6.04%
Auto Components: 0.07%
Aptiv plc							8,500		675,665
BorgWarner Incorporated							6,780		260,420
									936,085

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

8 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Automobiles: 0.22%
Ford Motor Company		128,598	$	1,129,090
General Motors Company		42,831		1,589,030
Harley-Davidson Incorporated		5,223		186,252
				2,904,372
Distributors: 0.06%
Genuine Parts Company		4,762		533,487
LKQ Corporation †		10,262		291,236
				824,723
Diversified Consumer Services: 0.01%
H&R Block Incorporated		6,734		161,212
Hotels, Restaurants & Leisure: 1.10%
Carnival Corporation		12,906		654,592
Chipotle Mexican Grill Incorporated †		795		564,696
Darden Restaurants Incorporated		4,027		489,160
Hilton Worldwide Holdings Incorporated		9,553		793,950
Marriott International Incorporated Class A		9,182		1,148,576
McDonald’s Corporation		24,936		4,735,346
MGM Resorts International		16,608		426,161
Norwegian Cruise Line Holdings Limited †		7,104		390,436
Royal Caribbean Cruises Limited		5,582		639,809
Starbucks Corporation		40,613		3,019,170
Wynn Resorts Limited		3,163		377,409
Yum! Brands Incorporated		9,992		997,302
				14,236,607
Household Durables: 0.19%
D.R. Horton Incorporated		11,143		461,097
Garmin Limited		3,960		341,946
Leggett & Platt Incorporated		4,280		180,702
Lennar Corporation Class A		9,391		461,004
Mohawk Industries Incorporated †		2,008		253,309
Newell Rubbermaid Incorporated		12,693		194,711
Pulte Group Incorporated		8,357		233,662
Whirlpool Corporation		2,081		276,544
				2,402,975
Internet & Direct Marketing Retail: 2.16%
Amazon.com Incorporated †		13,392		23,847,804
Booking Holdings Incorporated †		1,461		2,549,314
eBay Incorporated		28,024		1,040,811
Expedia Group Incorporated		3,800		452,200
				27,890,129
Leisure Products: 0.04%
Hasbro Incorporated		3,783		321,631
Mattel Incorporated Ǡ		11,273		146,549
				468,180

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 9

Security name	Shares		Value
Multiline Retail: 0.31%
Dollar General Corporation		8,545	$	1,019,419
Dollar Tree Incorporated †		7,739		812,905
Kohl’s Corporation		5,363		368,814
Macy’s Incorporated		9,993		240,132
Nordstrom Incorporated		3,467		153,865
Target Corporation		17,041		1,367,711
				3,962,846
Specialty Retail: 1.42%
Advance Auto Parts Incorporated		2,343		399,552
AutoZone Incorporated †		812		831,585
Best Buy Company Incorporated		7,597		539,843
CarMax Incorporated †		5,552		387,530
Foot Locker Incorporated		3,672		222,523
L Brands Incorporated		7,474		206,133
Lowe’s Companies Incorporated		26,036		2,850,161
O’Reilly Automotive Incorporated †		2,554		991,718
Ross Stores Incorporated		12,109		1,127,348
The Gap Incorporated		6,970		182,475
The Home Depot Incorporated		36,688		7,040,060
The TJX Companies Incorporated		40,286		2,143,618
Tiffany & Company		3,538		373,436
Tractor Supply Company		3,951		386,250
ULTA Beauty Incorporated †		1,834		639,571
				18,321,803
Textiles, Apparel & Luxury Goods: 0.46%
Capri Holdings Limited †		4,966		227,195
HanesBrands Incorporated		11,784		210,698
Nike Incorporated Class B		40,978		3,450,757
PVH Corporation		2,464		300,485
Ralph Lauren Corporation		1,713		222,142
Tapestry Incorporated		9,446		306,901
Under Armour Incorporated Class A «†		6,097		128,891
Under Armour Incorporated Class C †		6,255		118,032
VF Corporation		10,578		919,334
				5,884,435
Consumer Staples: 4.37%
Beverages: 1.07%
Brown-Forman Corporation Class B		5,419		286,015
Constellation Brands Incorporated Class A		5,454		956,250
Molson Coors Brewing Company Class B		6,137		366,072
Monster Beverage Corporation †		12,840		700,807
PepsiCo Incorporated		45,854		5,619,408
The Coca-Cola Company		125,592		5,885,241
				13,813,793

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

10 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 0.88%
Costco Wholesale Corporation		14,368	$	3,479,068
Sysco Corporation		15,411		1,028,838
The Kroger Company		26,109		642,281
Wal-Mart Stores Incorporated		46,366		4,522,076
Walgreens Boots Alliance Incorporated		26,078		1,649,955
				11,322,218
Food Products: 0.69%
Archer Daniels Midland Company		18,309		789,667
Campbell Soup Company		6,270		239,075
ConAgra Foods Incorporated		15,743		436,711
General Mills Incorporated		19,487		1,008,452
Hormel Foods Corporation «		8,874		397,200
Kellogg Company		8,210		471,090
Lamb Weston Holdings Incorporated		4,793		359,187
McCormick & Company Incorporated		3,983		599,959
Mondelez International Incorporated Class A		47,051		2,348,786
The Hershey Company		4,538		521,099
The J.M. Smucker Company		3,701		431,167
The Kraft Heinz Company		20,308		663,056
Tyson Foods Incorporated Class A		9,636		669,027
				8,934,476
Household Products: 1.01%
Church & Dwight Company Incorporated		7,988		568,985
Colgate-Palmolive Company		28,065		1,923,575
Kimberly-Clark Corporation		11,218		1,389,910
The Clorox Company		4,178		670,402
The Procter & Gamble Company		81,560		8,486,318
				13,039,190
Personal Products: 0.10%
Coty Incorporated Class A		14,696		169,004
The Estee Lauder Companies Incorporated Class A		7,120		1,178,716
				1,347,720
Tobacco: 0.62%
Altria Group Incorporated		61,158		3,512,304
Philip Morris International Incorporated		50,613		4,473,683
				7,985,987
Energy: 3.24%
Energy Equipment & Services: 0.32%
Baker Hughes Incorporated		16,751		464,338
Halliburton Company		28,345		830,509
Helmerich & Payne Incorporated		3,553		197,405
National Oilwell Varco Incorporated		12,481		332,494
Schlumberger Limited		45,047		1,962,698
TechnipFMC plc		13,875		326,340
				4,113,784

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 11

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 2.92%
Anadarko Petroleum Corporation		16,248	$	738,959
Apache Corporation		12,252		424,654
Cabot Oil & Gas Corporation		13,777		359,580
Chevron Corporation		61,985		7,635,312
Cimarex Energy Company		3,315		231,719
Concho Resources Incorporated		6,531		724,680
ConocoPhillips		36,838		2,458,568
Devon Energy Corporation		14,280		450,677
Diamondback Energy Incorporated		5,020		509,681
EOG Resources Incorporated		18,865		1,795,571
Exxon Mobil Corporation		138,302		11,174,802
Hess Corporation		8,305		500,210
HollyFrontier Corporation		5,127		252,607
Kinder Morgan Incorporated		63,346		1,267,553
Marathon Oil Corporation		26,650		445,322
Marathon Petroleum Corporation		22,044		1,319,333
Noble Energy Incorporated		15,737		389,176
Occidental Petroleum Corporation		24,446		1,618,325
ONEOK Incorporated		13,399		935,786
Phillips 66 Company		13,715		1,305,257
Pioneer Natural Resources Company		5,488		835,713
The Williams Companies Incorporated		39,362		1,130,480
Valero Energy Corporation		13,670		1,159,626
				37,663,591
Financials: 7.60%
Banks: 3.22%
Bank of America Corporation		293,964		8,110,467
BB&T Corporation		24,997		1,163,110
Citigroup Incorporated		77,016		4,791,936
Citizens Financial Group Incorporated		15,083		490,198
Comerica Incorporated		5,226		383,170
Fifth Third Bancorp		25,290		637,814
First Republic Bank		5,397		542,183
Huntington Bancshares Incorporated		34,393		436,103
JPMorgan Chase & Company		107,165		10,848,313
KeyCorp		33,180		522,585
M&T Bank Corporation		4,539		712,714
People’s United Financial Incorporated		12,412		204,053
PNC Financial Services Group Incorporated		14,861		1,822,850
Regions Financial Corporation		33,522		474,336
SunTrust Banks Incorporated		14,499		859,066
SVB Financial Group †		1,729		384,460
US Bancorp		49,171		2,369,550
Wells Fargo & Company (l)		134,338		6,491,212
Zions Bancorporation		6,108		277,364
				41,521,484
Capital Markets: 1.57%
Affiliated Managers Group Incorporated		1,704		182,515
Ameriprise Financial Incorporated		4,431		567,611

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

12 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
Bank of New York Mellon Corporation		28,800	$	1,452,384
BlackRock Incorporated		3,978		1,700,078
CBOE Holdings Incorporated		3,681		351,315
CME Group Incorporated		11,655		1,918,180
E*TRADE Financial Corporation		8,038		373,204
Franklin Resources Incorporated		9,696		321,325
Intercontinental Exchange Incorporated		18,570		1,413,920
Invesco Limited		13,030		251,609
Moody’s Corporation		5,433		983,862
Morgan Stanley		42,493		1,793,205
MSCI Incorporated		2,766		549,991
Northern Trust Corporation		7,159		647,245
Raymond James Financial Incorporated		4,144		333,219
S&P Global Incorporated		8,119		1,709,455
State Street Corporation		12,422		817,492
T. Rowe Price Group Incorporated		7,719		772,826
The Charles Schwab Corporation		38,721		1,655,710
The Goldman Sachs Group Incorporated		11,185		2,147,408
The NASDAQ OMX Group Incorporated		3,788		331,412
				20,273,966
Consumer Finance: 0.40%
American Express Company		22,520		2,461,436
Capital One Financial Corporation		15,345		1,253,533
Discover Financial Services		10,748		764,828
Synchrony Financial		21,430		683,617
				5,163,414
Diversified Financial Services: 1.00%
Berkshire Hathaway Incorporated Class B †		63,587		12,773,992
Jefferies Financial Group Incorporated		8,602		161,632
				12,935,624
Insurance: 1.41%
AFLAC Incorporated		24,507		1,225,350
American International Group Incorporated		28,403		1,223,033
Aon plc		7,851		1,340,166
Arthur J. Gallagher & Company		5,997		468,366
Assurant Incorporated		2,017		191,433
Brighthouse Financial Incorporated †		3,819		138,592
Chubb Limited		14,954		2,094,756
Cincinnati Financial Corporation		4,943		424,604
Everest Reinsurance Group Limited		1,326		286,363
Lincoln National Corporation		6,653		390,531
Loews Corporation		8,954		429,165
Marsh & McLennan Companies Incorporated		16,508		1,550,101
MetLife Incorporated		31,257		1,330,610
Principal Financial Group Incorporated		8,470		425,109
Prudential Financial Incorporated		13,369		1,228,344

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 13

Security name	Shares		Value
Insurance (continued)
The Allstate Corporation		10,822	$	1,019,216
The Hartford Financial Services Group Incorporated		11,756		584,508
The Progressive Corporation		19,101		1,376,991
The Travelers Companies Incorporated		8,590		1,178,204
Torchmark Corporation		3,312		271,418
Unum Group		7,014		237,284
Willis Towers Watson plc		4,223		741,770
				18,155,914
Health Care: 8.69%
Biotechnology: 1.41%
AbbVie Incorporated		48,070		3,873,961
Alexion Pharmaceuticals Incorporated †		7,369		996,141
Amgen Incorporated		20,258		3,848,615
Biogen Incorporated †		6,486		1,533,161
Celgene Corporation †		22,902		2,160,575
Gilead Sciences Incorporated		41,527		2,699,670
Incyte Corporation †		5,811		499,804
Regeneron Pharmaceuticals Incorporated †		2,562		1,052,008
Vertex Pharmaceuticals Incorporated †		8,388		1,542,973
				18,206,908
Health Care Equipment & Supplies: 2.09%
Abbott Laboratories		57,232		4,575,126
ABIOMED Incorporated †		1,432		408,965
Align Technology Incorporated †		2,366		672,725
Baxter International Incorporated		15,568		1,265,834
Becton Dickinson & Company		8,787		2,194,378
Boston Scientific Corporation †		44,846		1,721,189
Danaher Corporation		20,470		2,702,449
Dentsply Sirona Incorporated		7,254		359,726
Edwards Lifesciences Corporation †		6,773		1,295,878
Hologic Incorporated †		8,724		422,242
IDEXX Laboratories Incorporated †		2,798		625,633
Intuitive Surgical Incorporated †		3,725		2,125,411
Medtronic plc		43,657		3,976,280
ResMed Incorporated		4,663		484,812
Stryker Corporation		10,079		1,990,804
Teleflex Incorporated		1,508		455,657
The Cooper Companies Incorporated		1,604		475,057
Varian Medical Systems Incorporated †		2,953		418,499
Zimmer Biomet Holdings Incorporated		6,650		849,205
				27,019,870
Health Care Providers & Services: 1.64%
AmerisourceBergen Corporation		5,069		403,087
Anthem Incorporated		8,353		2,397,144
Cardinal Health Incorporated		9,693		466,718
Centene Corporation †		13,407		711,912

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

14 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Health Care Providers & Services (continued)
Cigna Corporation		12,344	$	1,985,162
CVS Health Corporation		42,145		2,272,880
DaVita HealthCare Partners Incorporated †		4,122		223,783
HCA Holdings Incorporated		8,640		1,126,483
Henry Schein Incorporated		4,947		297,364
Humana Incorporated		4,407		1,172,262
Laboratory Corporation of America Holdings †		3,205		490,301
McKesson Corporation		6,247		731,274
Quest Diagnostics Incorporated		4,376		393,490
UnitedHealth Group Incorporated		31,203		7,715,254
Universal Health Services Incorporated Class B		2,719		363,721
WellCare Health Plans Incorporated †		1,614		435,377
				21,186,212
Health Care Technology: 0.05%
Cerner Corporation †		10,546		603,337
Life Sciences Tools & Services: 0.64%
Agilent Technologies Incorporated		10,365		833,139
Illumina Incorporated †		4,802		1,491,933
IQVIA Holdings Incorporated †		5,167		743,273
Mettler-Toledo International Incorporated †		809		584,907
PerkinElmer Incorporated		3,618		348,630
Thermo Fisher Scientific Incorporated		13,156		3,601,060
Waters Corporation †		2,334		587,491
				8,190,433
Pharmaceuticals: 2.86%
Allergan plc		10,201		1,493,528
Bristol-Myers Squibb Company		53,379		2,546,712
Eli Lilly & Company		28,108		3,647,294
Johnson & Johnson		86,851		12,140,901
Merck & Company Incorporated		84,138		6,997,757
Mylan NV †		16,786		475,715
Nektar Therapeutics †		5,676		190,714
Perrigo Company plc		4,087		196,830
Pfizer Incorporated		180,899		7,682,781
Zoetis Incorporated		15,609		1,571,358
				36,943,590
Industrials: 5.66%
Aerospace & Defense: 1.53%
Arconic Incorporated		14,081		269,088
General Dynamics Corporation		8,810		1,491,357
Harris Corporation		3,842		613,606
Huntington Ingalls Industries Incorporated		1,354		280,549
L-3 Technologies Incorporated		2,588		534,086
Lockheed Martin Corporation		8,005		2,402,781
Northrop Grumman Corporation		5,514		1,486,574

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 15

Security name	Shares		Value
Aerospace & Defense (continued)
Raytheon Company		9,188	$	1,672,951
Textron Incorporated		7,644		387,245
The Boeing Company		17,108		6,525,333
TransDigm Group Incorporated †		1,589		721,390
United Technologies Corporation		26,428		3,406,305
				19,791,265
Air Freight & Logistics: 0.37%
C.H. Robinson Worldwide Incorporated		4,490		390,585
Expeditors International of Washington Incorporated		5,598		424,888
FedEx Corporation		7,883		1,430,055
United Parcel Service Incorporated Class B		22,712		2,537,839
				4,783,367
Airlines: 0.24%
Alaska Air Group Incorporated		4,011		225,097
American Airlines Group Incorporated		13,007		413,102
Delta Air Lines Incorporated		20,117		1,039,043
Southwest Airlines Company		16,148		838,243
United Continental Holdings Incorporated †		7,275		580,400
				3,095,885
Building Products: 0.17%
A.O. Smith Corporation		4,611		245,859
Allegion plc		3,087		280,022
Fortune Brands Home & Security Incorporated		4,602		219,101
Johnson Controls International plc		29,839		1,102,253
Masco Corporation		9,614		377,926
				2,225,161
Commercial Services & Supplies: 0.24%
Cintas Corporation		2,768		559,440
Copart Incorporated †		6,585		398,985
Republic Services Incorporated		7,045		566,277
Rollins Incorporated		4,813		200,317
Waste Management Incorporated		12,745		1,324,333
				3,049,352
Construction & Engineering: 0.05%
Fluor Corporation		4,573		168,286
Jacobs Engineering Group Incorporated		3,832		288,128
Quanta Services Incorporated		4,622		174,434
				630,848
Electrical Equipment: 0.29%
AMETEK Incorporated		7,419		615,554
Eaton Corporation plc		13,831		1,114,225
Emerson Electric Company		20,055		1,373,166
Rockwell Automation Incorporated		3,904		684,996
				3,787,941

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

16 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Industrial Conglomerates: 0.91%
3M Company		18,811	$	3,908,550
General Electric Company		285,219		2,849,338
Honeywell International Incorporated		23,797		3,781,819
Roper Industries Incorporated		3,385		1,157,568
				11,697,275
Machinery: 0.94%
Caterpillar Incorporated		18,745		2,539,760
Cummins Incorporated		4,713		744,041
Deere & Company		10,380		1,659,139
Dover Corporation		4,731		443,768
Flowserve Corporation		4,271		192,793
Fortive Corporation		9,630		807,861
Illinois Tool Works Incorporated		9,845		1,413,053
Ingersoll-Rand plc		7,897		852,481
PACCAR Incorporated		11,300		769,982
Parker-Hannifin Corporation		4,220		724,236
Pentair plc		5,115		227,669
Snap-on Incorporated		1,815		284,084
Stanley Black & Decker Incorporated		4,936		672,135
Wabtec Corporation		4,592		338,522
Xylem Incorporated		5,860		463,174
				12,132,698
Professional Services: 0.18%
Equifax Incorporated		3,943		467,246
IHS Markit Limited †		11,851		644,457
Nielsen Holdings plc		11,627		275,211
Robert Half International Incorporated		3,884		253,081
Verisk Analytics Incorporated		5,348		711,284
				2,351,279
Road & Rail: 0.63%
CSX Corporation		25,307		1,893,470
J.B. Hunt Transport Services Incorporated		2,849		288,575
Kansas City Southern		3,301		382,850
Norfolk Southern Corporation		8,729		1,631,363
Union Pacific Corporation		23,634		3,951,605
				8,147,863
Trading Companies & Distributors: 0.11%
Fastenal Company		9,363		602,135
United Rentals Incorporated †		2,594		296,365
W.W. Grainger Incorporated		1,473		443,270
				1,341,770
Information Technology: 12.62%
Communications Equipment: 0.75%
Arista Networks Incorporated †		1,700		534,582
Cisco Systems Incorporated		143,536		7,749,509

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 17

Security name	Shares		Value
Communications Equipment (continued)
F5 Networks Incorporated †		1,935	$	303,660
Juniper Networks Incorporated		11,362		300,752
Motorola Solutions Incorporated		5,362		752,932
				9,641,435
Electronic Equipment, Instruments & Components: 0.28%
Amphenol Corporation Class A		9,716		917,579
Corning Incorporated		25,651		849,048
FLIR Systems Incorporated		4,404		209,542
IPG Photonics Corporation †		1,154		175,154
Keysight Technologies Incorporated †		6,119		533,577
TE Connectivity Limited		11,084		895,033
				3,579,933
IT Services: 3.07%
Accenture plc Class A		20,796		3,660,512
Akamai Technologies Incorporated †		5,305		380,422
Alliance Data Systems Corporation		1,498		262,120
Automatic Data Processing Incorporated		14,256		2,277,253
Broadridge Financial Solutions Incorporated		3,773		391,222
Cognizant Technology Solutions Corporation Class A		18,733		1,357,206
DXC Technology Company		8,729		561,362
Fidelity National Information Services Incorporated		10,568		1,195,241
Fiserv Incorporated †		12,834		1,132,986
FleetCor Technologies Incorporated †		2,803		691,192
Gartner Incorporated †		2,947		447,001
Global Payments Incorporated		5,157		704,034
International Business Machines Corporation		29,017		4,094,299
Jack Henry & Associates Incorporated		2,520		349,625
MasterCard Incorporated Class A		29,492		6,943,891
Paychex Incorporated		10,455		838,491
PayPal Holdings Incorporated †		38,357		3,982,991
The Western Union Company		14,290		263,936
Total System Services Incorporated		5,308		504,313
VeriSign Incorporated †		3,437		624,022
Visa Incorporated Class A		57,097		8,917,980
				39,580,099
Semiconductors & Semiconductor Equipment: 2.32%
Advanced Micro Devices Incorporated †		28,174		719,000
Analog Devices Incorporated		12,060		1,269,556
Applied Materials Incorporated		30,848		1,223,432
Broadcom Incorporated		12,905		3,880,663
Intel Corporation		146,798		7,883,053
KLA-Tencor Corporation		5,382		642,665
Lam Research Corporation		4,959		887,711
Maxim Integrated Products Incorporated		8,931		474,861
Microchip Technology Incorporated «		7,721		640,534
Micron Technology Incorporated †		36,168		1,494,823

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

18 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corporation		19,614	$	3,521,890
Qorvo Incorporated †		4,001		286,992
QUALCOMM Incorporated		39,667		2,262,209
Skyworks Solutions Incorporated		5,677		468,239
Texas Instruments Incorporated		30,662		3,252,318
Xilinx Incorporated		8,272		1,048,807
				29,956,753
Software: 3.83%
Adobe Systems Incorporated †		15,903		4,237,990
Ansys Incorporated †		2,733		499,346
Autodesk Incorporated †		7,130		1,110,997
Cadence Design Systems Incorporated †		9,127		579,656
Citrix Systems Incorporated		4,078		406,413
Fortinet Incorporated †		4,717		396,086
Intuit Incorporated		8,451		2,209,176
Microsoft Corporation		250,473		29,540,786
Oracle Corporation		83,067		4,461,529
Red Hat Incorporated †		5,763		1,052,900
Salesforce.com Incorporated †		24,919		3,946,422
Symantec Corporation		20,898		480,445
Synopsys Incorporated †		4,880		561,932
				49,483,678
Technology Hardware, Storage & Peripherals: 2.37%
Apple Incorporated		144,071		27,366,286
Hewlett Packard Enterprise Company		44,959		693,717
HP Incorporated		49,902		969,596
NetApp Incorporated		8,057		558,672
Seagate Technology plc		8,361		400,408
Western Digital Corporation		9,411		452,293
Xerox Corporation		6,557		209,693
				30,650,665
Materials: 1.57%
Chemicals: 1.17%
Air Products & Chemicals Incorporated		7,181		1,371,284
Albemarle Corporation «		3,437		281,765
Celanese Corporation Series A		4,172		411,401
CF Industries Holdings Incorporated		7,307		298,710
DowDuPont Incorporated		73,526		3,919,671
Eastman Chemical Company		4,560		346,013
Ecolab Incorporated		8,264		1,458,927
FMC Corporation		4,404		338,315
International Flavors & Fragrances Incorporated		3,307		425,909
Linde plc		18,003		3,167,268
LyondellBasell Industries NV Class A		9,943		836,007
PPG Industries Incorporated		7,712		870,453
The Mosaic Company		11,585		316,386
The Sherwin-Williams Company		2,657		1,144,396
				15,186,505

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 19

Security name	Shares		Value
Construction Materials: 0.07%
Martin Marietta Materials Incorporated		2,049	$	412,218
Vulcan Materials Company		4,312		510,541
				922,759
Containers & Packaging: 0.19%
Avery Dennison Corporation		2,741		309,733
Ball Corporation		10,924		632,063
International Paper Company		13,085		605,443
Packaging Corporation of America		3,095		307,581
Sealed Air Corporation		5,094		234,630
WestRock Company		8,383		321,488
				2,410,938
Metals & Mining: 0.14%
Freeport-McMoRan Incorporated		47,455		611,695
Newmont Mining Corporation		17,520		626,690
Nucor Corporation		9,954		580,816
				1,819,201
Real Estate: 1.85%
Equity REITs: 1.81%
Alexandria Real Estate Equities Incorporated		3,692		526,332
American Tower Corporation		14,383		2,834,314
Apartment Investment & Management Company Class A		5,243		263,670
AvalonBay Communities Incorporated		4,521		907,500
Boston Properties Incorporated		5,049		675,960
Crown Castle International Corporation		13,572		1,737,216
Digital Realty Trust Incorporated		6,805		809,795
Duke Realty Corporation		11,728		358,642
Equinix Incorporated		2,726		1,235,314
Equity Residential		12,080		909,866
Essex Property Trust Incorporated		2,147		620,998
Extra Space Storage Incorporated		4,168		424,761
Federal Realty Investment Trust		2,432		335,251
HCP Incorporated		15,603		488,374
Host Hotels & Resorts Incorporated		24,308		459,421
Iron Mountain Incorporated		9,362		331,977
Kimco Realty Corporation		13,818		255,633
Mid-America Apartment Communities Incorporated		3,726		407,364
Prologis Incorporated		20,599		1,482,098
Public Storage Incorporated		4,885		1,063,855
Realty Income Corporation		9,927		730,230
Regency Centers Corporation		5,487		370,318
SBA Communications Corporation †		3,667		732,153
Simon Property Group Incorporated		10,111		1,842,325
SL Green Realty Corporation		2,739		246,291
The Macerich Company		3,460		149,991
UDR Incorporated		9,000		409,140
Ventas Incorporated		11,652		743,514

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

20 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Equity REITs (continued)
Vornado Realty Trust		5,670	$	382,385
Welltower Incorporated		12,613		978,769
Weyerhaeuser Company		24,386		642,327
				23,355,784
Real Estate Management & Development: 0.04%
CBRE Group Incorporated Class A †		10,186		503,698
Utilities: 1.99%
Electric Utilities: 1.19%
Alliant Energy Corporation		7,704		363,090
American Electric Power Company Incorporated		16,111		1,349,296
Duke Energy Corporation		23,728		2,135,520
Edison International		10,647		659,262
Entergy Corporation		6,183		591,280
Evergy Incorporated		8,315		482,686
Eversource Energy		10,336		733,339
Exelon Corporation		31,649		1,586,564
FirstEnergy Corporation		16,431		683,694
NextEra Energy Incorporated		15,610		3,017,725
Pinnacle West Capital Corporation		3,659		349,727
PPL Corporation		23,487		745,477
The Southern Company		33,811		1,747,352
Xcel Energy Incorporated		16,784		943,429
				15,388,441
Gas Utilities: 0.03%
Atmos Energy Corporation		3,816		392,781
Independent Power & Renewable Electricity Producers: 0.06%
AES Corporation		21,655		391,522
NRG Energy Incorporated		9,165		389,329
				780,851
Multi-Utilities: 0.66%
Ameren Corporation		7,982		587,076
CenterPoint Energy Incorporated		16,347		501,853
CMS Energy Corporation		9,256		514,078
Consolidated Edison Incorporated		10,478		888,639
Dominion Energy Incorporated		26,151		2,004,736
DTE Energy Company		5,938		740,706
NiSource Incorporated		12,174		348,907
Public Service Enterprise Group Incorporated		16,502		980,384
Sempra Energy		8,935		1,124,559
WEC Energy Group Incorporated		10,298		814,366
				8,505,304
Water Utilities: 0.05%
American Water Works Company Incorporated		5,895		614,613
Total Common Stocks (Cost $346,217,830)				769,960,692

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA (1 Month LIBOR +0.33 %) ±		2.82	%		12-25-2034	$	10,306	$	9,863
Total Non-Agency Mortgage-Backed Securities (Cost $10,306)									9,863
U.S. Treasury Securities: 37.66%
U.S. Treasury Bond		2.13			9-30-2024		1,844,000		1,830,530
U.S. Treasury Bond		2.13			11-30-2024		1,852,000		1,837,387
U.S. Treasury Bond		2.25			8-15-2046		2,681,000		2,396,353
U.S. Treasury Bond		2.50			2-15-2045		2,860,000		2,704,488
U.S. Treasury Bond		2.50			2-15-2046		2,659,000		2,506,419
U.S. Treasury Bond		2.50			5-15-2046		2,643,000		2,489,995
U.S. Treasury Bond		2.75			8-15-2042		1,340,000		1,337,069
U.S. Treasury Bond		2.75			11-15-2042		1,781,000		1,775,921
U.S. Treasury Bond		2.75			8-15-2047		2,582,000		2,551,339
U.S. Treasury Bond		2.75			11-15-2047		2,602,000		2,570,695
U.S. Treasury Bond		2.88			5-15-2028		4,464,000		4,641,339
U.S. Treasury Bond		2.88			5-15-2043		2,534,000		2,578,246
U.S. Treasury Bond		2.88			8-15-2045		2,862,000		2,906,831
U.S. Treasury Bond		2.88			11-15-2046		2,645,000		2,683,848
U.S. Treasury Bond		3.00			5-15-2042		904,000		942,385
U.S. Treasury Bond		3.00			11-15-2044		2,772,000		2,880,823
U.S. Treasury Bond		3.00			5-15-2045		2,864,000		2,977,665
U.S. Treasury Bond		3.00			11-15-2045		2,835,000		2,949,064
U.S. Treasury Bond		3.00			2-15-2047		2,651,000		2,757,351
U.S. Treasury Bond		3.00			5-15-2047		2,626,000		2,727,655
U.S. Treasury Bond		3.00			2-15-2048		2,812,000		2,916,461
U.S. Treasury Bond		3.00			8-15-2048		2,099,000		2,177,876
U.S. Treasury Bond		3.13			11-15-2041		846,000		901,750
U.S. Treasury Bond		3.13			2-15-2042		1,066,000		1,135,248
U.S. Treasury Bond		3.13			2-15-2043		1,783,000		1,892,975
U.S. Treasury Bond		3.13			8-15-2044		2,827,000		3,003,356
U.S. Treasury Bond		3.13			5-15-2048		2,895,000		3,076,955
U.S. Treasury Bond		3.38			5-15-2044		2,936,000		3,251,849
U.S. Treasury Bond		3.50			2-15-2039		731,000		829,742
U.S. Treasury Bond		3.63			8-15-2043		2,200,000		2,533,180
U.S. Treasury Bond		3.63			2-15-2044		2,898,000		3,340,737
U.S. Treasury Bond		3.75			8-15-2041		929,000		1,089,216
U.S. Treasury Bond		3.75			11-15-2043		2,870,000		3,371,689
U.S. Treasury Bond		3.88			8-15-2040		946,000		1,128,844
U.S. Treasury Bond		4.25			5-15-2039		681,000		853,059
U.S. Treasury Bond		4.25			11-15-2040		977,000		1,226,173
U.S. Treasury Bond		4.38			2-15-2038		381,000		482,798
U.S. Treasury Bond		4.38			11-15-2039		757,000		963,667
U.S. Treasury Bond		4.38			5-15-2040		1,078,000		1,374,029
U.S. Treasury Bond		4.38			5-15-2041		842,000		1,075,951
U.S. Treasury Bond		4.50			2-15-2036		837,000		1,061,388
U.S. Treasury Bond		4.50			5-15-2038		428,000		551,284
U.S. Treasury Bond		4.50			8-15-2039		721,000		932,681
U.S. Treasury Bond		4.63			2-15-2040		1,276,000		1,678,339
U.S. Treasury Bond		4.75			2-15-2037		264,000		346,923

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

22 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		4.75	%		2-15-2041	$	1,084,000	$	1,452,772
U.S. Treasury Bond		5.00			5-15-2037		375,000		507,642
U.S. Treasury Bond		5.25			11-15-2028		479,000		595,270
U.S. Treasury Bond		5.25			2-15-2029		349,000		435,677
U.S. Treasury Bond		5.38			2-15-2031		752,000		978,423
U.S. Treasury Bond		5.50			8-15-2028		369,000		464,652
U.S. Treasury Bond		6.13			11-15-2027		525,000		677,517
U.S. Treasury Bond		6.13			8-15-2029		293,000		392,425
U.S. Treasury Bond		6.25			5-15-2030		478,000		655,047
U.S. Treasury Bond		6.38			8-15-2027		224,000		291,830
U.S. Treasury Bond		6.88			8-15-2025		224,000		284,358
U.S. Treasury Note		2.88			9-30-2023		2,444,000		2,510,542
U.S. Treasury Note		1.13			3-31-2020		1,987,000		1,962,551
U.S. Treasury Note		1.13			4-30-2020		1,330,000		1,312,180
U.S. Treasury Note		1.13			2-28-2021		3,264,000		3,192,855
U.S. Treasury Note		1.13			6-30-2021		3,343,000		3,262,428
U.S. Treasury Note		1.13			7-31-2021		2,232,000		2,174,892
U.S. Treasury Note		1.13			8-31-2021		2,233,000		2,174,122
U.S. Treasury Note		1.13			9-30-2021		2,188,000		2,130,052
U.S. Treasury Note		1.25			1-31-2020		3,442,000		3,408,656
U.S. Treasury Note		1.25			2-29-2020		1,745,000		1,726,868
U.S. Treasury Note		1.25			3-31-2021		3,250,000		3,186,143
U.S. Treasury Note		1.25			10-31-2021		2,188,000		2,133,556
U.S. Treasury Note		1.25			7-31-2023		1,829,000		1,755,126
U.S. Treasury Note		1.38			1-15-2020		1,638,000		1,624,563
U.S. Treasury Note		1.38			1-31-2020		2,293,000		2,273,563
U.S. Treasury Note		1.38			2-15-2020		1,667,000		1,651,958
U.S. Treasury Note		1.38			2-29-2020		3,442,000		3,409,597
U.S. Treasury Note		1.38			3-31-2020		3,442,000		3,407,042
U.S. Treasury Note		1.38			4-30-2020		3,442,000		3,404,756
U.S. Treasury Note		1.38			5-31-2020		1,380,000		1,363,990
U.S. Treasury Note		1.38			8-31-2020		3,350,000		3,303,414
U.S. Treasury Note		1.38			9-15-2020		1,598,000		1,576,215
U.S. Treasury Note		1.38			9-30-2020		3,356,000		3,307,626
U.S. Treasury Note		1.38			10-31-2020		3,178,000		3,130,330
U.S. Treasury Note		1.38			1-31-2021		3,192,000		3,138,758
U.S. Treasury Note		1.38			4-30-2021		3,245,000		3,186,184
U.S. Treasury Note		1.38			5-31-2021		3,248,000		3,187,227
U.S. Treasury Note		1.38			6-30-2023		1,733,000		1,673,090
U.S. Treasury Note		1.38			8-31-2023		1,817,000		1,751,915
U.S. Treasury Note		1.38			9-30-2023		1,778,000		1,712,784
U.S. Treasury Note		1.50			4-15-2020		1,675,000		1,659,755
U.S. Treasury Note		1.50			5-15-2020		1,678,000		1,661,548
U.S. Treasury Note		1.50			5-31-2020		3,442,000		3,406,908
U.S. Treasury Note		1.50			6-15-2020		1,680,000		1,662,153
U.S. Treasury Note		1.50			7-15-2020		1,683,000		1,664,526
U.S. Treasury Note		1.50			8-15-2020		1,684,000		1,664,068
U.S. Treasury Note		1.50			1-31-2022		1,625,000		1,592,373
U.S. Treasury Note		1.50			2-28-2023		1,635,000		1,590,740
U.S. Treasury Note		1.50			3-31-2023		1,679,000		1,632,434

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 23

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.50	%		8-15-2026	$	4,143,000	$	3,909,794
U.S. Treasury Note		1.63			3-15-2020		1,667,000		1,654,823
U.S. Treasury Note		1.63			6-30-2020		3,442,000		3,409,731
U.S. Treasury Note		1.63			7-31-2020		3,213,000		3,181,121
U.S. Treasury Note		1.63			10-15-2020		1,591,000		1,573,785
U.S. Treasury Note		1.63			11-30-2020		2,166,000		2,141,209
U.S. Treasury Note		1.63			8-15-2022		1,250,000		1,225,635
U.S. Treasury Note		1.63			8-31-2022		2,373,000		2,326,096
U.S. Treasury Note		1.63			11-15-2022		2,108,000		2,064,440
U.S. Treasury Note		1.63			4-30-2023		1,711,000		1,670,631
U.S. Treasury Note		1.63			5-31-2023		1,714,000		1,672,757
U.S. Treasury Note		1.63			10-31-2023		1,824,000		1,776,049
U.S. Treasury Note		1.63			2-15-2026		4,269,000		4,081,397
U.S. Treasury Note		1.63			5-15-2026		4,111,000		3,923,436
U.S. Treasury Note		1.75			10-31-2020		1,585,000		1,570,388
U.S. Treasury Note		1.75			11-15-2020		1,588,000		1,573,361
U.S. Treasury Note		1.75			12-31-2020		3,353,000		3,320,518
U.S. Treasury Note		1.75			11-30-2021		2,003,000		1,977,806
U.S. Treasury Note		1.75			2-28-2022		1,637,000		1,614,939
U.S. Treasury Note		1.75			3-31-2022		1,640,000		1,617,642
U.S. Treasury Note		1.75			4-30-2022		1,612,000		1,589,142
U.S. Treasury Note		1.75			5-15-2022		1,448,000		1,427,355
U.S. Treasury Note		1.75			5-31-2022		2,343,000		2,309,228
U.S. Treasury Note		1.75			6-30-2022		2,347,000		2,312,437
U.S. Treasury Note		1.75			9-30-2022		1,771,000		1,742,706
U.S. Treasury Note		1.75			1-31-2023		1,684,000		1,654,596
U.S. Treasury Note		1.75			5-15-2023		3,117,000		3,058,191
U.S. Treasury Note		1.88			6-30-2020		1,888,000		1,876,126
U.S. Treasury Note		1.88			12-15-2020		1,619,000		1,606,984
U.S. Treasury Note		1.88			11-30-2021		1,649,000		1,633,347
U.S. Treasury Note		1.88			1-31-2022		2,358,000		2,334,881
U.S. Treasury Note		1.88			2-28-2022		2,348,000		2,324,612
U.S. Treasury Note		1.88			3-31-2022		2,371,000		2,348,124
U.S. Treasury Note		1.88			4-30-2022		2,376,000		2,351,126
U.S. Treasury Note		1.88			5-31-2022		1,795,000		1,775,928
U.S. Treasury Note		1.88			7-31-2022		2,337,000		2,310,526
U.S. Treasury Note		1.88			8-31-2022		1,754,000		1,733,719
U.S. Treasury Note		1.88			9-30-2022		2,248,000		2,222,095
U.S. Treasury Note		1.88			10-31-2022		1,650,000		1,630,213
U.S. Treasury Note		1.88			8-31-2024		1,968,000		1,929,639
U.S. Treasury Note		2.00			1-31-2020		1,760,000		1,754,363
U.S. Treasury Note		2.00			7-31-2020		1,306,000		1,299,725
U.S. Treasury Note		2.00			9-30-2020		2,093,000		2,082,126
U.S. Treasury Note		2.00			11-30-2020		2,266,000		2,253,696
U.S. Treasury Note		2.00			1-15-2021		1,617,000		1,608,347
U.S. Treasury Note		2.00			2-28-2021		2,421,000		2,407,666
U.S. Treasury Note		2.00			5-31-2021		1,559,000		1,550,109
U.S. Treasury Note		2.00			8-31-2021		1,641,000		1,631,192
U.S. Treasury Note		2.00			10-31-2021		1,649,000		1,639,016
U.S. Treasury Note		2.00			11-15-2021		2,485,000		2,470,439

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

24 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.00	%		12-31-2021	$	2,300,000	$	2,286,703
U.S. Treasury Note		2.00			2-15-2022		1,679,000		1,668,900
U.S. Treasury Note		2.00			7-31-2022		1,778,000		1,765,290
U.S. Treasury Note		2.00			10-31-2022		2,238,000		2,220,865
U.S. Treasury Note		2.00			11-30-2022		4,261,000		4,227,711
U.S. Treasury Note		2.00			2-15-2023		3,077,000		3,051,278
U.S. Treasury Note		2.00			4-30-2024		1,930,000		1,907,307
U.S. Treasury Note		2.00			5-31-2024		1,934,000		1,910,807
U.S. Treasury Note		2.00			6-30-2024		1,939,000		1,914,687
U.S. Treasury Note		2.00			2-15-2025		4,486,000		4,414,680
U.S. Treasury Note		2.00			8-15-2025		4,495,000		4,414,406
U.S. Treasury Note		2.00			11-15-2026		4,255,000		4,154,276
U.S. Treasury Note		2.13			8-31-2020		1,477,000		1,472,327
U.S. Treasury Note		2.13			1-31-2021		1,409,000		1,404,487
U.S. Treasury Note		2.13			6-30-2021		1,516,000		1,511,381
U.S. Treasury Note		2.13			8-15-2021		2,440,000		2,432,470
U.S. Treasury Note		2.13			9-30-2021		1,633,000		1,628,024
U.S. Treasury Note		2.13			12-31-2021		1,626,000		1,621,300
U.S. Treasury Note		2.13			6-30-2022		1,615,000		1,610,079
U.S. Treasury Note		2.13			12-31-2022		4,298,000		4,282,218
U.S. Treasury Note		2.13			11-30-2023		1,638,000		1,629,874
U.S. Treasury Note		2.13			2-29-2024		1,960,000		1,949,358
U.S. Treasury Note		2.13			3-31-2024		1,961,000		1,951,042
U.S. Treasury Note		2.13			7-31-2024		1,927,000		1,914,128
U.S. Treasury Note		2.13			5-15-2025		4,466,000		4,421,514
U.S. Treasury Note		2.25			2-29-2020		1,913,000		1,910,534
U.S. Treasury Note		2.25			2-15-2021		1,767,000		1,765,412
U.S. Treasury Note		2.25			3-31-2021		1,440,000		1,439,550
U.S. Treasury Note		2.25			4-30-2021		1,514,000		1,513,231
U.S. Treasury Note		2.25			7-31-2021		2,618,000		2,617,284
U.S. Treasury Note		2.25			12-31-2023		1,886,000		1,886,810
U.S. Treasury Note		2.25			1-31-2024		1,914,000		1,914,822
U.S. Treasury Note		2.25			10-31-2024		1,882,000		1,879,942
U.S. Treasury Note		2.25			11-15-2024		4,492,000		4,485,157
U.S. Treasury Note		2.25			12-31-2024		1,911,000		1,908,387
U.S. Treasury Note		2.25			11-15-2025		4,512,000		4,493,846
U.S. Treasury Note		2.25			2-15-2027		4,295,000		4,264,969
U.S. Treasury Note		2.25			8-15-2027		4,252,000		4,214,961
U.S. Treasury Note		2.25			11-15-2027		4,284,000		4,242,331
U.S. Treasury Note		2.38			12-31-2020		1,317,000		1,318,286
U.S. Treasury Note		2.38			1-31-2023		2,325,000		2,337,897
U.S. Treasury Note		2.38			8-15-2024		4,465,000		4,489,592
U.S. Treasury Note		2.38			5-15-2027		4,355,000		4,363,166
U.S. Treasury Note		2.50			3-31-2023		2,278,000		2,301,937
U.S. Treasury Note		2.50			8-15-2023		2,662,000		2,691,844
U.S. Treasury Note		2.50			5-15-2024		4,360,000		4,412,116
U.S. Treasury Note		2.50			1-31-2025		1,936,000		1,959,141
U.S. Treasury Note		2.63			8-15-2020		3,367,000		3,378,574
U.S. Treasury Note		2.63			11-15-2020		5,315,000		5,339,084
U.S. Treasury Note		2.63			2-28-2023		2,359,000		2,394,109

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 25

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.63	%		6-30-2023	$	2,304,000	$	2,340,900
U.S. Treasury Note		2.63			3-31-2025		1,884,000		1,919,546
U.S. Treasury Note		2.75			4-30-2023		2,279,000		2,324,847
U.S. Treasury Note		2.75			5-31-2023		2,334,000		2,382,139
U.S. Treasury Note		2.75			7-31-2023		2,347,000		2,397,149
U.S. Treasury Note		2.75			8-31-2023		2,402,000		2,454,450
U.S. Treasury Note		2.75			11-15-2023		3,936,000		4,023,791
U.S. Treasury Note		2.75			2-15-2024		3,410,000		3,489,922
U.S. Treasury Note		2.75			2-28-2025		1,955,000		2,005,250
U.S. Treasury Note		2.75			6-30-2025		1,959,000		2,010,424
U.S. Treasury Note		2.75			8-31-2025		2,020,000		2,073,420
U.S. Treasury Note		2.75			2-15-2028		3,068,000		3,158,362
U.S. Treasury Note		2.88			4-30-2025		1,884,000		1,946,408
U.S. Treasury Note		2.88			5-31-2025		1,939,000		2,003,154
U.S. Treasury Note		2.88			7-31-2025		1,949,000		2,014,779
U.S. Treasury Note		2.88			8-15-2028		3,133,000		3,258,565
U.S. Treasury Note		3.00			9-30-2025		1,994,000		2,077,499
U.S. Treasury Note		3.13			5-15-2021		1,657,000		1,685,609
U.S. Treasury Note		3.50			5-15-2020		2,864,000		2,898,905
U.S. Treasury Note		3.63			2-15-2020		2,648,000		2,674,790
U.S. Treasury Note		3.63			2-15-2021		2,765,000		2,831,749
U.S. Treasury Note		6.00			2-15-2026		445,000		548,463
U.S. Treasury Note		6.25			8-15-2023		378,000		440,710
U.S. Treasury Note		6.50			11-15-2026		296,000		381,482
U.S. Treasury Note		6.63			2-15-2027		215,000		280,886
U.S. Treasury Note		6.75			8-15-2026		221,000		286,817
U.S. Treasury Note		7.13			2-15-2023		260,000		306,871
U.S. Treasury Note		7.25			8-15-2022		261,000		303,137
U.S. Treasury Note		7.50			11-15-2024		240,000		305,634
U.S. Treasury Note		7.63			11-15-2022		140,000		166,102
U.S. Treasury Note		7.63			2-15-2025		216,000		278,952
U.S. Treasury Note		7.88			2-15-2021		180,000		198,239
U.S. Treasury Note		8.00			11-15-2021		511,000		584,975
U.S. Treasury Note		8.13			5-15-2021		181,000		202,649
U.S. Treasury Note		8.13			8-15-2021		175,000		198,427
U.S. Treasury Note		8.50			2-15-2020		162,000		170,518
U.S. Treasury Note		8.75			5-15-2020		130,000		139,120
U.S. Treasury Note		8.75			8-15-2020		288,000		312,570
Total U.S. Treasury Securities (Cost $482,267,391)									486,063,190
	Yield					Shares
Short-Term Investments: 2.59%
Investment Companies: 2.44%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55					957,247		957,342
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38					30,506,112		30,506,112
									31,463,454

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

26 Wells Fargo Index Asset Allocation Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.15%
U.S. Treasury Bill (z)#		1.19	%		4-2-2019	$	693,000	$	692,954
U.S. Treasury Bill (z)#		2.29			4-23-2019		1,314,000		1,312,073
									2,005,027
Total Short-Term Investments (Cost $33,468,428)									33,468,481

Total investments in securities (Cost $862,005,122)	99.91	%		1,289,550,375
Other assets and liabilities, net	0.09			1,177,829
Total net assets	100.00	%	$	1,290,728,204

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

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

(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:

FNMA Federal National Mortgage Association

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Chicago Board Option Exchange VIX Future		161		5-22-2019	$	2,579,465		$	2,628,325		$	48,860	$	0
S&P 500 E-Mini Index		36		6-21-2019		5,054,030			5,108,040			54,010		0
5-Year U.S. Treasury Notes		219		6-28-2019		25,141,249			25,366,359			225,110		0
Short
S&P 500 E-Mini Index		(206)		6-21-2019		(28,941,760	)		(29,229,340	)		0		(287,580	)
											$	327,980	$	(287,580	)

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 27

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)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		140,237		5,925		11,824		134,338	$	10,423	$	(597,645	)	$	122,346	$	6,491,212		0.50	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		1,344,731		13,498,930		13,886,414		957,247		34		(34	)		16,527		957,342
Wells Fargo Government Money Market Fund Select Class		15,043,298		107,559,225		92,096,411		30,506,112		0		0			165,927		30,506,112
																	31,463,454		2.44
									$	10,457	$	(597,679	)	$	304,800	$	37,954,666		2.94	%

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

28 Wells Fargo Index Asset Allocation Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $935,502 of securities loaned), at value (cost $826,506,029)	$	1,251,595,709
Investments in affiliated securities, at value (cost $35,499,093)		37,954,666
Receivable for Fund shares sold		1,098,727
Receivable for dividends and interest		3,637,129
Receivable for daily variation margin on open futures contracts		42,131
Receivable for securities lending income		34
Prepaid expenses and other assets		485,200
Total assets		1,294,813,596
Liabilities
Payable for Fund shares redeemed		1,014,991
Payable upon receipt of securities loaned		957,012
Payable for investments purchased		775,871
Management fee payable		609,213
Payable for daily variation margin on open futures contracts		268,573
Administration fees payable		205,369
Distribution fee payable		89,054
Trustees’ fees and expenses payable		1,080
Accrued expenses and other liabilities		164,229
Total liabilities		4,085,392
Total net assets	$	1,290,728,204
NET ASSETS CONSIST OF
Paid-in capital	$	878,098,096
Total distributable earnings		412,630,108
Total net assets	$	1,290,728,204
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	815,323,266
Shares outstanding – Class A1		24,271,563
Net asset value per share – Class A		$33.59
Maximum offering price per share – Class A2		$35.64
Net assets – Class C	$	142,233,547
Shares outstanding – Class C1		6,966,181
Net asset value per share – Class C		$20.42
Net assets – Administrator Class	$	217,218,471
Shares outstanding – Administrator Class1		6,465,236
Net asset value per share – Administrator Class		$33.60
Net assets – Institutional Class	$	115,952,920
Shares outstanding – Institutional Class1		3,455,595
Net asset value per share – Institutional Class		$33.56

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 March 31, 2019 (unaudited) Wells Fargo Index Asset Allocation Fund 29

Investment income
Dividends	$	7,693,108
Interest		5,189,650
Income from affiliated securities		291,192
Total investment income		13,173,950
Expenses
Management fee		3,790,136
Administration fees
Class A		822,064
Class C		151,116
Administrator Class		134,234
Institutional Class		70,778
Shareholder servicing fees
Class A		978,648
Class C		179,900
Administrator Class		257,376
Distribution fee
Class C		539,700
Custody and accounting fees		49,863
Professional fees		25,431
Registration fees		56,397
Shareholder report expenses		61,707
Trustees’ fees and expenses		10,969
Other fees and expenses		70,309
Total expenses		7,198,628
Less: Fee waivers and/or expense reimbursements		(316,466	)
Net expenses		6,882,162
Net investment income		6,291,788
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		7,981,453
Affiliated securities		10,457
Futures contracts		583,222
Net realized gains on investments		8,575,132
Net change in unrealized gains (losses) on:
Unaffiliated securities		(9,439,182	)
Affiliated securities		(597,679	)
Futures contracts		(635,946	)
Net change in unrealized gains (losses) on investments		(10,672,807	)
Net realized and unrealized gains (losses) on investments		(2,097,675	)
Net increase in net assets resulting from operations	$	4,194,113

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

30 Wells Fargo Index Asset Allocation Fund Statement of changes in net assets

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	6,291,788					$	9,894,627
Net realized gains on investments					8,575,132						39,659,948
Net change in unrealized gains (losses) on investments					(10,672,807	)					71,110,422
Net increase in net assets resulting from operations					4,194,113						120,664,997
Distributions to shareholders from net investment income and net realized gains
Net investment income
Class A					(26,506,393	)					(11,409,252	)
Class C					(4,556,813	)					(919,168	)
Administrator Class					(7,220,054	)					(3,520,207	)
Institutional Class					(3,874,237	)					(1,662,226	)
Total distributions to shareholders					(42,157,497	)					(17,510,853	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,063,622			34,675,046			868,341			29,002,760
Class C		1,021,076			20,037,652			1,103,845			22,374,800
Administrator Class		843,620			27,519,267			1,794,727			59,667,463
Institutional Class		611,866			19,856,825			2,309,266			76,336,619
					102,088,790						187,381,642
Reinvestment of distributions
Class A		809,685			25,837,340			335,827			11,110,101
Class C		213,127			4,123,803			41,176			823,476
Administrator Class		224,693			7,175,396			105,701			3,497,234
Institutional Class		79,205			2,527,843			33,425			1,106,808
					39,664,382						16,537,619
Payment for shares redeemed
Class A		(1,582,996	)		(51,640,662	)		(2,943,621	)		(97,771,815	)
Class C		(1,545,342	)		(30,626,217	)		(1,723,765	)		(34,885,653	)
Administrator Class		(856,692	)		(27,787,761	)		(4,039,923	)		(133,486,696	)
Institutional Class		(431,615	)		(13,992,038	)		(1,057,098	)		(35,104,912	)
					(124,046,678	)					(301,249,076	)
Net increase (decrease) in net assets resulting from capital share transactions					17,706,494						(97,329,815	)
Total increase (decrease) in net assets					(20,256,890	)					5,824,329
Net assets
Beginning of period					1,310,985,094						1,305,160,765
End of period				$	1,290,728,204					$	1,310,985,094

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

Financial highlights Wells Fargo Index Asset Allocation Fund 31

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$34.63			$31.99			$29.61			$28.72			$28.20			$24.48
Net investment income		0.17			0.27			0.25			0.22			0.27			0.38
Net realized and unrealized gains (losses) on investments		(0.09	)		2.83			2.67			2.45			0.76			3.72
Total from investment operations		0.08			3.10			2.92			2.67			1.03			4.10
Distributions to shareholders from
Net investment income		(0.16	)		(0.27	)		(0.27	)		(0.21	)		(0.22	)		(0.38	)
Net realized gains		(0.96	)		(0.19	)		(0.27	)		(1.57	)		(0.29	)		0.00
Total distributions to shareholders		(1.12	)		(0.46	)		(0.54	)		(1.78	)		(0.51	)		(0.38	)
Net asset value, end of period		$33.59			$34.63			$31.99			$29.61			$28.72			$28.20
Total return1		0.42	%		9.76	%		9.99	%		9.68	%		3.62	%		16.83	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.08	%		1.09	%		1.10	%		1.22	%		1.20	%
Net expenses		1.08	%		1.07	%		1.09	%		1.10	%		1.15	%		1.15	%
Net investment income		1.04	%		0.80	%		0.79	%		0.79	%		0.90	%		1.42	%
Supplemental data
Portfolio turnover rate		7	%		9	%		9	%		8	%		43	%		9	%
Net assets, end of period (000s omitted)		$815,323			$830,487			$822,769			$828,421			$736,276			$708,873

¹  Total return calculations do not include any sales charges. 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 Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.07			$19.45			$17.99			$17.47			$17.20			$14.94
Net investment income		0.03			0.01			0.01			0.01	1		0.05			0.11
Net realized and unrealized gains (losses) on investments		(0.06	)		1.73			1.62			1.48			0.45			2.27
Total from investment operations		(0.03	)		1.74			1.63			1.49			0.50			2.38
Distributions to shareholders from
Net investment income		(0.04	)		(0.00	)2		(0.01	)		(0.02	)		(0.05	)		(0.12	)
Net realized gains		(0.58	)		(0.12	)		(0.16	)		(0.95	)		(0.18	)		0.00
Total distributions to shareholders		(0.62	)		(0.12	)		(0.17	)		(0.97	)		(0.23	)		(0.12	)
Net asset value, end of period		$20.42			$21.07			$19.45			$17.99			$17.47			$17.20
Total return3		0.06	%		8.97	%		9.14	%		8.86	%		2.86	%		15.96	%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.83	%		1.84	%		1.85	%		1.98	%		1.95	%
Net expenses		1.83	%		1.82	%		1.84	%		1.85	%		1.90	%		1.90	%
Net investment income		0.28	%		0.05	%		0.04	%		0.03	%		0.10	%		0.67	%
Supplemental data
Portfolio turnover rate		7	%		9	%		9	%		8	%		43	%		9	%
Net assets, end of period (000s omitted)		$142,234			$153,322			$152,820			$136,881			$62,019			$24,093

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.

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

Financial highlights Wells Fargo Index Asset Allocation Fund 33

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$34.64			$31.99			$29.63			$28.75			$28.21			$24.49
Net investment income		0.20			0.32			0.30			0.28			0.35			0.45
Net realized and unrealized gains (losses) on investments		(0.09	)		2.84			2.68			2.45			0.76			3.72
Total from investment operations		0.11			3.16			2.98			2.73			1.11			4.17
Distributions to shareholders from
Net investment income		(0.19	)		(0.32	)		(0.35	)		(0.28	)		(0.28	)		(0.45	)
Net realized gains		(0.96	)		(0.19	)		(0.27	)		(1.57	)		(0.29	)		0.00
Total distributions to shareholders		(1.15	)		(0.51	)		(0.62	)		(1.85	)		(0.57	)		(0.45	)
Net asset value, end of period		$33.60			$34.64			$31.99			$29.63			$28.75			$28.21
Total return1		0.52	%		9.94	%		10.20	%		9.91	%		3.89	%		17.12	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.00	%		0.99	%		1.02	%		1.09	%		1.04	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		1.22	%		0.97	%		0.96	%		0.98	%		1.12	%		1.68	%
Supplemental data
Portfolio turnover rate		7	%		9	%		9	%		8	%		43	%		9	%
Net assets, end of period (000s omitted)		$217,218			$216,611			$268,512			$206,908			$85,380			$59,783

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

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

34 Wells Fargo Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$34.59			$31.96			$29.27
Net investment income		0.22			0.39			0.35
Net realized and unrealized gains (losses) on investments		(0.07	)		2.81			3.03
Total from investment operations		0.15			3.20			3.38
Distributions to shareholders from
Net investment income		(0.22	)		(0.38	)		(0.42	)
Net realized gains		(0.96	)		(0.19	)		(0.27	)
Total distributions to shareholders		(1.18	)		(0.57	)		(0.69	)
Net asset value, end of period		$33.56			$34.59			$31.96
Total return2		0.62	%		10.11	%		11.70	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.75	%		0.74	%
Net expenses		0.75	%		0.74	%		0.74	%
Net investment income		1.37	%		1.13	%		1.08	%
Supplemental data
Portfolio turnover rate		7	%		9	%		9	%
Net assets, end of period (000s omitted)		$115,953			$110,566			$61,060

¹  For the period from October 31, 2016 (commencement of class operations) to September 30, 2017

²  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 Index Asset Allocation Fund 35

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 Wells Fargo Index Asset Allocation Fund (the “Fund”) 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 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.

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.

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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

36 Wells Fargo Index Asset Allocation Fund Notes to financial statements (unaudited)

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 (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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.

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.

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.

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.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly 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

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.

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 37

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $861,420,730 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	428,457,625
Gross unrealized losses		(287,580	)
Net unrealized gains	$	428,170,045

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

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.

38 Wells Fargo Index Asset Allocation Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	48,149	$	0	$	48,149
Common stocks
Communication services		77,737,672		0		0		77,737,672
Consumer discretionary		77,993,367		0		0		77,993,367
Consumer staples		56,443,384		0		0		56,443,384
Energy		41,777,375		0		0		41,777,375
Financials		98,050,402		0		0		98,050,402
Health care		112,150,350		0		0		112,150,350
Industrials		73,034,704		0		0		73,034,704
Information technology		162,892,563		0		0		162,892,563
Materials		20,339,403						20,339,403
Real estate		23,859,482		0		0		23,859,482
Utilities		25,681,990		0		0		25,681,990
Non-agency mortgage-backed securities		0		9,863		0		9,863
U.S. Treasury securities		486,063,190		0		0		486,063,190
Short-term investments
Investment companies		30,506,112		957,342		0		31,463,454
U.S. Treasury securities		2,005,027		0				2,005,027
		1,288,535,021		1,015,354		0		1,289,550,375
Futures contracts		327,980		0		0		327,980
Total assets	$	1,288,863,001	$	1,015,354	$	0	$	1,289,878,355
Liabilities
Futures contracts	$	287,580	$	0	$	0	$	287,580
Total liabilities	$	287,580	$	0	$	0	$	287,580

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

Future contracts are reported at the 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 March 31, 2019, the Fund did not have any transfers into/out of Level 3.

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 39

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.650	%
Next $500 million		0.600
Next $2 billion		0.550
Next $2 billion		0.525
Next $5 billion		0.490
Over $10 billion		0.480

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.61% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.

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, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.90% for Administrator Class and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019,

40 Wells Fargo Index Asset Allocation Fund Notes to financial statements (unaudited)

Funds Distributor received $22,133 from the sale of Class A shares and $130 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2019.

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.

Interfund transactions

The Fund 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 short-term securities, for the six months ended March 31, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$41,792,761	$41,140,775	$64,225,923	$41,108,253

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2019, the Fund entered into futures contracts to manage the duration of the portfolio and to gain market exposure to certain asset classes by implementing tactical asset allocation shifts. The Fund had an average notional amount of $85,509,292 and $19,636,774 in long and short futures contracts, respectively, during the six months ended March 31, 2019.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined following tables.

The fair value of derivative instruments as of March 31, 2019 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	102,870	*	Unrealized losses on futures contracts	$	287,580	*
Interest rate risk	Unrealized gains on futures contracts		225,110	*	Unrealized losses on futures contracts		0	*
		$	327,980			$	287,580

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of March 31, 2019 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2019 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(399,827	)	$	(325,350	)
Interest rate risk		983,049			(310,596	)
	$	583,222		$	(635,946	)

Notes to financial statements (unaudited) Wells Fargo Index Asset Allocation Fund 41

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 March 31, 2019, there were no borrowings by the Fund under the agreement.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

42 Wells Fargo Index Asset Allocation 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 wfam.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 wfam.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 (wfam.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.

Other information (unaudited) Wells Fargo Index Asset Allocation Fund 43

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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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

44 Wells Fargo Index Asset Allocation 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Asset Allocation Fund 45

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 and 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 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

46 Wells Fargo Index Asset Allocation 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”)

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 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.

• 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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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401601 05-19 SA227/SAR227 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo International Bond Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	27
Appendix A	31

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 International Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Bond Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo International Bond Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo International Bond Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Fargo Asset Management (International), LLC

Portfolio managers

Michael Lee

Alex Perrin

Lauren van Biljon, CFA^®‡*

Peter Wilson

Average annual total returns (%) as of March 31, 2019

		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 (ESIYX)3	9-30-2003		-9.67		-1.97		1.75		-5.44		-1.06		2.22		1.08		1.03
Class C (ESIVX)3	9-30-2003		-7.12		-1.79		1.45		-6.12		-1.79		1.45		1.83		1.78
Class R6 (ESIRX)4	11-30-2012		–		–		–		-4.99		-0.67		2.58		0.70		0.65
Administrator Class (ESIDX)5	7-30-2010		–		–		–		-5.22		-0.88		2.39		1.02		0.85
Institutional Class (ESICX)3	12-15-1993		–		–		–		-5.18		-0.74		2.53		0.75		0.70
Bloomberg Barclays Global Aggregate ex-USD Index6	–		–		–		–		-4.13		-0.26		2.46		–		–

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, wfam.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 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred salescharge 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. 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. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and geographic risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo International Bond Fund 5

Ten largest holdings (%) as of March 31, 20197
Poland, 2.50%, 7-25-2027	5.35
Canada, 2.00%, 6-1-2028	4.71
Mexico, 8.50%, 5-31-2028	4.15
Malaysia, 3.73%, 6-15-2028	3.98
Australian Government Bond Series 136, 4.75%, 4-21-2027	3.68
New Zealand, 4.50%, 4-15-2027	3.42
Singapore, 2.75%, 3-1-2046	3.38
Italy Buoni Poliennali del Tesoro, 1.45%, 11-15-2024	3.02
Hungary, 3.00%, 10-27-2027	2.99
Indonesia, 7.50%, 8-15-2032	2.74

Portfolio composition as of March 31, 2019⁸

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

* Ms. van Biljon became a portfolio manager of the Fund on October 3, 2018.

¹  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.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  Historical performance shown for this class prior to July 12, 2010, is based on the performance of the same class of the Fund’s predecessor, Evergreen International Bond Fund.

⁴  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.

⁵  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁶  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.

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  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo International Bond 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,041.28	$	5.24		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.19		1.03	%
Class C
Actual	$	1,000.00	$	1,037.55	$	9.04		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.06	$	8.95		1.78	%
Class R6
Actual	$	1,000.00	$	1,043.61	$	3.31		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69	$	3.28		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,042.05	$	4.33		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,042.73	$	3.56		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44	$	3.53		0.70	%

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—March 31, 2019 (unaudited) Wells Fargo International Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 7.86%
United States: 7.86%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)		3.40	%		11-30-2023	$	353,000	$	360,426
AbbVie Incorporated (Health Care, Biotechnology)		4.25			11-14-2028		825,000		843,428
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		3.15			8-22-2027		750,000		756,232
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		2.90			9-12-2027		750,000		740,042
B.A.T. Capital Corporation (Consumer Staples, Tobacco)		3.56			8-15-2027		750,000		710,722
Bank of America Corporation (3 Month LIBOR +1.21%) (Financials, Banks) ±		3.97			2-7-2030		775,000		790,703
Bayer US Finance LLC (Health Care, Pharmaceuticals) 144A		4.25			12-15-2025		600,000		606,835
BP Capital Markets America Incorporated (Energy, Oil, Gas & Consumable Fuels)		3.22			4-14-2024		825,000		836,000
Broadcom Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) %%144A		4.25			4-15-2026		1,725,000		1,712,252
CVS Health Corporation (Health Care, Health Care Providers & Services)		4.10			3-25-2025		600,000		616,360
Discovery Communications LLC (Communication Services, Media)		3.95			3-20-2028		700,000		680,746
DowDuPont Incorporated (Materials, Chemicals)		4.21			11-15-2023		800,000		836,918
Fox Corporation (Communication Services, Media) 144A		4.03			1-25-2024		300,000		311,304
Goldman Sachs Group Incorporated (Financials, Capital Markets)		3.75			2-25-2026		750,000		753,338
JPMorgan Chase & Company (Financials, Banks)		3.30			4-1-2026		750,000		751,487
Microsoft Corporation (Information Technology, Software)		2.40			8-8-2026		750,000		727,774
Qualcomm Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3.25			5-20-2027		750,000		732,690
Verizon Communications Incorporated (Communication Services, Diversified Telecommunication Services)		4.33			9-21-2028		750,000		795,168
Walmart Incorporated (Consumer Staples, Food & Staples Retailing)		3.70			6-26-2028		750,000		789,634
Total Corporate Bonds and Notes (Cost $14,245,390)									14,352,059
Foreign Corporate Bonds and Notes @: 1.67%
Austria: 0.09%
Sappi Papier Holding Gmbh (Materials, Paper & Forest Products, EUR) 144A		3.13			4-15-2026		150,000		169,415
France: 0.25%
Casino Guichard Perrachon SA (Consumer Staples, Food & Staples Retailing, EUR)		4.50			3-7-2024		400,000		444,843
Luxembourg: 0.17%
LSF10 Wolverine Investment SCA (Financials, Diversified Financial Services, EUR)		5.00			3-15-2024		275,000		310,383
Netherlands: 0.36%
Selecta Group BV (Consumer Discretionary, Internet & Direct Marketing Retail, EUR)		5.88			2-1-2024		300,000		342,835
Sigma Holdco BV (Consumer Staples, Food Products, EUR)		5.75			5-15-2026		300,000		315,483
									658,318
United Kingdom: 0.80%
CPUK Finance Limited (Consumer Discretionary, Consumer Finance, GBP)		4.25			2-28-2047		250,000		324,442
Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail, GBP)		4.00			6-15-2024		300,000		396,004
Pinnacle Bidco plc (Consumer Discretionary, Consumer Finance, GBP)		6.38			2-15-2025		200,000		267,617
RAC Bond Company plc (Consumer Discretionary, Automobiles, GBP)		5.00			11-6-2022		400,000		474,530
									1,462,593
Total Foreign Corporate Bonds and Notes (Cost $3,152,983)									3,045,552

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

8 Wells Fargo International Bond Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @: 81.46%
Australian Government Bond Series 136 (AUD)		4.75	%		4-21-2027		7,700,000	$	6,726,013
Australian Government Bond Series 148 (AUD)		2.75			11-21-2027		2,600,000		1,997,152
Brazil (BRL)		10.00			1-1-2021		7,775,000		2,074,007
Brazil (BRL)		10.00			1-1-2023		3,400,000		918,340
Brazil (BRL)		10.00			1-1-2025		8,845,000		2,401,368
Canada (CAD)		2.00			6-1-2028		11,150,000		8,609,534
Canada (CAD) 144A		2.65			12-15-2028		5,000,000		3,923,897
Colombia (COP)		6.00			4-28-2028		14,375,000,000		4,383,829
Colombia (COP)		7.75			9-18-2030		7,300,000,000		2,488,539
Czech Republic (CZK)		0.75			2-23-2021		14,300,000		608,754
France (EUR) 144A		2.00			5-25-2048		900,000		1,182,005
Hungary (HUF)		3.00			10-27-2027		1,500,000,000		5,458,932
India (INR)		7.17			1-8-2028		125,000,000		1,767,954
India (INR)		7.80			4-11-2021		80,000,000		1,181,725
India (INR)		8.79			11-8-2021		180,000,000		2,728,257
Indonesia (IDR)		7.50			8-15-2032		74,500,000,000		4,996,784
Indonesia (IDR)		8.38			3-15-2024		24,250,000,000		1,783,226
Indonesia (IDR)		8.38			9-15-2026		23,700,000,000		1,742,133
Italy Buoni Poliennali del Tesoro (EUR)		1.45			11-15-2024		5,000,000		5,507,525
Italy Buoni Poliennali del Tesoro (EUR)		2.20			6-1-2027		2,225,000		2,489,200
Korea Treasury Bond (KRW)		2.00			3-10-2020		2,685,000,000		2,369,851
Korea Treasury Bond (KRW)		2.38			3-10-2023		2,640,000,000		2,378,821
Malaysia (MYR)		3.66			10-15-2020		3,050,000		750,461
Malaysia (MYR)		3.73			6-15-2028		29,900,000		7,273,174
Malaysia (MYR)		3.90			11-30-2026		4,500,000		1,119,431
Malaysia (MYR)		3.96			9-15-2025		4,100,000		1,019,636
Mexico (MXN)		5.75			3-5-2026		42,750,000		1,945,463
Mexico (MXN)		8.50			5-31-2029		143,200,000		7,584,043
Mexico (MXN)		10.00			12-5-2024		11,650,000		658,880
New South Wales (AUD)		5.00			8-20-2024		1,550,000		1,281,606
New South Wales (AUD)		6.00			5-1-2020		2,350,000		1,746,166
New Zealand (NZD)		2.75			4-15-2037		1,085,000		802,561
New Zealand (NZD)		3.00			4-20-2029		1,390,000		1,049,203
New Zealand (NZD)		4.50			4-15-2027		7,575,000		6,254,250
Poland (PLN)		2.50			7-25-2027		38,000,000		9,772,673
Queensland Treasury Corporation (AUD) 144A		2.75			8-20-2027		2,400,000		1,775,360
Queensland Treasury Corporation (AUD) 144A		4.75			7-21-2025		3,000,000		2,483,558
Republic of Peru (PEN)		5.70			8-12-2024		3,750,000		1,194,520
Republic of Peru (PEN)		6.35			8-12-2028		9,625,000		3,143,686
Republic of South Africa (ZAR)		7.75			2-28-2023		15,500,000		1,074,029
Republic of South Africa (ZAR)		8.75			2-28-2048		56,100,000		3,511,316
Republic of South Africa (ZAR)		10.50			12-21-2026		35,800,000		2,736,469
Romania (RON)		3.25			4-29-2024		5,675,000		1,270,993
Romania (RON)		3.40			3-8-2022		2,500,000		578,042
Romania (RON)		5.00			2-12-2029		8,000,000		1,889,630
Romania (RON)		5.75			4-29-2020		6,750,000		1,625,120
Singapore (SGD)		2.63			5-1-2028		4,000,000		3,083,977
Singapore (SGD)		2.75			3-1-2046		8,050,000		6,170,093
Thailand (THB)		3.85			12-12-2025		27,000,000		932,880
Turkey (TRY)		9.40			7-8-2020		2,300,000		350,641
Turkey (TRY)		10.70			2-17-2021		4,050,000		599,274
Turkey (TRY)		11.00			2-24-2027		900,000		109,766

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo International Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Turkey (TRY)		13.00	%		11-13-2019		7,195,000	$	1,212,717
United Kingdom Gilt Bonds (GBP)		1.25			7-22-2027		865,000		1,157,310
United Kingdom Gilt Bonds (GBP)		1.50			7-22-2047		3,825,000		4,914,116
Total Foreign Government Bonds (Cost $149,016,661)									148,788,890
U.S. Treasury Securities: 4.12%
U.S. Treasury Bond		3.13			11-15-2028	$	4,400,000		4,672,078
U.S. Treasury Note		2.63			2-15-2029		2,800,000		2,854,469
Total U.S. Treasury Securities (Cost $7,451,300)									7,526,547
Yankee Corporate Bonds and Notes: 3.74%
Canada: 0.43%
Alimentation Couche-Tard Incorporated (Consumer Staples, Food & Staples Retailing)		3.55			7-26-2027		800,000		782,668
Cayman Islands: 0.87%
Tencent Holdings Limited (Communication Services, Interactive Media & Services)		3.60			1-19-2028		1,000,000		987,539
UPCB Finance IV Limited (Financials, Diversified Financial Services)		5.38			1-15-2025		600,000		609,000
									1,596,539
France: 0.82%
Danone SA (Consumer Staples, Food Products)		2.95			11-2-2026		750,000		719,508
Electricite de France SA (Utilities, Electric Utilities)		4.50			9-21-2028		750,000		774,245
									1,493,753
Ireland: 0.27%
Ardagh Packaging Finance plc (Financials, Diversified Financial Services)		4.63			5-15-2023		500,000		503,125
Spain: 0.42%
Telefonica Emisiones SAU (Communication Services, Diversified Telecommunication Services)		4.10			3-8-2027		750,000		759,968
United Kingdom: 0.93%
International Game Technology plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6.25			2-15-2022		500,000		519,375
Jaguar Land Rover Automobiles plc (Consumer Discretionary, Automobiles)		3.50			3-15-2020		600,000		595,500
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)		4.38			5-30-2028		575,000		584,986
									1,699,861
Total Yankee Corporate Bonds and Notes (Cost $6,764,377)									6,835,914
	Yield					Shares
Short-Term Investments: 1.42%
Investment Companies: 1.42%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.38					2,601,873		2,601,873
Total Short-Term Investments (Cost $2,601,873)									2,601,873

Total investments in securities (Cost $183,232,584)	100.27	%		183,150,835
Other assets and liabilities, net	(0.27	)		(487,364	)
Total net assets	100.00	%	$	182,663,471

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

10 Wells Fargo International Bond Fund Portfolio of investments—March 31, 2019 (unaudited)

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

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

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.

@ Foreign bond principal is denominated in the local currency of the issuer.

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

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

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

Abbreviations:

AUD Australian dollar

BRL Brazilian real

CAD Canadian dollar

COP Colombian peso

CZK Czech koruna

EUR Euro

GBP Great British pound

HUF Hungarian forint

IDR Indonesian rupiah

INR Indian rupee

JPY Japanese yen

KRW Republic of Korea won

LIBOR London Interbank Offered Rate

MXN Mexican peso

MYR Malaysian ringgit

NZD New Zealand dollar

PEN Peruvian sol

PLN Polish zloty

RON Romanian lei

SGD Singapore dollar

THB Thai baht

TRY Turkish lira

ZAR South African rand

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
$2,125,000,000 IDR	$148,841 USD	State Street Bank	4-23-2019	$	0	$	(10	)
24,350,000,000 IDR	1,727,686 USD	State Street Bank	4-23-2019		0		(22,261	)
2,500,000,000 IDR	175,562 USD	State Street Bank	4-23-2019		0		(467	)
7,019,696 USD	101,575,000,000 IDR	State Street Bank	4-23-2019		0		(94,412	)
21,000,000 EUR	23,972,550 USD	State Street Bank	4-29-2019		0		(361,926	)
4,300,000 EUR	4,913,976 USD	State Street Bank	4-29-2019		0		(79,419	)
300,000 EUR	341,467 USD	State Street Bank	4-29-2019		0		(4,173	)
570,290 USD	500,000 EUR	State Street Bank	4-29-2019		8,132		0
854,448 USD	750,000 EUR	State Street Bank	4-29-2019		11,211		0
973,619 USD	850,000 EUR	State Street Bank	4-29-2019		17,951		0
1,998,855 USD	1,750,000 EUR	State Street Bank	4-29-2019		31,303		0
2,403,979 USD	2,100,000 EUR	State Street Bank	4-29-2019		42,917		0
1,140,113 USD	1,000,000 EUR	State Street Bank	4-29-2019		15,798		0

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo International Bond Fund 11

Forward Foreign Currency Contracts (continued)

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
2,430,277 USD	2,135,000 EUR	State Street Bank	4-29-2019	$	29,863	$	0
1,701,408 USD	1,500,000 EUR	State Street Bank	4-29-2019		14,935		0
393,631 USD	350,000 EUR	State Street Bank	4-29-2019		121		0
119,000,000 HUF	432,950 USD	State Street Bank	5-6-2019		0		(16,333	)
170,000,000 HUF	611,111 USD	State Street Bank	5-6-2019		0		(15,944	)
175,000,000 HUF	626,067 USD	State Street Bank	5-6-2019		0		(13,395	)
240,000,000 HUF	864,221 USD	State Street Bank	5-6-2019		0		(23,986	)
154,400,000 HUF	556,778 USD	State Street Bank	5-6-2019		0		(16,226	)
95,000,000 HUF	337,766 USD	State Street Bank	5-6-2019		0		(5,173	)
7,998,975 USD	2,185,000,000 HUF	State Street Bank	5-6-2019		349,332		0
850,000 NZD	577,765 USD	State Street Bank	5-13-2019		1,524		0
8,809,302 USD	12,950,000 NZD	State Street Bank	5-13-2019		0		(16,336	)
1,375,000 AUD	977,537 USD	State Street Bank	5-21-2019		0		(306	)
1,275,000 AUD	910,940 USD	State Street Bank	5-21-2019		0		(4,781	)
200,000 AUD	141,692 USD	State Street Bank	5-21-2019		451		0
220,000 AUD	156,226 USD	State Street Bank	5-21-2019		131		0
8,675,635 USD	12,190,000 AUD	State Street Bank	5-21-2019		12,042		0
5,882,110 USD	8,300,000 AUD	State Street Bank	5-21-2019		0		(16,809	)
2,250,000,000 JPY	20,451,534 USD	State Street Bank	5-31-2019		0		(57,332	)
784,120 USD	86,500,000 JPY	State Street Bank	5-31-2019		76		0
1,368,075 USD	150,000,000 JPY	State Street Bank	5-31-2019		8,462		0
678,149 USD	75,000,000 JPY	State Street Bank	5-31-2019		0		(1,658	)
1,206,454 USD	133,000,000 JPY	State Street Bank	5-31-2019		930		0
399,107 USD	535,000 CAD	State Street Bank	6-7-2019		0		(1,890	)
317,283 USD	425,000 CAD	State Street Bank	6-7-2019		0		(1,267	)
3,508,790 USD	4,700,000 CAD	State Street Bank	6-7-2019		0		(13,990	)
3,325,000 GBP	4,393,768 USD	State Street Bank	6-10-2019		0		(48,292	)
392,153 USD	300,000 GBP	State Street Bank	6-10-2019		79		0
6,000,000 ZAR	411,254 USD	State Street Bank	6-12-2019		1,069		0
865,000,000 JPY	7,837,111 USD	State Street Bank	6-12-2019		10,590		0
1,435,000 ZAR	98,248 USD	State Street Bank	6-12-2019		366		0
1,685,000 PLN	448,798 USD	State Street Bank	6-12-2019		0		(8,945	)
7,976,293 USD	30,550,000 PLN	State Street Bank	6-12-2019		1,501		0
4,887,047 USD	71,800,000 ZAR	State Street Bank	6-12-2019		0		(47,088	)
3,335,000,000 JPY	30,095,340 USD	State Street Bank	6-18-2019		176,223		0
				$	735,007	$	(872,419	)

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

12 Wells Fargo International Bond Fund Portfolio of investments—March 31, 2019 (unaudited)

Investments in Affiliates

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

	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
Wells Fargo Government Money Market Fund Select Class		1,592,910		72,686,916		71,677,953		2,601,873	$	0	$	0	$	23,537	$	2,601,873		1.42	%

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

Statement of assets and liabilities—March 31, 2019 (unaudited) Wells Fargo International Bond Fund 13

Assets
Investments in unaffiliated securities, at value (cost $180,630,711)	$	180,548,962
Investments in affiliated securities, at value (cost $2,601,873)		2,601,873
Receivable for investments sold		1,015,717
Receivable for Fund shares sold		63,526
Receivable for interest		2,399,619
Unrealized gains on forward foreign currency contracts		735,007
Prepaid expenses and other assets		306,516
Total assets		187,671,220
Liabilities
Payable for investments purchased		2,920,416
Unrealized losses on forward foreign currency contracts		872,419
Due to custodian bank, foreign currency, at value (cost $647,620)		657,350
Payable for Fund shares redeemed		460,843
Management fee payable		55,417
Contingent tax liability		24,605
Administration fees payable		13,749
Trustees’ fees and expenses payable		2,056
Distribution fee payable		894
Total liabilities		5,007,749
Total net assets	$	182,663,471
NET ASSETS CONSIST OF
Paid-in capital	$	204,260,327
Total distributable loss		(21,596,856	)
Total net assets	$	182,663,471
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	14,125,453
Shares outstanding – Class A1		1,400,340
Net asset value per share – Class A		$10.09
Maximum offering price per share – Class A2		$10.57
Net assets – Class C	$	1,370,405
Shares outstanding – Class C1		141,756
Net asset value per share – Class C		$9.67
Net assets – Class R6	$	21,651,501
Shares outstanding – Class R61		2,105,091
Net asset value per share – Class R6		$10.29
Net assets – Administrator Class	$	19,553,339
Shares outstanding – Administrator Class1		1,925,075
Net asset value per share – Administrator Class		$10.16
Net assets – Institutional Class	$	125,962,773
Shares outstanding – Institutional Class1		12,287,486
Net asset value per share – Institutional Class		$10.25

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.

14 Wells Fargo International Bond Fund Statement of operations—six months ended March 31, 2019 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $68,409)	$	6,319,515
Income from affiliated securities		23,537
Total investment income		6,343,052
Expenses
Management fee		849,195
Administration fees
Class A		15,088
Class C		1,673
Class R6		4,562
Administrator Class		11,384
Institutional Class		83,573
Shareholder servicing fees
Class A		23,574
Class C		2,613
Administrator Class		28,461
Distribution fee
Class C		7,841
Custody and accounting fees		158,589
Professional fees		28,026
Registration fees		37,438
Shareholder report expenses		51,658
Trustees’ fees and expenses		12,701
Interest expense		5,081
Other fees and expenses		8,323
Total expenses		1,329,780
Less: Fee waivers and/or expense reimbursements		(282,091	)
Net expenses		1,047,689
Net investment income		5,295,363
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(17,336,684	)
Forward foreign currency contracts		(3,883,940	)
Net realized losses on investments		(21,220,624	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		20,378,387
Forward foreign currency contracts		6,170,772
Net change in unrealized gains (losses) on investments		26,549,159
Net realized and unrealized gains (losses) on investments		5,328,535
Net increase in net assets resulting from operations	$	10,623,898

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

Statement of changes in net assets Wells Fargo International Bond Fund 15

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	5,295,363					$	14,884,133
Net realized gains (losses) on investments					(21,220,624	)					1,924,156
Net change in unrealized gains (losses) on investments					26,549,159						(41,587,049	)
Net increase (decrease) in net assets resulting from operations					10,623,898						(24,778,760	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		190,704			1,898,241			1,692,946			17,128,341
Class C		2,589			24,451			23,686			231,626
Class R6		185,660			1,844,415			4,470,576			47,127,812
Administrator Class		203,293			1,998,627			1,854,064			19,444,887
Institutional Class		1,375,789			13,661,217			7,578,500			78,408,711
					19,426,951						162,341,377
Payment for shares redeemed
Class A		(3,384,271	)		(32,594,669	)		(3,876,760	)		(38,897,182	)
Class C		(145,290	)		(1,384,490	)		(88,726	)		(868,829	)
Class R6		(3,125,697	)		(30,892,997	)		(2,380,029	)		(24,249,955	)
Administrator Class		(1,140,999	)		(11,164,255	)		(2,955,066	)		(30,390,707	)
Institutional Class		(14,070,265	)		(141,815,852	)		(25,163,647	)		(261,878,241	)
					(217,852,263	)					(356,284,914	)
Net decrease in net assets resulting from capital share transactions					(198,425,312	)					(193,943,537	)
Total decrease in net assets					(187,801,414	)					(218,722,297	)
Net assets
Beginning of period					370,464,885						589,187,182
End of period				$	182,663,471					$	370,464,885

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

16 Wells Fargo International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
CLASS A				2018			2017			20161			2015			2014			2013
Net asset value, beginning of period		$9.69			$10.31			$10.77			$9.74			$10.84			$11.32			$11.83
Net investment income		0.15	2		0.27	2		0.26	2		0.24	2		0.31	2		0.37	2		0.36	2
Net realized and unrealized gains (losses) on investments		0.25			(0.89	)		(0.57	)		0.85			(1.33	)		(0.34	)		(0.73	)
Total from investment operations		0.40			(0.62	)		(0.31	)		1.09			(1.02	)		0.03			(0.37	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.05	)		(0.12	)		(0.02	)
Net realized gains		0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		0.00			0.00			(0.15	)		(0.06	)		(0.08	)		(0.51	)		(0.14	)
Net asset value, end of period		$10.09			$9.69			$10.31			$10.77			$9.74			$10.84			$11.32
Total return3		4.13	%		(6.01	)%		(2.78	)%		11.24	%		(9.50	)%		0.26	%		(3.18	)%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.08	%		1.03	%		1.08	%		1.06	%		1.05	%		1.05	%
Net expenses		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income		3.44	%		2.75	%		2.61	%		2.64	%		3.07	%		3.29	%		2.93	%
Supplemental data
Portfolio turnover rate		55	%		99	%		68	%		96	%		136	%		103	%		129	%
Net assets, end of period (000s omitted)		$14,125			$44,519			$69,885			$54,399			$79,727			$102,624			$113,846

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo International Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
CLASS C				2018			2017			20161			2015			2014			2013
Net asset value, beginning of period		$9.32			$10.00			$10.52			$9.58			$10.70			$11.19			$11.76
Net investment income		0.11	2		0.19	2		0.18	2		0.17	2		0.23	2		0.28	2		0.26	2
Net realized and unrealized gains (losses) on investments		0.24			(0.87	)		(0.55	)		0.83			(1.32	)		(0.34	)		(0.71	)
Total from investment operations		0.35			(0.68	)		(0.37	)		1.00			(1.09	)		(0.06	)		(0.45	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.04	)		(0.00	)3
Net realized gains		0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.43	)		(0.12	)
Net asset value, end of period		$9.67			$9.32			$10.00			$10.52			$9.58			$10.70			$11.19
Total return4		3.76	%		(6.80	)%		(3.43	)%		10.49	%		(10.21	)%		(0.52	)%		(3.84	)%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.83	%		1.78	%		1.83	%		1.81	%		1.80	%		1.80	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%
Net investment income		2.71	%		2.00	%		1.88	%		1.86	%		2.33	%		2.54	%		2.15	%
Supplemental data
Portfolio turnover rate		55	%		99	%		68	%		96	%		136	%		103	%		129	%
Net assets, end of period (000s omitted)		$1,370			$2,652			$3,493			$5,520			$6,895			$11,597			$16,097

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

18 Wells Fargo International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
CLASS R6				2018			2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.86			$10.45			$10.88			$9.80			$10.88			$11.36			$11.80
Net investment income		0.17	3		0.31	3		0.30	3		0.28	3		0.35	3		0.42	3		0.39	3
Net realized and unrealized gains (losses) on investments		0.26			(0.90	)		(0.58	)		0.86			(1.34	)		(0.35	)		(0.69	)
Total from investment operations		0.43			(0.59	)		(0.28	)		1.14			(0.99	)		0.07			(0.30	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.06	)		(0.16	)		(0.02	)
Net realized gains		0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		0.00			0.00			(0.15	)		(0.06	)		(0.09	)		(0.55	)		(0.14	)
Net asset value, end of period		$10.29			$9.86			$10.45			$10.88			$9.80			$10.88			$11.36
Total return4		4.36	%		(5.65	)%		(2.48	)%		11.69	%		(9.18	)%		0.60	%		(2.52	)%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.72	%		0.65	%		0.70	%		0.68	%		0.67	%		0.68	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		3.83	%		3.18	%		3.01	%		3.00	%		3.46	%		3.64	%		3.70	%
Supplemental data
Portfolio turnover rate		55	%		99	%		68	%		96	%		136	%		103	%		129	%
Net assets, end of period (000s omitted)		$21,652			$49,749			$30,876			$12,501			$13,152			$5,729			$2,433

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from November 30, 2012 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo International Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
ADMINISTRATOR CLASS				2018			2017			20161			2015			2014			2013
Net asset value, beginning of period		$9.75			$10.36			$10.80			$9.75			$10.84			$11.32			$11.81
Net investment income		0.16	2		0.29	2		0.28	2		0.26	2		0.33	2		0.39	2		0.36	2
Net realized and unrealized gains (losses) on investments		0.25			(0.90	)		(0.57	)		0.85			(1.34	)		(0.34	)		(0.71	)
Total from investment operations		0.41			(0.61	)		(0.29	)		1.11			(1.01	)		0.05			(0.35	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.05	)		(0.14	)		(0.02	)
Net realized gains		0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		0.00			0.00			(0.15	)		(0.06	)		(0.08	)		(0.53	)		(0.14	)
Net asset value, end of period		$10.16			$9.75			$10.36			$10.80			$9.75			$10.84			$11.32
Total return3		4.21	%		(5.89	)%		(2.59	)%		11.44	%		(9.36	)%		0.43	%		(2.98	)%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.01	%		0.97	%		1.02	%		0.99	%		0.99	%		0.99	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		3.63	%		2.93	%		2.80	%		2.85	%		3.26	%		3.47	%		3.15	%
Supplemental data
Portfolio turnover rate		55	%		99	%		68	%		96	%		136	%		103	%		129	%
Net assets, end of period (000s omitted)		$19,553			$27,911			$41,045			$50,825			$266,849			$359,383			$334,778

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
INSTITUTIONAL CLASS				2018			2017			20161			2015			2014			2013
Net asset value, beginning of period		$9.83			$10.43			$10.86			$9.79			$10.87			$11.35			$11.82
Net investment income		0.17	2		0.31	2		0.29	2		0.27	2		0.35	2		0.41	2		0.37
Net realized and unrealized gains (losses) on investments		0.25			(0.91	)		(0.57	)		0.86			(1.34	)		(0.35	)		(0.70	)
Total from investment operations		0.42			(0.60	)		(0.28	)		1.13			(0.99	)		0.06			(0.33	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.06	)		(0.15	)		(0.02	)
Net realized gains		0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		0.00			0.00			(0.15	)		(0.06	)		(0.09	)		(0.54	)		(0.14	)
Net asset value, end of period		$10.25			$9.83			$10.43			$10.86			$9.79			$10.87			$11.35
Total return3		4.27	%		(5.75	)%		(2.48	)%		11.60	%		(9.20	)%		0.55	%		(2.78	)%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.74	%		0.70	%		0.75	%		0.73	%		0.72	%		0.72	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		3.78	%		3.06	%		2.96	%		2.95	%		3.41	%		3.62	%		3.26	%
Supplemental data
Portfolio turnover rate		55	%		99	%		68	%		96	%		136	%		103	%		129	%
Net assets, end of period (000s omitted)		$125,963			$245,633			$443,888			$553,208			$689,964			$832,072			$1,115,163

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  Calculated based upon average shares outstanding

³  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 Bond Fund 21

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

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.

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”)

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

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

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are

22 Wells Fargo International Bond Fund Notes to financial statements (unaudited)

closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

When-issued transactions

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

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.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly 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

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $176,498,223 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	11,505,019
Gross unrealized losses		(4,989,819	)
Net unrealized gains	$	6,515,200

As of September 30, 2018, the Fund had capital loss carryforwards which consisted of $5,740,832 in short-term capital losses and $1,023,725 in long-term capital losses.

As of September 30, 2018, the Fund had current year net deferred post-October capital losses consisting of $554,050 in long-term losses which was recognized on the first day of the current fiscal year.

As of September 30, 2018, the Fund had a qualified late-year ordinary loss of $3,203,994 which was recognized on the first day of the current fiscal year.

Notes to financial statements (unaudited) Wells Fargo International Bond Fund 23

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

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 March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	14,352,059	$	0	$	14,352,059
Foreign corporate bonds and notes		0		3,045,552		0		3,045,552
Foreign government bonds		0		148,788,890		0		148,788,890
U.S. Treasury securities		7,526,547		0		0		7,526,547
Yankee corporate bonds and notes		0		6,835,914		0		6,835,914
Short-term investments
Investment companies		2,601,873		0		0		2,601,873
		10,128,420		173,022,415		0		183,150,835
Forward foreign currency contracts		0		735,007		0		735,007
Total assets	$	10,128,420	$	173,757,422	$	0	$	183,885,842
Liabilities
Forward foreign currency contracts	$	0	$	872,419	$	0	$	872,419
Total liabilities	$	0	$	872,419	$	0	$	872,419

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

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

24 Wells Fargo International Bond Fund 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 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.600	%
Next $500 million		0.575
Next $2 billion		0.550
Next $2 billion		0.525
Next $5 billion		0.490
Over $10 billion		0.480

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.60% 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 Asset Management (International), LLC, 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 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

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		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class C shares, 0.65% for Class R6 shares, 0.85% for Administrator Class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment expiration date, 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.

Notes to financial statements (unaudited) Wells Fargo International Bond Fund 25

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 March 31, 2019, Funds Distributor received $43 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 March 31, 2019.

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.

Interfund transactions

The Fund 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 short-term securities, for the six months ended March 31, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$47,026,471	$105,893,592	$63,583,214	$284,826,432

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2019, the Fund entered into forward foreign currency contracts for hedging purposes. The Fund had average contract amounts of $233,572,823 and $187,286,419 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended March 31, 2019.

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.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
State Street Bank	$735,007	$(735,007)	$	0	$	0
Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged		Net amount of liabilities
State Street Bank	$872,419	$(735,007)	$	0	$	137,412

26 Wells Fargo International Bond Fund Notes to financial statements (unaudited)

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.

During the six months ended March 31, 2019, the Fund had average borrowings outstanding of $137,324 (on an annualized basis) at an average rate of 3.70% and paid interest in the amount of $5,081.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

Other information (unaudited) Wells Fargo International Bond Fund 27

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 wfam.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 wfam.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 (wfam.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.

28 Wells Fargo International Bond 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 International Bond Fund 29

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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

30 Wells Fargo International 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo International Bond Fund 31

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 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.

• 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.

This page is intentionally left blank.

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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401602 05-19 SA235/SAR235 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Strategic Income Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	23
Statement of operations	24
Statement of changes in net assets	25
Financial highlights	26
Notes to financial statements	30
Other information	39
Appendix A	43

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Strategic Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Strategic Income Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Strategic Income Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Strategic Income Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Fargo Asset Management (International), LLC

Wells Capital Management Incorporated

Portfolio managers

Niklas Nordenfelt, CFA^®‡

Alex Perrin

Scott M. Smith, CFA^®‡

Lauren van Biljon, CFA^®‡*

Noah Wise, CFA^®‡

Average annual total returns (%) as of March 31, 2019

		Including sales charge						Excluding sales charge							Expense ratios1 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net2
Class A (WSIAX)	1-31-2013		-1.83		1.27		1.17		2.28		2.09		1.85			1.47		0.92
Class C (WSICX)	1-31-2013		0.50		1.34		1.11		1.50		1.34		1.11			2.22		1.67
Administrator Class (WSIDX)	1-31-2013		–		–		–		2.39		2.19		1.98			1.41		0.77
Institutional Class (WSINX)	1-31-2013		–		–		–		2.52		2.40		2.17			1.14		0.62
Bloomberg Barclays U.S. Universal Bond Index3	–		–		–		–		4.53		3.00		2.61	+		–		–
ICE BofAML 3-Month LIBOR Constant Maturity Index4	–		–		–		–		2.48		0.99		0.86	+		–		–

⁺  Return is based on inception date of the Fund’s classes.

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, wfam.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 4.00%. 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.

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. 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. 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 mortgage- and asset-backed securities risk, regulatory risk, and geographic risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Strategic Income Fund 5

Ten largest holdings (%) as of March 31, 20195
iShares JPMorgan USD Emerging Markets Bond ETF	1.79
Foundation Finance Trust Series 2019-1A Class A, 3.86%, 11-15-2034	1.22
Mexico, 6.50%, 6-9-2022	1.10
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1.09
Poland, 2.50%, 7-25-2027	1.07
Bowman Park CLO Limited Series 2014-1A Class AR, 3.83%, 11-23-2025	1.07
Vaneck Vectors JPMorgan Emerging Markets Local Currency Bond ETF	0.97
Indonesia, 7.88%, 4-15-2019	0.96
Citigroup Commercial Mortgage Trust Series 2018-C6 Class AS, 4.64%, 11-10-2051	0.94
Coinstar Funding LLC Series 2017-1A Class A2, 5.22%, 4-25-2047	0.94

Portfolio composition as of March 31, 2019⁶

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

* Ms. van Biljon became a portfolio manager of the Fund on October 3, 2018.

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% 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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.90% for Class A, 1.65% for Class C, 0.75% for Administrator, and 0.60% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  The Bloomberg Barclays U.S. Universal Bond Index is an unmanaged market-value-weighted performance benchmark for the U.S. dollar–denominated bond market, which includes investment-grade, high-yield, and emerging markets debt securities with maturities of one year or more. You cannot invest directly in an index.

⁴  The ICE BofA Merrill Lynch 3-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having 3 months to maturity and with a coupon equal to the closing quote for 3-Month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing 3-Month LIBOR rate) and is rolled into a new 3-Month instrument. The index, therefore, will always have a constant maturity equal to exactly 3 months. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁵  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.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Strategic Income 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,025.56	$	4.55		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Class C
Actual	$	1,000.00	$	1,021.66	$	8.32		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.70	$	8.30		1.65	%
Administrator Class
Actual	$	1,000.00	$	1,023.38	$	3.78		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,027.54	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94	$	3.02		0.60	%

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—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 8.14%
AmeriCredit Automobile Receivables Trust Series 2015-4 Class D		3.72	%		12-8-2021	$	300,000	$	303,013
AmeriCredit Automobile Receivables Trust Series 2018-3 Class D		4.04			11-18-2024		1,500,000		1,528,055
Ascentium Equipment Receivables LLC Series 2016-1A Class B 144A		2.85			7-10-2020		283,553		283,631
Avis Budget Rental Car Funding LLC Series 2016-1A Class A 144A		2.99			6-20-2022		230,000		230,351
Avis Budget Rental Car Funding LLC Series 2017-1A Class C 144A		4.15			9-20-2023		650,000		649,843
Bank of the West Auto Trust Series 2018-1 Class C 144A		3.98			5-15-2024		1,500,000		1,533,742
Capital Auto Receivables Trust Series 2018-2 Class C 144A		3.69			12-20-2023		1,200,000		1,209,649
Chesapeake Funding II LLC Series 2017-3A Class C 144A		2.78			8-15-2029		800,000		795,978
Chesapeake Funding II LLC Series 2017-4A Class D 144A		3.26			11-15-2029		400,000		393,414
Coinstar Funding LLC Series 2017-1A Class A2 144A		5.22			4-25-2047		1,586,738		1,616,976
Dell Equipment Finance Trust Series 2017-2 Class D 144A		3.27			10-23-2023		400,000		399,032
DRB Prime Student Loan Trust Series 2017-C Class C 144A		3.29			11-25-2042		489,662		483,819
Hertz Vehicle Financing LLC Series 2015-1A Class B 144A		3.52			3-25-2021		1,500,000		1,497,389
SMB Private Education Loan Trust Series 2015-C Class C 144A		4.50			9-17-2046		290,000		303,506
SoFi Consumer Loan Program Trust Series 2016-3A 144A		3.05			12-26-2025		151,057		151,096
SoFi Consumer Loan Program Trust Series 2018-1 Class C 144A		3.97			2-25-2027		700,000		700,445
SoFi Professional Loan Program LLC Series 2017-E Class B 144A		3.49			11-26-2040		300,000		296,262
Store Master Funding LLC Series 2014-1A Class A2 144A		5.00			4-20-2044		97,583		98,319
Tesla Auto Lease Trust Series 2018-A Class E 144A		4.94			3-22-2021		350,000		351,070
Tesla Auto Lease Trust Series 2018-B Class D 144A		5.29			11-22-2021		1,200,000		1,212,662
Total Asset-Backed Securities (Cost $13,924,923)									14,038,252
Corporate Bonds and Notes: 20.78%
Communication Services: 3.62%
Diversified Telecommunication Services: 1.38%
AT&T Incorporated		5.25			3-1-2037		1,360,000		1,433,462
Hughes Satellite Systems Corporation		6.50			6-15-2019		700,000		703,570
Verizon Communications Incorporated		5.50			3-16-2047		205,000		240,370
									2,377,402
Entertainment: 0.09%
Live Nation Entertainment Incorporated 144A		4.88			11-1-2024		150,000		150,938
Media: 1.88%
CCO Holdings LLC		5.25			9-30-2022		50,000		50,938
CCO Holdings LLC 144A		5.38			5-1-2025		150,000		154,875
Charter Communications Operating LLC		4.91			7-23-2025		700,000		738,152
Cox Communications Incorporated 144A		3.50			8-15-2027		200,000		195,855
CSC Holdings LLC 144A		5.50			5-15-2026		200,000		205,560
Discovery Communications LLC		3.80			3-13-2024		100,000		100,864
Gray Television Incorporated 144A		5.13			10-15-2024		50,000		50,125
Gray Television Incorporated 144A		5.88			7-15-2026		150,000		152,655
Interpublic Group of Companies Incorporated		4.65			10-1-2028		750,000		781,526
National CineMedia LLC		6.00			4-15-2022		175,000		176,750
Nielsen Finance LLC 144A		5.00			4-15-2022		75,000		74,250
Outfront Media Capital Corporation		5.88			3-15-2025		100,000		102,500
Salem Media Group Incorporated 144A		6.75			6-1-2024		50,000		45,250
The E.W. Scripps Company 144A		5.13			5-15-2025		150,000		142,875
Time Warner Cable Incorporated		3.80			2-15-2027		265,000		263,641
									3,235,816

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

8 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services: 0.27%
Sprint Communications Incorporated 144A		7.00	%		3-1-2020	$	150,000	$	153,938
Sprint Spectrum Company 144A		5.15			9-20-2029		65,000		66,463
T-Mobile USA Incorporated		4.75			2-1-2028		25,000		24,781
T-Mobile USA Incorporated		6.38			3-1-2025		220,000		229,086
									474,268
Consumer Discretionary: 1.72%
Auto Components: 0.32%
Adient Global Holdings 144A		3.50			8-15-2024		515,000		434,674
Allison Transmission Incorporated 144A		5.00			10-1-2024		50,000		49,875
Allison Transmission Incorporated 144A		5.88			6-1-2029		25,000		25,281
Cooper Tire & Rubber Company		8.00			12-15-2019		50,000		51,438
									561,268
Automobiles: 0.05%
Ford Motor Company		7.45			7-16-2031		80,000		85,353
Distributors: 0.15%
LKQ Corporation		4.75			5-15-2023		250,000		251,475
Diversified Consumer Services: 0.16%
Carriage Services Incorporated 144A		6.63			6-1-2026		25,000		25,563
Service Corporation International		4.63			12-15-2027		150,000		149,063
Service Corporation International		5.38			5-15-2024		100,000		102,625
									277,251
Hotels, Restaurants & Leisure: 0.43%
Hilton Domestic Operating Company Incorporated 144A		5.13			5-1-2026		225,000		228,375
KFC Holding Company 144A		5.00			6-1-2024		250,000		255,000
Wyndham Hotels & Resorts Company 144A		5.38			4-15-2026		250,000		253,750
									737,125
Specialty Retail: 0.54%
Asbury Automotive Group Incorporated		6.00			12-15-2024		175,000		179,979
Group 1 Automotive Incorporated		5.00			6-1-2022		50,000		50,125
Levi Strauss & Company		5.00			5-1-2025		150,000		154,500
Lithia Motors Incorporated 144A		5.25			8-1-2025		175,000		175,875
Penske Auto Group Incorporated		5.38			12-1-2024		150,000		149,250
Penske Auto Group Incorporated		5.75			10-1-2022		50,000		50,813
Sonic Automotive Incorporated		5.00			5-15-2023		175,000		168,000
									928,542
Textiles, Apparel & Luxury Goods: 0.07%
The William Carter Company 144A		5.63			3-15-2027		75,000		77,531
Wolverine World Wide Incorporated 144A		5.00			9-1-2026		50,000		48,625
									126,156

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.16%
Food Products: 0.16%
Darling Ingredients Incorporated 144A%%		5.25	%		4-15-2027	$	25,000	$	25,375
Darling Ingredients Incorporated		5.38			1-15-2022		250,000		253,750
									279,125
Energy: 2.94%
Energy Equipment & Services: 0.49%
Bristow Group Incorporated 144A«		8.75			3-1-2023		125,000		90,000
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		125,000		79,063
Era Group Incorporated		7.75			12-15-2022		40,000		39,500
Hilcorp Energy Company 144A		5.75			10-1-2025		175,000		171,938
NGPL PipeCo LLC 144A		4.88			8-15-2027		200,000		202,000
NGPL PipeCo LLC 144A		7.77			12-15-2037		100,000		120,000
Oceaneering International Incorporated		6.00			2-1-2028		150,000		142,500
									845,001
Oil, Gas & Consumable Fuels: 2.45%
Archrock Partners LP 144A		6.88			4-1-2027		25,000		25,493
Baker Hughes LLC		2.77			12-15-2022		520,000		516,808
Buckeye Partners LP		5.60			10-15-2044		400,000		384,692
Carrizo Oil & Gas Incorporated		8.25			7-15-2025		100,000		103,500
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		75,000		78,656
Cheniere Energy Partners LP		5.25			10-1-2025		100,000		102,250
Cheniere Energy Partners LP 144A		5.63			10-1-2026		100,000		102,500
Denbury Resources Incorporated 144A		9.00			5-15-2021		75,000		72,938
Denbury Resources Incorporated 144A		9.25			3-31-2022		100,000		96,500
EnLink Midstream Partners LP		4.40			4-1-2024		50,000		49,500
EnLink Midstream Partners LP		4.85			7-15-2026		225,000		223,313
Exterran Partners LP		6.00			4-1-2021		150,000		149,888
Murphy Oil Corporation		5.75			8-15-2025		155,000		160,055
Murphy Oil Corporation		6.88			8-15-2024		50,000		52,938
Nabors Industries Incorporated		5.75			2-1-2025		150,000		134,435
Phillips 66		4.88			11-15-2044		250,000		274,539
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		150,000		153,188
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		75,000		80,495
Rose Rock Midstream LP		5.63			11-15-2023		100,000		93,910
SemGroup Corporation		7.25			3-15-2026		125,000		121,250
Southern Star Central Corporation 144A		5.13			7-15-2022		200,000		199,500
Sunoco Logistics Partner LP		5.40			10-1-2047		750,000		748,324
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		275,000		281,875
Ultra Resources Incorporated 144A		7.13			4-15-2025		75,000		15,375
									4,221,922
Financials: 4.51%
Banks: 0.58%
Bank of America Corporation (3 Month LIBOR +4.55%) ±		6.30			12-29-2049		265,000		287,856
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15			12-29-2049		350,000		352,433

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

10 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ±		6.00	%		12-31-2049	$	100,000	$	104,258
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00			12-29-2049		250,000		246,250
									990,797
Capital Markets: 0.57%
Blackstone Holdings Finance Company LLC 144A		3.15			10-2-2027		100,000		97,213
Goldman Sachs Group Incorporated		4.25			10-21-2025		765,000		783,591
MSCI Incorporated 144A		4.75			8-1-2026		100,000		102,750
									983,554
Consumer Finance: 1.73%
FirstCash Incorporated 144A		5.38			6-1-2024		175,000		178,939
Ford Motor Credit Company LLC		3.20			1-15-2021		1,500,000		1,478,700
General Motors Financial Company Incorporated		5.65			1-17-2029		170,000		175,748
LPL Holdings Incorporated 144A		5.75			9-15-2025		250,000		253,200
Springleaf Finance Corporation		7.13			3-15-2026		25,000		25,453
Springleaf Finance Corporation		7.75			10-1-2021		150,000		161,625
Synchrony Financial		3.95			12-1-2027		750,000		709,135
									2,982,800
Diversified Financial Services: 0.13%
Brookfield Finance LLC		4.00			4-1-2024		200,000		202,938
Vantiv LLC 144A		4.38			11-15-2025		25,000		25,735
									228,673
Insurance: 1.44%
American Equity Investment Life Insurance Company		5.00			6-15-2027		100,000		101,639
Brighthouse Financial Incorporated		3.70			6-22-2027		75,000		67,648
Brighthouse Financial Incorporated		4.70			6-22-2047		700,000		557,461
Guardian Life Insurance Company 144A		4.85			1-24-2077		200,000		210,551
HUB International Limited 144A		7.00			5-1-2026		100,000		99,000
Lincoln National Corporation		7.00			6-15-2040		855,000		1,134,287
MetLife Incorporated		6.40			12-15-2066		200,000		214,500
USI Incorporated 144A		6.88			5-1-2025		100,000		97,125
									2,482,211
Mortgage REITs: 0.06%
CC Holdings GS V LLC		3.85			4-15-2023		100,000		102,430
Health Care: 2.39%
Biotechnology: 0.49%
Celgene Corporation		3.45			11-15-2027		850,000		841,756
Health Care Equipment & Supplies: 0.13%
Hologic Incorporated 144A		4.38			10-15-2025		225,000		223,830
Health Care Providers & Services: 1.77%
CHS Incorporated		5.13			8-1-2021		175,000		172,043
CVS Health Corporation		5.05			3-25-2048		730,000		735,792
Davita Incorporated		5.00			5-1-2025		150,000		143,738

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Halfmoon Parent Incorporated 144A		4.38	%		10-15-2028	$	750,000	$	777,354
Highmark Incorporated 144A		6.13			5-15-2041		850,000		971,007
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		25,000		24,938
MPT Operating Partnership LP		5.25			8-1-2026		200,000		205,750
Select Medical Corporation		6.38			6-1-2021		25,000		25,063
									3,055,685
Industrials: 1.24%
Aerospace & Defense: 0.04%
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		75,000		74,063
Airlines: 0.26%
BBA US Holdings Incorporated 144A		5.38			5-1-2026		275,000		283,250
United Airlines		4.15			2-25-2033		150,000		155,404
									438,654
Commercial Services & Supplies: 0.41%
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		50,000		51,000
Aramark Services Incorporated 144A		5.00			4-1-2025		200,000		204,800
Covanta Holding Corporation		5.88			3-1-2024		75,000		76,875
Covanta Holding Corporation		6.00			1-1-2027		100,000		99,750
KAR Auction Services Incorporated 144A		5.13			6-1-2025		275,000		271,906
									704,331
Electrical Equipment: 0.09%
Resideo Funding Incorporated 144A		6.13			11-1-2026		150,000		154,875
Industrial Conglomerates: 0.23%
General Electric Company (3 Month LIBOR +3.33%) ±		5.00			12-29-2049		430,000		400,782
Machinery: 0.13%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		150,000		154,500
Trimas Corporation 144A		4.88			10-15-2025		75,000		73,875
									228,375
Transportation Infrastructure: 0.08%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2027		200,000		133,669
Information Technology: 2.03%
Communications Equipment: 0.42%
Motorola Solutions Incorporated		5.50			9-1-2044		750,000		730,912
Electronic Equipment, Instruments & Components: 0.06%
Arrow Electronics Incorporated		3.50			4-1-2022		100,000		100,623
IT Services: 0.25%
First Data Corporation 144A		5.00			1-15-2024		25,000		25,600
Gartner Incorporated 144A		5.13			4-1-2025		325,000		328,478
Zayo Group LLC		6.38			5-15-2025		75,000		75,375
									429,453

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

12 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Semiconductors & Semiconductor Equipment: 0.39%
Broadcom Corporation		3.88	%		1-15-2027	$	695,000	$	664,410
Software: 0.36%
CDK Global Incorporated		5.00			10-15-2024		200,000		205,340
Citrix Systems Incorporated		4.50			12-1-2027		250,000		246,985
SS&C Technologies Incorporated 144A		5.50			9-30-2027		25,000		25,250
Symantec Corporation 144A		5.00			4-15-2025		150,000		150,273
									627,848
Technology Hardware, Storage & Peripherals: 0.55%
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		575,000		694,998
NCR Corporation		5.00			7-15-2022		50,000		49,875
NCR Corporation		5.88			12-15-2021		100,000		101,680
NCR Corporation		6.38			12-15-2023		100,000		102,818
									949,371
Materials: 0.55%
Containers & Packaging: 0.49%
Crown Americas Capital Corporation V		4.25			9-30-2026		150,000		145,125
Crown Americas Capital Corporation VI		4.75			2-1-2026		75,000		75,360
Owens-Illinois Incorporated 144A		6.38			8-15-2025		50,000		52,375
Silgan Holdings Incorporated		3.25			3-15-2025		500,000		578,991
									851,851
Metals & Mining: 0.06%
Novelis Corporation 144A		5.88			9-30-2026		75,000		74,625
Novelis Corporation 144A		6.25			8-15-2024		25,000		25,563
									100,188
Real Estate: 0.72%
Equity REITs: 0.32%
CoreCivic Incorporated		4.63			5-1-2023		100,000		96,500
ESH Hospitality Incorporated 144A		5.25			5-1-2025		150,000		149,063
Sabra Health Care LP		5.38			6-1-2023		250,000		252,813
The Geo Group Incorporated		5.88			10-15-2024		50,000		43,625
									542,001
Real Estate Management & Development: 0.40%
Newmark Group Incorporated		6.13			11-15-2023		290,000		298,999
Washington Prime Group		3.85			4-1-2020		400,000		398,080
									697,079
Utilities: 0.90%
Electric Utilities: 0.29%
NextEra Energy Operating Partners LP 144A		4.50			9-15-2027		125,000		121,875
Oglethorpe Power Corporation		4.25			4-1-2046		400,000		375,303
									497,178

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Gas Utilities: 0.01%
Suburban Propane Partners LP		5.88	%		3-1-2027	$	25,000	$	23,688
Independent Power & Renewable Electricity Producers: 0.60%
NSG Holdings LLC 144A		7.75			12-15-2025		83,818		89,685
Pattern Energy Group Incorporated 144A		5.88			2-1-2024		325,000		330,688
TerraForm Global Operating LLC 144A		6.13			3-1-2026		25,000		24,375
TerraForm Power Operating LLC 144A		4.25			1-31-2023		75,000		74,099
TerraForm Power Operating LLC 144A		5.00			1-31-2028		525,000		506,625
									1,025,472
Total Corporate Bonds and Notes (Cost $34,924,710)									35,818,201
						Shares
Exchange-Traded Funds: 4.45%
iShares JPMorgan USD Emerging Markets Bond ETF							28,000		3,081,680
SPDR Bloomberg Barclays Short Term High Yield Bond ETF							69,000		1,880,250
Vaneck Vectors JPMorgan Emerging Markets Local Currency Bond ETF							50,000		1,668,000
Vanguard Intermediate-Term Corporate Bond ETF «							12,000		1,042,440
Total Exchange-Traded Funds (Cost $7,546,630)									7,672,370
						Principal
Foreign Corporate Bonds and Notes @: 7.79%
Communication Services: 0.92%
Diversified Telecommunication Services: 0.59%
Cellnex Telecom SA (EUR)		2.38			1-16-2024		500,000		568,868
Global Switch Holdings Limited (EUR)		2.25			5-31-2027		400,000		453,142
									1,022,010
Media: 0.33%
Altice Luxembourg SA (EUR)		7.25			5-15-2022		300,000		340,007
Altice SA 144A (EUR)		7.25			5-15-2022		200,000		226,671
									566,678
Consumer Discretionary: 1.14%
Auto Components: 0.28%
HP Pelzer Holding GmbH 144A (EUR)		4.13			4-1-2024		450,000		479,124
Automobiles: 0.33%
Peugeot SA Company (EUR)		2.00			3-20-2025		500,000		571,632
Diversified Consumer Services: 0.27%
Intertrust Group BV 144A (EUR)		3.38			11-15-2025		400,000		458,235
Hotels, Restaurants & Leisure: 0.26%
Accor SA (EUR)		1.25			1-25-2024		400,000		456,415

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

14 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.80%
Food & Staples Retailing: 0.24%
Casino Guichard Perracho SA (EUR)		3.58	%		2-7-2025		400,000	$	415,453
Food Products: 0.56%
Danone SA (EUR) (5 Year EUR Swap +1.43%) ±		1.75			12-31-2099		400,000		439,233
Sigma Holdings Company BV 144A (EUR)		5.75			5-15-2026		500,000		525,805
									965,038
Energy: 0.07%
Oil, Gas & Consumable Fuels: 0.07%
Total SA (EUR) (5 Year EUR Swap +3.78%) ±		3.88			12-29-2049		100,000		121,792
Financials: 2.93%
Banks: 1.81%
Asian Development Bank (INR)		6.45			8-8-2021		36,000,000		513,016
Bankia SA (EUR) (5 Year EUR Swap +5.82%) ±		6.00			12-31-2099		600,000		658,691
Caixa Geral de Depositos SA (EUR) (5 Year EUR Swap +5.50%) ±		5.75			6-28-2028		400,000		475,597
European Bank for Reconstruction and Development (EUR)		6.00			5-4-2020		38,500,000		548,059
International Finance Corporation (INR)		7.80			6-3-2019		29,900,000		430,620
International Finance Corporation (INR)		5.85			11-25-2022		35,250,000		491,965
									3,117,948
Diversified Financial Services: 0.86%
Fiat Chrysler Automobiles Bank SpA (EUR)		1.00			11-15-2021		400,000		453,135
JAB Holdings BV (EUR)		1.75			6-25-2026		400,000		455,328
LKQ European Holdings BV Company 144A (EUR)		3.63			4-1-2026		500,000		575,346
									1,483,809
Thrifts & Mortgage Finance: 0.26%
Deutsche Pfandbriefbank AG (EUR) (5 Year EUR Swap +2.75%) ±		2.88			6-28-2027		400,000		441,534
Industrials: 0.83%
Commercial Services & Supplies: 0.50%
Paprec Holding SA 144A (EUR)		4.00			3-31-2025		450,000		427,262
Prosegur Cash SA (EUR)		1.38			2-4-2026		400,000		436,003
									863,265
Road & Rail: 0.33%
Europcar Groupe SA 144A (EUR)		4.13			11-15-2024		500,000		560,548
Information Technology: 0.27%
IT Services: 0.27%
Capgemini SE (EUR)		1.00			10-18-2024		400,000		457,999
Real Estate: 0.32%
Equity REITs: 0.26%
Unibail Rodamco SE (EUR) (5 Year EUR Swap +1.68%) ±		2.13			12-31-2099		400,000		444,025

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Real Estate Management & Development: 0.06%
ATF Netherlands BV (EUR)		1.50	%		7-15-2024		100,000	$	114,130
Utilities: 0.51%
Electric Utilities: 0.26%
Innogy Finance BV (EUR)		1.50			7-31-2029		400,000		458,559
Multi-Utilities: 0.25%
EP Infrastructure AS (EUR)		1.66			4-26-2024		400,000		429,460
Total Foreign Corporate Bonds and Notes (Cost $13,643,210)									13,427,654
Foreign Government Bonds @: 8.04%
Brazil (BRL)		10.00			1-1-2021		2,440,000		650,923
Brazil (BRL)		10.00			1-1-2027		2,615,000		708,064
Colombia (COP)		7.00			9-11-2019		4,550,000,000		1,443,293
Indonesia (IDR)		7.88			4-15-2019		23,525,000,000		1,653,110
Malaysia (MYR)		3.88			3-10-2022		6,000,000		1,489,323
Mexico (MXN)		6.50			6-9-2022		38,260,000		1,898,231
Poland (PLN)		2.50			7-25-2027		7,205,000		1,852,950
Republic of Peru (PEN)		5.70			8-12-2024		4,465,000		1,422,275
Republic of South Africa (ZAR)		6.75			3-31-2021		20,325,000		1,404,279
Republic of South Africa (ZAR)		8.75			2-28-2048		7,975,000		499,158
Turkey (TRY)		13.00			11-13-2019		5,000,000		842,750
Total Foreign Government Bonds (Cost $13,992,627)									13,864,356
Loans: 2.83%
Communication Services: 0.59%
Diversified Telecommunication Services: 0.20%
Intelsat Jackson Holdings SA (1 Month LIBOR +3.75%) ±		6.24			11-27-2023	$	340,332		334,907
Media: 0.25%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±		5.75			10-19-2023		198,977		197,568
Gray Television Incorporated (1 Month LIBOR +2.50%) ±		4.98			1-2-2026		99,750		98,566
Mission Broadcasting Incorporated (1 Month LIBOR +2.25%) ±		4.74			1-17-2024		21,544		21,178
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.25%) ±		4.75			1-17-2024		117,060		115,071
									432,383
Wireless Telecommunication Services: 0.14%
Sprint Communications Incorporated (1 Month LIBOR +2.50%) ±		5.00			2-2-2024		248,731		241,891
Consumer Discretionary: 0.63%
Auto Components: 0.08%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		3.00			9-23-2022		141,087		141,499
Distributors: 0.17%
Spin Holdco Incorporated (3 Month LIBOR +3.25%) ±		6.03			11-14-2022		301,003		292,199

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

16 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure: 0.38%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±		4.75	%		8-8-2021	$	266,167	$	265,057
Four Seasons Holdings Incorporated (1 Month LIBOR +2.00%) ±		4.50			11-30-2023		198,982		197,199
Greektown Holdings LLC (1 Month LIBOR +2.75%) ±		5.25			4-25-2024		189,873		189,556
									651,812
Energy: 0.11%
Oil, Gas & Consumable Fuels: 0.11%
Traverse Midstream Partners LLC (1 Month LIBOR +4.00%) ±		6.50			9-27-2024		199,000		198,503
Financials: 0.11%
Diversified Financial Services: 0.11%
Nielsen Finance LLC (1 Month LIBOR +2.00%) ±		4.49			10-4-2023		199,492		195,614
Health Care: 0.31%
Health Care Technology: 0.11%
Emerald Bidco Incorporated (1 Month LIBOR +2.75%) ±		5.25			10-23-2023		198,982		194,505
Pharmaceuticals: 0.20%
Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.00%) ±		5.48			6-2-2025		337,213		334,806
Industrials: 0.44%
Commercial Services & Supplies: 0.05%
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±‡		4.88			3-11-2021		86,782		86,674
Communications Equipment: 0.29%
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±		4.50			4-30-2025		497,481		493,750
Machinery: 0.10%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		5.10			1-31-2024		177,173		176,509
Information Technology: 0.51%
Electronic Equipment, Instruments & Components: 0.35%
Dell Incorporated (1 Month LIBOR +2.00%) ±		4.50			9-7-2023		609,278		601,899
IT Services: 0.16%
First Data Corporation (1 Month LIBOR +2.00%) ±		4.49			7-8-2022		206,326		205,806
First Data Corporation (1 Month LIBOR +2.00%) ±		4.49			4-26-2024		75,000		74,765
									280,571
Real Estate: 0.13%
Real Estate Management & Development: 0.13%
Capital Automotive LP (1 Month LIBOR +2.50%) ±		5.00			3-24-2024		223,461		221,016
Total Loans (Cost $4,944,723)									4,878,538

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 0.84%
Illinois: 0.60%
GO Revenue: 0.52%
Chicago IL Refunding Bonds Taxable Project Series E		6.05	%		1-1-2029	$	155,000	$	162,276
Illinois Taxable Pension		5.10			6-1-2033		750,000		736,965
									899,241
Tax Revenue: 0.08%
Chicago IL Transit Authority Taxable Pension Funding Series A		6.90			12-1-2040		100,000		131,317
									1,030,558
Maryland: 0.06%
Education Revenue: 0.06%
Maryland Health & HEFAR Green Street Academy Series B 144A		6.75			7-1-2023		100,000		99,061
Pennsylvania: 0.06%
Health Revenue: 0.06%
Quakertown PA General Authority USDA Loan Anticipation Notes Series 2017-B		3.80			7-1-2021		100,000		99,487
Texas: 0.12%
Transportation Revenue: 0.12%
North Texas Tollway Authority Build America Bonds Subordinate Lien Series B-2		8.91			2-1-2030		210,000		219,868
Total Municipal Obligations (Cost $1,438,800)									1,448,974
Non-Agency Mortgage-Backed Securities: 28.08%
321 Henderson Receivables LLC Series 2013-2A Class A 144A		4.21			3-15-2062		1,056,295		1,121,344
321 Henderson Receivables LLC Series 2015-2A Class A 144A		3.87			3-15-2058		395,026		407,465
ALM Loan Funding Series 2016-18A Class A2R (3 Month LIBOR +1.65%) 144A±		4.44			1-15-2028		600,000		597,932
Arroyo Mortgage Trust Series 2019-1 Class A1 144A±±		3.81			1-25-2049		785,980		791,402
Atrium Hotel Portfolio Trust Series 2018 Class A (1 Month LIBOR +0.95%) 144A±		3.43			6-15-2035		1,000,000		997,554
Avant Loans Funding Trust Series 2019-A Class A 144A		3.48			7-15-2022		1,550,000		1,549,902
Avery Point CLO Limited Series 2015-6A Class AR (3 Month LIBOR +1.05%) 144A±		3.78			8-5-2027		750,000		748,914
BB-UBS Trust Series 2012-TFT Class C 144A±±		3.47			6-5-2030		150,000		146,732
BCC Funding Corporation Series 2016-1 Class B 144A		2.73			4-20-2022		400,000		398,945
Bluemountain CLO Limited Series 2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		3.69			11-20-2028		1,500,000		1,498,190
BlueMountain CLO Limited Series 2015-3A Class A1R (3 Month LIBOR +1.00%) 144A±		3.76			4-20-2031		700,000		692,249
Bowman Park CLO Limited Series 2014-1A Class AR (3 Month LIBOR +1.18%) 144A±		3.83			11-23-2025		1,839,318		1,839,618
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A±		4.18			4-18-2031		1,000,000		981,300
Citigroup Commercial Mortgage Trust Series 2018-C6 Class AS		4.64			11-10-2051		1,500,000		1,628,397
Cole Park CLO Limited Series 2015-1A Class BR (3 Month LIBOR +1.60%) 144A±		4.36			10-20-2028		1,000,000		991,761
CommonBond Student Loan Trust Series 2018-CGS Class C 144A		4.35			2-25-2046		1,600,000		1,607,711
Consumer Lending Receivables LLC Series 2019-A Class A 144A		3.52			4-15-2026		1,601,602		1,601,602
Consumer Loan Underlying Bond Credit Trust Series 2018-P2 Class B 144A		4.10			10-15-2025		500,000		504,816
Consumer Loan Underlying Bond Credit Trust Series 2018-P3 Class A 144A		3.82			1-15-2026		1,321,669		1,328,569
Foundation Finance Trust Series 2019-1A Class A 144A		3.86			11-15-2034		2,100,000		2,099,675
FREMF Mortgage Trust Series 2017-K724 Class B 144A±±		3.49			11-25-2023		400,000		395,327
GS Mortgage Security Trust Series 2014-GC22 Class AS		4.11			6-10-2047		1,450,000		1,494,423
GS Mortgage Security Trust Series 2018-LUAU Class B (1 Month LIBOR +1.40%) 144A±		3.88			11-15-2032		1,600,000		1,590,611

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

18 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Harley Marine Financing LLC Barge Series 2018-1A Class A2 144A		5.68	%		5-15-2043	$	682,500	$	588,130
Longtrain Leasing III LLC Series 2015-1A Class A2 144A		4.06			1-15-2045		500,000		510,449
Marlette Funding Trust Series 2018-3A Class A 144A		3.20			9-15-2028		369,207		369,392
Marlette Funding Trust Series 2018-4A Class B 144A		4.21			12-15-2028		1,100,000		1,119,094
Marlette Funding Trust Series 2019-1A Class A 144A		3.44			4-16-2029		1,500,000		1,504,824
MidOcean Credit CLO Limited Series 2016-5A Class B1R (3 Month LIBOR +1.60%) 144A±		4.36			7-19-2028		500,000		495,876
Motel 6 Trust Series 2017-MTL6 Class A (1 Month LIBOR +0.92%) 144A±		3.40			8-15-2034		1,353,093		1,347,153
MP CLO VIII Limited Series 2015-2A Class AR (3 Month LIBOR +0.91%) 144A±		3.67			10-28-2027		600,000		597,310
Navistar Financial Dealer Note Series 2018-1 Class D (1 Month LIBOR +1.55%) 144A±		4.04			9-25-2023		600,000		600,674
New Residential Mortgage Loan Series 2019-NQM2 Class A1 144A±±		3.60			4-25-2049		1,000,000		1,004,762
Onemain Financial Issuance Trust Series 2019-1A Class D 144A		4.22			2-14-2031		1,500,000		1,516,996
Oxford Finance Funding Trust Series 2019-1A Series A2 144A		4.46			2-15-2027		800,000		809,328
SoFi Consumer Loan Program Trust Series 2017-2 Class A 144A		3.28			2-25-2026		864,560		866,843
SoFi Consumer Loan Program Trust Series 2018-4 Class D 144A		4.76			11-26-2027		300,000		308,804
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		178,849		177,645
Spirit Master Funding LLC Series 2017-1A Class A 144A		4.36			12-20-2047		297,704		303,966
Store Master Funding LLC Series 2015-1A Class A1 144A		3.75			4-20-2045		1,352,975		1,357,558
Taco Bell Funding LLC Series 2018-1A Class A21 144A		4.32			11-25-2048		1,496,250		1,539,492
TCI Symphony CLO Limited Series 2016-1A Class BR (3 Month LIBOR +1.65%) 144A±		4.45			10-13-2029		1,500,000		1,488,483
Textainer Marine Containers Limited Series 2017-1A Class B 144A		4.85			5-20-2042		140,502		141,001
Textainer Marine Containers Limited Series 2017-2A Class B 144A		4.75			6-20-2042		86,059		86,054
Venture CDO Limited Series 2016-23A Class AR (3 Month LIBOR +1.07%) 144A±		3.83			7-19-2028		700,000		696,950
Venture CDO Limited Series 2017-28A Class A2 (3 Month LIBOR +1.11%) 144A±		3.87			7-20-2030		1,180,000		1,172,026
Venture CDO Limited Series 2018-35A Class AS (3 Month LIBOR +1.15%) 144A±		3.65			10-22-2031		1,300,000		1,312,366
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.84			2-25-2059		988,813		996,102
Voya CLO Limited Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		3.68			1-18-2029		1,500,000		1,487,561
Voya CLO Limited Series 2019-1A Class A (3 Month LIBOR +1.17%) 144A±		3.81			4-15-2029		1,000,000		999,980
Total Non-Agency Mortgage-Backed Securities (Cost $48,184,592)									48,413,258
				Expiration date		Shares
Rights: 0.00%
Utilities: 0.00%
Independent Power & Renewable Electricity Producers: 0.00%
Vistra Energy Corporation †					12-31-2046		6,516		4,887
Total Rights (Cost $6,785)									4,887
				Maturity date		Principal
U. S. Treasury Securities: 1.04%
U.S. Treasury Bond		3.00			8-15-2048	$	500,000		518,789
U.S. Treasury Bond		3.38			11-15-2048		1,140,000		1,271,679
Total U.S. Treasury Securities (Cost $1,704,090)									1,790,468
Yankee Corporate Bonds and Notes: 6.00%
Communication Services: 0.78%
Wireless Telecommunication Services: 0.78%
British Telecommunication		5.13			12-4-2028		800,000		857,170
Vodafone Group plc (5 Year USD Swap +4.87%) %%±		7.00			4-4-2079		475,000		482,799
									1,339,969

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Energy: 1.50%
Energy Equipment & Services: 0.07%
Ensco plc		5.75	%		10-1-2044	$	175,000	$	112,438
Oil, Gas & Consumable Fuels: 1.43%
Baytex Energy Corporation 144A		5.63			6-1-2024		150,000		139,313
Canadian Natural Resources Limited		3.85			6-1-2027		750,000		751,344
Comision Federal de Electricidad 144A		4.75			2-23-2027		250,000		252,270
Petroleos Mexicanos Company		5.38			3-13-2022		500,000		509,500
Woodside Finance Limited 144A		3.70			3-15-2028		850,000		820,323
									2,472,750
Financials: 2.59%
Banks: 1.73%
ABN AMRO Bank NV 144A		4.75			7-28-2025		200,000		207,770
Banco Internacional del Peru SAA Interbank 144A		3.38			1-18-2023		300,000		298,155
Banistmo SA 144A		3.65			9-19-2022		100,000		98,375
BPCE SA 144A		5.15			7-21-2024		305,000		318,455
Credit Agricole SA (5 Year USD Swap +6.19%) 144A±		8.13			12-29-2049		265,000		297,635
Intesa Sanpaolo SpA 144A		5.71			1-15-2026		635,000		620,288
Perrigo Finance Unlimited Company		4.38			3-15-2026		400,000		390,062
UBS Group Funding Limited 144A		4.13			9-24-2025		250,000		258,280
The Governor and Company of The Bank of Ireland (5 Year EUR Swap +6.96%) ±		7.38			12-29-2049		425,000		501,173
									2,990,193
Capital Markets: 0.30%
Cadillac Fairview Corporation Limited 144A		4.13			2-1-2029		240,000		251,897
Credit Suisse Group AG 144A		3.57			1-9-2023		260,000		260,973
									512,870
Diversified Financial Services: 0.05%
Intelsat Jackson Holdings SA		5.50			8-1-2023		100,000		88,750
Insurance: 0.37%
Swiss Re Finance (Luxembourg) (5 Year Treasury Constant Maturity +3.58%) 144A%%±		5.00			4-2-2049		400,000		405,322
Validus Holdings Limited		8.88			1-26-2040		160,000		235,472
									640,794
Thrifts & Mortgage Finance: 0.14%
Nationwide Building Society (5 Year USD ICE Swap Rate 11:00am NY +1.85%) 144A±		4.13			10-18-2032		250,000		232,929
Health Care: 0.57%
Pharmaceuticals: 0.57%
Bausch Health Companies Incorporated 144A		5.50			3-1-2023		25,000		25,121
Bausch Health Companies Incorporated 144A		5.50			11-1-2025		50,000		51,063
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		225,000		222,750
Bausch Health Companies Incorporated 144A		7.00			3-15-2024		25,000		26,450
Teva Pharmaceutical Finance BV		2.20			7-21-2021		200,000		190,710
Teva Pharmaceutical Finance Netherlands II BV		4.50			3-1-2025		400,000		458,707
									974,801

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

20 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.52%
Commercial Services & Supplies: 0.12%
Ritchie Brothers Auctioneers Incorporated 144A		5.38	%		1-15-2025	$	200,000	$	203,750
Electrical Equipment: 0.12%
Sensata Technologies BV 144A		6.25			2-15-2026		200,000		212,000
Transportation Infrastructure: 0.28%
Asciano Finance Limited 144A		4.63			9-23-2020		170,000		172,760
Mexico City Airport Trust 144A		5.50			7-31-2047		337,000		310,040
									482,800
Materials: 0.04%
Containers & Packaging: 0.04%
OI European Group BV 144A		4.00			3-15-2023		75,000		73,594
Total Yankee Corporate Bonds and Notes (Cost $10,065,479)									10,337,638
Yankee Government Bonds: 1.70%
Bermuda 144A		3.72			1-25-2027		850,000		838,313
Federal Democratic Republic of Ethiopia		6.63			12-11-2024		200,000		203,280
Mongolia Government		5.63			5-1-2023		200,000		201,990
Oman Government International Bond		5.63			1-17-2028		400,000		374,904
Province of Cordoba 144A		7.13			8-1-2027		550,000		386,931
Province of Santa Fe		7.00			3-23-2023		350,000		299,254
Republic of Rwanda		6.63			5-2-2023		200,000		205,398
Republic of Sri Lanka		5.75			1-18-2022		200,000		199,494
The Dominican Republic		6.88			1-29-2026		200,000		219,500
Total Yankee Government Bonds (Cost $3,053,126)									2,929,064
	Yield					Shares
Short-Term Investments: 10.84%
Investment Companies: 10.57%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55					1,099,727		1,099,837
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.38					17,123,757		17,123,757
									18,223,594
				Maturity date		Principal
U.S. Treasury Securities: 0.27%
U.S. Treasury Bill (z)#		2.38			6-13-2019	$	470,000		467,743
Total Short-Term Investments (Cost $18,691,304)									18,691,337

Total investments in securities (Cost $172,120,999)	100.53	%		173,314,997
Other assets and liabilities, net	(0.53	)		(908,607	)
Total net assets	100.00	%	$	172,406,390

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 21

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

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

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

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

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

@ Foreign bond principal is denominated in the local currency of the issuer.

‡ Security is valued using significant unobservable inputs.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

† Non-income-earning security

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

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

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

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

(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:

Ambac Ambac Financial Group Incorporated

BRL Brazilian real

CAB Capital appreciation bond

COP Colombian peso

EUR Euro

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDA Industrial Development Authority

IDR Indonesian rupiah

INR Indian rupee

LIBOR London Interbank Offered Rate

MXN Mexican peso

MYR Malaysian ringgit

PEN Peruvian sol

PLN Polish zloty

REIT Real estate investment trust

TRY Turkish lira

ZAR South African rand

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Euro BTP Future		4		6-6-2019	$	569,496		$	580,932		$	11,436	$	0
Short
Euro-Bund Futures		(2)		6-6-2019		(365,620	)		(373,184	)		0		(7,564	)
Euro-Bund Futures		(10)		6-6-2019		(1,480,919	)		(1,493,498	)		0		(12,579	)
U.S. Ultra Bond		(21)		6-19-2019		(3,385,711	)		(3,528,000	)		0		(142,289	)
10-Year Ultra Futures		(53)		6-19-2019		(6,890,999	)		(7,037,406	)		0		(146,407	)
10-Year U.S. Treasury Notes		(73)		6-19-2019		(8,928,715	)		(9,067,969	)		0		(139,254	)
2-Year U.S. Treasury Notes		(76)		6-28-2019		(16,133,249	)		(16,195,125	)		0		(61,876	)
5-Year U.S. Treasury Notes		(155)		6-28-2019		(17,777,271	)		(17,953,359	)		0		(176,088	)
											$	11,436	$	(686,057	)

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

22 Wells Fargo Strategic Income Fund Portfolio of investments—March 31, 2019 (unaudited)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
940,000 GBP	1,096,715 EUR	State Street Bank	4-15-2019	$	0	$	(2,313	)
1,000,000 GBP	1,282,401 USD	State Street Bank	4-15-2019		20,910		0
940,000 GBP	1,096,715 EUR	State Street Bank	4-15-2019		0		(4,173	)
2,486,576 USD	1,940,000 GBP	State Street Bank	4-15-2019		0		(41,847	)
1,666,435 USD	24,000,000,000 IDR	State Street Bank	4-22-2019		0		(14,693	)
1,255,705 USD	1,000,000 EUR	State Street Bank	4-29-2019		18,958		0
1,905,812 USD	28,000,000 ZAR	State Street Bank	6-12-2019		0		(18,363	)
1,516,307 USD	4,770,000,000 COP	State Street Bank	6-27-2019		26,820		0
14,461,033 USD	12,680,000 EUR	Citibank	6-28-2019		132,465		0
				$	199,153	$	(81,389	)

Centrally Cleared Credit Default Swaps

Reference index	Fixed rate received			Payment frequency		Maturity date		Notional amount		Value			Premiums paid (received)			Unrealized gains		Unrealized losses
Sell protection
Markit CDX Emerging Markets Index		1.00	%		Quarterly		12-20-2023		950,000 USD	$	(33,513	)	$	(38,486	)	$	4,973	$	0
Markit CDX North America Investment Grade Index		5.00	%		Quarterly		12-20-2023		2,940,000 USD		195,771			95,589			100,182		0
Markit iTraxx Europe Crossover Index		5.00	%		Quarterly		12-20-2023		986,660 EUR		108,043			95,788			12,255		0
Markit iTraxx Europe Index		1.00	%		Quarterly		12-20-2023		1,855,000 EUR		39,290			31,293			7,997		0
													$	184,184		$	125,407	$	0

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)		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		0		46,957,370		45,857,643		1,099,727	$	0	$	0	$	23,487	$	1,099,837
Wells Fargo Government Money Market Fund Select Class		5,204,420		189,023,542		177,104,205		17,123,757		0		0		147,545		17,123,757
									$	0	$	0	$	171,032	$	18,223,594		10.57	%

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

Statement of assets and liabilities—March 31, 2019 (unaudited) Wells Fargo Strategic Income Fund 23

Assets
Investments in unaffiliated securities (including $1,077,697 of securities loaned), at value (cost $153,897,405)	$	155,091,403
Investments in affiliated securities, at value (cost $18,223,594)		18,223,594
Cash segregated for centrally cleared swaps		504,861
Foreign currency, at value (cost $6,356)		6,582
Receivable for investments sold		134,384
Receivable for Fund shares sold		130,573
Receivable for interest		1,481,846
Receivable for securities lending income		115
Receivable for daily variation margin on open futures contracts		95,170
Receivable for daily variation margin on centrally cleared swaps		18,997
Unrealized gains on forward foreign currency contracts		199,153
Prepaid expenses and other assets		107,409
Total assets		175,994,087
Liabilities
Payable for investments purchased		2,134,919
Payable upon receipt of securities loaned		1,099,837
Unrealized losses on forward foreign currency contracts		81,389
Payable for Fund shares redeemed		54,855
Management fee payable		56,776
Administration fees payable		11,660
Trustees’ fees and expenses payable		1,837
Payable for daily variation margin on open futures contracts		1,032
Distribution fee payable		287
Due to custodian bank		394
Accrued expenses and other liabilities		144,711
Total liabilities		3,587,697
Total net assets	$	172,406,390
NET ASSETS CONSIST OF
Paid-in capital	$	173,002,580
Total distributable loss		(596,190	)
Total net assets	$	172,406,390
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,158,383
Shares outstanding – Class A1		123,089
Net asset value per share – Class A		$9.41
Maximum offering price per share – Class A2		$9.80
Net assets – Class C	$	451,985
Shares outstanding – Class C1		48,102
Net asset value per share – Class C		$9.40
Net assets – Administrator Class	$	769,652
Shares outstanding – Administrator Class1		81,442
Net asset value per share – Administrator Class		$9.45
Net assets – Institutional Class	$	170,026,370
Shares outstanding – Institutional Class1		18,082,227
Net asset value per share – Institutional Class		$9.40

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/96 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.

24 Wells Fargo Strategic Income Fund Statement of operations—six months ended March 31, 2019 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $14,966)	$	2,869,103
Dividends		245,118
Income from affiliated securities		155,666
Total investment income		3,269,887
Expenses
Management fee		371,453
Administration fees
Class A		934
Class C		388
Administrator Class		772
Institutional Class		55,324
Shareholder servicing fees
Class A		1,459
Class C		606
Administrator Class		1,930
Distribution fee
Class C		1,818
Custody and accounting fees		19,030
Professional fees		27,778
Registration fees		29,222
Shareholder report expenses		14,219
Trustees’ fees and expenses		10,969
Other fees and expenses		3,212
Total expenses		539,114
Less: Fee waivers and/or expense reimbursements		(109,143	)
Net expenses		429,971
Net investment income		2,839,916
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(303,151	)
Futures contracts		(888,353	)
Forward foreign currency contracts		394,217
Centrally cleared swap contracts		143,964
Net realized losses on investments		(653,323	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		2,277,181
Futures contracts		(852,376	)
Forward foreign currency contracts		194,694
Centrally cleared swap contracts		124,743
Net change in unrealized gains (losses) on investments		1,744,242
Net realized and unrealized gains (losses) on investments		1,090,919
Net increase in net assets resulting from operations	$	3,930,835

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

Statement of changes in net assets Wells Fargo Strategic Income Fund 25

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	2,839,916					$	1,753,605
Net realized gains (losses) on investments					(653,323	)					867,473
Net change in unrealized gains (losses) on investments					1,744,242						(1,713,628	)
Net increase in net assets resulting from operations					3,930,835						907,450
Distributions to shareholders from net investment income and net realized gains
Class A					(24,797	)					(40,704	)
Class C					(8,484	)					(12,934	)
Administrator Class					(26,786	)					(108,162	)
Institutional Class					(2,967,122	)					(1,581,265	)
Total distributions to shareholders					(3,027,189	)					(1,743,065	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		49,654			464,497			215,486			2,047,731
Class C		13,696			126,180			37,056			354,156
Administrator Class		7,156			67,124			533,993			5,101,091
Institutional Class		15,194,210			141,586,921			2,003,885			19,068,416
					142,244,722						26,571,394
Reinvestment of distributions
Class A		2,663			24,685			4,259			40,371
Class C		919			8,484			1,362			12,886
Administrator Class		2,853			26,582			11,373			107,817
Institutional Class		308,257			2,851,361			166,687			1,581,265
					2,911,112						1,742,339
Payment for shares redeemed
Class A		(63,456	)		(590,928	)		(179,015	)		(1,698,518	)
Class C		(21,409	)		(199,817	)		(25,570	)		(242,124	)
Administrator Class		(507,075	)		(4,772,810	)		(25,370	)		(241,452	)
Institutional Class		(2,214,467	)		(20,517,875	)		(2,163,121	)		(20,590,368	)
					(26,081,430	)					(22,772,462	)
Net increase in net assets resulting from capital share transactions					119,074,404						5,541,271
Total increase in net assets					119,978,050						4,705,656
Net assets
Beginning of period					52,428,340						47,722,684
End of period				$	172,406,390					$	52,428,340

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

26 Wells Fargo Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
CLASS A				2018			2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.43			$9.59			$9.25			$9.13			$9.72			$9.66			$10.00
Net investment income		0.17	3		0.31	3		0.33	3		0.31			0.34			0.37			0.27
Net realized and unrealized gains (losses) on investments		0.00	4		(0.16	)		0.22			(0.01	)		(0.69	)		(0.05	)		(0.36	)
Total from investment operations		0.17			0.15			0.55			0.30			(0.35	)		0.32			(0.09	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.31	)		(0.21	)		(0.13	)		(0.22	)		(0.26	)		(0.25	)
Tax basis return of capital		0.00			0.00			0.00			(0.05	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.19	)		(0.31	)		(0.21	)		(0.18	)		(0.24	)		(0.26	)		(0.25	)
Net asset value, end of period		$9.41			$9.43			$9.59			$9.25			$9.13			$9.72			$9.66
Total return5		1.89	%		1.59	%		6.05	%		3.34	%		(3.64	)%		3.36	%		(0.89	)%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.45	%		1.78	%		1.80	%		1.63	%		1.51	%		1.85	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		3.69	%		3.26	%		3.47	%		3.85	%		3.77	%		4.02	%		3.76	%
Supplemental data
Portfolio turnover rate		80	%		50	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$1,158			$1,266			$896			$1,047			$928			$714			$518

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Strategic Income Fund 27

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
CLASS C				2018			2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.41			$9.57			$9.22			$9.10			$9.71			$9.65			$10.00
Net investment income		0.15			0.23			0.28			0.25			0.28			0.31			0.21
Net realized and unrealized gains (losses) on investments		0.00	3		(0.15	)		0.19			(0.02	)		(0.68	)		(0.06	)		(0.37	)
Total from investment operations		0.15			0.08			0.47			0.23			(0.40	)		0.25			(0.16	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.12	)		(0.08	)		(0.19	)		(0.19	)		(0.19	)
Tax basis return of capital		0.00			0.00			0.00			(0.03	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.16	)		(0.24	)		(0.12	)		(0.11	)		(0.21	)		(0.19	)		(0.19	)
Net asset value, end of period		$9.40			$9.41			$9.57			$9.22			$9.10			$9.71			$9.65
Total return4		1.61	%		0.88	%		5.20	%		2.67	%		(4.35	)%		2.61	%		(1.51	)%
Ratios to average net assets (annualized)
Gross expenses		1.85	%		2.20	%		2.59	%		2.54	%		2.37	%		2.25	%		2.60	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		2.97	%		2.52	%		2.80	%		3.10	%		3.02	%		3.25	%		3.01	%
Supplemental data
Portfolio turnover rate		80	%		50	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$452			$517			$403			$766			$711			$835			$518

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Amount is less than $0.005.

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

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

28 Wells Fargo Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
ADMINISTRATOR CLASS				2018			2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.46			$9.61			$9.29			$9.16			$9.74			$9.66			$10.00
Net investment income		0.18	3		0.33	3		0.34	3		0.33	3		0.37			0.39			0.28
Net realized and unrealized gains (losses) on investments		0.00	4		(0.16	)		0.20			(0.01	)		(0.70	)		(0.05	)		(0.37	)
Total from investment operations		0.18			0.17			0.54			0.32			(0.33	)		0.34			(0.09	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.32	)		(0.22	)		(0.14	)		(0.22	)		(0.26	)		(0.25	)
Tax basis return of capital		0.00			0.00			0.00			(0.05	)		(0.03	)		0.00			0.00
Total distributions to shareholders		(0.19	)		(0.32	)		(0.22	)		(0.19	)		(0.25	)		(0.26	)		(0.25	)
Net asset value, end of period		$9.45			$9.46			$9.61			$9.29			$9.16			$9.74			$9.66
Total return5		1.95	%		1.81	%		5.91	%		3.52	%		(3.51	)%		3.63	%		(0.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.38	%		1.72	%		1.74	%		1.56	%		1.46	%		1.79	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.82	%		3.48	%		3.64	%		4.00	%		3.92	%		4.18	%		3.90	%
Supplemental data
Portfolio turnover rate		80	%		50	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$770			$5,471			$562			$597			$496			$554			$496

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Strategic Income Fund 29

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30									Year ended October 31
INSTITUTIONAL CLASS				2018			2017			20161			2015			2014			20132
Net asset value, beginning of period		$9.42			$9.58			$9.24			$9.14			$9.71			$9.66			$10.00
Net investment income		0.19	3		0.34			0.35	3		0.34			0.40			0.41	3		0.29
Net realized and unrealized gains (losses) on investments		0.00	4		(0.16	)		0.24			(0.02	)		(0.71	)		(0.07	)		(0.36	)
Total from investment operations		0.19			0.18			0.59			0.32			(0.31	)		0.34			(0.07	)
Distributions to shareholders from
Net investment income		(0.21	)		(0.34	)		(0.25	)		(0.16	)		(0.23	)		(0.29	)		(0.27	)
Tax basis return of capital		0.00			0.00			0.00			(0.06	)		(0.03	)		0.00			0.00
Total distributions to shareholders		(0.21	)		(0.34	)		(0.25	)		(0.22	)		(0.26	)		(0.29	)		(0.27	)
Net asset value, end of period		$9.40			$9.42			$9.58			$9.24			$9.14			$9.71			$9.66
Total return5		2.06	%		1.93	%		6.43	%		3.55	%		(3.28	)%		3.60	%		(0.66	)%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		1.12	%		1.40	%		1.46	%		1.19	%		1.14	%		1.52	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		4.02	%		3.54	%		3.71	%		4.16	%		4.04	%		4.25	%		4.05	%
Supplemental data
Portfolio turnover rate		80	%		50	%		65	%		52	%		53	%		51	%		39	%
Net assets, end of period (000s omitted)		$170,026			$45,175			$45,862			$23,190			$17,564			$38,664			$23,338

¹  For the eleven months ended September 30, 2016. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 2016.

²  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  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 Strategic Income Fund 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 Wells Fargo Strategic Income Fund (the “Fund”) 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 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.

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.

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

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”).

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

Foreign currency translation

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

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 31

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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 (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

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

Loans

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

Futures contracts

The Fund is subject to interest rate 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

32 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

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 rate 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 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.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund and a counterparty in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 33

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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.

Dividend income is recognized on the ex-dividend date.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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 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

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $172,134,779 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,881,691
Gross unrealized losses		(2,132,923	)
Net unrealized gains	$	748,768

As of September 30, 2018, the Fund had capital loss carryforwards which consisted of $469,892 in short-term capital losses and $414,571 in long-term capital losses.

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.

34 Wells Fargo Strategic Income Fund 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 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 March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	14,038,252	$	0	$	14,038,252
Corporate bonds and notes		0		35,818,201		0		35,818,201
Exchange-traded funds		7,672,370		0		0		7,672,370
Foreign corporate bonds and notes		0		13,427,654		0		13,427,654
Foreign government bonds		0		13,864,356		0		13,864,356
Loans		0		4,615,355		263,183		4,878,538
Municipal obligations		0		1,448,974		0		1,448,974
Non-agency mortgage-backed securities		0		48,413,258		0		48,413,258
Rights
Utilities		0		4,887		0		4,887
U.S. Treasury securities		1,790,468		0		0		1,790,468
Yankee corporate bonds and notes		0		10,337,638		0		10,337,638
Yankee government bonds		0		2,929,064		0		2,929,064
Short-term investments
Investment companies		17,123,757		1,099,837		0		18,223,594
U.S. Treasury securities		467,743		0		0		467,743
		27,054,338		145,997,476		263,183		173,314,997
Centrally cleared swap contracts		0		125,407		0		125,407
Forward foreign currency contracts		0		199,153		0		199,153
Futures contracts		11,436		0		0		11,436
Total assets	$	27,065,774	$	146,322,036	$	263,183	$	173,650,993
Liabilities
Forward foreign currency contracts	$	0	$	81,389	$	0	$	81,389
Futures contracts		686,057		0		0		686,057
Total liabilities	$	686,057	$	81,389	$	0	$	767,446

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 35

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

Futures contracts, forward foreign currency contracts and centrally cleared swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. For futures contracts and centrally cleared swaps, 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 March 31, 2019, the Fund had no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Funds Management, an indirect wholly owned subsidiary of 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 subadvisers 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.525	%
Next $500 million		0.500
Next $2 billion		0.475
Next $2 billion		0.450
Next $5 billion		0.415
Over $10 billion		0.405

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.525% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.15% as the average daily net assets of the Fund increase. Wells Fargo Asset Management (International), LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

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		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s

36 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

expenses at 0.90% for Class A shares, 1.65% for Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019, Funds Distributor received $308 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 March 31, 2019.

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.

Interfund transactions

The Fund 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. Pursuant to these procedures, the Fund had $733,750 and $901,569 in interfund purchases and sales, respectively, during the six months ended March 31, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$79,324,181	$135,764,225	$77,729,196	$28,061,743

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2019, the Fund entered into futures contracts and forward foreign currency contracts for economic hedging purposes and credit default swap contracts as a substitute for taking a position in the underlying security or index to potentially enhance the Fund’s total return.

The volume of the Fund’s derivative activity during the six months ended March 31, 2019 was as follows:

Futures contracts
Average notional balance on long futures	$	567,410
Average notional balance on short futures		55,449,509
Forward foreign currency contracts
Average contract amounts to buy		6,690,895
Average contract amounts to sell		27,940,106
Credit default swap contracts
Average notional balance		10,224,014

The Fund’s credit default swap may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

Notes to financial statements (unaudited) Wells Fargo Strategic Income Fund 37

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following table.

The fair value of derivative instruments as of March 31, 2019 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate risk	Unrealized gains on futures contracts	$	0	*	Unrealized losses on futures contracts	$	665,914	*
Foreign currency risk	Unrealized gains on futures contracts		11,436	*	Unrealized losses on futures contracts		20,143	*
	Unrealized gains on forward foreign currency contracts		199,153		Unrealized losses on forward foreign currency contracts		81,389
Credit risk	Net unrealized gains on swap contracts		125,407	*	Net unrealized losses on swap contracts		0	*
		$	335,996			$	767,446

* Amount represents cumulative unrealized gains (losses) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin as of March 31, 2019 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2019 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts		Swap contracts		Total
Interest rate risk	$	(903,948	)	$	0	$	0	$	(903,948	)
Foreign currency risk		15,595			394,217		0		409,812
Credit risk		0			0		143,964		143,964
	$	(888,353	)	$	394,217	$	143,964	$	(350,172	)
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts		Swap contracts		Total
Interest rate risk	$	(823,202	)	$	0	$	0	$	(823,202	)
Foreign currency risk		(29,174	)		194,694		0		165,520
Credit risk		0			0		124,743		124,743
	$	(852,376	)	$	194,694	$	124,743	$	(532,939	)

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across

38 Wells Fargo Strategic Income Fund Notes to financial statements (unaudited)

transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral received		Net amount of assets
State Street		$  66,688	$	(66,688	)	$	0	$	0
Citibank		132,465		0			0		132,465
Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
State Street	$	81,389	$	(66,688	)	$	0	$	14,701

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 March 31, 2019, there were no borrowings by the Fund under the agreement.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

Other information (unaudited) Wells Fargo Strategic Income Fund 39

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 wfam.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 wfam.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 (wfam.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.

40 Wells Fargo Strategic Income 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 Strategic Income 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Strategic Income 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Strategic Income Fund 43

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 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.

• 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.

This page is intentionally left blank.

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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401603 05-19 SA263/SAR263 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo C&B Mid Cap Value Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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
Other information	23
Appendix A	27

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 C&B Mid Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Mid Cap Value Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product (GDP) grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo C&B Mid Cap Value Fund 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

Cooke and Bieler, L.P.

Portfolio managers

Andrew B. 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 March 31, 2019

		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 (CBMAX)	7-26-2004		-3.86		6.03		14.35		2.00		7.29		15.03		1.30		1.26
Class C (CBMCX)	7-26-2004		0.25		6.49		14.17		1.25		6.49		14.17		2.05		2.01
Class R6 (CMBYX)3	7-31-2018		–		–		–		2.44		7.66		15.40		0.87		0.81
Administrator Class (CBMIX)	7-26-2004		–		–		–		2.12		7.38		15.10		1.22		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		2.37		7.65		15.39		0.97		0.91
Russell Midcap® Value Index4	–		–		–		–		2.89		7.22		16.39		–		–

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, wfam.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 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. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo C&B Mid Cap Value Fund 5

Ten largest holdings (%) as of March 31, 20195
Colfax Corporation	4.04
Fidelity National Financial Incorporated	3.71
Schweitzer-Mauduit International Incorporated	3.37
Arrow Electronics Incorporated	3.25
Reliance Steel & Aluminum Company	2.96
Gildan Activewear Incorporated	2.81
Crown Holdings Incorporated	2.80
FirstCash Financial Services Incorporated	2.76
AerCap Holdings NV	2.73
Helen of Troy Limited	2.62

Sector distribution as of March 31, 2019⁶

^‡  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 0.01% 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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.25% for Class A, 2.00% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  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 would be higher.

⁴  The Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

⁵  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.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo C&B Mid Cap Value 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	964.22	$	6.12		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class C
Actual	$	1,000.00	$	960.57	$	9.78		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Class R6
Actual	$	1,000.00	$	966.34	$	3.92		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	964.72	$	5.63		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Institutional Class
Actual	$	1,000.00	$	965.90	$	4.41		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%

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—March 31, 2019 (unaudited) Wells Fargo C&B Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 95.81%
Communication Services: 2.15%
Media: 2.15%
Omnicom Group Incorporated		98,600	$	7,196,814
Consumer Discretionary: 11.36%
Hotels, Restaurants & Leisure: 0.95%
Extended Stay America Incorporated		176,500		3,168,175
Household Durables: 4.47%
Helen of Troy Limited †		75,500		8,754,980
Whirlpool Corporation		46,500		6,179,385
				14,934,365
Specialty Retail: 1.54%
Williams-Sonoma Incorporated		91,100		5,126,197
Textiles, Apparel & Luxury Goods: 4.40%
Gildan Activewear Incorporated		260,600		9,373,782
HanesBrands Incorporated		297,200		5,313,936
				14,687,718
Financials: 22.83%
Banks: 4.39%
Commerce Bancshares Incorporated		116,605		6,770,086
TCF Financial Corporation		381,400		7,891,166
				14,661,252
Capital Markets: 2.52%
State Street Corporation		127,900		8,417,099
Consumer Finance: 5.31%
FirstCash Financial Services Incorporated		106,400		9,203,600
Synchrony Financial		266,600		8,504,540
				17,708,140
Insurance: 10.61%
Arch Capital Group Limited †		234,900		7,591,968
Fidelity National Financial Incorporated		338,700		12,379,485
RenaissanceRe Holdings Limited		32,864		4,715,984
The Progressive Corporation		56,300		4,058,667
Torchmark Corporation		81,200		6,654,340
				35,400,444
Health Care: 9.86%
Health Care Providers & Services: 5.86%
Cardinal Health Incorporated		134,200		6,461,730
Laboratory Corporation of America Holdings †		51,700		7,909,066

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

8 Wells Fargo C&B Mid Cap Value Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Health Care Providers & Services (continued)
MEDNAX Incorporated †		190,300	$	5,170,451
				19,541,247
Life Sciences Tools & Services: 2.39%
Syneos Health Incorporated †		154,300		7,986,568
Pharmaceuticals: 1.61%
Perrigo Company plc		111,600		5,374,656
Industrials: 25.80%
Aerospace & Defense: 1.81%
Hexcel Corporation		87,400		6,044,584
Building Products: 3.88%
Johnson Controls International plc		195,000		7,203,300
Quanex Building Products Corporation		360,900		5,734,701
				12,938,001
Commercial Services & Supplies: 1.60%
Steelcase Incorporated Class A		367,900		5,352,945
Electrical Equipment: 4.45%
AMETEK Incorporated		81,164		6,734,177
Eaton Corporation plc		100,700		8,112,392
				14,846,569
Machinery: 11.33%
Colfax Corporation †		454,200		13,480,656
Donaldson Company Incorporated		118,800		5,947,128
Gates Industrial Corporation plc †		365,900		5,247,006
Snap-on Incorporated		43,200		6,761,664
Woodward Governor Company		67,200		6,376,608
				37,813,062
Trading Companies & Distributors: 2.73%
AerCap Holdings NV †		195,400		9,093,916
Information Technology: 10.98%
Electronic Equipment, Instruments & Components: 5.13%
Arrow Electronics Incorporated †		140,900		10,857,754
TE Connectivity Limited		77,600		6,266,200
				17,123,954
IT Services: 4.90%
Alliance Data Systems Corporation		23,400		4,094,532
Amdocs Limited		128,800		6,969,368
Genpact Limited		150,000		5,277,000
				16,340,900

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo C&B Mid Cap Value Fund 9

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 0.95%
Applied Materials Incorporated					79,800	$	3,164,868
Materials: 10.85%
Chemicals: 1.72%
Axalta Coating Systems Limited †					226,800		5,717,628
Containers & Packaging: 2.80%
Crown Holdings Incorporated †					171,400		9,353,298
Metals & Mining: 2.96%
Reliance Steel & Aluminum Company					109,500		9,883,470
Paper & Forest Products: 3.37%
Schweitzer-Mauduit International Incorporated					290,576		11,251,103
Real Estate: 1.98%
Real Estate Management & Development: 1.98%
CBRE Group Incorporated Class A †					133,400		6,596,630
Total Common Stocks (Cost $281,446,493)							319,723,603
	Yield
Short-Term Investments: 4.04%
Investment Companies: 4.04%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38	%		13,476,133		13,476,133
Total Short-Term Investments (Cost $13,476,133)							13,476,133

Total investments in securities (Cost $294,922,626)	99.85	%		333,199,736
Other assets and liabilities, net	0.15			490,496
Total net assets	100.00	%	$	333,690,232

† 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.

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)		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 *		14,621,190		17,885,111		32,506,301		0	$	239	$	(239	)	$	64,313	$	0
Wells Fargo Government Money Market Fund Select Class		21,485,564		63,712,555		71,721,986		13,476,133		0		0			139,047		13,476,133
									$	239	$	(239	)	$	203,360	$	13,476,133		4.04	%

* No longer held at the end of the period.

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

10 Wells Fargo C&B Mid Cap Value Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $281,446,493)	$	319,723,603
Investments in affiliated securities, at value (cost $13,476,133)		13,476,133
Receivable for Fund shares sold		886,534
Receivable for dividends		402,466
Prepaid expenses and other assets		69,625
Total assets		334,558,361
Liabilities
Payable for Fund shares redeemed		418,314
Management fee payable		197,711
Payable for investments purchased		149,555
Administration fees payable		43,036
Distribution fee payable		3,252
Trustees’ fees and expenses payable		1,512
Accrued expenses and other liabilities		54,749
Total liabilities		868,129
Total net assets	$	333,690,232
NET ASSETS CONSIST OF
Paid-in capital	$	296,489,965
Total distributable earnings		37,200,267
Total net assets	$	333,690,232
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	101,869,544
Shares outstanding – Class A1		2,793,933
Net asset value per share – Class A		$36.46
Maximum offering price per share – Class A2		$38.68
Net assets – Class C	$	5,050,424
Shares outstanding – Class C1		148,061
Net asset value per share – Class C		$34.11
Net assets – Class R6	$	12,471,686
Shares outstanding – Class R61		339,5391
Net asset value per share – Class R6		$36.73
Net assets – Administrator Class	$	19,234,160
Shares outstanding – Administrator Class1		521,651
Net asset value per share – Administrator Class		$36.87
Net assets – Institutional Class	$	195,064,418
Shares outstanding – Institutional Class1		5,310,805
Net asset value per share – Institutional Class		$36.73

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 March 31, 2019 (unaudited) Wells Fargo C&B Mid Cap Value Fund 11

Investment income
Dividends (net of foreign withholding taxes of $11,626)	$	2,641,074
Income from affiliated securities		145,881
Total investment income		2,786,955
Expenses
Management fee		1,171,419
Administration fees
Class A		103,376
Class C		7,124
Class R6		1,257
Administrator Class		12,197
Institutional Class		116,998
Shareholder servicing fees
Class A		123,067
Class C		8,481
Administrator Class		23,456
Distribution fee
Class C		25,443
Custody and accounting fees		10,738
Professional fees		19,916
Registration fees		50,097
Shareholder report expenses		31,588
Trustees’ fees and expenses		10,969
Other fees and expenses		8,489
Total expenses		1,724,615
Less: Fee waivers and/or expense reimbursements		(90,035	)
Net expenses		1,634,580
Net investment income		1,152,375
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(21,425	)
Affiliated securities		239
Net realized losses on investments		(21,186	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(13,477,269	)
Affiiliated securities		(239	)
Net change in unrealized gains (losses) on investments		(13,477,508	)
Net realized and unrealized gains (losses) on investments		(13,498,694	)
Net decrease in net assets resulting from operations	$	(12,346,319	)

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

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

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	1,152,375					$	972,703
Net realized gains (losses) on investments					(21,186	)					15,512,927
Net change in unrealized gains (losses) on investments					(13,477,508	)					7,326,810
Net increase (decrease) in net assets resulting from operations					(12,346,319	)					23,812,440
Distributions to shareholders from net investment income and net realized gains
Class A					(159,086	)					(10,376	)
Class R6					(76,727	)					0	1
Administrator Class					(60,977	)					(21,699	)
Institutional Class					(1,010,122	)					(345,183	)
Total distributions to shareholders					(1,306,912	)					(377,258	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		171,171			5,989,453			304,664			11,072,438
Class C		21,061			648,171			35,196			1,207,072
Class R6		399,543			14,120,673			669	1		25,000	1
Administrator Class		62,218			2,230,449			398,153			14,622,451
Institutional Class		1,510,692			52,554,038			4,171,649			152,624,942
					75,542,784						179,551,903
Reinvestment of distributions
Class A		4,720			154,816			278			10,143
Class R6		995			32,841			0	1		0	1
Administrator Class		1,590			52,718			473			17,442
Institutional Class		30,350			1,001,844			8,408			308,732
					1,242,219						336,317
Payment for shares redeemed
Class A		(321,774	)		(11,372,554	)		(651,887	)		(23,945,939	)
Class C		(108,753	)		(3,604,473	)		(58,143	)		(2,005,684	)
Class R6		(61,668	)		(2,163,943	)		0	1		0	1
Administrator Class		(88,705	)		(3,128,098	)		(450,885	)		(16,245,676	)
Institutional Class		(1,466,904	)		(50,218,202	)		(1,924,282	)		(70,722,538	)
					(70,487,270	)					(112,919,837	)
Net increase in net assets resulting from capital share transactions					6,297,733						66,968,383
Total increase (decrease) in net assets					(7,355,498	)					90,403,565
Net assets
Beginning of period					341,045,730						250,642,165
End of period				$	333,690,232					$	341,045,730

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

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

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

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$37.88			$35.07			$29.27			$25.12			$25.26			$23.74
Net investment income (loss)		0.09			0.06			(0.00	)1,2		0.07	1		0.05	1		0.06
Net realized and unrealized gains (losses) on investments		(1.45	)		2.75			5.82			4.13			(0.14	)		1.55
Total from investment operations		(1.36	)		2.81			5.82			4.20			(0.09	)		1.61
Distributions to shareholders from
Net investment income		(0.06	)		(0.00	)3		(0.02	)		(0.05	)		(0.05	)		(0.09	)
Net asset value, end of period		$36.46			$37.88			$35.07			$29.27			$25.12			$25.26
Total return4		(3.58	)%		8.02	%		19.89	%		16.73	%		(0.36	)%		6.78	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.29	%		1.30	%		1.33	%		1.35	%		1.35	%
Net expenses		1.25	%		1.25	%		1.25	%		1.24	%		1.20	%		1.20	%
Net investment income (loss)		0.52	%		0.16	%		(0.00	)%		0.27	%		0.18	%		0.24	%
Supplemental data
Portfolio turnover rate		25	%		39	%		54	%		35	%		41	%		55	%
Net assets, end of period (000s omitted)		$101,870			$111,354			$115,258			$120,020			$19,862			$21,465

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

³  Amount is less than $0.005.

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

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

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

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$35.51			$33.12			$27.83			$24.02			$24.29			$22.92
Net investment loss		(0.05	)1		(0.20	)1		(0.26	)		(0.14	)1		(0.15	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		(1.35	)		2.59			5.55			3.95			(0.12	)		1.50
Total from investment operations		(1.40	)		2.39			5.29			3.81			(0.27	)		1.37
Net asset value, end of period		$34.11			$35.51			$33.12			$27.83			$24.02			$24.29
Total return2		(3.94	)%		7.22	%		19.01	%		15.86	%		(1.11	)%		5.98	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.04	%		2.05	%		2.08	%		2.10	%		2.10	%
Net expenses		2.00	%		2.00	%		2.00	%		1.98	%		1.95	%		1.95	%
Net investment loss		(0.32	)%		(0.59	)%		(0.74	)%		(0.55	)%		(0.57	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		25	%		39	%		54	%		35	%		41	%		55	%
Net assets, end of period (000s omitted)		$5,050			$8,371			$8,567			$7,314			$6,737			$7,531

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.

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

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

(For a share outstanding throughout each period)

CLASS R6	Six months ended March 31, 2019 (unaudited)			Year ended September 30, 20181
Net asset value, beginning of period		$38.27			$37.39
Net investment income		0.20	2		0.08	2
Net realized and unrealized gains (losses) on investments		(1.51	)		0.80
Total from investment operations		(1.31	)		0.88
Distributions to shareholders from
Net investment income		(0.23	)		0.00
Net asset value, end of period		$36.73			$38.27
Total return3		(3.37	)%		2.35	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.86	%
Net expenses		0.80	%		0.80	%
Net investment income		1.17	%		1.24	%
Supplemental data
Portfolio turnover rate		25	%		39	%
Net assets, end of period (000s omitted)		$12,472			$26

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

²  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.35			$35.52			$29.63			$25.42			$25.54			$24.01
Net investment income		0.11	1		0.10	1		0.04	1		0.08	1		0.06	1		0.07	1
Net realized and unrealized gains (losses) on investments		(1.48	)		2.78			5.89			4.19			(0.13	)		1.56
Total from investment operations		(1.37	)		2.88			5.93			4.27			(0.07	)		1.63
Distributions to shareholders from
Net investment income		(0.11	)		(0.05	)		(0.04	)		(0.06	)		(0.05	)		(0.10	)
Net asset value, end of period		$36.87			$38.35			$35.52			$29.63			$25.42			$25.54
Total return2		(3.53	)%		8.13	%		20.02	%		16.82	%		(0.30	)%		6.82	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.22	%		1.25	%		1.21	%		1.19	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.61	%		0.26	%		0.12	%		0.28	%		0.22	%		0.26	%
Supplemental data
Portfolio turnover rate		25	%		39	%		54	%		35	%		41	%		55	%
Net assets, end of period (000s omitted)		$19,234			$20,960			$21,267			$8,302			$9,725			$12,830

¹  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.26			$35.41			$29.53			$25.34			$25.49			$23.95
Net investment income		0.16			0.19			0.16			0.16			0.10			0.14
Net realized and unrealized gains (losses) on investments		(1.49	)		2.78			5.82			4.17			(0.12	)		1.55
Total from investment operations		(1.33	)		2.97			5.98			4.33			(0.02	)		1.69
Distributions to shareholders from
Net investment income		(0.20	)		(0.12	)		(0.10	)		(0.14	)		(0.13	)		(0.15	)
Net asset value, end of period		$36.73			$38.26			$35.41			$29.53			$25.34			$25.49
Total return2		(3.41	)%		8.41	%		20.30	%		17.11	%		(0.09	)%1		7.09	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.96	%		0.97	%		1.00	%		0.94	%		0.92	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.89	%		0.56	%		0.37	%		0.54	%		0.47	%		0.54	%
Supplemental data
Portfolio turnover rate		25	%		39	%		54	%		35	%		41	%		55	%
Net assets, end of period (000s omitted)		$195,064			$200,335			$105,550			$38,161			$18,229			$33,881

¹  Total return reflects adjustments to conform with generally accepted accounting principles.

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

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

18 Wells Fargo C&B Mid Cap Value Fund 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 Wells Fargo C&B Mid Cap Value Fund (the “Fund”) 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 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.

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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

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

valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), 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.

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $294,085,686 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	49,915,370
Gross unrealized losses		(10,801,320	)
Net unrealized gains	$	39,114,050

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

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.

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	7,196,814	$	0	$	0	$	7,196,814
Consumer discretionary		37,916,455		0		0		37,916,455
Financials		76,186,935		0		0		76,186,935
Health care		32,902,471		0		0		32,902,471
Industrials		86,089,077		0		0		86,089,077
Information technology		36,629,722		0		0		36,629,722
Materials		36,205,499		0		0		36,205,499
Real estate		6,596,630		0		0		6,596,630
Short-term investments
Investment companies		13,476,133		0		0		13,476,133
Total assets	$	333,199,736	$	0	$	0	$	333,199,736

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Next $2 billion		0.630
Next $4 billion		0.620
Over $16 billion		0.610

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

Prior to January 31, 2019, the management fee rate was as follows:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.75% 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. Cooke & Bieler, L.P., which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

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	%
Class R6		0.03
Administrator Class, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, 0.80% for Class R6 shares, 1.15% for Administrator Class shares, and 0.90% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019, Funds Distributor received $3,122 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A shares and Class C shares for the six months ended March 31, 2019.

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.

22 Wells Fargo C&B Mid Cap Value Fund Notes to financial statements (unaudited)

Interfund transactions

The Fund 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 March 31, 2019 were $87,181,580 and $74,592,467, respectively.

6. 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 year ended March 31, 2019, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. 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.

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 C&B Mid Cap Value 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 wfam.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 wfam.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 (wfam.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 C&B Mid Cap Value 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 C&B Mid Cap Value 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of 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 C&B Mid Cap 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo C&B Mid Cap Value 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 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.

• 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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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401607 05-19 SA228/SAR228 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Common Stock Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	20
Other information	25
Appendix A	29

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Common Stock Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Common Stock Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Common Stock Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Common Stock Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ann M. Miletti

Christopher G. Miller, CFA^®‡

Average annual total returns (%) as of March 31, 2019

		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 (SCSAX)	11-30-2000		-2.40		5.47		14.18		3.54		6.73		14.86		1.26		1.26
Class C (STSAX)	11-30-2000		1.81		5.94		14.00		2.81		5.94		14.00		2.01		2.01
Class R6 (SCSRX)3	6-28-2013		–		–		–		3.99		7.19		15.28		0.83		0.83
Administrator Class (SCSDX)4	7-30-2010		–		–		–		3.70		6.89		15.02		1.18		1.11
Institutional Class (SCNSX)5	7-30-2010		–		–		–		4.01		7.17		15.26		0.93		0.86
Russell 2500TM Index6	–		–		–		–		4.48		7.79		16.23		–		–

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, wfam.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 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 5.

Performance highlights (unaudited) Wells Fargo Common Stock Fund 5

Ten largest holdings (%) as of March 31, 20197
LivaNova plc	2.97
E*TRADE Financial Corporation	2.42
Raymond James Financial Incorporated	1.90
AMETEK Incorporated	1.90
Hologic Incorporated	1.70
Physicians Realty Trust	1.68
Laboratory Corporation of America Holdings	1.66
Willis Towers Watson plc	1.63
Stericycle Incorporated	1.62
CoreSite Realty Corporation	1.60

Sector distribution as of March 31, 2019⁸

^‡  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 0.01% 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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.26% for Class A, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

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, the returns for Class R6 shares would be higher.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, the returns for Administrator Class shares would be higher.

⁵  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, the returns for Institutional Class shares would be higher.

⁶  The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000^® Index. 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  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Common Stock 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	962.12	$	6.16		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.34		1.26	%
Class C
Actual	$	1,000.00	$	958.81	$	9.82		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.91	$	10.10		2.01	%
Class R6
Actual	$	1,000.00	$	963.74	$	4.06		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.79	$	4.18		0.83	%
Administrator Class
Actual	$	1,000.00	$	962.47	$	5.38		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	964.06	$	4.16		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%

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—March 31, 2019 (unaudited) Wells Fargo Common Stock Fund 7

Security name	Shares		Value
Common Stocks: 97.94%
Communication Services: 1.01%
Media: 1.01%
Interpublic Group of Companies Incorporated		516,973	$	10,861,603
Consumer Discretionary: 7.91%
Auto Components: 1.33%
Dana Incorporated		805,009		14,280,860
Diversified Consumer Services: 0.70%
Houghton Mifflin Harcourt Company †		1,034,281		7,519,223
Hotels, Restaurants & Leisure: 1.28%
Jack in the Box Incorporated		168,929		13,693,385
Household Durables: 1.98%
Mohawk Industries Incorporated †		64,381		8,121,663
Whirlpool Corporation		99,245		13,188,668
				21,310,331
Internet & Direct Marketing Retail: 1.24%
Expedia Group Incorporated		112,064		13,335,616
Specialty Retail: 1.38%
Tractor Supply Company		151,741		14,834,200
Consumer Staples: 1.31%
Household Products: 1.31%
Church & Dwight Company Incorporated		197,446		14,064,079
Energy: 5.04%
Oil, Gas & Consumable Fuels: 5.04%
Cimarex Energy Company		207,392		14,496,701
Concho Resources Incorporated		102,715		11,397,256
Targa Resources Corporation		325,805		13,537,198
WPX Energy Incorporated †		1,122,928		14,721,586
				54,152,741
Financials: 16.95%
Banks: 4.78%
PacWest Bancorp		311,937		11,731,951
Sterling Bancorp		767,231		14,293,514
Webster Financial Corporation		263,050		13,328,744
Wintrust Financial Corporation		178,818		12,039,816
				51,394,025
Capital Markets: 4.32%
E*TRADE Financial Corporation		559,726		25,988,078
Raymond James Financial Incorporated		253,268		20,365,280
				46,353,358

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

8 Wells Fargo Common Stock Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Insurance: 7.85%
Arch Capital Group Limited †		392,648	$	12,690,383
CNO Financial Group Incorporated		959,244		15,520,568
First American Financial Corporation		214,406		11,041,909
Reinsurance Group of America Incorporated		105,025		14,911,450
RenaissanceRe Holdings Limited		88,401		12,685,544
Willis Towers Watson plc		99,350		17,450,828
				84,300,682
Health Care: 12.24%
Biotechnology: 2.17%
Agios Pharmaceuticals Incorporated †«		44,729		3,016,524
BioMarin Pharmaceutical Incorporated †		63,637		5,652,875
Neurocrine Biosciences Incorporated †		92,850		8,180,085
Sage Therapeutics Incorporated †		40,661		6,467,132
				23,316,616
Health Care Equipment & Supplies: 5.99%
Haemonetics Corporation †		162,246		14,193,280
Hologic Incorporated †		377,156		18,254,350
LivaNova plc †		327,377		31,837,413
				64,285,043
Health Care Providers & Services: 4.08%
Humana Incorporated		39,265		10,444,490
Laboratory Corporation of America Holdings †		116,597		17,837,009
Universal Health Services Incorporated Class B		116,237		15,549,023
				43,830,522
Industrials: 18.54%
Aerospace & Defense: 0.98%
Hexcel Corporation		152,434		10,542,335
Airlines: 1.90%
Alaska Air Group Incorporated		161,446		9,060,350
Spirit Airlines Incorporated †		215,139		11,372,248
				20,432,598
Building Products: 1.31%
Fortune Brands Home & Security Incorporated		296,432		14,113,128
Commercial Services & Supplies: 3.83%
Republic Services Incorporated		154,360		12,407,457
Steelcase Incorporated Class A		781,282		11,367,653
Stericycle Incorporated †		319,082		17,364,442
				41,139,552

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Common Stock Fund 9

Security name	Shares		Value
Electrical Equipment: 3.12%
AMETEK Incorporated		245,279	$	20,350,799
Sensata Technologies Holding plc †		291,178		13,108,834
				33,459,633
Industrial Conglomerates: 1.46%
Carlisle Companies Incorporated		128,009		15,696,464
Machinery: 2.65%
Gardner Denver Holdings Incorporated †		490,661		13,645,282
Rexnord Corporation †		586,956		14,756,074
				28,401,356
Road & Rail: 1.46%
Genesee & Wyoming Incorporated Class A †		179,778		15,665,855
Trading Companies & Distributors: 1.83%
Air Lease Corporation		185,760		6,380,856
MRC Global Incorporated †		755,674		13,209,182
				19,590,038
Information Technology: 18.92%
Electronic Equipment, Instruments & Components: 1.01%
Avnet Incorporated		250,094		10,846,577
IT Services: 6.53%
Amdocs Limited		243,782		13,191,044
Black Knight Incorporated †		235,772		12,849,574
Genpact Limited		464,319		16,334,742
Global Payments Incorporated		111,510		15,223,345
WEX Incorporated †		64,962		12,472,054
				70,070,759
Semiconductors & Semiconductor Equipment: 4.41%
Brooks Automation Incorporated		395,326		11,594,912
Marvell Technology Group Limited		807,268		16,056,561
Maxim Integrated Products Incorporated		191,347		10,173,920
ON Semiconductor Corporation †		464,898		9,562,952
				47,388,345
Software: 6.97%
8x8 Incorporated †		795,802		16,075,200
Cornerstone OnDemand Incorporated †		276,568		15,150,395
Nuance Communications Incorporated †		912,728		15,452,485
Proofpoint Incorporated †		116,967		14,203,303
Zendesk Incorporated †		164,625		13,993,125
				74,874,508

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

10 Wells Fargo Common Stock Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name				Shares		Value
Materials: 5.28%
Chemicals: 1.23%
Axalta Coating Systems Limited †					521,215	$	13,139,830
Containers & Packaging: 1.26%
Crown Holdings Incorporated †					248,592		13,565,665
Metals & Mining: 2.79%
Royal Gold Incorporated					157,504		14,321,839
Steel Dynamics Incorporated					444,007		15,660,127
							29,981,966
Real Estate: 10.74%
Equity REITs: 10.74%
Camden Property Trust					152,024		15,430,436
CoreSite Realty Corporation					160,921		17,221,765
Four Corners Property Trust Incorporated					247,797		7,334,791
Hudson Pacific Properties Incorporated					376,829		12,970,454
Physicians Realty Trust					956,472		17,991,238
SBA Communications Corporation †					86,151		17,200,909
Sun Communities Incorporated					140,235		16,620,652
Taubman Centers Incorporated					198,600		10,501,964
							115,272,209
Total Common Stocks (Cost $783,156,844)							1,051,713,102
Exchange-Traded Funds: 0.64%
SPDR S&P Biotech ETF «					76,016		6,882,489
Total Exchange-Traded Funds (Cost $3,409,715)							6,882,489
	Yield
Short-Term Investments: 2.19%
Investment Companies: 2.19%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		7,902,218		7,903,008
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			15,578,487		15,578,487
Total Short-Term Investments (Cost $23,481,260)							23,481,495

Total investments in securities (Cost $810,047,819)	100.77	%		1,082,077,086
Other assets and liabilities, net	(0.77	)		(8,311,270	)
Total net assets	100.00	%	$	1,073,765,816

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

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

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

Abbreviations:

REIT Real estate investment trust

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Common Stock 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)		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		13,692,114		48,907,924		54,697,820		7,902,218	$	1,134	$	(1,134	)	$	102,534	$	7,903,008
Wells Fargo Government Money Market Fund Select Class		35,775,121		125,338,426		145,535,060		15,578,487		0		0			220,138		15,578,487
									$	1,134	$	(1,134	)	$	322,672	$	23,481,495		2.19	%

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

12 Wells Fargo Common Stock Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $7,739,746 of securities loaned), at value (cost $786,566,559)	$	1,058,595,591
Investments in affiliated securities, at value (cost $23,481,260)		23,481,495
Receivable for investments sold		3,062,890
Receivable for Fund shares sold		108,739
Receivable for dividends		1,070,381
Total assets		1,086,319,096
Liabilities
Payable upon receipt of securities loaned		7,900,500
Payable for investments purchased		2,781,713
Management fee payable		689,670
Payable for Fund shares redeemed		670,480
Administration fees payable		175,181
Distribution fee payable		5,891
Trustees’ fees and expenses payable		2,584
Accrued expenses and other liabilities		327,261
Total liabilities		12,553,280
Total net assets	$	1,073,765,816
NET ASSETS CONSIST OF
Paid-in capital	$	755,203,626
Total distributable earnings		318,562,190
Total net assets	$	1,073,765,816
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	873,408,331
Shares outstanding – Class A1		43,467,151
Net asset value per share – Class A		$20.09
Maximum offering price per share – Class A2		$21.32
Net assets – Class C	$	9,054,160
Shares outstanding – Class C1		642,704
Net asset value per share – Class C		$14.09
Net assets – Class R6	$	36,570,994
Shares outstanding – Class R61		1,716,468
Net asset value per share – Class R6		$21.31
Net assets – Administrator Class	$	3,525,300
Shares outstanding – Administrator Class1		171,586
Net asset value per share – Administrator Class		$20.55
Net assets – Institutional Class	$	151,207,031
Shares outstanding – Institutional Class1		7,119,258
Net asset value per share – Institutional Class		$21.24

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 March 31, 2019 (unaudited) Wells Fargo Common Stock Fund 13

Investment income
Dividends	$	7,146,785
Income from affiliated securities		238,315
Total investment income		7,385,100
Expenses
Management fee		4,103,629
Administration fees
Class A		907,751
Class C		13,695
Class R6		5,123
Administrator Class		2,913
Institutional Class		97,365
Shareholder servicing fees
Class A		1,080,656
Class C		16,304
Administrator Class		5,601
Distribution fee
Class C		48,912
Custody and accounting fees		33,178
Professional fees		25,826
Registration fees		37,916
Shareholder report expenses		33,178
Trustees’ fees and expenses		12,451
Other fees and expenses		17,938
Total expenses		6,442,436
Less: Fee waivers and/or expense reimbursements		(72,408	)
Net expenses		6,370,028
Net investment income		1,015,072
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments:
Unaffiliated securities		59,335,764
Affiliated securities		1,134
Net realized gains on investments		59,336,898
Net change in unrealized gains (losses) on:
Unaffiliated securities		(111,116,465	)
Affiliated securities		(1,134	)
Net change in unrealized gains (losses) on investments		(111,117,599	)
Net realized and unrealized gains (losses) on investments		(51,780,701	)
Net decrease in net assets resulting from operations	$	(50,765,629	)

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

14 Wells Fargo Common Stock Fund Statement of changes in net assets

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income (loss)				$	1,015,072					$	(1,480,238	)
Net realized gains on investments					59,336,898						168,782,075
Net change in unrealized gains (losses) on investments					(111,117,599	)					(10,618,967	)
Net increase (decrease) in net assets resulting from operations					(50,765,629	)					156,682,870
Distributions to shareholders from net investment income and net realized gains
Class A					(128,198,379	)					(97,640,556	)
Class C					(2,840,840	)					(2,494,352	)
Class R6					(4,757,555	)					(11,401,103	)
Administrator Class					(749,896	)					(613,023	)
Institutional Class					(20,825,630	)					(16,747,502	)
Total distributions to shareholders					(157,372,300	)					(128,896,536	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		675,088			13,272,414			651,357			15,351,401
Class C		100,573			1,300,981			43,484			772,480
Class R6		221,720			4,868,909			278,881			6,924,814
Administrator Class		4,422			90,197			37,039			896,077
Institutional Class		355,847			7,600,546			894,739			22,089,498
					27,133,047						46,034,270
Reinvestment of distributions
Class A		6,577,466			122,340,875			4,106,240			92,965,271
Class C		202,645			2,648,573			137,871			2,350,702
Class R6		240,179			4,729,116			481,095			11,397,143
Administrator Class		36,844			700,411			24,808			571,322
Institutional Class		1,038,739			20,390,438			696,871			16,460,103
					150,809,413						123,744,541
Payment for shares redeemed
Class A		(3,311,144	)		(64,769,986	)		(4,413,777	)		(104,881,783	)
Class C		(559,264	)		(7,813,018	)		(295,049	)		(5,313,557	)
Class R6		(159,479	)		(3,415,206	)		(3,965,442	)		(93,857,873	)
Administrator Class		(114,972	)		(2,166,948	)		(76,020	)		(1,845,632	)
Institutional Class		(967,924	)		(20,961,497	)		(1,608,638	)		(39,681,646	)
					(99,126,655	)					(245,580,491	)
Net increase (decrease) in net assets resulting from capital share transactions					78,815,805						(75,801,680	)
Total decrease in net assets					(129,322,124	)					(48,015,346	)
Net assets
Beginning of period					1,203,087,940						1,251,103,286
End of period				$	1,073,765,816					$	1,203,087,940

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

Financial highlights Wells Fargo Common Stock Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$24.58			$24.06			$21.50			$21.62			$24.79			$24.45
Net investment income (loss)		0.01			(0.04	)		(0.09	)		(0.01	)1		(0.04	)1		(0.07	)
Net realized and unrealized gains (losses) on investments		(1.20	)		3.10			3.48			2.45			(0.32	)		2.48
Total from investment operations		(1.19	)		3.06			3.39			2.44			(0.36	)		2.41
Distributions to shareholders from
Net realized gains		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)
Net asset value, end of period		$20.09			$24.58			$24.06			$21.50			$21.62			$24.79
Total return2		3.79	%		13.62	%		16.10	%		12.43	%		(1.76	)%		10.26	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.25	%		1.25	%		1.25	%		1.27	%		1.28	%
Net expenses		1.26	%		1.25	%		1.25	%		1.25	%		1.26	%		1.26	%
Net investment income (loss)		0.13	%		(0.18	)%		(0.38	)%		(0.05	)%		(0.19	)%		(0.27	)%
Supplemental data
Portfolio turnover rate		19	%		33	%		35	%		32	%		51	%		38	%
Net assets, end of period (000s omitted)		$873,408			$971,731			$942,596			$924,864			$127,732			$277,517

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.

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

16 Wells Fargo Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.40			$18.75			$17.04			$17.77			$21.02			$21.18
Net investment loss		(0.05	)1		(0.17	)1		(0.20	)1		(0.14	)1		(0.18	)		(0.22	)1
Net realized and unrealized gains (losses) on investments		(0.96	)		2.36			2.74			1.97			(0.26	)		2.13
Total from investment operations		(1.01	)		2.19			2.54			1.83			(0.44	)		1.91
Distributions to shareholders from
Net realized gains		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)
Net asset value, end of period		$14.09			$18.40			$18.75			$17.04			$17.77			$21.02
Total return2		(4.12	)%		12.74	%		15.29	%		11.52	%		(2.49	)%		9.42	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.00	%		2.00	%		2.00	%		2.02	%		2.03	%
Net expenses		2.01	%		2.00	%		2.00	%		2.00	%		2.00	%		2.01	%
Net investment loss		(0.68	)%		(0.94	)%		(1.14	)%		(0.87	)%		(0.93	)%		(1.01	)%
Supplemental data
Portfolio turnover rate		19	%		33	%		35	%		32	%		51	%		38	%
Net assets, end of period (000s omitted)		$9,054			$16,541			$18,978			$22,902			$25,668			$30,245

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.

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

Financial highlights Wells Fargo Common Stock Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$25.80			$25.03			$22.25			$22.20			$25.27			$24.78
Net investment income		0.06	1		0.05	1		0.01			0.07	1		0.05			0.07	1
Net realized and unrealized gains (losses) on investments		(1.25	)		3.26			3.60			2.54			(0.31	)		2.49
Total from investment operations		(1.19	)		3.31			3.61			2.61			(0.26	)		2.56
Distributions to shareholders from
Net realized gains		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)
Net asset value, end of period		$21.31			$25.80			$25.03			$22.25			$22.20			$25.27
Total return2		(3.63	)%		14.12	%		16.56	%		12.91	%		(1.29	)%		10.76	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.82	%		0.82	%		0.82	%		0.80	%		0.80	%
Net expenses		0.83	%		0.82	%		0.82	%		0.82	%		0.80	%		0.80	%
Net investment income		0.57	%		0.20	%		0.05	%		0.32	%		0.28	%		0.27	%
Supplemental data
Portfolio turnover rate		19	%		33	%		35	%		32	%		51	%		38	%
Net assets, end of period (000s omitted)		$36,571			$36,477			$115,641			$101,436			$95,037			$95,213

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$25.04			$24.42			$21.78			$21.84			$24.98			$24.59
Net investment income (loss)		0.03	1		(0.01	)1		(0.06	)1		0.02			(0.01	)1		(0.02	)1
Net realized and unrealized gains (losses) on investments		(1.22	)		3.17			3.53			2.48			(0.32	)		2.48
Total from investment operations		(1.19	)		3.16			3.47			2.50			(0.33	)		2.46
Distributions to shareholders from
Net realized gains		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)
Net asset value, end of period		$20.55			$25.04			$24.42			$21.78			$21.84			$24.98
Total return2		(3.75	)%		13.84	%		16.26	%		12.59	%		(1.62	)%		10.41	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.17	%		1.17	%		1.12	%		1.11	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.09	%
Net investment income (loss)		0.26	%		(0.04	)%		(0.27	)%		0.03	%		(0.03	)%		(0.07	)%
Supplemental data
Portfolio turnover rate		19	%		33	%		35	%		32	%		51	%		38	%
Net assets, end of period (000s omitted)		$3,525			$6,141			$6,336			$16,720			$18,050			$45,364

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Common Stock Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$25.73			$24.97			$22.20			$22.16			$25.25			$24.77
Net investment income		0.06	1		0.05	1		0.00	1,2		0.06	1		0.03			0.03
Net realized and unrealized gains (losses) on investments		(1.25	)		3.25			3.60			2.54			(0.31	)		2.52
Total from investment operations		(1.19	)		3.30			3.60			2.60			(0.28	)		2.55
Distributions to shareholders from
Net realized gains		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)		(2.07	)
Net asset value, end of period		$21.24			$25.73			$24.97			$22.20			$22.16			$25.25
Total return3		(3.59	)%		14.12	%		16.55	%		12.88	%		(1.38	)%		10.72	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.92	%		0.92	%		0.92	%		0.86	%		0.85	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		0.53	%		0.21	%		0.02	%		0.28	%		0.24	%		0.14	%
Supplemental data
Portfolio turnover rate		19	%		33	%		35	%		32	%		51	%		38	%
Net assets, end of period (000s omitted)		$151,207			$172,197			$167,552			$173,175			$226,729			$223,525

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

20 Wells Fargo Common Stock Fund 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 Wells Fargo Common Stock Fund (the “Fund”) 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 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.

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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

Notes to financial statements (unaudited) Wells Fargo Common Stock Fund 21

valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), 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.

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $808,739,374 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	297,002,555
Gross unrealized losses		(23,664,843	)
Net unrealized gains	$	273,337,712

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

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)

22 Wells Fargo Common Stock Fund Notes to financial statements (unaudited)

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 March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	10,861,603	$	0	$	0	$	10,861,603
Consumer discretionary		84,973,615		0		0		84,973,615
Consumer staples		14,064,079		0		0		14,064,079
Energy		54,152,741		0		0		54,152,741
Financials		182,048,065		0		0		182,048,065
Health care		131,432,181		0		0		131,432,181
Industrials		199,040,959		0		0		199,040,959
Information technology		203,180,189		0		0		203,180,189
Materials		56,687,461		0		0		56,687,461
Real estate		115,272,209		0		0		115,272,209
Exchange-traded funds		6,882,489		0		0		6,882,489
Short-term investments
Investment companies		15,578,487		7,903,008		0		23,481,495
Total assets	$	1,074,174,078	$	7,903,008	$	0	$	1,082,077,086

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.77% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Common Stock Fund 23

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	%
Class R6		0.03
Administrator Class, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class C shares, 0.85% for Class R6 shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019, Funds Distributor received $871 from the sale of Class A shares and $13 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2019.

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.

Interfund transactions

The Fund 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 March 31, 2019 were $203,896,703 and $261,770,244, respectively.

6. 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 March 31, 2019, there were no borrowings by the Fund under the agreement.

24 Wells Fargo Common Stock Fund Notes to financial statements (unaudited)

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

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 Common Stock Fund 25

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 wfam.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 wfam.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 (wfam.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.

26 Wells Fargo Common Stock 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 Common Stock 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Common Stock 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Common Stock Fund 29

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 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.

• 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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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401609 05-19 SA229/SAR229 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Discovery Fund

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.

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Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	20
Other information	25
Appendix A	29

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Discovery Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Discovery Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Discovery Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Discovery Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of March 31, 2019

		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 (WFDAX)	7-31-2007		4.51		8.42		16.85		10.88		9.71		17.54		1.21		1.21
Class C (WDSCX)	7-31-2007		9.05		8.89		16.66		10.05		8.89		16.66		1.96		1.96
Class R6 (WFDRX)3	6-28-2013		–		–		–		11.36		10.18		18.03		0.78		0.78
Administrator Class (WFDDX)	4-8-2005		–		–		–		10.99		9.81		17.68		1.13		1.13
Institutional Class (WFDSX)	8-31-2006		–		–		–		11.28		10.09		17.97		0.88		0.88
Russell 2500TM Growth Index4	–		–		–		–		7.54		9.72		17.50		–		–

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, wfam.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 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 5.

Performance highlights (unaudited) Wells Fargo Discovery Fund 5

Ten largest holdings (%) as of March 31, 20195
Waste Connections Incorporated	2.95
WEX Incorporated	2.17
Veeva Systems Incorporated Class A	2.10
Shopify Incorporated Class A	2.10
Black Knight Incorporated	2.05
Booz Allen Hamilton Holding Corporation	1.94
Zebra Technologies Corporation Class A	1.88
EPAM Systems Incorporated	1.88
Bright Horizons Family Solutions Incorporated	1.85
Exact Sciences Corporation	1.83

Sector distribution as of March 31, 2019⁶

^‡ 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 0.01% 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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% for Administrator Class, and 0.89% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

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, the returns for Class R6 shares would be higher.

⁴  The Russell 2500™ Growth Index measures the performance of those Russell 2500 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  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.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Discovery 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	979.66	$	5.97		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.09		1.21	%
Class C
Actual	$	1,000.00	$	975.85	$	9.61		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Class R6
Actual	$	1,000.00	$	981.66	$	3.85		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%
Administrator Class
Actual	$	1,000.00	$	980.14	$	5.58		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.69		1.13	%
Institutional Class
Actual	$	1,000.00	$	981.33	$	4.30		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.59	$	4.38		0.87	%

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—March 31, 2019 (unaudited) Wells Fargo Discovery Fund 7

Security name	Shares		Value
Common Stocks: 97.61%
Communication Services: 4.34%
Entertainment: 2.96%
Take-Two Interactive Software Incorporated †		346,000	$	32,652,020
World Wrestling Entertainment Incorporated Class A «		526,300		45,672,314
				78,324,334
Interactive Media & Services: 1.38%
Match Group Incorporated «		645,000		36,513,450
Consumer Discretionary: 15.01%
Diversified Consumer Services: 3.10%
Adtalem Global Education Incorporated †		712,800		33,016,896
Bright Horizons Family Solutions Incorporated †		385,740		49,031,411
				82,048,307
Hotels, Restaurants & Leisure: 6.51%
Chipotle Mexican Grill Incorporated †		61,000		43,328,910
Domino’s Pizza Incorporated		144,500		37,295,450
Eldorado Resorts Incorporated †		943,100		44,033,339
Vail Resorts Incorporated		218,614		47,504,822
				172,162,521
Household Durables: 0.96%
Skyline Champion Corporation		1,337,300		25,408,700
Internet & Direct Marketing Retail: 2.82%
MercadoLibre Incorporated †		90,910		46,157,734
Wayfair Incorporated Class A †«		192,125		28,520,956
				74,678,690
Specialty Retail: 1.62%
Burlington Stores Incorporated †		272,865		42,752,488
Consumer Staples: 1.00%
Food Products: 1.00%
Lamb Weston Holdings Incorporated		351,500		26,341,410
Financials: 1.94%
Capital Markets: 0.94%
MarketAxess Holdings Incorporated		100,500		24,731,040
Consumer Finance: 1.00%
SLM Corporation		2,670,300		26,462,673
Health Care: 21.84%
Biotechnology: 6.58%
AnaptysBio Incorporated †		166,135		12,136,162
Array BioPharma Incorporated †		1,007,079		24,552,586

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

8 Wells Fargo Discovery Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Biotechnology (continued)
CRISPR Therapeutics AG †«		293,471	$	10,482,784
Exact Sciences Corporation †		559,800		48,489,876
Immunomedics Incorporated †«		751,300		14,432,473
Invitae Corporation †		669,398		15,677,301
Mirati Therapeutics Incorporated †		205,300		15,048,490
Precision BioSciences Incorporated †		360,366		6,468,570
Sarepta Therapeutics Incorporated †«		146,335		17,441,669
Zai Lab Limited ADR †		312,100		9,210,071
				173,939,982
Health Care Equipment & Supplies: 7.09%
Avanos Medical Incorporated †		575,300		24,553,804
DexCom Incorporated †		131,600		15,673,560
Haemonetics Corporation †		334,100		29,227,068
ICU Medical Incorporated †		156,961		37,565,476
Insulet Corporation †«		329,395		31,322,171
iRhythm Technologies Incorporated †		389,714		29,212,961
Penumbra Incorporated †«		135,600		19,934,556
				187,489,596
Health Care Providers & Services: 2.13%
HealthEquity Incorporated †		386,900		28,622,862
WellCare Health Plans Incorporated †		103,000		27,784,250
				56,407,112
Health Care Technology: 2.10%
Veeva Systems Incorporated Class A †		438,700		55,653,482
Life Sciences Tools & Services: 1.39%
Bio-Rad Laboratories Incorporated Class A †		119,800		36,620,464
Pharmaceuticals: 2.55%
Elanco Animal Health Incorporated †		1,307,318		41,925,688
GW Pharmaceuticals plc ADR †«		99,900		16,840,143
Wave Life Sciences Limited †«		222,800		8,655,780
				67,421,611
Industrials: 18.04%
Aerospace & Defense: 2.86%
Mercury Computer Systems Incorporated †		556,919		35,687,370
Teledyne Technologies Incorporated †		168,600		39,959,886
				75,647,256
Building Products: 1.34%
A.O. Smith Corporation		666,900		35,559,108
Commercial Services & Supplies: 7.04%
Casella Waste Systems Incorporated Class A †		990,974		35,239,035
Cintas Corporation		198,500		40,118,835

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Discovery Fund 9

Security name	Shares		Value
Commercial Services & Supplies (continued)
The Brink’s Company		434,800	$	32,788,268
Waste Connections Incorporated		880,029		77,961,769
				186,107,907
Construction & Engineering: 0.95%
WillScot Corporation †		2,278,250		25,265,793
Machinery: 2.72%
The Middleby Corporation †		291,600		37,916,748
Woodward Governor Company		359,300		34,093,977
				72,010,725
Road & Rail: 1.13%
Saia Incorporated †		488,100		29,822,910
Trading Companies & Distributors: 2.00%
SiteOne Landscape Supply Incorporated †		376,943		21,542,292
Univar Incorporated †		1,409,541		31,235,429
				52,777,721
Information Technology: 33.87%
Communications Equipment: 1.63%
Motorola Solutions Incorporated		307,100		43,122,982
Electronic Equipment, Instruments & Components: 5.29%
Littelfuse Incorporated		162,824		29,712,124
Novanta Incorporated †		325,040		27,540,639
Rogers Corporation †		208,399		33,110,433
Zebra Technologies Corporation Class A †		236,800		49,616,704
				139,979,900
IT Services: 18.15%
Black Knight Incorporated †		994,419		54,195,836
Booz Allen Hamilton Holding Corporation		880,600		51,198,084
EPAM Systems Incorporated †		293,179		49,585,364
Euronet Worldwide Incorporated †		304,172		43,371,885
Gartner Incorporated †		193,100		29,289,408
InterXion Holding NV †		143,900		9,602,447
PagSeguro Digital Limited Class A †«		1,103,100		32,927,535
Shopify Incorporated Class A †		268,500		55,477,470
Total System Services Incorporated		402,100		38,203,521
Twilio Incorporated Class A †		270,700		34,969,026
WEX Incorporated †		299,500		57,501,005
WNS Holdings Limited ADR †		445,500		23,731,785
				480,053,366
Semiconductors & Semiconductor Equipment: 1.10%
Advanced Micro Devices Incorporated †«		1,135,800		28,985,616

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

10 Wells Fargo Discovery Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name				Shares		Value
Software: 6.84%
2U Incorporated †					415,200	$	29,416,920
DocuSign Incorporated †					568,100		29,450,304
Envestnet Incorporated †					461,925		30,205,276
Globant SA †					442,600		31,601,640
Pluralsight Incorporated Class A †					879,811		27,925,201
Zendesk Incorporated †					378,900		32,206,500
							180,805,841
Technology Hardware, Storage & Peripherals: 0.86%
NCR Corporation †					831,900		22,702,551
Materials: 1.57%
Chemicals: 1.57%
Ingevity Corporation †					392,800		41,483,609
Total Common Stocks (Cost $1,964,694,628)							2,581,281,145
	Yield
Short-Term Investments: 10.22%
Investment Companies: 10.22%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		188,330,667		188,349,500
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			81,820,557		81,820,557
Total Short-Term Investments (Cost $270,167,069)							270,170,057

Total investments in securities (Cost $2,234,861,697)	107.83	%		2,851,451,202
Other assets and liabilities, net	(7.83	)		(207,022,326	)
Total net assets	100.00	%	$	2,644,428,876

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

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

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

Abbreviations:

ADR American depositary receipt

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Discovery 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)		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		224,067,768		597,247,694		632,984,795		188,330,667	$	0	$	0	$	1,918,056	$	188,349,500
Wells Fargo Government Money Market Fund Select Class		32,383,204		429,550,400		380,113,047		81,820,557		0		0		564,089		81,820,557
									$	0	$	0	$	2,482,145	$	270,170,057		10.22	%

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

12 Wells Fargo Discovery Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $184,274,173 of securities loaned), at value (cost $1,964,694,628)	$	2,581,281,145
Investments in affiliated securities, at value (cost $270,167,069)		270,170,057
Receivable for investments sold		3,973,482
Receivable for Fund shares sold		3,341,031
Receivable for dividends		687,387
Receivable for securities lending income		83,898
Total assets		2,859,537,000
Liabilities
Payable upon receipt of securities loaned		188,364,251
Payable for investments purchased		22,443,325
Payable for Fund shares redeemed		1,664,271
Management fee payable		1,609,653
Administration fees payable		291,639
Distribution fee payable		20,150
Trustees’ fees and expenses payable		1,467
Accrued expenses and other liabilities		713,368
Total liabilities		215,108,124
Total net assets	$	2,644,428,876
NET ASSETS CONSIST OF
Paid-in capital	$	1,994,579,705
Total distributable earnings		649,849,171
Total net assets	$	2,644,428,876
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	626,313,008
Shares outstanding – Class A1		19,965,663
Net asset value per share – Class A		$31.37
Maximum offering price per share – Class A2		$33.28
Net assets – Class C	$	31,614,515
Shares outstanding – Class C1		1,180,405
Net asset value per share – Class C		$26.78
Net assets – Class R6	$	502,961,022
Shares outstanding – Class R61		14,530,253
Net asset value per share – Class R6		$34.61
Net assets – Administrator Class	$	328,111,998
Shares outstanding – Administrator Class1		10,066,187
Net asset value per share – Administrator Class		$32.60
Net assets – Institutional Class	$	1,155,428,333
Shares outstanding – Institutional Class1		33,602,050
Net asset value per share – Institutional Class		$34.39

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.

Statement of operations—six months ended March 31, 2019 (unaudited) Wells Fargo Discovery Fund 13

Investment income
Dividends (net of foreign withholding taxes of $44,633)	$	6,981,719
Income from affiliated securities		564,089
Securities lending income from affiliates, net		451,779
Total investment income		7,997,587
Expenses
Management fee		9,097,020
Administration fees
Class A		612,876
Class C		34,516
Class R6		69,694
Administrator Class		198,907
Institutional Class		730,299
Shareholder servicing fees
Class A		729,615
Class C		41,090
Administrator Class		382,513
Distribution fee
Class C		123,270
Custody and accounting fees		72,992
Professional fees		22,397
Registration fees		28,438
Shareholder report expenses		96,642
Trustees’ fees and expenses		10,969
Other fees and expenses		25,825
Total expenses		12,277,063
Less: Fee waivers and/or expense reimbursements		(2,175	)
Net expenses		12,274,888
Net investment loss		(4,277,301	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		60,698,082
Net change in unrealized gains (losses) on investments		(151,746,180	)
Net realized and unrealized gains (losses) on investments		(91,048,098	)
Net decrease in net assets resulting from operations	$	(95,325,399	)

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

14 Wells Fargo Discovery Fund Statement of changes in net assets

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment loss				$	(4,277,301	)				$	(12,786,673	)
Net realized gains on investments					60,698,082						373,064,864
Net change in unrealized gains (losses) on investments					(151,746,180	)					224,747,286
Net increase (decrease) in net assets resulting from operations					(95,325,399	)					585,025,477
Distributions to shareholders from net investment income and net realized gains
Class A					(88,695,435	)					(99,511,453	)
Class C					(5,933,378	)					(7,025,882	)
Class R6					(63,357,174	)					(54,328,520	)
Administrator Class					(44,501,716	)					(51,960,260	)
Institutional Class					(163,733,298	)					(179,090,110	)
Total distributions to shareholders					(366,221,001	)					(391,916,225	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		930,621			27,984,547			1,452,010			51,353,312
Class C		73,058			1,816,652			112,021			3,424,044
Class R6		1,010,712			33,688,160			4,113,741			158,001,613
Administrator Class		495,259			15,558,276			918,595			33,383,569
Institutional Class		2,957,459			96,867,453			6,492,817			245,683,308
					175,915,088						491,845,846
Reinvestment of distributions
Class A		3,194,495			86,155,536			3,004,879			96,516,712
Class C		234,117			5,403,420			221,675			6,302,232
Class R6		2,119,233			62,983,596			1,557,379			54,087,762
Administrator Class		1,575,742			44,136,530			1,557,195			51,621,001
Institutional Class		5,074,483			149,849,493			4,841,719			167,426,637
					348,528,575						375,954,344
Payment for shares redeemed
Class A		(1,958,871	)		(58,006,505	)		(3,309,751	)		(116,123,418	)
Class C		(347,922	)		(8,691,535	)		(327,097	)		(10,270,806	)
Class R6		(1,465,345	)		(49,567,693	)		(1,827,978	)		(69,640,517	)
Administrator Class		(995,013	)		(31,458,909	)		(2,456,379	)		(87,966,732	)
Institutional Class		(7,366,520	)		(224,482,232	)		(8,225,567	)		(314,872,170	)
					(372,206,874	)					(598,873,643	)
Net increase in net assets resulting from capital share transactions					152,236,789						268,926,547
Total increase (decrease) in net assets					(309,309,611	)					462,035,799
Net assets
Beginning of period					2,953,738,487						2,491,702,688
End of period				$	2,644,428,876					$	2,953,738,487

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

Financial highlights Wells Fargo Discovery Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.03			$36.47			$29.94			$30.48			$32.35			$33.50
Net investment loss		(0.09	)		(0.26	)		(0.23	)		(0.18	)1		(0.24	)		(0.30	)
Net realized and unrealized gains (losses) on investments		(1.51	)		7.85			7.17			2.23			0.96			1.36
Total from investment operations		(1.60	)		7.59			6.94			2.05			0.72			1.06
Distributions to shareholders from
Net realized gains		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)
Net asset value, end of period		$31.37			$38.03			$36.47			$29.94			$30.48			$32.35
Total return2		(2.03	)%		23.86	%		23.42	%		7.33	%		2.09	%		3.15	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.20	%		1.21	%		1.20	%		1.23	%		1.25	%
Net expenses		1.21	%		1.20	%		1.21	%		1.20	%		1.21	%		1.22	%
Net investment loss		(0.57	)%		(0.69	)%		(0.70	)%		(0.64	)%		(0.64	)%		(0.95	)%
Supplemental data
Portfolio turnover rate		32	%		67	%		73	%		78	%		87	%		84	%
Net assets, end of period (000s omitted)		$626,313			$676,930			$607,318			$641,786			$294,661			$335,221

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.

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

16 Wells Fargo Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$33.46			$32.99			$27.32			$28.24			$30.37			$31.81
Net investment loss		(0.17	)1		(0.46	)		(0.42	)1		(0.37	)1		(0.43	)1		(0.35	)
Net realized and unrealized gains (losses) on investments		(1.45	)		6.96			6.50			2.04			0.89			1.12
Total from investment operations		(1.62	)		6.50			6.08			1.67			0.46			0.77
Distributions to shareholders from
Net realized gains		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)
Net asset value, end of period		$26.78			$33.46			$32.99			$27.32			$28.24			$30.37
Total return2		(2.41	)%		22.94	%		22.51	%		6.51	%		1.35	%		2.33	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.95	%		1.96	%		1.95	%		1.98	%		2.00	%
Net expenses		1.95	%		1.95	%		1.96	%		1.95	%		1.96	%		1.97	%
Net investment loss		(1.31	)%		(1.45	)%		(1.45	)%		(1.41	)%		(1.39	)%		(1.70	)%
Supplemental data
Portfolio turnover rate		32	%		67	%		73	%		78	%		87	%		84	%
Net assets, end of period (000s omitted)		$31,615			$40,860			$40,070			$49,538			$66,772			$84,585

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.

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

Financial highlights Wells Fargo Discovery Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$41.26			$38.93			$31.80			$32.08			$33.78			$34.73
Net investment loss		(0.02	)1		(0.10	)1		(0.08	)		(0.07	)		(0.07	)		(0.17	)
Net realized and unrealized gains (losses) on investments		(1.57	)		8.46			7.62			2.38			0.96			1.43
Total from investment operations		(1.59	)		8.36			7.54			2.31			0.89			1.26
Distributions to shareholders from
Net realized gains		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)
Net asset value, end of period		$34.61			$41.26			$38.93			$31.80			$32.08			$33.78
Total return2		(1.83	)%		24.39	%		23.98	%		7.77	%		2.53	%		3.60	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.78	%		0.78	%		0.77	%		0.76	%		0.77	%
Net expenses		0.78	%		0.78	%		0.78	%		0.77	%		0.76	%		0.77	%
Net investment loss		(0.15	)%		(0.26	)%		(0.27	)%		(0.22	)%		(0.21	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		32	%		67	%		73	%		78	%		87	%		84	%
Net assets, end of period (000s omitted)		$502,961			$530,879			$351,268			$300,118			$273,941			$221,043

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$39.27			$37.44			$30.70			$31.17			$32.99			$34.08
Net investment loss		(0.08	)1		(0.23	)		(0.20	)1		(0.17	)1		(0.20	)		(0.27	)1
Net realized and unrealized gains (losses) on investments		(1.53	)		8.09			7.35			2.29			0.97			1.39
Total from investment operations		(1.61	)		7.86			7.15			2.12			0.77			1.12
Distributions to shareholders from
Net realized gains		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)
Net asset value, end of period		$32.60			$39.27			$37.44			$30.70			$31.17			$32.99
Total return2		(1.99	)%		23.97	%		23.52	%		7.40	%		2.24	%		3.25	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.12	%		1.13	%		1.12	%		1.09	%		1.08	%
Net expenses		1.13	%		1.12	%		1.13	%		1.12	%		1.09	%		1.08	%
Net investment loss		(0.49	)%		(0.62	)%		(0.62	)%		(0.58	)%		(0.52	)%		(0.81	)%
Supplemental data
Portfolio turnover rate		32	%		67	%		73	%		78	%		87	%		84	%
Net assets, end of period (000s omitted)		$328,112			$353,042			$335,898			$400,997			$575,568			$687,537

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Discovery Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$41.05			$38.79			$31.72			$32.04			$33.76			$34.74
Net investment loss		(0.05	)		(0.18	)		(0.13	)1		(0.10	)		(0.09	)		(0.20	)
Net realized and unrealized gains (losses) on investments		(1.55	)		8.47			7.61			2.37			0.96			1.43
Total from investment operations		(1.60	)		8.29			7.48			2.27			0.87			1.23
Distributions to shareholders from
Net realized gains		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)		(2.21	)
Net asset value, end of period		$34.39			$41.05			$38.79			$31.72			$32.04			$33.76
Total return2		(1.87	)%		24.25	%		23.88	%		7.68	%		2.47	%		3.51	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.87	%		0.88	%		0.87	%		0.82	%		0.82	%
Net expenses		0.87	%		0.87	%		0.88	%		0.87	%		0.82	%		0.82	%
Net investment loss		(0.23	)%		(0.36	)%		(0.37	)%		(0.32	)%		(0.26	)%		(0.54	)%
Supplemental data
Portfolio turnover rate		32	%		67	%		73	%		78	%		87	%		84	%
Net assets, end of period (000s omitted)		$1,155,428			$1,352,027			$1,157,148			$1,316,107			$1,436,125			$1,396,603

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Discovery Fund 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 Wells Fargo Discovery Fund (the “Fund”) 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 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.

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

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

Foreign currency translation

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

Securities lending

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

Notes to financial statements (unaudited) Wells Fargo Discovery Fund 21

may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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 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.

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $2,232,475,122 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	685,798,747
Gross unrealized losses		(66,822,667	)
Net unrealized gains	$	618,976,080

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

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

22 Wells Fargo Discovery Fund Notes to financial statements (unaudited)

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 March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	114,837,784	$	0	$	0	$	114,837,784
Consumer discretionary		397,050,706		0		0		397,050,706
Consumer staples		26,341,410		0		0		26,341,410
Financials		51,193,713		0		0		51,193,713
Health care		577,532,247		0		0		577,532,247
Industrials		477,191,420		0		0		477,191,420
Information technology		895,650,256		0		0		895,650,256
Materials		41,483,609		0		0		41,483,609
Short-term investments
Investment companies		81,820,557		188,349,500		0		270,170,057
Total assets	$	2,663,101,702	$	188,349,500	$	0	$	2,851,451,202

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

Notes to financial statements (unaudited) Wells Fargo Discovery Fund 23

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.72% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

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	%
Class R6		0.03
Administrator Class, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.84% for Class R6 shares, 1.15% for Administrator Class shares, and 0.89% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31, 2019, Funds Distributor received $2,668 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 March 31, 2019.

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.

Interfund transactions

The Fund 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 March 31, 2019 were $799,753,920 and $1,032,103,455, respectively.

24 Wells Fargo Discovery Fund Notes to financial statements (unaudited)

6. 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 March 31, 2019, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. 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.

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 Discovery Fund 25

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 wfam.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 wfam.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 (wfam.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.

26 Wells Fargo Discovery 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 Discovery 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Discovery 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Discovery Fund 29

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 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.

• 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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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401610 05-19 SA230/SAR230 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Enterprise Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	19
Other information	24
Appendix A	28

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Enterprise Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Enterprise Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Enterprise Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Enterprise Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of March 31, 2019

		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 (SENAX)	2-24-2000		5.77		8.06		15.18		12.22		9.35		15.86		1.25		1.18
Class C (WENCX)	3-31-2008		10.37		8.54		15.00		11.37		8.54		15.00		2.00		1.93
Class R6 (WENRX)3	10-31-2014		–		–		–		12.65		9.77		16.31		0.82		0.80
Administrator Class (SEPKX)	8-30-2002		–		–		–		12.32		9.48		16.00		1.17		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		12.60		9.72		16.28		0.92		0.85
Russell Midcap® Growth Index4	–		–		–		–		11.51		10.89		17.60		–		–

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, wfam.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 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 5.

Performance highlights (unaudited) Wells Fargo Enterprise Fund 5

Ten largest holdings (%) as of March 31, 20195
Waste Connections Incorporated	2.90
ServiceNow Incorporated	2.89
First Data Corporation Class A	2.41
Cintas Corporation	2.23
Chipotle Mexican Grill Incorporated	2.19
WEX Incorporated	2.07
Align Technology Incorporated	2.04
Edwards Lifesciences Corporation	2.01
Autodesk Incorporated	1.98
Shopify Incorporated Class A	1.97

Sector distribution as of March 31, 2019⁶

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

¹  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.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect the expenses of Class R6. If these expenses had been included, returns for Class R6 shares would be higher.

⁴  The Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price/book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth index. You cannot invest directly in an index.

⁵  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.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Enterprise 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,004.80	$	5.90		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Class C
Actual	$	1,000.00	$	1,001.04	$	9.63		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70		1.93	%
Class R6
Actual	$	1,000.00	$	1,006.70	$	4.00		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,005.12	$	5.50		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,006.55	$	4.25		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%

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—March 31, 2019 (unaudited) Wells Fargo Enterprise Fund 7

Security name	Shares		Value
Common Stocks: 99.25%
Communication Services: 5.27%
Entertainment: 3.93%
Nintendo Company Limited ADR «		229,500	$	8,232,165
Take-Two Interactive Software Incorporated †		110,100		10,390,137
World Wrestling Entertainment Incorporated Class A		114,800		9,962,344
				28,584,646
Interactive Media & Services: 1.34%
Match Group Incorporated «		171,600		9,714,276
Consumer Discretionary: 17.73%
Auto Components: 1.62%
Aptiv plc		147,885		11,755,379
Automobiles: 1.25%
Ferrari NV		67,700		9,058,260
Diversified Consumer Services: 2.93%
Adtalem Global Education Incorporated †		187,100		8,666,472
Bright Horizons Family Solutions Incorporated †		99,100		12,596,601
				21,263,073
Hotels, Restaurants & Leisure: 7.57%
Chipotle Mexican Grill Incorporated †		22,400		15,910,944
Domino’s Pizza Incorporated		39,400		10,169,140
Eldorado Resorts Incorporated †		214,600		10,019,674
Royal Caribbean Cruises Limited		59,200		6,785,504
Vail Resorts Incorporated		55,817		12,129,034
				55,014,296
Internet & Direct Marketing Retail: 2.59%
MercadoLibre Incorporated †		24,700		12,540,931
Wayfair Incorporated Class A †		42,369		6,289,678
				18,830,609
Specialty Retail: 1.77%
Burlington Stores Incorporated †		82,100		12,863,428
Consumer Staples: 1.08%
Food Products: 1.08%
Lamb Weston Holdings Incorporated		105,100		7,876,194
Financials: 2.93%
Capital Markets: 2.93%
Intercontinental Exchange Incorporated		157,225		11,971,112
Raymond James Financial Incorporated		115,700		9,303,437
				21,274,549

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

8 Wells Fargo Enterprise Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Health Care: 15.85%
Biotechnology: 1.67%
Exact Sciences Corporation †		139,700	$	12,100,814
Health Care Equipment & Supplies: 6.16%
Align Technology Incorporated †		52,100		14,813,593
DexCom Incorporated †		61,900		7,372,290
Edwards Lifesciences Corporation †		76,200		14,579,346
Insulet Corporation †«		84,200		8,006,578
				44,771,807
Health Care Providers & Services: 1.69%
WellCare Health Plans Incorporated †		45,500		12,273,625
Health Care Technology: 1.93%
Veeva Systems Incorporated Class A †		110,300		13,992,658
Life Sciences Tools & Services: 2.30%
Bio-Rad Laboratories Incorporated Class A †		34,100		10,423,688
Illumina Incorporated †		20,300		6,307,007
				16,730,695
Pharmaceuticals: 2.10%
Elanco Animal Health Incorporated †		362,587		11,628,165
GW Pharmaceuticals plc ADR †«		21,600		3,641,112
				15,269,277
Industrials: 15.64%
Aerospace & Defense: 1.50%
Teledyne Technologies Incorporated †		45,900		10,878,759
Building Products: 1.14%
A.O. Smith Corporation		155,500		8,291,260
Commercial Services & Supplies: 6.17%
Cintas Corporation		80,000		16,168,800
The Brink’s Company		100,600		7,586,246
Waste Connections Incorporated		237,539		21,043,580
				44,798,626
Electrical Equipment: 1.92%
Rockwell Automation Incorporated		79,300		13,913,978
Machinery: 2.70%
The Middleby Corporation †		79,500		10,337,385
Woodward Governor Company		98,000		9,299,220
				19,636,605

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Enterprise Fund 9

Security name	Shares		Value
Road & Rail: 1.01%
Lyft Incorporated Class A †		14,625	$	1,144,991
Saia Incorporated †		101,800		6,219,980
				7,364,971
Trading Companies & Distributors: 1.20%
Univar Incorporated †		395,046		8,754,219
Information Technology: 33.80%
Communications Equipment: 1.70%
Motorola Solutions Incorporated		88,100		12,371,002
Electronic Equipment, Instruments & Components: 2.53%
Littelfuse Incorporated		33,400		6,094,832
Zebra Technologies Corporation Class A †		58,500		12,257,505
				18,352,337
IT Services: 19.54%
Black Knight Incorporated †		257,300		14,022,850
Booz Allen Hamilton Holding Corporation		231,600		13,465,224
EPAM Systems Incorporated †		72,254		12,220,319
First Data Corporation Class A †		665,800		17,490,566
FleetCor Technologies Incorporated †		54,800		13,513,132
Gartner Incorporated †		69,000		10,465,920
PagSeguro Digital Limited Class A †«		348,200		10,393,770
Shopify Incorporated Class A †		69,100		14,277,442
Total System Services Incorporated		134,000		12,731,340
Twilio Incorporated Class A †		64,600		8,345,028
WEX Incorporated †		78,500		15,071,215
				141,996,806
Semiconductors & Semiconductor Equipment: 4.04%
Advanced Micro Devices Incorporated †		261,500		6,673,480
Infineon Technologies AG ADR		434,500		8,618,308
Xilinx Incorporated		111,100		14,086,369
				29,378,157
Software: 5.99%
Autodesk Incorporated †		92,500		14,413,350
ServiceNow Incorporated †		85,250		21,013,273
SS&C Technologies Holdings Incorporated		126,600		8,063,154
				43,489,777
Materials: 5.76%
Chemicals: 4.31%
Air Products & Chemicals Incorporated		53,700		10,254,552
Ingevity Corporation †		92,300		9,747,803
The Sherwin-Williams Company		26,200		11,284,602
				31,286,957

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

10 Wells Fargo Enterprise Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name				Shares		Value
Construction Materials: 1.45%
Vulcan Materials Company					89,100	$	10,549,440
Real Estate: 1.19%
Equity REITs: 1.19%
SBA Communications Corporation †					43,100		8,605,345
Total Common Stocks (Cost $529,240,936)							721,041,825
	Yield
Short-Term Investments: 4.37%
Investment Companies: 4.37%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		23,701,832		23,704,202
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38			8,039,289		8,039,289
Total Short-Term Investments (Cost $31,743,491)							31,743,491

Total investments in securities (Cost $560,984,427)	103.62	%		752,785,316
Other assets and liabilities, net	(3.62	)		(26,278,766	)
Total net assets	100.00	%	$	726,506,550

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

† Non-income-earning security

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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 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		33,993,921		196,174,736		206,466,825		23,701,832	$	0	$	0	$	480,928	$	23,704,202
Wells Fargo Government Money Market Fund Select Class		4,785,042		90,239,551		86,985,304		8,039,289		0		0		86,614		8,039,289
									$	0	$	0	$	567,542	$	31,743,491		4.37	%

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

Statement of assets and liabilities—March 31, 2019 (unaudited) Wells Fargo Enterprise Fund 11

Assets
Investments in unaffiliated securities (including $23,104,242 of securities loaned), at value (cost $529,240,936)	$	721,041,825
Investments in affiliated securities, at value (cost $31,743,491)		31,743,491
Receivable for investments sold		1,055,300
Receivable for Fund shares sold		60,143
Receivable for dividends		330,254
Receivable for securities lending income		17,952
Prepaid expenses and other assets		43,842
Total assets		754,292,807
Liabilities
Payable upon receipt of securities loaned		23,706,570
Payable for investments purchased		2,937,787
Management fee payable		412,075
Payable for Fund shares redeemed		333,727
Administration fees payable		117,088
Distribution fee payable		1,890
Trustees’ fees and expenses payable		1,003
Accrued expenses and other liabilities		276,117
Total liabilities		27,786,257
Total net assets	$	726,506,550
NET ASSETS CONSIST OF
Paid-in capital	$	531,436,373
Total distributable earnings		195,070,177
Total net assets	$	726,506,550
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	625,133,481
Shares outstanding – Class A1		13,441,033
Net asset value per share – Class A		$46.51
Maximum offering price per share – Class A2		$49.35
Net assets – Class C	$	2,960,595
Shares outstanding – Class C1		73,834
Net asset value per share – Class C		$40.10
Net assets – Class R6	$	49,123,880
Shares outstanding – Class R61		941,972
Net asset value per share – Class R6		$52.15
Net assets – Administrator Class	$	3,256,574
Shares outstanding – Administrator Class1		65,924
Net asset value per share – Administrator Class		$49.40
Net assets – Institutional Class	$	46,032,020
Shares outstanding – Institutional Class1		885,315
Net asset value per share – Institutional Class		$52.00

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 Enterprise Fund Statement of operations—six months ended March 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $34,054)	$	2,333,420
Income from affiliated securities		200,505
Total investment income		2,533,925
Expenses
Management fee		2,502,058
Administration fees
Class A		607,487
Class C		5,275
Class R6		6,579
Administrator Class		2,015
Institutional Class		27,616
Shareholder servicing fees
Class A		723,199
Class C		6,280
Administrator Class		3,665
Distribution fee
Class C		18,840
Custody and accounting fees		31,255
Professional fees		21,077
Registration fees		53,492
Shareholder report expenses		37,918
Trustees’ fees and expenses		10,969
Other fees and expenses		7,011
Total expenses		4,064,736
Less: Fee waivers and/or expense reimbursements		(229,761	)
Net expenses		3,834,975
Net investment loss		(1,301,050	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		5,537,993
Net change in unrealized gains (losses) on investments		(5,130,198	)
Net realized and unrealized gains (losses) on investments		407,795
Net decrease in net assets resulting from operations	$	(893,255	)

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

Statement of changes in net assets Wells Fargo Enterprise Fund 13

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment loss				$	(1,301,050	)				$	(4,200,615	)
Net realized gains on investments					5,537,993						90,687,674
Net change in unrealized gains (losses) on investments					(5,130,198	)					51,811,573
Net increase (decrease) in net assets resulting from operations					(893,255	)					138,298,632
Distributions to shareholders from net investment income and net realized gains
Class A					(70,134,961	)					(61,896,652	)
Class C					(816,461	)					(1,047,354	)
Class R6					(4,758,791	)					(4,095,973	)
Administrator Class					(354,534	)					(378,790	)
Institutional Class					(4,789,876	)					(4,654,368	)
Total distributions to shareholders					(80,854,623	)					(72,073,137	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		160,294			6,832,203			185,378			9,099,671
Class C		4,196			152,334			4,536			198,917
Class R6		53,029			2,683,429			178,922			9,819,356
Administrator Class		2,214			107,239			12,688			658,208
Institutional Class		127,400			6,062,409			132,493			7,163,466
					15,837,614						26,939,618
Reinvestment of distributions
Class A		1,674,293			66,553,136			1,280,198			58,530,640
Class C		23,540			808,616			25,557			1,037,343
Class R6		106,813			4,755,337			81,337			4,092,854
Administrator Class		8,166			344,706			7,722			371,790
Institutional Class		102,725			4,559,989			89,154			4,477,339
					77,021,784						68,509,966
Payment for shares redeemed
Class A		(767,089	)		(32,897,159	)		(1,203,590	)		(59,203,661	)
Class C		(117,114	)		(4,406,180	)		(69,340	)		(3,062,717	)
Class R6		(44,986	)		(2,194,545	)		(108,785	)		(6,087,430	)
Administrator Class		(10,516	)		(498,335	)		(26,820	)		(1,379,035	)
Institutional Class		(175,321	)		(8,071,953	)		(425,040	)		(22,883,844	)
					(48,068,172	)					(92,616,687	)
Net increase in net assets resulting from capital share transactions					44,791,226						2,832,897
Total increase (decrease) in net assets					(36,956,652	)					69,058,392
Net assets
Beginning of period					763,463,202						694,404,810
End of period				$	726,506,550					$	763,463,202

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

14 Wells Fargo Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$52.96			$48.80			$41.94			$41.90			$47.93			$49.54
Net investment loss		(0.10	)		(0.31	)		(0.25	)		(0.21	)1		(0.29	)		(0.43	)1
Net realized and unrealized gains (losses) on investments		(0.61	)		9.66			8.94			3.61			0.18			3.00
Total from investment operations		(0.71	)		9.35			8.69			3.40			(0.11	)		2.57
Distributions to shareholders from
Net realized gains		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)
Net asset value, end of period		$46.51			$52.96			$48.80			$41.94			$41.90			$47.93
Total return2		0.48	%		20.83	%		21.55	%		8.63	%		(0.67	)%		5.27	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.25	%		1.26	%		1.26	%		1.29	%		1.29	%
Net expenses		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%
Net investment loss		(0.43	)%		(0.61	)%		(0.55	)%		(0.52	)%		(0.60	)%		(0.87	)%
Supplemental data
Portfolio turnover rate		26	%		62	%		75	%		99	%		101	%		98	%
Net assets, end of period (000s omitted)		$625,133			$655,338			$591,002			$542,077			$370,743			$417,971

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.

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

Financial highlights Wells Fargo Enterprise Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$46.74			$43.95			$38.23			$38.75			$45.07			$47.14
Net investment loss		(0.23	)1		(0.60	)1		(0.85	)		(0.47	)1		(0.59	)1		(0.75	)1
Net realized and unrealized gains (losses) on investments		(0.67	)		8.58			8.40			3.31			0.19			2.86
Total from investment operations		(0.90	)		7.98			7.55			2.84			(0.40	)		2.11
Distributions to shareholders from
Net realized gains		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)
Net asset value, end of period		$40.10			$46.74			$43.95			$38.23			$38.75			$45.07
Total return2		0.10	%		19.93	%		20.66	%		7.80	%		(1.41	)%		4.49	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.00	%		2.01	%		2.01	%		2.04	%		2.04	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.18	)%		(1.37	)%		(1.13	)%		(1.28	)%		(1.36	)%		(1.62	)%
Supplemental data
Portfolio turnover rate		26	%		62	%		75	%		99	%		101	%		98	%
Net assets, end of period (000s omitted)		$2,961			$7,629			$8,898			$9,181			$9,399			$9,658

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.

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

16 Wells Fargo Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS R6				2018			2017			2016			20151
Net asset value, beginning of period		$58.47			$53.17			$45.37			$44.89			$52.65
Net investment loss		(0.01	)2		(0.13	)2		(0.08	)		(0.06	)2		(0.08	)
Net realized and unrealized gains (losses) on investments		(0.57	)		10.62			9.71			3.90			(1.76	)
Total from investment operations		(0.58	)		10.49			9.63			3.84			(1.84	)
Distributions to shareholders from
Net realized gains		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$52.15			$58.47			$53.17			$45.37			$44.89
Total return3		0.67	%		21.30	%		22.01	%		9.06	%		(3.84	)%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.82	%		0.83	%		0.81	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment loss		(0.05	)%		(0.23	)%		(0.17	)%		(0.14	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		26	%		62	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$49,124			$48,363			$35,923			$29,861			$24

¹  For the period from October 31, 2014 (commencement of class operations) to September 30, 2015

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Enterprise Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$55.82			$51.12			$43.81			$43.58			$49.54			$51.03
Net investment loss		(0.08	)		(0.28	)1		(0.20	)1		(0.18	)1		(0.23	)1		(0.37	)1
Net realized and unrealized gains (losses) on investments		(0.60	)		10.17			9.34			3.77			0.19			3.06
Total from investment operations		(0.68	)		9.89			9.14			3.59			(0.04	)		2.69
Distributions to shareholders from
Net realized gains		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)
Net asset value, end of period		$49.40			$55.82			$51.12			$43.81			$43.58			$49.54
Total return2		0.51	%		20.95	%		21.66	%		8.74	%		(0.46	)%		5.33	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.16	%		1.18	%		1.15	%		1.09	%		1.12	%
Net expenses		1.10	%		1.10	%		1.10	%		1.07	%		1.07	%		1.09	%
Net investment loss		(0.35	)%		(0.53	)%		(0.44	)%		(0.41	)%		(0.47	)%		(0.74	)%
Supplemental data
Portfolio turnover rate		26	%		62	%		75	%		99	%		101	%		98	%
Net assets, end of period (000s omitted)		$3,257			$3,687			$3,705			$4,693			$3,542			$44,760

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$58.33			$53.08			$45.32			$44.87			$50.77			$52.07
Net investment loss		(0.02	)1		(0.15	)1		(0.09	)1		(0.09	)1		(0.13	)1		(0.28	)1
Net realized and unrealized gains (losses) on investments		(0.57	)		10.59			9.68			3.90			0.15			3.16
Total from investment operations		(0.59	)		10.44			9.59			3.81			0.02			2.88
Distributions to shareholders from
Net realized gains		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)		(4.18	)
Net asset value, end of period		$52.00			$58.33			$53.08			$45.32			$44.87			$50.77
Total return2		0.66	%		21.24	%		21.97	%		8.97	%		(0.32	)%		5.61	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.92	%		0.93	%		0.93	%		0.88	%		0.86	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment loss		(0.09	)%		(0.29	)%		(0.19	)%		(0.21	)%		(0.27	)%		(0.54	)%
Supplemental data
Portfolio turnover rate		26	%		62	%		75	%		99	%		101	%		98	%
Net assets, end of period (000s omitted)		$46,032			$48,446			$54,877			$61,563			$87,279			$76,790

¹  Calculated based upon average shares outstanding

²  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 Enterprise Fund 19

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 Wells Fargo Enterprise Fund (the “Fund”) 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 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.

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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

20 Wells Fargo Enterprise Fund Notes to financial statements (unaudited)

valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), 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.

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $561,039,149 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	201,002,408
Gross unrealized losses		(9,256,241	)
Net unrealized gains	$	191,746,167

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

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.

Notes to financial statements (unaudited) Wells Fargo Enterprise Fund 21

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	38,298,922	$	0	$	0	$	38,298,922
Consumer discretionary		128,785,045		0		0		128,785,045
Consumer staple		7,876,194		0		0		7,876,194
Financials		21,274,549		0		0		21,274,549
Health care		115,138,876		0		0		115,138,876
Industrials		113,638,418		0		0		113,638,418
Information technology		245,588,079		0		0		245,588,079
Materials		41,836,397		0		0		41,836,397
Real estate		8,605,345		0		0		8,605,345
Short-term investments
Investment companies		8,039,289		23,704,202		0		31,743,491
Total assets	$	729,081,114	$	23,704,202	$	0	$	752,785,316

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Next $2 billion		0.630
Next $4 billion		0.620
Over $16 billion		0.610

22 Wells Fargo Enterprise Fund Notes to financial statements (unaudited)

Prior to January 31, 2019, the management fee rate was as follows:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.74% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 045% and declining to 0.30% as the average daily net assets of the Fund increase.

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	%
Class R6		0.03
Administrator Class, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class C shares, 0.80% for Class R6 shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, 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 March 31 2019, Funds Distributor received $2,498 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 March 31, 2019.

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.

Notes to financial statements (unaudited) Wells Fargo Enterprise Fund 23

Interfund transactions

The Fund 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 March 31, 2019 were $179,558,372 and $220,278,516, respectively.

6. 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 March 31, 2019, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. 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.

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.

24 Wells Fargo Enterprise 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 wfam.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 wfam.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 (wfam.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.

Other information (unaudited) Wells Fargo Enterprise Fund 25

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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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

26 Wells Fargo Enterprise 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Enterprise Fund 27

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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

28 Wells Fargo Enterprise 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”)

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 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.

• 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.

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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401611 05-19 SA231/SAR231 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Opportunity Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	18
Other information	23
Appendix A	27

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Opportunity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Opportunity Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Opportunity Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Opportunity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ann M. Miletti

Christopher G. Miller, CFA^®‡

Average annual total returns (%) as of March 31, 2019

		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 (SOPVX)	2-24-2000		0.97		6.91		13.89		7.13		8.19		14.57		1.20		1.18
Class C (WFOPX)	3-31-2008		5.35		7.38		13.72		6.35		7.38		13.72		1.95		1.93
Administrator Class (WOFDX)	8-30-2002		–		–		–		7.37		8.41		14.82		1.12		1.00
Institutional Class (WOFNX)3	7-30-2010		–		–		–		7.65		8.69		15.06		0.87		0.75
Russell 3000® Index4	–		–		–		–		8.77		10.36		16.00		–		–

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, wfam.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 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 5.

Performance highlights (unaudited) Wells Fargo Opportunity Fund 5

Ten largest holdings (%) as of March 31, 20195
Alphabet Incorporated Class C	3.88
Salesforce.com Incorporated	3.24
LivaNova plc	2.94
MasterCard Incorporated Class A	2.87
Airbus SE	2.61
Novartis AG ADR	2.53
E*TRADE Financial Corporation	2.42
Texas Instruments Incorporated	2.18
General Motors Company	2.17
Amazon.com Incorporated	2.12

Sector distribution as of March 31, 2019⁶

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

¹  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.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  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.

⁴  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.

⁵  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.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Opportunity 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	986.85	$	5.94		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Class C
Actual	$	1,000.00	$	983.20	$	9.69		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.16	$	9.85		1.96	%
Administrator Class
Actual	$	1,000.00	$	987.83	$	4.96		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Institutional Class
Actual	$	1,000.00	$	989.09	$	3.72		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%

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—March 31, 2019 (unaudited) Wells Fargo Opportunity Fund 7

Security name	Shares		Value
Common Stocks: 97.56%
Communication Services: 7.87%
Interactive Media & Services: 5.88%
Alphabet Incorporated Class C †		56,120	$	65,846,153
Facebook Incorporated Class A †		204,313		34,056,934
				99,903,087
Media: 1.99%
Comcast Corporation Class A		843,479		33,722,290
Consumer Discretionary: 8.51%
Automobiles: 2.17%
General Motors Company		991,201		36,773,557
Hotels, Restaurants & Leisure: 2.05%
Starbucks Corporation		469,156		34,877,057
Internet & Direct Marketing Retail: 2.12%
Amazon.com Incorporated †		20,217		36,001,423
Multiline Retail: 1.51%
Dollar General Corporation		214,545		25,595,219
Specialty Retail: 0.66%
L Brands Incorporated		409,675		11,298,837
Consumer Staples: 2.84%
Beverages: 1.21%
Molson Coors Brewing Company Class B		344,557		20,552,825
Household Products: 1.63%
Church & Dwight Company Incorporated		388,707		27,687,600
Energy: 6.69%
Oil, Gas & Consumable Fuels: 6.69%
Anadarko Petroleum Corporation		394,293		17,932,446
BP plc		459,772		20,101,232
Concho Resources Incorporated		180,636		20,043,371
EOG Resources Incorporated		377,131		35,895,329
Noble Energy Incorporated		796,010		19,685,327
				113,657,705
Financials: 16.57%
Banks: 5.28%
Pinnacle Financial Partners Incorporated		464,458		25,405,853
PNC Financial Services Group Incorporated		280,825		34,445,995
Webster Financial Corporation		587,091		29,747,901
				89,599,749

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

8 Wells Fargo Opportunity Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Capital Markets: 6.11%
E*TRADE Financial Corporation		884,631	$	41,073,417
Intercontinental Exchange Incorporated		433,928		33,039,278
S&P Global Incorporated		140,410		29,563,326
				103,676,021
Insurance: 5.18%
Chubb Limited		227,615		31,884,309
Marsh & McLennan Companies Incorporated		282,139		26,492,852
Willis Towers Watson plc		168,930		29,672,555
				88,049,716
Health Care: 18.03%
Biotechnology: 2.26%
Alexion Pharmaceuticals Incorporated †		101,290		13,692,382
Celgene Corporation †		262,114		24,727,835
				38,420,217
Health Care Equipment & Supplies: 5.73%
LivaNova plc †		512,810		49,870,773
Medtronic plc		289,454		26,363,470
Zimmer Biomet Holdings Incorporated		164,557		21,013,929
				97,248,172
Health Care Providers & Services: 1.12%
Cigna Corporation		117,750		18,936,555
Life Sciences Tools & Services: 5.28%
Agilent Technologies Incorporated		320,396		25,753,430
Bio-Rad Laboratories Incorporated Class A †		111,939		34,217,514
Thermo Fisher Scientific Incorporated		108,649		29,739,404
				89,710,348
Pharmaceuticals: 3.64%
Mylan NV †		660,731		18,725,117
Novartis AG ADR		447,325		43,005,826
				61,730,943
Industrials: 11.40%
Aerospace & Defense: 4.25%
Airbus SE		335,122		44,321,345
Safran SA		203,303		27,879,748
				72,201,093
Airlines: 1.75%
Alaska Air Group Incorporated		229,818		12,897,386
Delta Air Lines Incorporated		324,008		16,735,013
				29,632,399

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Opportunity Fund 9

Security name	Shares		Value
Building Products: 1.47%
Fortune Brands Home & Security Incorporated		524,129	$	24,953,782
Commercial Services & Supplies: 1.33%
Republic Services Incorporated		281,214		22,603,981
Machinery: 2.60%
Gardner Denver Holdings Incorporated †		807,512		22,456,909
ITT Incorporated		374,584		21,725,872
				44,182,781
Information Technology: 18.08%
Electronic Equipment, Instruments & Components: 1.69%
Amphenol Corporation Class A		303,094		28,624,197
IT Services: 4.44%
Fidelity National Information Services Incorporated		235,920		26,682,552
MasterCard Incorporated Class A		206,804		48,692,002
				75,374,554
Semiconductors & Semiconductor Equipment: 3.67%
Marvell Technology Group Limited		1,271,335		25,286,853
Texas Instruments Incorporated		349,273		37,047,387
				62,334,240
Software: 6.28%
Oracle Corporation		648,262		34,818,152
Proofpoint Incorporated †		139,232		16,906,942
Salesforce.com Incorporated †		347,287		54,999,842
				106,724,936
Technology Hardware, Storage & Peripherals: 2.00%
Apple Incorporated		178,460		33,898,477
Materials: 4.13%
Chemicals: 1.84%
The Sherwin-Williams Company		72,422		31,192,880
Metals & Mining: 2.29%
Royal Gold Incorporated		189,576		17,238,146
Steel Dynamics Incorporated		616,762		21,753,196
				38,991,342
Real Estate: 3.44%
Equity REITs: 3.44%
American Tower Corporation		147,982		29,161,333
Equinix Incorporated		64,562		29,256,916
				58,418,249
Total Common Stocks (Cost $1,181,856,867)				1,656,574,232

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

10 Wells Fargo Opportunity Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 2.48%
Investment Companies: 2.48%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38	%		42,049,586	$	42,049,586
Total Short-Term Investments (Cost $42,049,586)							42,049,586

Total investments in securities (Cost $1,223,906,453)	100.04	%		1,698,623,818
Other assets and liabilities, net	(0.04	)		(723,563	)
Total net assets	100.00	%	$	1,697,900,255

† Non-income-earning security

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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)		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*		0		9,971,753		9,971,753		0	$	0	$	0	$	2,731	$	0
Wells Fargo Government Money Market Fund Select Class		15,041,392		201,393,964		174,385,770		42,049,586		0		0		271,217		42,049,586
									$	0	$	0	$	273,948	$	42,049,586		2.48	%

* No longer held at the end of the period.

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

Statement of assets and liabilities—March 31, 2019 (unaudited) Wells Fargo Opportunity Fund 11

Assets
Investments in unaffiliated securities, at value (cost $1,181,856,867)	$	1,656,574,232
Investments in affiliated securities, at value (cost $42,049,586)		42,049,586
Receivable for investments sold		11,781,979
Receivable for Fund shares sold		81,113
Receivable for dividends		1,657,406
Prepaid expenses and other assets		36,787
Total assets		1,712,181,103
Liabilities
Payable for investments purchased		11,580,615
Management fee payable		969,544
Payable for Fund shares redeemed		853,276
Administration fees payable		283,426
Distribution fee payable		2,942
Trustees’ fees and expenses payable		1,044
Accrued expenses and other liabilities		590,001
Total liabilities		14,280,848
Total net assets	$	1,697,900,255
NET ASSETS CONSIST OF
Paid-in capital	$	1,180,585,217
Total distributable earnings		517,315,038
Total net assets	$	1,697,900,255
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,443,779,406
Shares outstanding – Class A1		35,472,982
Net asset value per share – Class A		$40.70
Maximum offering price per share – Class A2		$43.18
Net assets – Class C	$	4,565,629
Shares outstanding – Class C1		121,099
Net asset value per share – Class C		$37.70
Net assets – Administrator Class	$	224,850,739
Shares outstanding – Administrator Class1		5,011,149
Net asset value per share – Administrator Class		$44.87
Net assets – Institutional Class	$	24,704,481
Shares outstanding – Institutional Class1		539,570
Net asset value per share – Institutional Class		$45.79

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 Opportunity Fund Statement of operations—six months ended March 31, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $192,526)	$	10,924,664
Income from affiliated securities		271,718
Total investment income		11,196,382
Expenses
Management fee		5,977,193
Administration fees
Class A		1,457,392
Class C		21,892
Administrator Class		142,614
Institutional Class		16,963
Shareholder servicing fees
Class A		1,734,991
Class C		26,061
Administrator Class		272,826
Distribution fee
Class C		78,185
Custody and accounting fees		47,420
Professional fees		25,839
Registration fees		44,727
Shareholder report expenses		78,424
Trustees’ fees and expenses		10,969
Other fees and expenses		19,622
Total expenses		9,955,118
Less: Fee waivers and/or expense reimbursements		(233,129	)
Net expenses		9,721,989
Net investment income		1,474,393
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		44,027,010
Net change in unrealized gains (losses) on investments		(76,376,870	)
Net realized and unrealized gains (losses) on investments		(32,349,860	)
Net decrease in net assets resulting from operations	$	(30,875,467	)

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

Statement of changes in net assets Wells Fargo Opportunity Fund 13

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	1,474,393					$	167,228
Net realized gains on investments					44,027,010						178,981,131
Net change in unrealized gains (losses) on investments					(76,376,870	)					78,123,312
Net increase (decrease) in net assets resulting from operations					(30,875,467	)					257,271,671
Distributions to shareholders from net investment income and net realized gains
Class A					(148,689,321	)					(187,514,177	)
Class C					(3,194,912	)					(4,256,830	)
Administrator Class					(21,792,735	)					(27,907,658	)
Institutional Class					(2,724,775	)					(3,553,387	)
Total distributions to shareholders					(176,401,743	)					(223,232,052	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		795,444			31,441,780			321,107			14,237,392
Class C		8,893			329,946			7,752			322,067
Administrator Class		29,206			1,297,360			81,574			3,929,312
Institutional Class		89,963			4,058,454			160,930			7,973,373
					37,127,540						26,462,144
Reinvestment of distributions
Class A		3,891,147			144,750,656			4,280,718			182,109,847
Class C		91,007			3,143,382			104,852			4,191,994
Administrator Class		504,265			20,669,150			566,744			26,279,904
Institutional Class		58,962			2,469,867			69,002			3,263,351
					171,033,055						215,845,096
Payment for shares redeemed
Class A		(2,224,574	)		(87,813,530	)		(3,871,565	)		(173,423,798	)
Class C		(701,354	)		(25,495,961	)		(150,655	)		(6,331,672	)
Administrator Class		(356,101	)		(15,467,498	)		(614,100	)		(29,945,551	)
Institutional Class		(183,403	)		(8,111,208	)		(246,531	)		(12,279,582	)
					(136,888,197	)					(221,980,603	)
Net increase in net assets resulting from capital share transactions					71,272,398						20,326,637
Total increase (decrease) in net assets					(136,004,812	)					54,366,256
Net assets
Beginning of period					1,833,905,067						1,779,538,811
End of period				$	1,697,900,255					$	1,833,905,067

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

14 Wells Fargo Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$46.31			$45.83			$41.86			$43.35			$49.56			$46.23
Net investment income (loss)		0.03			(0.01	)1		0.04			0.13	1		0.64			(0.07	)
Net realized and unrealized gains (losses) on investments		(1.06	)		6.41			6.60			4.72			(1.52	)		6.46
Total from investment operations		(1.03	)		6.40			6.64			4.85			(0.88	)		6.39
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.13	)		(0.57	)		0.00			0.00
Net realized gains		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)
Total distributions to shareholders		(4.58	)		(5.92	)		(2.67	)		(6.34	)		(5.33	)		(3.06	)
Net asset value, end of period		$40.70			$46.31			$45.83			$41.86			$43.35			$49.56
Total return2		(1.31	)%		15.16	%		16.49	%		12.46	%		(2.27	)%		14.35	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.20	%		1.21	%		1.21	%		1.24	%		1.26	%
Net expenses		1.20	%		1.20	%		1.21	%		1.21	%		1.22	%		1.22	%
Net investment income (loss)		0.16	%		(0.01	)%		0.11	%		0.33	%		1.30	%		(0.13	)%
Supplemental data
Portfolio turnover rate		13	%		30	%		43	%		34	%		42	%		32	%
Net assets, end of period (000s omitted)		$1,443,779			$1,528,852			$1,479,457			$1,418,614			$390,154			$442,840

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.

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

Financial highlights Wells Fargo Opportunity Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$43.43			$43.46			$39.99			$41.60			$48.10			$45.27
Net investment income (loss)		(0.14	)1		(0.43	)		(0.26	)1		(0.16	)1		0.26			(0.42	)1
Net realized and unrealized gains (losses) on investments		(1.01	)		6.15			6.27			4.51			(1.43	)		6.31
Total from investment operations		(1.15	)		5.72			6.01			4.35			(1.17	)		5.89
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.19	)		0.00			0.00
Net realized gains		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)
Total distributions to shareholders		(4.58	)		(5.75	)		(2.54	)		(5.96	)		(5.33	)		(3.06	)
Net asset value, end of period		$37.70			$43.43			$43.46			$39.99			$41.60			$48.10
Total return2		(1.68	)%		14.31	%		15.62	%		11.62	%		(3.01	)%		13.48	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.96	%		1.96	%		1.99	%		2.01	%
Net expenses		1.96	%		1.95	%		1.96	%		1.96	%		1.97	%		1.97	%
Net investment income (loss)		(0.74	)%		(0.76	)%		(0.64	)%		(0.40	)%		0.55	%		(0.88	)%
Supplemental data
Portfolio turnover rate		13	%		30	%		43	%		34	%		42	%		32	%
Net assets, end of period (000s omitted)		$4,566			$31,381			$33,057			$34,721			$37,196			$42,940

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.

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

16 Wells Fargo Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.50			$49.45			$44.93			$46.11			$52.27			$48.50
Net investment income		0.08	1		0.07			0.15	1		0.24	1		0.79			0.08
Net realized and unrealized gains (losses) on investments		(1.12	)		6.97			7.09			5.04			(1.62	)		6.75
Total from investment operations		(1.04	)		7.04			7.24			5.28			(0.83	)		6.83
Distributions to shareholders from
Net investment income		(0.01	)		(0.24	)		(0.18	)		(0.69	)		0.00			0.00
Net realized gains		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)
Total distributions to shareholders		(4.59	)		(5.99	)		(2.72	)		(6.46	)		(5.33	)		(3.06	)
Net asset value, end of period		$44.87			$50.50			$49.45			$44.93			$46.11			$52.27
Total return2		(1.22	)%		15.38	%		16.74	%		12.68	%		(2.04	)%		14.60	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.12	%		1.13	%		1.13	%		1.10	%		1.10	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.35	%		0.19	%		0.31	%		0.56	%		1.52	%		0.09	%
Supplemental data
Portfolio turnover rate		13	%		30	%		43	%		34	%		42	%		32	%
Net assets, end of period (000s omitted)		$224,851			$244,110			$237,315			$226,140			$223,281			$253,121

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Opportunity Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$51.50			$50.30			$45.63			$46.76			$52.82			$48.86
Net investment income		0.13	1		0.22			0.22	1		0.35	1		0.92	1		0.19	1
Net realized and unrealized gains (losses) on investments		(1.14	)		7.08			7.25			5.12			(1.65	)		6.83
Total from investment operations		(1.01	)		7.30			7.47			5.47			(0.73	)		7.02
Distributions to shareholders from
Net investment income		(0.12	)		(0.35	)		(0.26	)		(0.83	)		0.00			0.00
Net realized gains		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)		(3.06	)
Total distributions to shareholders		(4.70	)		(6.10	)		(2.80	)		(6.60	)		(5.33	)		(3.06	)
Net asset value, end of period		$45.79			$51.50			$50.30			$45.63			$46.76			$52.82
Total return2		(1.09	)%		15.69	%		17.02	%		12.97	%		(1.81	)%		14.89	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.87	%		0.88	%		0.88	%		0.83	%		0.83	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		0.59	%		0.44	%		0.47	%		0.79	%		1.79	%		0.36	%
Supplemental data
Portfolio turnover rate		13	%		30	%		43	%		34	%		42	%		32	%
Net assets, end of period (000s omitted)		$24,704			$29,562			$29,709			$17,222			$11,906			$29,335

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Opportunity Fund 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 Wells Fargo Opportunity Fund (the “Fund”) 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 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.

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“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 March 31, 2019, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in

Notes to financial statements (unaudited) Wells Fargo Opportunity Fund 19

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.

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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 (net of fees and rebates), 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.

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $1,222,435,014 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	525,707,749
Gross unrealized losses		(49,518,945	)
Net unrealized gains	$	476,188,804

20 Wells Fargo Opportunity Fund Notes to financial statements (unaudited)

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

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 March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	133,625,377	$	0	$	0	$	133,625,377
Consumer discretionary		144,546,093		0		0		144,546,093
Consumer staple		48,240,425		0		0		48,240,425
Energy		113,657,705		0		0		113,657,705
Financials		281,325,486		0		0		281,325,486
Health care		306,046,235		0		0		306,046,235
Industrials		193,574,036		0		0		193,574,036
Information technology		306,956,404		0		0		306,956,404
Materials		70,184,222		0		0		70,184,222
Real estate		58,418,249		0		0		58,418,249
Short-term investments
Investment companies		42,049,586		0		0		42,049,586
Total assets	$	1,698,623,818	$	0	$	0	$	1,698,623,818

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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

Notes to financial statements (unaudited) Wells Fargo Opportunity Fund 21

connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Next $2 billion		0.630
Next $4 billion		0.620
Over $16 billion		0.610

Prior to January 31, 2019, the management fee rate was as follows:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

For the six months ended March 31, 2019, the management fee was equivalent to an annual rate of 0.72% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

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, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class C shares, 1.00% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment

22 Wells Fargo Opportunity Fund Notes to financial statements (unaudited)

expiration date, 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 February 1, 2019, the Fund’s expenses were capped at 1.21% for Class A shares and 1.96% 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 March 31, 2019, Funds Distributor received $2,113 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 March 31, 2019.

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.

Interfund transactions

The Fund 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 March 31, 2019 were $215,823,976 and $347,823,790, respectively.

6. 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 March 31, 2019, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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 Opportunity 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 wfam.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 wfam.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 (wfam.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 Opportunity 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 Opportunity 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Opportunity 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Opportunity 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 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.

• 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.

This page is intentionally left blank.

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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401612 05-19 SA232/SAR232 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo Special Mid Cap Value Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	20
Other information	25
Appendix A	29

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Special Mid Cap Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Special Mid Cap Value Fund for the six-month period that ended March 31, 2019. Concerns about interest rate increases in the U.S., trade tensions, and geopolitical events drove equity losses and restrained bond returns during the fourth quarter of 2018. Investor sentiment improved during the first quarter of 2019 thanks to a shift in U.S. Federal Reserve (Fed) policy and consistent, if not spectacular, economic and business growth metrics.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ lost 1.72% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 2.33%. Based on the MSCI EM Index (Net),³ emerging market stocks added 1.71%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 4.63% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 2.44%. The Bloomberg Barclays Municipal Bond Index⁶ added 4.63%, and the ICE BofAML U.S. High Yield Index⁷ gained 2.39%.

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

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.

²  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.

³  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 2019. ICE Data Indices, LLC. All rights reserved.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Special Mid Cap Value Fund 3

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low. Businesses and investors responded positively to the shift in policy.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 gross domestic product grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, remained consistent. Inflation rates were relatively low in the U.S., Europe, and Japan. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

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.

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,

Andrew Owen

President

Wells Fargo Funds

January’s returns tended to support the investing adage that markets climb a wall of worry.

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

4 Wells Fargo Special Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA^®‡

Bryant VanCronkhite, CFA^®‡, CPA

Shane Zweck, CFA^®‡*

Average annual total returns (%) as of March 31, 2019

		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 (WFPAX)	7-31-2007		-2.67		5.85		14.47		3.27		7.11		15.15		1.16		1.16
Class C (WFPCX)	7-31-2007		1.49		6.31		14.30		2.49		6.31		14.30		1.91		1.91
Class R (WFHHX)3	9-30-2015		–		–		–		3.01		6.84		14.89		1.41		1.41
Class R6 (WFPRX)4	6-28-2013		–		–		–		3.72		7.58		15.65		0.73		0.73
Administrator Class (WFMDX)	4-8-2005		–		–		–		3.34		7.22		15.28		1.08		1.08
Institutional Class (WFMIX)	4-8-2005		–		–		–		3.61		7.49		15.59		0.83		0.83
Russell Midcap® Value Index5	–		–		–		–		2.89		7.22		16.39		–		–

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, wfam.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 salescharge assumes the sales charge for the corresponding time period. Class R, 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. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Special Mid Cap Value Fund 5

Ten largest holdings (%) as of March 31, 20196
Ameren Corporation	2.95
Jacobs Engineering Group Incorporated	2.79
American Electric Power Company Incorporated	2.74
Kansas City Southern	2.74
Brown & Brown Incorporated	2.71
American Water Works Company Incorporated	2.69
Molson Coors Brewing Company Class B	2.45
Fidelity National Information Services Incorporated	2.43
Republic Services Incorporated	2.41
Sealed Air Corporation	2.22

Sector distribution as of March 31, 2019⁷

* Mr. Zweck became a portfolio manager of the Fund on February 1, 2019.

¹  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, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares.

⁴  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, the returns for Class R6 shares would be higher.

⁵  The Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. 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 investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Special Mid Cap Value 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 October 1, 2018 to March 31, 2019.

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 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	998.90	$	5.73		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Class C
Actual	$	1,000.00	$	995.06	$	9.45		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Class R
Actual	$	1,000.00	$	997.65	$	6.97		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.04		1.40	%
Class R6
Actual	$	1,000.00	$	1,000.96	$	3.59		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.34	$	3.63		0.72	%
Administrator Class
Actual	$	1,000.00	$	999.11	$	5.33		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.39		1.07	%
Institutional Class
Actual	$	1,000.00	$	1,000.63	$	4.09		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.84	$	4.13		0.82	%

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—March 31, 2019 (unaudited) Wells Fargo Special Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 96.18%
Consumer Discretionary: 6.60%
Auto Components: 1.04%
Aptiv plc		1,042,700	$	82,884,223
Hotels, Restaurants & Leisure: 1.90%
The Wendy’s Company		5,983,200		107,039,448
Vail Resorts Incorporated		207,900		45,176,670
				152,216,118
Household Durables: 2.12%
D.R. Horton Incorporated		1,491,900		61,734,822
Mohawk Industries Incorporated †		859,400		108,413,310
				170,148,132
Multiline Retail: 1.54%
Kohl’s Corporation		1,799,400		123,744,738
Consumer Staples: 3.58%
Beverages: 2.45%
Molson Coors Brewing Company Class B		3,294,076		196,491,633
Household Products: 1.13%
Church & Dwight Company Incorporated		530,000		37,751,900
Spectrum Brands Holdings Incorporated		954,840		52,306,135
				90,058,035
Energy: 6.21%
Energy Equipment & Services: 2.02%
Baker Hughes Incorporated		1,660,200		46,020,744
National Oilwell Varco Incorporated		2,062,500		54,945,000
Patterson-UTI Energy Incorporated		4,312,900		60,466,858
				161,432,602
Oil, Gas & Consumable Fuels: 4.19%
Anadarko Petroleum Corporation		2,047,500		93,120,300
Cimarex Energy Company		1,514,400		105,856,560
Hess Corporation		1,446,300		87,110,649
Valero Energy Corporation		195,500		16,584,265
WPX Energy Incorporated †		2,547,900		33,402,969
				336,074,743
Financials: 18.08%
Banks: 4.04%
Fifth Third Bancorp		3,250,200		81,970,044
PacWest Bancorp		2,669,007		100,381,353
Regions Financial Corporation		5,535,300		78,324,495
Zions Bancorporation		1,390,900		63,160,769
				323,836,661

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

8 Wells Fargo Special Mid Cap Value Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Shares		Value
Capital Markets: 1.05%
Northern Trust Corporation		934,300	$	84,470,063
Insurance: 11.74%
Arch Capital Group Limited †		5,227,108		168,940,131
Brown & Brown Incorporated		7,347,300		216,818,823
Fidelity National Financial Incorporated		4,197,714		153,426,447
Loews Corporation		3,358,000		160,948,940
The Allstate Corporation		1,737,900		163,675,422
Willis Towers Watson plc		437,300		76,811,745
				940,621,508
Mortgage REITs: 1.25%
Annaly Capital Management Incorporated		10,019,900		100,098,801
Health Care: 8.91%
Health Care Equipment & Supplies: 4.51%
Steris plc		641,900		82,182,457
Varian Medical Systems Incorporated †		1,043,700		147,913,164
Zimmer Biomet Holdings Incorporated		1,030,000		131,531,000
				361,626,621
Health Care Providers & Services: 3.14%
AmerisourceBergen Corporation		593,500		47,195,120
Humana Incorporated		508,900		135,367,400
Universal Health Services Incorporated Class B		512,100		68,503,617
				251,066,137
Life Sciences Tools & Services: 1.26%
Charles River Laboratories International Incorporated †		696,200		101,123,050
Industrials: 17.35%
Aerospace & Defense: 1.88%
Harris Corporation		943,200		150,638,472
Building Products: 1.44%
Owens Corning Incorporated		2,450,230		115,454,838
Commercial Services & Supplies: 3.41%
Republic Services Incorporated		2,405,475		193,352,081
Stericycle Incorporated †		1,472,100		80,111,682
				273,463,763
Construction & Engineering: 2.79%
Jacobs Engineering Group Incorporated		2,977,943		223,911,534
Electrical Equipment: 0.64%
Acuity Brands Incorporated		427,100		51,256,271

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Special Mid Cap Value Fund 9

Security name	Shares		Value
Industrial Conglomerates: 1.65%
Carlisle Companies Incorporated		1,076,800	$	132,037,216
Machinery: 2.41%
Cummins Incorporated		589,900		93,127,513
Stanley Black & Decker Incorporated		736,100		100,234,737
				193,362,250
Road & Rail: 2.74%
Kansas City Southern		1,889,600		219,155,808
Trading Companies & Distributors: 0.39%
AerCap Holdings NV †		663,400		30,874,636
Information Technology: 9.97%
IT Services: 7.13%
Amdocs Limited		3,273,700		177,139,907
Euronet Worldwide Incorporated †		1,038,100		148,022,679
Fidelity National Information Services Incorporated		1,725,100		195,108,810
Leidos Holdings Incorporated		795,800		51,002,822
				571,274,218
Semiconductors & Semiconductor Equipment: 0.62%
Analog Devices Incorporated		472,000		49,687,440
Software: 0.72%
Check Point Software Technologies Limited †		456,400		57,730,036
Technology Hardware, Storage & Peripherals: 1.50%
NCR Corporation †		4,403,820		120,180,248
Materials: 8.90%
Chemicals: 2.04%
PPG Industries Incorporated		1,447,100		163,334,177
Construction Materials: 1.40%
Eagle Materials Incorporated		1,328,200		111,967,260
Containers & Packaging: 5.46%
International Paper Company		2,521,200		116,655,924
Packaging Corporation of America		1,440,913		143,197,934
Sealed Air Corporation		3,864,800		178,012,688
				437,866,546
Real Estate: 7.05%
Equity REITs: 4.87%
American Campus Communities Incorporated		3,002,985		142,882,026
Invitation Homes Incorporated		5,615,428		136,623,363
Mid-America Apartment Communities Incorporated		1,009,700		110,390,501
				389,895,890

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

10 Wells Fargo Special Mid Cap Value Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name				Shares		Value
Real Estate Management & Development: 2.18%
CBRE Group Incorporated Class A †					3,541,700	$	175,137,065
Utilities: 9.53%
Electric Utilities: 3.89%
American Electric Power Company Incorporated					2,619,960		219,421,650
FirstEnergy Corporation					2,206,900		91,829,109
							311,250,759
Multi-Utilities: 2.95%
Ameren Corporation					3,217,950		236,680,223
Water Utilities: 2.69%
American Water Works Company Incorporated					2,070,300		215,849,478
Total Common Stocks (Cost $6,608,174,485)							7,706,901,193
	Yield
Short-Term Investments: 3.45%
Investment Companies: 3.45%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.38	%		276,076,123		276,076,123
Total Short-Term Investments (Cost $276,076,123)							276,076,123

Total investments in securities (Cost $6,884,250,608)	99.63	%		7,982,977,316
Other assets and liabilities, net	0.37			30,027,769
Total net assets	100.00	%	$	8,013,005,085

† Non-income-earning security

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

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

Abbreviations:

REIT Real estate investment trust

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 affiliates 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)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		183,466,427		905,487,518		812,877,822		276,076,123	$	0	$	0	$	2,714,804	$	276,076,123		3.45	%

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

Statement of assets and liabilities—March 31, 2019 (unaudited) Wells Fargo Special Mid Cap Value Fund 11

Assets
Investments in unaffiliated securities, at value (cost $6,608,174,485)	$	7,706,901,193
Investments in affiliated securities, at value (cost $276,076,123)		276,076,123
Receivable for investments sold		29,370,882
Receivable for Fund shares sold		11,672,477
Receivable for dividends		13,083,503
Prepaid expenses and other assets		4,340
Total assets		8,037,108,518
Liabilities
Payable for Fund shares redeemed		8,703,639
Payable for investments purchased		8,548,804
Management fee payable		4,529,927
Administration fees payable		822,970
Distribution fees payable		99,509
Trustees’ fees and expenses payable		2,137
Accrued expenses and other liabilities		1,396,447
Total liabilities		24,103,433
Total net assets	$	8,013,005,085
NET ASSETS CONSIST OF
Paid-in capital	$	6,888,770,612
Total distributable earnings		1,124,234,473
Total net assets	$	8,013,005,085
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	955,779,868
Shares outstanding – Class A1		26,031,566
Net asset value per share – Class A		$36.72
Maximum offering price per share – Class A²		$38.96
Net assets – Class C	$	146,602,802
Shares outstanding – Class C1		4,164,613
Net asset value per share – Class C		$35.20
Net assets – Class R	$	28,421,215
Shares outstanding – Class R1		764,063
Net asset value per share – Class R		$37.20
Net assets – Class R6	$	1,595,319,806
Shares outstanding – Class R61		42,337,005
Net asset value per share – Class R6		$37.68
Net assets – Administrator Class	$	672,846,056
Shares outstanding – Administrator Class1		18,003,229
Net asset value per share – Administrator Class		$37.37
Net assets – Institutional Class	$	4,614,035,338
Shares outstanding – Institutional Class1		122,558,230
Net asset value per share – Institutional Class		$37.65

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 Special Mid Cap Value Fund Statement of operations—six months ended March 31, 2019 (unaudited)

Investment income
Dividends	$	71,664,712
Income from affiliated securities		2,714,804
Total investment income		74,379,516
Expenses
Management fee		26,340,888
Administration fees
Class A		987,713
Class C		158,739
Class R		27,445
Class R6		216,349
Administrator Class		504,556
Institutional Class		2,941,178
Shareholder servicing fees
Class A		1,175,849
Class C		188,975
Class R		32,672
Administrator Class		968,541
Distribution fees
Class C		566,925
Class R		32,672
Custody and accounting fees		132,689
Professional fees		22,433
Registration fees		236,986
Shareholder report expenses		467,100
Trustees’ fees and expenses		10,969
Other fees and expenses		44,877
Total expenses		35,057,556
Less: Fee waivers and/or expense reimbursements		(564	)
Net expenses		35,056,992
Net investment income		39,322,524
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		20,919,574
Net change in unrealized gains (losses) on investments		(107,983,286	)
Net realized and unrealized gains (losses) on investments		(87,063,712	)
Net decrease in net assets resulting from operations	$	(47,741,188	)

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

Statement of changes in net assets Wells Fargo Special Mid Cap Value Fund 13

	Six months ended March 31, 2019 (unaudited)						Year ended September 30, 2018
Operations
Net investment income				$	39,322,524					$	55,406,539
Net realized gains on investments					20,919,574						170,032,209
Net change in unrealized gains (losses) on investments					(107,983,286	)					160,007,260
Net increase (decrease) in net assets resulting from operations					(47,741,188	)					385,446,008
Distributions to shareholders from net investment income and net realized gains
Class A					(20,592,515	)					(44,792,710	)
Class C					(2,703,167	)					(7,147,489	)
Class R					(562,316	)					(758,370	)
Class R6					(36,838,837	)					(46,138,407	)
Administrator Class					(17,454,931	)					(48,230,988	)
Institutional Class					(114,026,310	)					(209,509,970	)
Total distributions to shareholders					(192,178,076	)					(356,577,934	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,939,979			101,560,667			8,052,054			299,880,019
Class C		218,238			7,231,179			955,547			34,325,290
Class R		205,779			7,323,421			449,380			17,074,096
Class R6		7,166,460			255,623,165			21,764,043			834,124,233
Administrator Class		1,582,297			55,435,671			9,533,075			364,176,209
Institutional Class		19,753,494			707,959,593			44,252,567			1,696,256,312
					1,135,133,696						3,245,836,159
Reinvestment of distributions
Class A		578,559			19,307,072			1,134,296			42,153,674
Class C		79,941			2,563,693			190,448			6,787,622
Class R		16,602			561,690			20,056			757,010
Class R6		1,023,710			35,011,870			1,188,583			45,410,964
Administrator Class		512,565			17,408,508			1,273,292			48,143,405
Institutional Class		3,085,272			105,464,480			5,050,159			192,715,031
					180,317,313						335,967,706
Payment for shares redeemed
Class A		(5,120,798	)		(177,454,762	)		(10,111,787	)		(376,581,084	)
Class C		(987,925	)		(32,620,885	)		(1,618,894	)		(57,851,833	)
Class R		(103,578	)		(3,633,745	)		(205,099	)		(7,778,102	)
Class R6		(4,485,740	)		(158,801,474	)		(7,858,969	)		(300,909,538	)
Administrator Class		(9,679,939	)		(339,289,832	)		(15,565,814	)		(589,131,375	)
Institutional Class		(28,174,434	)		(999,079,050	)		(40,848,909	)		(1,566,068,850	)
					(1,710,879,748	)					(2,898,320,782	)
Net increase (decrease) in net assets resulting from capital share transactions					(395,428,739	)					683,483,083
Total increase (decrease) in net assets					(635,348,003	)					712,351,157
Net assets
Beginning of period					8,648,353,088						7,936,001,931
End of period				$	8,013,005,085					$	8,648,353,088

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

14 Wells Fargo Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$37.59			$37.49			$33.12			$29.91			$32.68			$30.36
Net investment income		0.14			0.15			0.33			0.19			0.25			0.12	1
Net realized and unrealized gains (losses) on investments		(0.26	)		1.50			4.42			4.23			0.07			4.47
Total from investment operations		(0.12	)		1.65			4.75			4.42			0.32			4.59
Distributions to shareholders from
Net investment income		(0.17	)		(0.23	)		(0.19	)		(0.08	)		(0.18	)		(0.09	)
Net realized gains		(0.58	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)
Total distributions to shareholders		(0.75	)		(1.55	)		(0.38	)		(1.21	)		(3.09	)		(2.27	)
Net asset value, end of period		$36.72			$37.59			$37.49			$33.12			$29.91			$32.68
Total return2		(0.11	)%		4.50	%		14.41	%		15.34	%		0.69	%		15.70	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.15	%		1.18	%		1.19	%		1.25	%		1.28	%
Net expenses		1.15	%		1.15	%		1.18	%		1.19	%		1.24	%		1.25	%
Net investment income		0.74	%		0.40	%		0.78	%		0.82	%		0.85	%		0.38	%
Supplemental data
Portfolio turnover rate		12	%		37	%		46	%		30	%		58	%		58	%
Net assets, end of period (000s omitted)		$955,780			$1,038,883			$1,070,690			$1,363,213			$509,386			$110,219

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.

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

Financial highlights Wells Fargo Special Mid Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$36.02			$36.03			$31.91			$29.00			$31.82			$29.73
Net investment income (loss)		(0.03	)		(0.14	)		0.06			0.03			0.02	1		(0.04	)
Net realized and unrealized gains (losses) on investments		(0.21	)		1.46			4.26			4.02			0.07			4.31
Total from investment operations		(0.24	)		1.32			4.32			4.05			0.09			4.27
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.01	)		(0.01	)		0.00			0.00
Net realized gains		(0.58	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)
Total distributions to shareholders		(0.58	)		(1.33	)		(0.20	)		(1.14	)		(2.91	)		(2.18	)
Net asset value, end of period		$35.20			$36.02			$36.03			$31.91			$29.00			$31.82
Total return2		(0.49	)%		3.72	%		13.56	%		14.47	%		(0.05	)%		14.86	%
Ratios to average net assets (annualized)
Gross expenses		1.90	%		1.90	%		1.92	%		1.94	%		2.00	%		2.03	%
Net expenses		1.90	%		1.90	%		1.92	%		1.94	%		1.99	%		2.00	%
Net investment income (loss)		(0.03	)%		(0.35	)%		0.14	%		0.03	%		0.08	%		(0.38	)%
Supplemental data
Portfolio turnover rate		12	%		37	%		46	%		30	%		58	%		58	%
Net assets, end of period (000s omitted)		$146,603			$174,839			$191,954			$116,022			$63,431			$29,217

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.

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

16 Wells Fargo Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS R				2018			2017			2016			2015¹
Net asset value, beginning of period		$38.09			$38.08			$33.78			$30.70			$30.70
Net investment income		0.10			0.09			0.32			0.12	2		0.00
Net realized and unrealized gains (losses) on investments		(0.27	)		1.49			4.43			4.32			0.00
Total from investment operations		(0.17	)		1.58			4.75			4.44			0.00
Distributions to shareholders from
Net investment income		(0.14	)		(0.25	)		(0.26	)		(0.23	)		0.00
Net realized gains		(0.58	)		(1.32	)		(0.19	)		(1.13	)		0.00
Total distributions to shareholders		(0.72	)		(1.57	)		(0.45	)		(1.36	)		0.00
Net asset value, end of period		$37.20			$38.09			$38.08			$33.78			$30.70
Total return3		(0.23	)%		4.23	%		14.13	%		15.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.40	%		1.42	%		1.44	%		0.00	%
Net expenses		1.40	%		1.40	%		1.42	%		1.44	%		0.00	%
Net investment income		0.53	%		0.18	%		0.77	%		0.37	%		0.00	%
Supplemental data
Portfolio turnover rate		12	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$28,421			$24,575			$14,505			$1,778			$25

¹  The class commenced operations on September 30, 2015. Information represents activity for the one day of operation.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Special Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.67			$38.52			$34.03			$30.71			$33.39			$30.90
Net investment income		0.21			0.32	1		0.50	1		0.38	1		0.41	1		0.41	1
Net realized and unrealized gains (losses) on investments		(0.28	)		1.55			4.53			4.30			0.05			4.43
Total from investment operations		(0.07	)		1.87			5.03			4.68			0.46			4.84
Distributions to shareholders from
Net investment income		(0.34	)		(0.40	)		(0.35	)		(0.23	)		(0.23	)		(0.17	)
Net realized gains		(0.58	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)
Total distributions to shareholders		(0.92	)		(1.72	)		(0.54	)		(1.36	)		(3.14	)		(2.35	)
Net asset value, end of period		$37.68			$38.67			$38.52			$34.03			$30.71			$33.39
Total return2		0.10	%		4.95	%		14.88	%		15.84	%		1.14	%		16.29	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.72	%		0.74	%		0.76	%		0.79	%		0.80	%
Net expenses		0.72	%		0.72	%		0.74	%		0.76	%		0.79	%		0.80	%
Net investment income		1.19	%		0.85	%		1.37	%		1.21	%		1.26	%		1.22	%
Supplemental data
Portfolio turnover rate		12	%		37	%		46	%		30	%		58	%		58	%
Net assets, end of period (000s omitted)		$1,595,320			$1,493,787			$906,784			$374,557			$105,973			$4,013

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.23			$38.12			$33.67			$30.45			$33.14			$30.71
Net investment income		0.14	1		0.18	1		0.34	1		0.26			0.31	1		0.15
Net realized and unrealized gains (losses) on investments		(0.25	)		1.52			4.52			4.26			0.05			4.55
Total from investment operations		(0.11	)		1.70			4.86			4.52			0.36			4.70
Distributions to shareholders from
Net investment income		(0.17	)		(0.27	)		(0.22	)		(0.17	)		(0.14	)		(0.09	)
Net realized gains		(0.58	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)
Total distributions to shareholders		(0.75	)		(1.59	)		(0.41	)		(1.30	)		(3.05	)		(2.27	)
Net asset value, end of period		$37.37			$38.23			$38.12			$33.67			$30.45			$33.14
Total return2		(0.09	)%		4.58	%		14.50	%		15.42	%		0.84	%		15.89	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.07	%		1.09	%		1.10	%		1.12	%		1.12	%
Net expenses		1.07	%		1.07	%		1.09	%		1.10	%		1.11	%		1.12	%
Net investment income		0.77	%		0.47	%		0.95	%		0.88	%		0.95	%		0.48	%
Supplemental data
Portfolio turnover rate		12	%		37	%		46	%		30	%		58	%		58	%
Net assets, end of period (000s omitted)		$672,846			$978,368			$1,156,796			$834,134			$394,188			$187,968

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Special Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended March 31, 2019 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$38.61			$38.47			$34.00			$30.70			$33.38			$30.91
Net investment income		0.19			0.26			0.41			0.35	1		0.41	1		0.24
Net realized and unrealized gains (losses) on investments		(0.27	)		1.56			4.58			4.29			0.04			4.57
Total from investment operations		(0.08	)		1.82			4.99			4.64			0.45			4.81
Distributions to shareholders from
Net investment income		(0.30	)		(0.36	)		(0.33	)		(0.21	)		(0.22	)		(0.16	)
Net realized gains		(0.58	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)		(2.18	)
Total distributions to shareholders		(0.88	)		(1.68	)		(0.52	)		(1.34	)		(3.13	)		(2.34	)
Net asset value, end of period		$37.65			$38.61			$38.47			$34.00			$30.70			$33.38
Total return2		0.06	%		4.84	%		14.76	%		15.73	%		1.10	%		16.17	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.84	%		0.86	%		0.85	%		0.85	%
Net expenses		0.82	%		0.82	%		0.84	%		0.86	%		0.85	%		0.85	%
Net investment income		1.07	%		0.73	%		1.24	%		1.07	%		1.23	%		0.81	%
Supplemental data
Portfolio turnover rate		12	%		37	%		46	%		30	%		58	%		58	%
Net assets, end of period (000s omitted)		$4,614,035			$4,937,901			$4,595,274			$2,325,777			$411,919			$174,989

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Special Mid Cap Value Fund 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 Wells Fargo Special Mid Cap Value Fund (the “Fund”) 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 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.

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

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

Securities lending

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“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

Notes to financial statements (unaudited) Wells Fargo Special Mid Cap Value Fund 21

by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), 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.

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 March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $6,895,208,242 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,560,584,339
Gross unrealized losses		(472,815,265	)
Net unrealized gains	$	1,087,769,074

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

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.

22 Wells Fargo Special Mid Cap Value Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	528,993,211	$	0	$	0	$	528,993,211
Consumer staples		286,549,668		0		0		286,549,668
Energy		497,507,345		0		0		497,507,345
Financials		1,449,027,033		0		0		1,449,027,033
Health care		713,815,808		0		0		713,815,808
Industrials		1,390,154,788		0		0		1,390,154,788
Information technology		798,871,942		0		0		798,871,942
Materials		713,167,983		0		0		713,167,983
Real estate		565,032,955		0		0		565,032,955
Utilities		763,780,460		0		0		763,780,460
Short-term investments
Investment companies		276,076,123		0		0		276,076,123
Total assets	$	7,982,977,316	$	0	$	0	$	7,982,977,316

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Next $2 billion		0.630
Next $4 billion		0.620
Over $16 billion		0.610

Notes to financial statements (unaudited) Wells Fargo Special Mid Cap Value Fund 23

Prior to January 31, 2019, the management fee rate was as follows:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

For the six month ended March 31, 2019, the management fee was equivalent to an annual rate of 0.67% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

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, Class R		0.21	%
Class R6		0.03
Administrator Class, 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 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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through January 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class C shares, 1.41% for Class R shares, 0.73% for Class R6 shares, 1.08% for Administrator Class shares, and 0.83% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 1, 2019, the Fund’s expenses were capped at 1.19% for Class A shares, 1.94% for Class C shares, 1.44% for Class R shares, 0.76% for Class R6 shares, 1.11% for Administrator Class shares, and 0.85% for Institutional Class shares.

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 March 31, 2019, Funds Distributor received $22,731 from the sale of Class A shares and $157 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 March 31, 2019.

24 Wells Fargo Special Mid Cap Value Fund Notes to financial statements (unaudited)

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

Interfund transactions

The Fund 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 March 31, 2019 were $900,675,500 and $1,526,869,843, respectively.

6. 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 March 31, 2019, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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 Special Mid Cap Value Fund 25

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 wfam.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 wfam.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 (wfam.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.

26 Wells Fargo Special Mid Cap Value 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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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 Special Mid Cap Value 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Special Mid Cap 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 and 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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

Appendix A (unaudited) Wells Fargo Special Mid Cap Value Fund 29

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 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.

• 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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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401613 05-19 SA234/SAR234 03-19

Semi-Annual Report

March 31, 2019

Wells Fargo

Global Investment Grade Credit Fund

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.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Performance highlights	2
Fund expenses	4
Portfolio of investments	5
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	19
Other information	24

The views expressed and any forward-looking statements are as of March 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 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 Global Investment Grade Credit Fund Performance highlights (unaudited)

The Fund is currently closed to new investors.⁺

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Wells Fargo Asset Management (International) Limited

Portfolio managers

Henrietta Paquement, CFA^®‡

Scott M. Smith, CFA^®‡

Alex Temple

Jonathan Terry, CFA^®‡

Average annual total returns (%) as of March 31, 2019

					Expense ratios1 (%)
	Inception date	Since inception			Gross		Net2
Class R6 (WGCRX)	2-28-2019		1.90			0.63		0.45
Institutional Class (WGCIX)	2-28-2019		1.90			0.68		0.50
Bloomberg Barclays Global Aggregate Credit Index Hedged (USD)3	–		2.10	*		–		–

* Return is based on Fund’s inception date.

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. 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, wfam.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.

Class R6 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. 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. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to municipal securities risk, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 3.

Performance highlights (unaudited) Wells Fargo Global Investment Grade Credit Fund 3

Ten largest holdings (%) as of March 31, 20194
Morgan Stanley, 3.70%, 10-23-2024	1.84
Comcast Corporation, 3.38%, 8-15-2025	1.66
Charter Communications Operating LLC, 4.91%, 7-23-2025	1.60
Goldman Sachs Group Incorporated, 3.63%, 1-22-2023	1.60
AT&T Incorporated, 4.25%, 3-1-2027	1.48
Fox Corporation, 4.71%, 1-25-2029	1.41
JPMorgan Chase & Company, 2.30%, 8-15-2021	1.40
Citigroup Incorporated, 3.30%, 4-27-2025	1.35
Macquarie Group Limited, 6.00%, 1-14-2020	1.27
Bank of America Corporation 4.13%, 1-22-2024	1.27

Portfolio composition as of March 31, 2019⁵

⁺  Please see the Fund’s prospectus for more information.

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

¹  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.

²  The manager has contractually committed through March 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, 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.

³  Bloomberg Barclays Global Aggregate Credit Index Hedged (USD) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities, hedged in USD. You cannot invest directly in an index.

⁴  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.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

4 Wells Fargo Global Investment Grade Credit Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management 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 October 1, 2018 to March 31, 2019.

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. 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.

	Beginning account value 10-1-2018		Ending account value 3-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class R6
Actual	$	1,000.00	$	1,019.00	$	0.39		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,003.86	$	0.38		0.45	%
Institutional Class
Actual	$	1,000.00	$	1,019.00	$	0.43		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,003.82	$	0.43		0.50	%

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—March 31, 2019 (unaudited) Wells Fargo Global Investment Grade Credit Fund 5

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 1.79%
American Airlines Series 2014-1 Class A Pass-Through Trust		3.70	%		4-1-2028	$	311,098	$	311,752
Delta Air Lines Series 2019-1 Class AA Pass-Through Trust		3.20			10-25-2025		500,000		507,750
Total Asset-Backed Securities (Cost $809,641)									819,502
Corporate Bonds and Notes: 51.16%
Communication Services: 8.81%
Diversified Telecommunication Services: 2.44%
AT&T Incorporated		4.25			3-1-2027		660,000		679,333
Verizon Communications Incorporated		2.88			1-15-2038		100,000		123,466
Verizon Communications Incorporated		4.13			8-15-2046		325,000		315,519
									1,118,318
Media: 6.37%
CBS Corporation		3.50			1-15-2025		205,000		204,226
Charter Communications Operating LLC		4.91			7-23-2025		695,000		732,880
Comcast Corporation		3.38			8-15-2025		750,000		760,310
Cox Communications Incorporated 144A		4.60			8-15-2047		430,000		411,017
Fox Corporation 144A		4.71			1-25-2029		605,000		647,736
Interpublic Group of Companies		5.40			10-1-2048		165,000		167,767
									2,923,936
Consumer Discretionary: 0.99%
Hotels, Restaurants & Leisure: 0.85%
Darden Restaurants Incorporated		4.55			2-15-2048		405,000		389,390
Internet & Direct Marketing Retail: 0.14%
Amazon.com Incorporated		4.25			8-22-2057		60,000		64,675
Consumer Staples: 2.95%
Beverages: 1.21%
Anheuser-Busch InBev Finance Incorporated		3.65			2-1-2026		550,000		555,434
Food & Staples Retailing: 0.71%
Walmart Incorporated		3.70			6-26-2028		310,000		326,382
Food Products: 0.53%
Mars Incorporated 144A		3.95			4-1-2049		240,000		243,393
Tobacco: 0.50%
BAT Capital Corporation		4.54			8-15-2047		260,000		228,051
Energy: 5.68%
Energy Equipment & Services: 0.80%
Baker Hughes LLC		3.34			12-15-2027		375,000		364,936
Oil, Gas & Consumable Fuels: 4.88%
BP Capital Markets America Incorporated		2.75			5-10-2023		195,000		194,321
Energy Transfer Operating Partners LP		6.25			4-15-2049		385,000		431,506
Kinder Morgan Energy Partners LP		5.40			9-1-2044		250,000		265,202

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

6 Wells Fargo Global Investment Grade Credit Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corporation 144A		3.80	%		4-1-2028	$	195,000	$	193,242
Midwest Connector Capital Company 144A		3.90			4-1-2024		400,000		406,661
MPLX LP		4.00			3-15-2028		315,000		313,182
Sabine Pass Liquefaction LLC		5.75			5-15-2024		395,000		435,521
									2,239,635
Financials: 17.19%
Banks: 6.90%
Bank of America Corporation		2.63			10-19-2020		195,000		194,539
Bank of America Corporation		4.13			1-22-2024		555,000		581,605
Citigroup Incorporated (3 Month EURIBOR +1.07%) ±		1.50			7-24-2026		100,000		115,477
Citigroup Incorporated		3.30			4-27-2025		620,000		619,548
Huntington Bancshares Incorporated		3.15			3-14-2021		290,000		292,455
JPMorgan Chase & Company		0.63			1-25-2024		100,000		113,185
JPMorgan Chase & Company		2.30			8-15-2021		650,000		642,582
JPMorgan Chase & Company (3 Month LIBOR +0.70%) ±		3.21			4-1-2023		200,000		201,290
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78			2-1-2028		200,000		203,911
Santander Holdings USA Incorporated		4.40			7-13-2027		200,000		198,393
									3,162,985
Capital Markets: 7.06%
Five Corners Funding Trust 144A		4.42			11-15-2023		110,000		116,183
Goldman Sachs Group Incorporated		3.63			1-22-2023		720,000		732,700
Goldman Sachs Group Incorporated		4.25			1-29-2026		100,000		143,602
Morgan Stanley		3.13			7-27-2026		565,000		550,745
Morgan Stanley		3.70			10-23-2024		830,000		844,945
Nuveen LLC 144A		4.00			11-1-2028		275,000		293,642
Raymond James Financial Services Incorporated		4.95			7-15-2046		525,000		556,266
									3,238,083
Consumer Finance: 0.62%
American Express Credit Corporation		3.30			5-3-2027		280,000		283,860
Diversified Financial Services: 1.13%
Intercontinental Exchange Incorporated		3.75			12-1-2025		500,000		519,584
Insurance: 1.48%
American International Group Incorporated		4.75			4-1-2048		445,000		443,421
Brighthouse Financial Incorporated		4.70			6-22-2047		295,000		234,930
									678,351
Health Care: 4.16%
Biotechnology: 0.48%
Celgene Corporation		4.55			2-20-2048		215,000		218,925
Health Care Equipment & Supplies: 0.25%
Baxter International Incorporated		1.30			5-30-2025		100,000		116,433

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Global Investment Grade Credit Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services: 2.75%
Anthem Incorporated		4.10	%		3-1-2028	$	340,000	$	350,287
CVS Health Corporation		3.70			3-9-2023		545,000		553,709
CVS Health Corporation		4.30			3-25-2028		155,000		157,200
Halfmoon Parent Incorporated 144A		4.38			10-15-2028		195,000		202,112
									1,263,308
Pharmaceuticals: 0.68%
GlaxoSmithKline Capital Incorporated		3.88			5-15-2028		295,000		309,568
Industrials: 3.16%
Aerospace & Defense: 1.20%
General Dynamics Corporation		3.38			5-15-2023		260,000		267,293
United Technologies Corporation		4.13			11-16-2028		270,000		281,394
									548,687
Air Freight & Logistics: 0.87%
FedEx Corporation		4.95			10-17-2048		385,000		396,833
Airlines: 0.87%
Aviation Capital Group Corporation 144A		2.88			1-20-2022		230,000		226,566
US Airways Group Incorporated		4.63			12-3-2026		166,607		173,815
									400,381
Industrial Conglomerates: 0.22%
General Electric Company		2.13			5-17-2037		100,000		101,595
Information Technology: 5.72%
Communications Equipment: 0.77%
Motorola Solutions Incorporated		4.60			2-23-2028		350,000		353,167
IT Services: 0.62%
Western Union Company		4.25			6-9-2023		275,000		284,000
Semiconductors & Semiconductor Equipment: 2.46%
Broadcom Corporation		3.88			1-15-2027		310,000		296,356
Broadcom Incorporated %%144A		4.75			4-15-2029		300,000		298,575
Intel Corporation (3 Month LIBOR +0.08%) ±		2.78			5-11-2020		225,000		225,200
Qualcomm Incorporated		3.25			5-20-2027		315,000		307,730
									1,127,861
Technology Hardware, Storage & Peripherals: 1.87%
Apple Incorporated		3.20			5-11-2027		295,000		297,701
Apple Incorporated		3.60			7-31-2042		100,000		158,803
Dell International LLC / EMC Corporation 144A		5.45			6-15-2023		375,000		399,636
									856,140
Materials: 0.50%
Chemicals: 0.50%
Celanese US Holdings LLC		1.13			9-26-2023		100,000		113,131
Ecolab Incorporated		1.00			1-15-2024		100,000		115,845
									228,976

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

8 Wells Fargo Global Investment Grade Credit Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Real Estate: 0.25%
Equity REITs: 0.25%
American Tower Corporation		1.95	%		5-22-2026	$	100,000	$	115,451
Utilities: 1.75%
Electric Utilities: 1.75%
New York State Electric & Gas Corporation 144A		3.25			12-1-2026		300,000		299,618
Pacificorp		3.50			6-15-2029		295,000		301,763
Union Electric Company		3.50			3-15-2029		195,000		200,101
									801,482
Total Corporate Bonds and Notes (Cost $22,994,248)									23,459,820
Foreign Corporate Bonds and Notes @: 29.17%
Communication Services: 2.22%
Diversified Telecommunication Services: 1.28%
British Telecommunication plc (GBP)		3.63			11-21-2047		100,000		132,015
Deutsche Telekom AG (EUR)		0.88			3-25-2026		100,000		113,178
Global Switch Holdings Limited (EUR)		1.50			1-31-2024		200,000		224,683
Telefonica Emisiones SAU (EUR)		1.46			4-13-2026		100,000		115,790
									585,666
Wireless Telecommunication Services: 0.94%
Rogers Communications Incorporated (CAD)		5.34			3-22-2021		400,000		317,016
Tele2 AB (EUR)		2.13			5-15-2028		100,000		116,463
									433,479
Consumer Discretionary: 0.27%
Internet & Direct Marketing Retail: 0.27%
Priceline Group Incorporated (EUR)		2.38			9-23-2024		100,000		122,931
Consumer Staples: 1.49%
Beverages: 0.77%
Coca-Cola European Partners plc (EUR)		1.50			11-8-2027		100,000		116,987
Heineken NV (EUR)		1.75			3-17-2031		200,000		236,653
									353,640
Food Products: 0.24%
Danone SA (EUR) (5 Year EUR Swap +1.43%) ±		1.75			12-31-2099		100,000		109,808
Tobacco: 0.48%
Swedish Match AB (EUR)		0.88			9-23-2024		200,000		220,896
Energy: 0.81%
Oil, Gas & Consumable Fuels: 0.81%
Eni SpA (EUR)		1.00			3-14-2025		100,000		114,809
Equinor ASA (EUR)		2.88			9-10-2025		100,000		129,857
Total Capital SA (EUR)		3.13			9-16-2022		100,000		124,470
									369,136

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Global Investment Grade Credit Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Financials: 14.91%
Banks: 8.87%
ABN AMRO Bank NV (EUR)		0.50	%		7-17-2023		100,000	$	113,566
Achmea Bank NV (EUR)		2.75			2-18-2021		100,000		117,919
Argenta Spaarbank NV (EUR) (5 Year EUR Swap +3.95%) ±		3.88			5-24-2026		100,000		117,908
Bankinter SA (EUR)		0.88			3-5-2024		100,000		113,807
Banque Federative du Credit Mutuel (EUR) %%		0.75			6-8-2026		100,000		112,121
Banque Federative du Credit Mutuel (EUR)		3.00			5-21-2024		100,000		122,084
Barclays plc (GBP) (British Pound Swap Curve +1.32%) ±		2.38			10-6-2023		100,000		129,485
Bawag Group AG (EUR) (5 Year EUR Swap +2.30%) ±		2.38			3-26-2029		100,000		111,642
BNP Paribas (EUR)		1.25			3-19-2025		100,000		113,689
Commerzbank AG (EUR)		0.50			8-28-2023		100,000		111,805
Cooperatieve Rabobank UA (EUR)		0.63			2-27-2024		100,000		112,814
Credit Agricole London (EUR)		1.38			3-13-2025		100,000		115,332
Credit Mutuel Arkea (EUR)		3.38			3-11-2031		100,000		115,045
Credit Suisse (EUR) (5 Year EUR Swap +4.00%) ±		5.75			9-18-2025		100,000		120,196
DBS Group Holdings Limited (EUR) (5 Year EUR Swap +1.20%) ±		1.50			4-11-2028		100,000		111,946
De Volksbank NV (EUR)		0.75			6-25-2023		100,000		113,797
FCA Bank SpA (GBP)		1.63			9-29-2021		100,000		127,201
ING Bank NV (EUR) (5 Year EUR Swap +2.25%) ±		3.63			2-25-2026		100,000		118,341
Intesa Sanpaolo SpA (EUR)		1.13			3-4-2022		100,000		113,323
Jyske Bank AS (EUR) (5 Year EUR Swap +1.90%) ±		2.25			4-5-2029		100,000		112,074
KBC Group NV (EUR)		0.75			3-1-2022		100,000		113,907
Landesbank Baden-Wuerttemberg (EUR) (5 Year EUR Swap +1.77%) ±		2.88			5-27-2026		100,000		115,260
Landsbankinn HF (EUR)		1.38			3-14-2022		100,000		112,867
Lloyds Banking Group plc (GBP)		2.25			10-16-2024		100,000		128,881
NIBC Bank NV (EUR)		1.50			1-31-2022		200,000		228,047
Nordea Bank Abp (EUR)		0.88			6-26-2023		100,000		112,757
Royal Bank of Canada (CAD)		1.97			3-2-2022		400,000		297,638
Royal Bank of Scotlnd Group plc (GBP) (British Pound Swap Curve +1.49%) ±		2.88			9-19-2026		100,000		130,748
Toronto Dominion Bank (CAD)		3.23			7-24-2024		500,000		390,440
Volkswagen Bank GmbH (EUR)		0.63			9-8-2021		100,000		112,706
									4,067,346
Consumer Finance: 1.88%
CPUK Finance Limited (GBP)		7.24			2-28-2024		100,000		158,645
Deutsche Telekom International Finance BV (EUR)		0.63			12-1-2022		100,000		114,073
LeasePlan Corporation NV (EUR)		1.38			3-7-2024		100,000		113,352
RCI Banque SA (EUR)		1.00			5-17-2023		100,000		113,185
Toyota Financial Services Australia (GBP)		1.63			7-11-2022		100,000		131,851
Transurban Finance Company (EUR)		1.75			3-29-2028		200,000		231,755
									862,861
Diversified Financial Services: 1.24%
Bevco Lux Sarl (EUR)		1.75			2-9-2023		100,000		114,091
EDP Finance BV (EUR)		1.63			1-26-2026		100,000		115,508
FCE Bank plc (EUR)		1.88			6-24-2021		100,000		113,141
Nykredit Realkredit AS (EUR)		0.88			1-17-2024		100,000		112,109
Selp Finance Sarl (EUR)		1.50			11-20-2025		100,000		111,878
									566,727

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

10 Wells Fargo Global Investment Grade Credit Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Insurance: 2.41%
Allianz Finance II BV Company (GBP)		4.50	%		3-13-2043		100,000	$	183,560
Aviva plc (EUR) (5 Year EUR Swap +5.13%) ±		6.13			7-5-2043		100,000		129,418
Aviva plc (GBP) (ICE LIBOR GBP 6 Month +4.14%) ±		6.63			6-3-2041		100,000		141,714
Legal & General Group plc (GBP) (UK Government Bond 5 Year Note Generic Bid Yield +9.33%) ±		10.00			7-23-2041		100,000		153,314
Munich Re Group (GBP) (ICE LIBOR GBP 3 Month +4.95%) ±		6.63			5-26-2042		100,000		148,105
NN Group NV (EUR) (3 Month EURIBOR +3.90%) ±		4.38			6-29-2049		100,000		118,346
Sampo Oyj (EUR)		1.63			2-21-2028		100,000		116,585
Swiss Re Finance (Luxembourg) SA (EUR) (EURIBOR ICE Swap Rate 11:00am +2.85%) ±		2.53			4-30-2050		100,000		113,726
									1,104,768
Mortgage REITs: 0.26%
Digital Euro Finco LLC (EUR)		2.63			4-15-2024		100,000		119,547
Thrifts & Mortgage Finance: 0.25%
Aareal Bank AG (EUR) (5 Year EUR Swap +2.90%) ±		4.25			3-18-2026		100,000		115,638
Health Care: 1.25%
Health Care Providers & Services: 0.26%
Abbott Ireland Financing Company (EUR)		1.50			9-27-2026		100,000		117,829
Life Sciences Tools & Services: 0.25%
Thermo Fisher Scientific Company (EUR)		1.40			1-23-2026		100,000		116,616
Pharmaceuticals: 0.74%
Bayer Capital Corporation BV (EUR)		1.50			6-26-2026		100,000		113,272
Sanofi SA (EUR)		1.25			3-21-2034		100,000		111,550
Takeda Pharmaceutical Company (EUR)		1.13			11-21-2022		100,000		115,097
									339,919
Industrials: 2.00%
Building Products: 0.24%
HeidelbergCement Finance Luxembourg SA (EUR)		0.50			8-9-2022		100,000		112,486
Commercial Services & Supplies: 0.50%
Babcock International Group plc (EUR)		1.75			10-6-2022		100,000		114,144
Edenred (EUR)		1.88			3-6-2026		100,000		116,660
									230,804
Construction & Engineering: 0.26%
Vinci SA (EUR)		1.75			9-26-2030		100,000		118,205
Containers & Packaging: 0.25%
Brambles Finance plc (EUR)		1.50			10-4-2027		100,000		114,100
Industrial Conglomerates: 0.25%
Siemens Financieringsmat NV (EUR)		0.90			2-28-2028		100,000		113,820
Machinery: 0.25%
CNH Industrial Finance Europe SA (EUR)		1.88			1-19-2026		100,000		114,970
Road & Rail: 0.25%
ALD SA (EUR)		1.25			10-11-2022		100,000		114,255

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Global Investment Grade Credit Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.51%
IT Services: 0.25%
Capgemini SE (EUR)		1.00	%		10-18-2024		100,000	$	114,500
Semiconductors & Semiconductor Equipment: 0.26%
ASML Holding NV (EUR)		1.63			5-28-2027		100,000		118,888
Materials: 1.28%
Chemicals: 0.77%
Arkema Company (EUR)		1.50			4-20-2027		200,000		232,269
Solvay SA (EUR) (5 Year EUR Swap +3.92%) ±		4.25			12-31-2099		100,000		120,215
									352,484
Containers & Packaging: 0.26%
DS Smith plc (EUR)		2.25			9-16-2022		100,000		117,842
Paper & Forest Products: 0.25%
Mondi Finance plc (EUR)		1.63			4-27-2026		100,000		115,272
Real Estate: 0.73%
Equity REITs: 0.49%
Inmobiliaria Colonial SA (EUR)		1.45			10-28-2024		200,000		225,825
Real Estate Management & Development: 0.24%
Adler Real Estate AG (EUR)		1.88			4-27-2023		100,000		110,543
Utilities: 3.70%
Electric Utilities: 3.22%
Electricite de France SA (GBP)		5.50			10-17-2041		100,000		177,611
Eurogrid GmbH (EUR)		1.88			6-10-2025		100,000		119,940
Fortum Oyj (EUR)		0.88			2-27-2023		200,000		225,506
Iberdrola International BV (EUR)		1.13			4-21-2026		100,000		116,550
Innogy Finance BV (EUR)		1.50			7-31-2029		150,000		171,960
Orsted AS (GBP)		5.75			4-9-2040		100,000		192,491
Reseau de Transport d’Electricite (EUR)		1.88			10-23-2037		200,000		240,400
Statkraft AS (EUR)		1.13			3-20-2025		100,000		116,068
Tennet Holding BV (EUR)		2.13			11-1-2020		100,000		116,160
									1,476,686
Multi-Utilities: 0.23%
EP Infrastructure AS (EUR)		1.66			4-26-2024		100,000		107,365
Water Utilities: 0.25%
FCC Aqualia SA (EUR)		1.41			6-8-2022		100,000		114,205
Total Foreign Corporate Bonds and Notes (Cost $13,402,688)									13,379,057
U.S. Treasury Securities: 0.16%
U.S. Treasury Bond		3.38			11-15-2048	$	65,000		72,508
Total U.S. Treasury Securities (Cost $72,495)									72,508

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

12 Wells Fargo Global Investment Grade Credit Fund Portfolio of investments—March 31, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 14.72%
Communication Services: 2.38%
Interactive Media & Services: 0.90%
Tencent Holdings Limited 144A		3.60	%		1-19-2028	$	420,000	$	414,766
Wireless Telecommunication Services: 1.48%
Vodafone Group plc		4.38			5-30-2028		325,000		330,644
Vodafone Group plc (5 Year USD Swap +4.87%) %%±		7.00			4-4-2079		340,000		345,582
									676,226
Consumer Staples: 0.76%
Household Products: 0.76%
Reckitt Benckiser Treasury Services plc 144A		2.75			6-26-2024		355,000		349,058
Financials: 11.58%
Banks: 6.81%
Banco Santander SA (3 Month LIBOR +1.56%) ±		4.36			4-11-2022		400,000		403,309
Bank of Tokyo-Mitsubishi UFJ Limited 144A		2.30			3-5-2020		325,000		323,709
Credit Suisse New York		3.63			9-9-2024		390,000		397,170
HSBC Holdings plc		4.30			3-8-2026		295,000		306,325
ING Groep NV (3 Month LIBOR +1.15%) ±		3.75			3-29-2022		230,000		230,975
Royal Bank of Scotland Group plc		3.88			9-12-2023		325,000		326,467
Sumitomo Mitsui Financial Group		2.06			7-14-2021		200,000		196,580
Sumitomo Mitsui Financial Group (3 Month LIBOR +0.74%) ±		3.52			10-18-2022		240,000		239,791
Svenska Handelsbanken AB (3 Month LIBOR +0.36%) ±		2.95			9-8-2020		260,000		260,181
UBS Group AG (3 Month LIBOR +1.22%) ±144A		3.87			5-23-2023		435,000		437,827
									3,122,334
Capital Markets: 1.27%
Macquarie Group Limited 144A		6.00			1-14-2020		570,000		582,902
Diversified Financial Services: 2.39%
GE Capital International Funding Company		4.42			11-15-2035		225,000		208,497
Invesco Finance plc		3.13			11-30-2022		310,000		310,152
Siemens Financieringsmat Company 144A		2.35			10-15-2026		295,000		278,940
WPP Finance 2010		3.75			9-19-2024		150,000		148,014
WPP Finance 2010		5.63			11-15-2043		150,000		148,536
									1,094,139
Insurance: 1.11%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		216,000		215,233
AXIS Specialty Finance plc		4.00			12-6-2027		295,000		293,784
									509,017
Total Yankee Corporate Bonds and Notes (Cost $6,680,180)									6,748,442

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

Portfolio of investments—March 31, 2019 (unaudited) Wells Fargo Global Investment Grade Credit Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 1.69%
Investment Companies: 1.69%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.38	%		776,370	$	776,370
Total Short-Term Investments (Cost $776,370)							776,370

Total investments in securities (Cost $44,735,622)	98.69	%		45,255,699
Other assets and liabilities, net	1.31			599,099
Total net assets	100.00	%	$	45,854,798

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

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

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

@ Foreign bond principal is denominated in the local currency of the issuer.

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

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

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

Abbreviations:

CAD Canadian dollar

EUR Euro

EURIBOR Euro Interbank Offer Rate

GBP Great British pound

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
1,006,651 USD	1,350,000 CAD	State Street Bank	5-22-2019	$	0	$	(4,826	)
11,487,334 USD	10,100,000 EUR	State Street Bank	5-22-2019		109,952		0
2,321,386 USD	1,750,000 GBP	State Street Bank	5-22-2019		36,433		0
				$	146,385	$	(4,826	)

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)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		0		45,626,767		44,850,397		776,370	$	0	$	0	$	14,730	$	776,370		1.69	%

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

14 Wells Fargo Global Investment Grade Credit Fund Statement of assets and liabilities—March 31, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $43,959,252)	$	44,479,329
Investments in affiliated securities, at value (cost $776,370)		776,370
Foreign currency, at value (cost $94,755)		93,994
Receivable for investments sold		760,673
Receivable for interest		401,398
Receivable from manager		7,704
Unrealized gains on forward foreign currency contracts		146,385
Prepaid expenses and other assets		33,840
Total assets		46,699,693
Liabilities
Payable for investments purchased		824,027
Unrealized losses on forward foreign currency contracts		4,826
Trustees’ fees and expenses payable		1,783
Administration fees payable		1,155
Accrued expenses and other liabilities		13,104
Total liabilities		844,895
Total net assets	$	45,854,798
NET ASSETS CONSIST OF
Paid-in capital	$	45,000,000
Total distributable earnings		854,798
Total net assets	$	45,854,798
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class R6	$	45,829,324
Shares outstanding – Class R61		4,497,500
Net asset value per share – Class R6		$10.19
Net assets – Institutional Class	$	25,474
Shares outstanding – Institutional Class1		2,500
Net asset value per share – Institutional Class		$10.19

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—Period ended March 31, 2019¹ (unaudited) Wells Fargo Global Investment Grade Credit Fund 15

Investment income
Interest	$	100,244
Income from affiliated securities		14,730
Total investment income		114,974
Expenses
Management fee		15,386
Administration fees
Class R6		1,153
Institutional Class		2
Custody and accounting fees		3,058
Professional fees		7,323
Registration fees		5,368
Shareholder report expenses		3,780
Trustees’ fees and expenses		1,783
Other fees and expenses		2,548
Total expenses		40,401
Less: Fee waivers and/or expense reimbursements		(23,091	)
Net expenses		17,310
Net investment income		97,664
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(71,757	)
Forward foreign currency contracts		169,516
Net realized gains on investments		97,759
Net change in unrealized gains (losses) on:
Unaffiliated securities		517,816
Forward foreign currency contracts		141,559
Net change in unrealized gains (losses) on investments		659,375
Net realized and unrealized gains (losses) on investments		757,134
Net increase in net assets resulting from operations	$	854,798

¹  For the period from February 28, 2019 (commencement of operations) to March 31, 2019

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

16 Wells Fargo Global Investment Grade Credit Fund Statement of changes in net assets

	Period ended March 31, 20191 (unaudited)
Operations
Net investment income			$	97,664
Net realized gains on investments				97,759
Net change in unrealized gains (losses) on investments				659,375
Net increase (decrease) in net assets resulting from operations				854,798
Capital share transactions		Shares
Proceeds from shares sold
Class R6		4,497,500		44,975,000
Institutional Class		2,500		25,000
Net increase in net assets resulting from capital share transactions				45,000,000
Total increase in net assets				45,854,798
Net assets
Beginning of period				0
End of period			$	45,854,798

¹ For the period from February 28, 2019 (commencement of operations) to March 31, 2019

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

Financial highlights Wells Fargo Global Investment Grade Credit Fund 17

(For a share outstanding throughout the period)

CLASS R6	Period ended March 31, 20191 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		0.17
Total from investment operations		0.19
Net asset value, end of period		$10.19
Total return2		1.90	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%
Net expenses		0.45	%
Net investment income		2.54	%
Supplemental data
Portfolio turnover rate		4	%
Net assets, end of period (000s omitted)		$45,829

¹  For the period from February 28, 2019 (commencement of class operations) to March 31, 2019

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

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

18 Wells Fargo Global Investment Grade Credit Fund Financial highlights

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Period ended March 31, 20191 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		0.17
Total from investment operations		0.19
Net asset value, end of period		$10.19
Total return2		1.90	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%
Net expenses		0.50	%
Net investment income		2.49	%
Supplemental data
Portfolio turnover rate		4	%
Net assets, end of period (000s omitted)		$25

¹  For the period from February 28, 2019 (commencement of class operations) to March 31, 2019

²  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 Global Investment Grade Credit Fund 19

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 Wells Fargo Global Investment Grade Credit Fund (the “Fund”) 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 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.

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.

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”).

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

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

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies.

20 Wells Fargo Global Investment Grade Credit Fund Notes to financial statements (unaudited)

Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

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.

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

The Fund intends 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 fiscal year since commencement of operations will be subject to examination by the federal and Delaware revenue authorities.

As of March 31, 2019, the aggregate cost of all investments for federal income tax purposes was $44,735,622 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	592,615
Gross unrealized losses		(72,538	)
Net unrealized gains	$	520,077

Class allocations

The separate classes of shares offered by the Fund differ principally in 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

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.

Notes to financial statements (unaudited) Wells Fargo Global Investment Grade Credit Fund 21

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	819,502	$	0	$	819,502
Corporate bonds and notes		0		23,459,820		0		23,459,820
Foreign corporate bonds and notes		0		13,379,057		0		13,379,057
U.S. Treasury securities		72,508		0		0		72,508
Yankee corporate bonds and notes		0		6,748,442		0		6,748,442
Short-term investments
Investment companies		776,370		0		0		776,370
		848,878		44,406,821		0		45,255,699
Forward foreign currency contracts		0		146,385		0		146,385
Total assets	$	848,878	$	44,553,206	$	0	$	45,402,084
Liabilities
Forward foreign currency contracts	$	0	$	4,826	$	0	$	4,826
Total liabilities	$	0	$	4,826	$	0	$	4,826

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

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

At March 31, 2019, the Fund did not have any transfers into/out of Level 3.

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.290
Over $10 billion		0.280

For the period from February 28, 2019 to March 31, 2019, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited, each an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, serve as subadvisers to the Fund and are each 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.

22 Wells Fargo Global Investment Grade Credit Fund Notes to financial statements (unaudited)

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 R6		0.03	%
Institutional Class		0.08

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through March 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.45% for Class R6 and 0.50% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Interfund transactions

The Fund 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 short-term securities, for the period from February 28, 2019 to March 31, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$72,495	$45,663,772	$0	$1,803,857

6. DERIVATIVE TRANSACTIONS

For the period from February 28, 2019 to March 31, 2019, the Fund entered into forward foreign currency contracts for hedging purposes. The Fund had average contract amounts of $27,487 and $2,524,656 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the period from February 28, 2019 to March 31, 2019.

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.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across

Notes to financial statements (unaudited) Wells Fargo Global Investment Grade Credit Fund 23

transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
State Street Bank	$146,385	$(4,826)	$	0	$	141,559
Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged		Net amount of liabilities
State Street Bank	$4,826	$(4,826)	$	0	$	0

7. CONCENTRATION RISK

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

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

24 Wells Fargo Global Investment Grade Credit 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 wfam.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 wfam.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 (wfam.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.

Other information (unaudited) Wells Fargo Global Investment Grade Credit Fund 25

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 151 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). 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; Audit Committee Chairman, since 2019	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	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

26 Wells Fargo Global Investment Grade Credit 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
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	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	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
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Global Investment Grade Credit Fund 27

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 and 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 86 funds and Assistant Treasurer of 65 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

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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: wfam.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 wfam.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

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

401606 05-19 SA294/SAR294 03-19

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 MANAGEMEENT 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 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 registrant 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 registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent 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 ACTIVITES 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.

(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:	May 24, 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:	May 24, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	May 24, 2019
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	May 24, 2019

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Diversified Capital Builder Fund, Wells Fargo Diversified Income Builder Fund, Wells Fargo Index Asset Allocation Fund, Wells Fargo International Bond Fund, Wells Fargo Strategic Income Fund, Wells Fargo C&B Mid Cap Value Fund, Wells Fargo Common Stock Fund, Wells Fargo Discovery Fund, Wells Fargo Enterprise Fund, Wells Fargo Opportunity Fund, Wells Fargo Special Mid Cap Value Fund, and Wells Fargo Global Investment Grade Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 24, 2019    

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo International Bond Fund, Wells Fargo Strategic Income Fund, Wells Fargo C&B Mid Cap Value Fund, Wells Fargo Common Stock Fund, Wells Fargo Discovery Fund, Wells Fargo Enterprise Fund, Wells Fargo Opportunity Fund, and Wells Fargo Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 24, 2019    

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Diversified Capital Builder Fund, Wells Fargo Diversified Income Builder Fund, Wells Fargo Index Asset Allocation Fund, and Wells Fargo Global Investment Grade Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: May 24, 2019    

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended March 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 24, 2019

By:
	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSRS for the six months ended March 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 24, 2019

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended March 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 24, 2019

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.