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: October 31

Registrant is making a filing for 7 of its series:

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

Date of reporting period: April 30, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

April 30, 2019

Wells Fargo Asia Pacific 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	19
Other information	25

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 Asia Pacific 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 Asia Pacific Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in December 2019 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 2019. 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 Asia Pacific 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 Asia Pacific 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

Alison Shimada

Elaine Tse

Average annual total returns (%) as of April 30, 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 (WFAAX)	7-31-2007		-15.15		4.14		8.43		-9.95		5.38		9.08		1.69		1.60
Class C (WFCAX)	7-31-2007		-11.60		4.61		8.26		-10.60		4.61		8.26		2.44		2.35
Administrator Class (WFADX)3	7-30-2010		–		–		–		-9.91		5.51		9.22		1.61		1.50
Institutional Class (WFPIX)4	7-30-2010		–		–		–		-9.64		5.75		9.41		1.36		1.25
MSCI AC Asia Pacific Index (Net)5	–		–		–		–		-4.42		5.92		8.58		–		–

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. 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 geographic 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 Asia Pacific Fund 5

Ten largest holdings (%) as of April 30, 20196
Alibaba Group Holding Limited ADR	3.44
Tencent Holdings Limited	3.18
Samsung Electronics Company Limited	2.59
Taiwan Semiconductor Manufacturing Company Limited	2.57
Toyota Motor Corporation	2.17
Mitsubishi UFJ Financial Group Incorporated	1.69
Hitachi Limited	1.63
Ping An Insurance Group Company H Shares	1.38
SoftBank Group Corporation	1.38
China Construction Bank H Shares	1.33

Sector distribution as of April 30, 2019⁷

Country allocation as of April 30, 2019⁷

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 February 29, 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 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, returns for Administrator Class shares would be higher.

⁴  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, returns for Institutional Class shares would be higher.

⁵  The Morgan Stanley Capital International (MSCI) All Country (AC) Asia Pacific Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Pacific region. The MSCI AC Asia Pacific Index (Net) consists of the following 13 developed and emerging markets countries: Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, and Thailand. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁶  The 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 Asia Pacific 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,068.63	$	8.21		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	1,065.10	$	12.03		2.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.14	$	11.73		2.35	%
Administrator Class
Actual	$	1,000.00	$	1,068.63	$	7.69		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,070.70	$	6.42		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%

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—April 30, 2019 (unaudited) Wells Fargo Asia Pacific Fund 7

Security name	Shares		Value
Common Stocks: 95.08%
Australia: 8.35%
Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		47,685	$	876,694
Australia & New Zealand Banking Group Limited (Financials, Banks)		52,572		1,008,049
BHP Billiton Limited (Materials, Metals & Mining)		45,979		1,212,243
Goodman Group (Real Estate, Equity REITs)		86,000		797,834
Medibank Private Limited (Financials, Insurance)		306,927		618,813
Mirvac Group (Real Estate, Equity REITs)		339,072		676,452
Northern Star Resources Limited (Materials, Metals & Mining)		156,286		902,324
Qantas Airways Limited (Industrials, Airlines)		220,163		870,694
Rio Tinto Limited (Materials, Metals & Mining)		22,520		1,514,044
Suncorp Group Limited (Financials, Insurance)		176,004		1,646,463
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		25,252		629,992
				10,753,602
China: 28.54%
Alibaba Group Holding Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		23,850		4,425,845
Baidu Incorporated ADR (Communication Services, Interactive Media & Services) †		7,451		1,238,580
Bank of China Limited H Shares (Financials, Banks)		2,074,000		988,777
Beijing Sinnet Technology Company Limited Class A (Information Technology, IT Services)		220,500		567,877
BTG Hotels Group Company Limited Class A (Consumer Discretionary, Hotels, Restaurants & Leisure)		287,117		863,039
China Construction Bank H Shares (Financials, Banks)		1,943,000		1,716,422
China Eastern Airlines Company H Shares (Industrials, Airlines)		1,022,000		725,645
China Mengniu Dairy Company Limited (Consumer Staples, Food Products)		170,000		628,442
China Merchants Shekou Industrial Zone Holdings Company Limited Class A (Real Estate, Real Estate Management & Development)		191,896		626,664
China Mobile Limited (Communication Services, Wireless Telecommunication Services)		66,000		628,888
China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development)		426,000		1,593,807
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		742,000		570,347
China Vanke Company Limited H Shares (Real Estate, Real Estate Management & Development)		151,700		586,898
Chinasoft International Limited (Information Technology, IT Services)		1,028,000		585,759
CITIC Securities Company Limited H Shares (Financials, Capital Markets)		331,000		715,603
COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure)		638,635		636,616
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		29,400		1,295,070
Dong-E-E-Jiao Company Limited A Shares (Health Care, Pharmaceuticals)		95,900		623,361
Geely Automobile Holdings Limited (Consumer Discretionary, Automobiles)		328,000		658,107
Guangzhou Automobile Group Company Limited H Shares (Consumer Discretionary, Automobiles)		608,000		653,355
Hengan International Group Company Limited (Consumer Staples, Personal Products)		73,500		647,885
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		2,448,000		705,242
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		1,673,000		1,256,115
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		1,070,000		991,600
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		1,222,000		775,744
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		595,000		668,207
Ping An Insurance Group Company H Shares (Financials, Insurance)		148,000		1,781,894
Qingdao Haier Company Limited Class A (Consumer Discretionary, Household Durables)		377,496		962,680
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		144,400		793,346
Sany Heavy Industry Company Limited Class A (Industrials, Machinery)		333,097		605,694
Tencent Holdings Limited (Communication Services, Interactive Media & Services)		82,800		4,095,248
Wanhua Chemical Group Company Limited Class A (Materials, Chemicals) †		91,400		613,648
Xiaomi Corporation Class B (Information Technology, Technology Hardware, Storage & Peripherals) «144A†		656,200		1,005,446

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

8 Wells Fargo Asia Pacific Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
China (continued)
Yum China Holdings Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,800	$	703,592
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		2,036,000		794,177
				36,729,620
Hong Kong: 1.10%
Chow Tai Fook Jewellery Company Limited (Consumer Discretionary, Specialty Retail)		806,800		862,871
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		599,000		553,583
				1,416,454
India: 5.24%
HDFC Bank Limited (Financials, Banks)		27,690		922,599
Hindalco Industries Limited (Materials, Metals & Mining)		209,109		619,476
ICICI Bank Limited (Financials, Banks)		259,963		1,523,066
Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		324,539		720,200
Infosys Limited ADR (Information Technology, IT Services)		107,000		1,151,320
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		58,490		1,171,251
State Bank of India (Financials, Banks) †		142,256		633,931
				6,741,843
Indonesia: 1.64%
PT Bank Rakyat Indonesia Tbk (Financials, Banks) †		4,047,000		1,241,080
PT Telekomunikasi Indonesia Persero Tbk (Communication Services, Diversified Telecommunication Services)		3,282,000		872,897
				2,113,977
Japan: 30.39%
Advantage Risk Management Company Limited (Health Care, Health Care Providers & Services)		79,100		655,296
Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products)		14,000		671,172
Dentsu Incorporated (Communication Services, Media)		19,900		814,312
Ezaki Glico Company Limited (Consumer Staples, Food Products)		14,900		786,346
FANUC Corporation (Industrials, Machinery)		4,500		845,439
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		63,200		2,101,920
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		26,100		728,267
Inpex Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		87,000		846,407
J.Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		97,900		1,196,228
Japan Airlines Company Limited (Industrials, Airlines)		48,600		1,585,010
Kao Corporation (Consumer Staples, Personal Products)		13,500		1,042,165
Keyence Corporation (Information Technology, Electronic Equipment, Instruments & Components)		2,500		1,561,984
KOSE Corporation (Consumer Staples, Personal Products)		5,200		974,094
Kubota Corporation (Industrials, Machinery)		49,800		758,217
Kyoritsu Maintenance Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		13,300		683,433
Kyushu Railway Company (Industrials, Road & Rail)		19,600		638,651
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		37,700		1,248,273
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		438,900		2,177,613
Mitsui Fudosan Company Limited (Real Estate, Real Estate Management & Development)		52,400		1,213,685
Nintendo Company Limited (Communication Services, Entertainment)		3,800		1,308,779
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		34,800		1,447,972
Obayashi Corporation (Industrials, Construction & Engineering)		76,000		747,126
Open House Company Limited (Real Estate, Real Estate Management & Development)		17,700		650,269
ORIX Corporation (Financials, Diversified Financial Services)		82,200		1,164,431

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Asia Pacific Fund 9

Security name	Shares		Value
Japan (continued)
Otsuka Corporation (Information Technology, IT Services)		29,300	$	1,152,458
Panasonic Corporation (Consumer Discretionary, Household Durables)		149,200		1,373,862
Recruit Holdings Company Limited (Industrials, Professional Services)		24,300		731,767
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		3,500		667,604
Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		84,200		1,286,214
SoftBank Group Corporation (Communication Services, Wireless Telecommunication Services)		16,800		1,781,326
Sony Corporation (Consumer Discretionary, Household Durables)		13,800		695,080
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		33,100		1,154,897
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		5,400		857,160
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		45,100		2,792,161
Tsukui Corporation (Health Care, Health Care Providers & Services)		125,200		782,119
				39,121,737
Malaysia: 1.84%
CIMB Group Holdings Bhd (Financials, Banks)		546,800		696,973
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		515,300		396,337
Public Bank Bhd (Financials, Banks)		103,700		564,337
Sime Darby Bhd (Industrials, Industrial Conglomerates)		1,268,200		711,628
				2,369,275
Philippines: 1.04%
Ayala Land Incorporated (Real Estate, Real Estate Management & Development)		747,000		701,668
Bank of the Philippine Islands (Financials, Banks)		390,863		636,406
				1,338,074
Singapore: 2.29%
DBS Group Holdings Limited (Financials, Banks)		47,100		978,292
Genting Singapore Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		739,200		535,337
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		135,400		673,964
Oversea-Chinese Banking Corporation Limited (Financials, Banks)		85,700		762,422
				2,950,015
South Korea: 7.83%
Hana Financial Group Incorporated (Financials, Banks)		16,945		533,815
Hyundai Motor Company (Consumer Discretionary, Automobiles)		5,860		694,782
KB Financial Group Incorporated (Financials, Banks)		14,871		588,144
Korea Zinc Company Limited (Materials, Metals & Mining)		1,708		661,619
LG Chem Limited (Materials, Chemicals)		3,049		942,250
NH Investment & Securities Company Limited (Financials, Capital Markets)		57,673		678,854
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		85,014		3,336,808
Samsung Fire & Marine Insurance (Financials, Insurance)		2,574		669,859
Samsung SDI Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,389		686,126
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		18,938		1,280,745
				10,073,002
Taiwan: 5.45%
Cathay Financial Holding Company (Financials, Insurance)		456,000		659,629
Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		124,000		652,082

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

10 Wells Fargo Asia Pacific Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name						Shares		Value
Taiwan (continued)
Ennoconn Corporation (Information Technology, Technology Hardware, Storage & Peripherals)							73,000	$	642,568
Hon Hai Precision Industry (Information Technology, Electronic Equipment, Instruments & Components)							273,868		770,173
Mediatek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)							102,000		975,405
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)							395,000		3,310,731
									7,010,588
Thailand: 1.37%
Bangkok Bank PCL (Financials, Banks)							152,200		996,392
Kasikornbank PCL (Financials, Banks)							129,400		772,144
									1,768,536
Total Common Stocks (Cost $108,701,667)									122,386,723
				Expiration date
Participation Notes: 1.14%
China: 1.14%
HSBC Bank plc (Ningbo Joyson Electronic Corporation) (Consumer Discretionary, Auto Components) †(a)					12-2-2019		169,874		671,949
HSBC Bank plc (Songcheng Performance Development Company Limited Class A) (Consumer Discretionary, Hotels, Restaurants & Leisure) †(a)					10-12-2020		235,952		790,734
Total Participation Notes (Cost $1,579,424)									1,462,683
	Yield
Short-Term Investments: 3.95%
Investment Companies: 3.95%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%				811,719		811,800
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36					4,270,431		4,270,431
Total Short-Term Investments (Cost $5,082,231)									5,082,231

Total investments in securities (Cost $115,363,322)	100.17	%		128,931,637
Other assets and liabilities, net	(0.17	)		(212,562	)
Total net assets	100.00	%	$	128,719,075

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Asia Pacific 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		1,444,919		5,293,394		5,926,594		811,719	$	0	$	0	$	13,835	$	811,800
Wells Fargo Government Money Market Fund Select Class		4,143,878		24,765,136		24,638,583		4,270,431		0		0		22,828		4,270,431
									$	0	$	0	$	36,663	$	5,082,231		3.95	%

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

12 Wells Fargo Asia Pacific Fund Statement of assets and liabilities—April 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $753,961 of securities loaned), at value (cost $110,281,091)	$	123,849,406
Investments in affiliated securities, at value (cost $5,082,231)		5,082,231
Foreign currency, at value (cost $531,312)		525,563
Receivable for Fund shares sold		36,142
Receivable for dividends		484,344
Receivable for securities lending income		485
Prepaid expenses and other assets		21,879
Total assets		130,000,050
Liabilities
Payable upon receipt of securities loaned		812,093
Payable for Fund shares redeemed		197,688
Custodian and accounting fees payable		113,433
Management fee payable		89,863
Administration fees payable		20,665
Trustees’ fees and expenses payable		5,284
Distribution fee payable		884
Accrued expenses and other liabilities		41,065
Total liabilities		1,280,975
Total net assets	$	128,719,075
NET ASSETS CONSIST OF
Paid-in capital	$	117,398,580
Total distributable earnings		11,320,495
Total net assets	$	128,719,075
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	100,287,853
Shares outstanding – Class A1		8,102,422
Net asset value per share – Class A		$12.38
Maximum offering price per share – Class A2		$13.14
Net assets – Class C	$	1,399,101
Shares outstanding – Class C1		120,146
Net asset value per share – Class C		$11.65
Net assets – Administrator Class	$	1,164,920
Shares outstanding – Administrator Class1		95,617
Net asset value per share – Administrator Class		$12.18
Net assets – Institutional Class	$	25,867,201
Shares outstanding – Institutional Class1		2,141,451
Net asset value per share – Institutional Class		$12.08

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 April 30, 2019 (unaudited) Wells Fargo Asia Pacific Fund 13

Investment income
Dividends (net of foreign withholding taxes of $98,569)	$	1,275,152
Income from affiliated securities		58,592
Total investment income		1,333,744
Expenses
Management fee		630,791
Administration fees
Class A		102,694
Class C		1,651
Administrator Class		777
Institutional Class		16,631
Shareholder servicing fees
Class A		122,255
Class C		1,965
Administrator Class		1,495
Distribution fee
Class C		5,896
Custody and accounting fees		74,635
Professional fees		26,734
Registration fees		30,513
Shareholder report expenses		27,087
Trustees’ fees and expenses		10,883
Other fees and expenses		23,609
Total expenses		1,077,616
Less: Fee waivers and/or expense reimbursements		(107,828	)
Net expenses		969,788
Net investment income		363,956
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(2,254,494	)
Forward foreign currency contracts		(1,859	)
Net realized losses on investments		(2,256,353	)
Net change in unrealized gains (losses) on investments		10,278,343
Net realized and unrealized gains (losses) on investments		8,021,990
Net increase in net assets resulting from operations	$	8,385,946

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

14 Wells Fargo Asia Pacific Fund Statement of changes in net assets

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	363,956					$	1,312,596
Net realized gains (losses) on investments					(2,256,353	)					13,610,030
Net change in unrealized gains (losses) on investments					10,278,343						(33,372,381	)
Net increase (decrease) in net assets resulting from operations					8,385,946						(18,449,755	)
Distributions to shareholders from net investment income and net realized gains
Class A					(11,091,734	)					(536,729	)
Class C					(190,016	)					0
Administrator Class					(142,990	)					(4,325	)
Institutional Class					(3,159,341	)					(271,596	)
Total distributions to shareholders					(14,584,081	)					(812,650	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		244,006			2,950,462			417,591			6,403,383
Class C		3,964			43,651			8,393			121,862
Administrator Class		1,486			19,073			2,010			31,448
Institutional Class		237,162			2,774,775			670,855			10,138,476
					5,787,961						16,695,169
Reinvestment of distributions
Class A		929,465			10,709,769			33,563			518,552
Class C		14,292			154,492			0			0
Administrator Class		10,866			123,247			251			3,829
Institutional Class		271,654			3,060,443			17,523			264,942
					14,047,951						787,323
Payment for shares redeemed
Class A		(651,703	)		(7,872,295	)		(1,266,646	)		(19,208,805	)
Class C		(39,496	)		(448,841	)		(29,154	)		(417,293	)
Administrator Class		(16,819	)		(202,469	)		(37,442	)		(547,922	)
Institutional Class		(462,463	)		(5,374,399	)		(899,101	)		(13,662,192	)
					(13,898,004	)					(33,836,212	)
Net increase (decrease) in net assets resulting from capital share transactions					5,937,908						(16,353,720	)
Total decrease in net assets					(260,227	)					(35,616,125	)
Net assets
Beginning of period					128,979,302						164,595,427
End of period				$	128,719,075					$	128,979,302

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

Financial highlights Wells Fargo Asia Pacific Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.07			$15.04			$12.11			$11.92			$12.18			$11.72
Net investment income		0.02			0.11	1		0.08			0.11	1		0.04	1		0.09	1
Net realized and unrealized gains (losses) on investments		0.76			(2.02	)		3.00			0.29			(0.16	)		0.67
Total from investment operations		0.78			(1.91	)		3.08			0.40			(0.12	)		0.76
Distributions to shareholders from
Net investment income		(0.09	)		(0.06	)		(0.15	)		(0.21	)		(0.14	)		(0.30	)
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.47	)		(0.06	)		(0.15	)		(0.21	)		(0.14	)		(0.30	)
Net asset value, end of period		$12.38			$13.07			$15.04			$12.11			$11.92			$12.18
Total return2		6.86	%		(12.74	)%		25.84	%		3.47	%		(0.95	)%		6.61	%
Ratios to average net assets (annualized)
Gross expenses		1.77	%		1.69	%		1.66	%		1.69	%		1.72	%		1.71	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		0.52	%		0.76	%		0.58	%		0.97	%		0.34	%		0.80	%
Supplemental data
Portfolio turnover rate		22	%		50	%		63	%		52	%		113	%		113	%
Net assets, end of period (000s omitted)		$100,288			$99,078			$126,265			$120,108			$137,578			$6,755

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 Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.33			$14.24			$11.44			$11.29			$11.57			$11.15
Net investment income (loss)		(0.02	)1		(0.00	)1,2		(0.02	)1		0.02	1		(0.00	)1,2		0.01	1
Net realized and unrealized gains (losses) on investments		0.72			(1.91	)		2.85			0.28			(0.20	)		0.63
Total from investment operations		0.70			(1.91	)		2.83			0.30			(0.20	)		0.64
Distributions to shareholders from
Net investment income		0.00			0.00			(0.03	)		(0.15	)		(0.08	)		(0.22	)
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.38	)		0.00			(0.03	)		(0.15	)		(0.08	)		(0.22	)
Net asset value, end of period		$11.65			$12.33			$14.24			$11.44			$11.29			$11.57
Total return3		6.51	%		(13.41	)%		24.86	%		2.75	%		(1.71	)%		5.76	%
Ratios to average net assets (annualized)
Gross expenses		2.51	%		2.44	%		2.41	%		2.44	%		2.46	%		2.46	%
Net expenses		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%
Net investment income (loss)		(0.29	)%		(0.01	)%		(0.17	)%		0.14	%		(0.01	)%		0.12	%
Supplemental data
Portfolio turnover rate		22	%		50	%		63	%		52	%		113	%		113	%
Net assets, end of period (000s omitted)		$1,399			$1,744			$2,309			$2,223			$3,495			$2,427

¹  Calculated based upon average shares outstanding

²  Amount is more 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 Asia Pacific Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.89			$14.79			$11.88			$11.72			$11.99			$11.54
Net investment income		0.04	1		0.12	1		0.04	1		0.12			0.11	1		0.12	1
Net realized and unrealized gains (losses) on investments		0.73			(1.99	)		3.00			0.29			(0.21	)		0.65
Total from investment operations		0.77			(1.87	)		3.04			0.41			(0.10	)		0.77
Distributions to shareholders from
Net investment income		(0.10	)		(0.03	)		(0.13	)		(0.25	)		(0.17	)		(0.32	)
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.48	)		(0.03	)		(0.13	)		(0.25	)		(0.17	)		(0.32	)
Net asset value, end of period		$12.18			$12.89			$14.79			$11.88			$11.72			$11.99
Total return2		6.86	%		(12.60	)%		25.83	%		3.60	%		(0.83	)%		6.86	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.60	%		1.58	%		1.61	%		1.56	%		1.52	%
Net expenses		1.50	%		1.49	%		1.50	%		1.47	%		1.40	%		1.40	%
Net investment income		0.60	%		0.83	%		0.36	%		1.07	%		0.87	%		1.04	%
Supplemental data
Portfolio turnover rate		22	%		50	%		63	%		52	%		113	%		113	%
Net assets, end of period (000s omitted)		$1,165			$1,290			$2,000			$11,357			$14,048			$13,956

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 Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.82			$14.75			$11.89			$11.73			$12.00			$11.55
Net investment income		0.05			0.16			0.21			0.13			0.15	1		0.14	1
Net realized and unrealized gains (losses) on investments		0.73			(1.98	)		2.85			0.30			(0.23	)		0.65
Total from investment operations		0.78			(1.82	)		3.06			0.43			(0.08	)		0.79
Distributions to shareholders from
Net investment income		(0.14	)		(0.11	)		(0.20	)		(0.27	)		(0.19	)		(0.34	)
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.52	)		(0.11	)		(0.20	)		(0.27	)		(0.19	)		(0.34	)
Net asset value, end of period		$12.08			$12.82			$14.75			$11.89			$11.73			$12.00
Total return2		7.07	%		(12.43	)%		26.25	%		3.83	%		(0.65	)%		6.99	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.36	%		1.33	%		1.36	%		1.36	%		1.27	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.86	%		1.12	%		1.11	%		1.28	%		1.27	%		1.15	%
Supplemental data
Portfolio turnover rate		22	%		50	%		63	%		52	%		113	%		113	%
Net assets, end of period (000s omitted)		$25,867			$26,868			$34,022			$10,237			$11,034			$502

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 Asia Pacific 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 Asia Pacific 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 April 30, 2019, such fair value pricing was used in pricing certain 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

20 Wells Fargo Asia Pacific Fund Notes to financial statements (unaudited)

other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Participation notes

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

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.

Notes to financial statements (unaudited) Wells Fargo Asia Pacific Fund 21

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 April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $115,437,234 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	19,293,005
Gross unrealized losses		(5,798,602	)
Net unrealized gains	$	13,494,403

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 Asia Pacific 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 April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	10,753,602	$	0	$	0	$	10,753,602
China		36,729,620		0		0		36,729,620
Hong Kong		1,416,454		0		0		1,416,454
India		6,741,843		0		0		6,741,843
Indonesia		2,113,977		0		0		2,113,977
Japan		0		39,121,737		0		39,121,737
Malaysia		2,369,275		0		0		2,369,275
Philippines		1,338,074		0		0		1,338,074
Singapore		2,950,015		0		0		2,950,015
South Korea		10,073,002		0		0		10,073,002
Taiwan		7,010,588		0		0		7,010,588
Thailand		1,768,536		0		0		1,768,536
Participation notes
China		0		1,462,683		0		1,462,683
Short-term investments
Investment companies		4,270,431		811,800		0		5,082,231
Total assets	$	87,535,417	$	41,396,220	$	0	$	128,931,637

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

At April 30, 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	1.000%
Next $500 million	0.950
Next $1 billion	0.900
Next $2 billion	0.875
Next $1 billion	0.850
Next $5 billion	0.840
Over $10 billion	0.830

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 1.00% of the Fund’s average daily net assets.

Notes to financial statements (unaudited) Wells Fargo Asia Pacific Fund 23

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 0.65% and declining to 0.45% 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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.60% for Class A shares, 2.35% for Class C shares, 1.50% for Administrator Class shares, and 1.25% 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 April 30, 2019, Funds Distributor received $1,122 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 April 30, 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 April 30, 2019 were $26,985,577 and $34,959,885, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2019, the Fund entered into forward foreign currency contracts for hedging purposes. The Fund had average contract amounts of $14,611 in forward foreign currency contracts to buy during the six months ended April 30, 2019.

24 Wells Fargo Asia Pacific Fund Notes to financial statements (unaudited)

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

7. BANK BORROWINGS

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

For the six months ended April 30, 2019, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

Concentration risk result from exposure to a limited number of geographic regions. A fund that invest a substantial portion of their assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. SUBSEQUENT EVENT

At a regular meeting of the Board of Trustees held on May 21-22, 2019, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”). Under the Plan, Wells Fargo Emerging Markets Equity Income Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Emerging Markets Equity Income Fund.

A Special Meeting of Shareholders of the Fund will be held on September 6, 2019 to consider and vote on the Plan. On or about June 27, 2019, materials for this meeting will be mailed to shareholders of record on July 19, 2019.

If approved, the merger will take place on or about September 20, 2019.

Other information (unaudited) Wells Fargo Asia Pacific Fund 25

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$286,341	$0.0289	100%

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 Asia Pacific 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. (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 Asia Pacific 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 Asia Pacific Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary 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.

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.

402353 06-19 SA236/SAR236 04-19

Semi-Annual Report

April 30, 2019

Wells Fargo Diversified International 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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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Other information	31

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 International 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 International Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) 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 2019. 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 International 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 International Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Artisan Partners Limited Partnership

LSV Asset Management

Wells Capital Management Incorporated

Portfolio managers

Josef Lakonishok, Ph.D.

Venkateshwar (Venk) Lal

Puneet Mansharamani, CFA^®‡

Menno Vermeulen, CFA^®‡

Dale A. Winner, CFA^®‡

Mark L. Yockey, CFA^®‡

Average annual total returns (%) as of April 30, 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 (SILAX)	9-24-1997		-10.64		1.30		7.26		-5.18		2.51		7.89		1.72		1.36
Class C (WFECX)	4-1-1998		-6.89		1.73		7.11		-5.89		1.73		7.11		2.47		2.11
Class R6 (WDIRX)3	9-30-2015		–		–		–		-4.78		2.88		8.19		1.29		0.90
Administrator Class (WFIEX)	11-8-1999		–		–		–		-5.11		2.62		8.06		1.64		1.26
Institutional Class (WFISX)	8-31-2006		–		–		–		-4.85		2.90		8.29		1.39		1.00
MSCI EAFE Index (Net)4	–		–		–		–		-3.22		2.60		7.95		–		–

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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Diversified International Fund 5

Ten largest holdings (%) as of April 30, 20195
Linde plc	2.27
Deutsche Boerse AG	2.02
BP plc	1.74
Wirecard AG	1.71
Airbus SE	1.42
AIA Group Limited	1.39
Allianz AG	1.37
Nestle SA	1.34
Deutsche Post AG	1.23
ING Groep NV	1.23

Sector distribution as of April 30, 2019⁶

Country allocation as of April 30, 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 February 29, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.35% for Class A, 2.10% for Class C, 0.89% for Class R6, 1.25% for Administrator Class, and 0.99% 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 Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴  The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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 Diversified International 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,059.05	$	6.89		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Class C
Actual	$	1,000.00	$	1,054.50	$	10.70		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.38	$	10.49		2.10	%
Class R6
Actual	$	1,000.00	$	1,061.40	$	4.55		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Administrator Class
Actual	$	1,000.00	$	1,059.30	$	6.38		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,060.06	$	5.06		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96		0.99	%

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—April 30, 2019 (unaudited) Wells Fargo Diversified International Fund 7

Security name	Shares		Value
Common Stocks: 96.38%
Australia: 1.35%
AGL Energy Limited (Utilities, Multi-Utilities)		8,500	$	133,204
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		29,100		180,524
CSR Limited (Materials, Construction Materials)		59,900		150,326
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) «		43,900		129,050
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		11,600		108,760
Metcash Limited (Consumer Staples, Food & Staples Retailing)		28,500		57,661
Mineral Resources Limited (Materials, Metals & Mining)		14,900		163,754
Origin Energy Limited (Energy, Oil, Gas & Consumable Fuels)		18,916		98,278
Qantas Airways Limited (Industrials, Airlines)		59,300		234,518
Rio Tinto Limited (Materials, Metals & Mining)		1,800		121,016
				1,377,091
Austria: 0.39%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		4,800		257,071
Voestalpine AG (Materials, Metals & Mining)		4,300		138,079
				395,150
Belgium: 0.05%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		589		52,361
Brazil: 2.00%
B3 Brasil Bolsa Balcao SA (Financials, Capital Markets)		15,405		135,345
Banco de Brasil SA (Financials, Banks)		14,500		183,714
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,300		93,265
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		45,293		553,480
JBS SA (Consumer Staples, Food Products)		67,500		340,332
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)		48,115		732,791
				2,038,927
Canada: 2.68%
Canadian National Railway Company (Industrials, Road & Rail)		1,730		160,509
Canadian Pacific Railway Limited (Industrials, Road & Rail)		831		186,202
Dollarama Incorporated (Consumer Discretionary, Multiline Retail)		4,460		133,963
Home Capital Group Incorporated (Financials, Thrifts & Mortgage Finance) †		49,300		696,978
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		3,800		186,157
Lundin Mining Corporation (Materials, Metals & Mining)		154,708		830,298
Magna International Incorporated (Consumer Discretionary, Auto Components)		7,300		406,331
WestJet Airlines Limited (Industrials, Airlines)		9,200		129,859
				2,730,297
China: 3.16%
ANTA Sports Products Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,000		28,197
China Mobile Limited (Communication Services, Wireless Telecommunication Services)		94,000		895,689
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		218,000		167,568
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		117,500		138,697
China Resources Cement Holdings Limited (Materials, Construction Materials)		168,000		168,111
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		238,000		123,175

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

8 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
China (continued)
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		106,000	$	102,827
HollySys Automation Technologies Limited (Information Technology, Electronic Equipment, Instruments & Components)		19,771		413,807
Midea Group Company Limited Class A (Consumer Discretionary, Household Durables)		12,700		98,783
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		103,500		116,234
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,400		35,162
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		261,400		547,138
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		118,800		340,735
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		23,400		50,381
				3,226,504
Denmark: 0.88%
Danske Bank AS (Financials, Banks)		9,300		164,936
Genmab AS (Health Care, Biotechnology) †		3,866		641,787
Sydbank AS (Financials, Banks)		4,000		86,354
				893,077
Finland: 0.34%
Fortum Oyj (Utilities, Electric Utilities)		10,931		230,982
Nordea Bank AB (Financials, Banks)		15,000		118,062
				349,044
France: 8.24%
Air Liquide SA (Materials, Chemicals)		6,623		880,632
Amundi SA (Financials, Diversified Financial Services)		1,773		127,370
Arkema SA (Materials, Chemicals)		910		93,349
AXA SA (Financials, Insurance)		9,200		245,018
BNP Paribas SA (Financials, Banks)		17,376		924,750
Compagnie de Saint-Gobain SA (Industrials, Building Products)		23,772		971,588
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		2,200		284,135
Credit Agricole SA (Financials, Banks)		13,900		190,669
Eiffage SA (Industrials, Construction & Engineering)		4,413		460,810
Engie SA (Utilities, Multi-Utilities)		13,300		196,983
Groupe Danone SA (Consumer Staples, Food Products)		1,811		146,410
Natixis SA (Financials, Capital Markets)		27,500		161,869
Orange SA (Communication Services, Diversified Telecommunication Services)		65,896		1,032,139
Renault SA (Consumer Discretionary, Automobiles)		3,100		211,469
Safran SA (Industrials, Aerospace & Defense)		2,099		305,816
Sanofi SA (Health Care, Pharmaceuticals)		8,600		747,450
Schneider Electric SE (Industrials, Electrical Equipment)		1,512		127,970
SCOR SE (Financials, Insurance)		2,400		97,875
Societe Generale SA (Financials, Banks)		3,700		117,111
Total SA (Energy, Oil, Gas & Consumable Fuels)		9,700		539,026
Vinci SA (Industrials, Construction & Engineering)		5,331		538,252
				8,400,691
Germany: 14.38%
Adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		980		251,820
Allianz AG (Financials, Insurance)		5,805		1,398,540
Aurubis AG (Materials, Metals & Mining)		1,600		77,920

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Diversified International Fund 9

Security name	Shares		Value
Germany (continued)
BASF SE (Materials, Chemicals)		2,900	$	235,784
Bayer AG (Health Care, Pharmaceuticals)		1,900		126,456
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		2,200		187,285
Beiersdorf AG (Consumer Staples, Personal Products)		1,950		213,113
Covestro AG (Materials, Chemicals)		2,700		147,631
Daimler AG (Consumer Discretionary, Automobiles)		5,300		346,801
Deutsche Boerse AG (Financials, Capital Markets)		15,449		2,060,252
Deutsche Post AG (Industrials, Air Freight & Logistics)		36,311		1,258,447
Infineon Technologies AG (Information Technology, Semiconductors & Semiconductor Equipment)		11,470		270,482
Linde plc (Materials, Chemicals)		12,863		2,314,115
Metro AG (Consumer Staples, Food & Staples Retailing)		41,234		698,346
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		3,250		812,880
Rheinmetall AG (Industrials, Industrial Conglomerates)		7,592		871,104
SAP SE (Information Technology, Software)		3,264		419,466
Siemens AG (Industrials, Industrial Conglomerates)		4,233		506,774
Symrise AG (Materials, Chemicals)		4,530		435,429
Volkswagen AG (Consumer Discretionary, Automobiles)		1,600		286,053
Wirecard AG (Information Technology, IT Services) «		11,609		1,740,862
				14,659,560
Hong Kong: 3.00%
AIA Group Limited (Financials, Insurance)		138,600		1,412,537
China Everbright Limited (Financials, Capital Markets)		180,000		327,657
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		109,500		114,877
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		104,000		96,115
Sinotruk Hong Kong Limited (Industrials, Machinery)		59,500		128,787
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		320,000		94,636
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		11,000		78,313
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		586,000		669,305
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,000		135,720
				3,057,947
Hungary: 0.07%
Richter Gedeon (Health Care, Pharmaceuticals)		3,500		69,257
India: 0.68%
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		24,175		693,425
Indonesia: 0.23%
PT Bank Rakyat Indonesia Tbk (Financials, Banks) †		750,900		230,276
Ireland: 2.32%
C&C Group plc (Consumer Staples, Beverages)		18,600		70,617
Greencore Group plc (Consumer Staples, Food Products)		181,237		543,566
Medtronic plc (Health Care, Health Care Equipment & Supplies)		11,115		987,123
Smurfit Kappa Group plc (Materials, Containers & Packaging)		4,300		126,022
Willis Towers Watson plc (Financials, Insurance)		3,458		637,448
				2,364,776

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

10 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
Israel: 0.94%
Bank Hapoalim Limited (Financials, Banks)		24,000	$	176,434
Check Point Software Technologies Limited (Information Technology, Software) †		5,979		722,024
Nice Systems Limited ADR (Electronic & Other Electrical Equipment & Components, Except Computer Equipment ) †		449		61,899
				960,357
Italy: 3.93%
A2A SpA (Utilities, Multi-Utilities)		104,600		174,806
Assicurazioni Generali SpA (Financials, Insurance)		19,584		380,002
Enel SpA (Utilities, Electric Utilities)		94,000		594,522
Eni SpA (Energy, Oil, Gas & Consumable Fuels)		54,008		921,836
Intesa Sanpaolo SpA (Financials, Banks)		244,632		641,225
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		9,300		107,386
Mediobanca SpA (Financials, Banks)		23,400		248,020
Prysmian SpA (Industrials, Electrical Equipment)		48,483		934,767
				4,002,564
Japan: 12.45%
Adeka Corporation (Materials, Chemicals)		13,000		195,305
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		3,300		127,660
Alps Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		21,500		454,699
Asahi Glass Company Limited (Industrials, Building Products)		4,900		167,177
CALBEE Incorporated (Consumer Staples, Food Products)		3,800		105,223
Central Glass Company Limited (Industrials, Building Products)		3,400		79,458
Daiwa Securities Group Incorporated (Financials, Capital Markets)		190,100		884,883
Denka Company Limited (Materials, Chemicals)		6,300		190,231
DIC Incorporated (Materials, Chemicals)		5,300		155,680
Dowa Mining Company Limited (Materials, Metals & Mining)		6,000		195,644
FANUC Corporation (Industrials, Machinery)		400		75,150
Fujikura Limited (Industrials, Electrical Equipment)		15,500		63,955
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		34,200		1,137,431
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		16,500		237,645
Itochu Corporation (Industrials, Trading Companies & Distributors)		14,600		263,434
Japan Airlines Company Limited (Industrials, Airlines)		6,300		205,464
Japan Exchange Group Incorporated (Financials, Capital Markets)		14,700		240,045
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,200		51,404
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		20,000		460,951
Komatsu Limited (Industrials, Machinery)		9,600		247,972
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		8,800		174,628
Marubeni Corporation (Industrials, Trading Companies & Distributors)		30,300		217,117
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		12,000		142,019
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		6,100		91,578
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		179,700		891,586
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		37,300		190,190
Mitsui Chemicals Incorporated (Materials, Chemicals)		9,500		233,528
Mizuho Financial Group Incorporated (Financials, Banks)		171,600		267,992
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		7,300		504,063
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		12,500		520,105
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		32,200		258,503
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		6,700		59,813

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Diversified International Fund 11

Security name	Shares		Value
Japan (continued)
Nomura Holdings Incorporated (Financials, Capital Markets)		63,000	$	238,532
ORIX Corporation (Financials, Diversified Financial Services)		16,500		233,736
Resona Holdings Incorporated (Financials, Banks)		62,600		265,744
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,900		140,107
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,100		112,833
Sojitz Corporation (Industrials, Trading Companies & Distributors)		77,400		266,469
Sompo Holdings Incorporated (Financials, Insurance)		3,200		120,778
Sumitomo Heavy Industries Limited (Industrials, Machinery)		6,000		213,344
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		8,000		290,770
Taiyo Nippon Sanso Corporation (Materials, Chemicals)		23,800		396,548
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		18,100		667,921
Teijin Limited (Materials, Chemicals)		5,700		98,052
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		7,600		143,205
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		7,360		176,355
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		5,900		69,021
UBE Industries Limited (Materials, Chemicals)		7,900		169,026
				12,692,974
Malaysia: 0.46%
CIMB Group Holdings Bhd (Financials, Banks)		371,423		473,431
Netherlands: 7.04%
Adyen NV (Information Technology, IT Services) †		444		361,342
Aegon NV (Financials, Insurance)		23,200		121,154
Airbus SE (Industrials, Aerospace & Defense)		10,597		1,448,617
Akzo Nobel NV (Materials, Chemicals)		1,196		101,547
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		796		165,649
ING Groep NV (Financials, Banks)		98,748		1,257,743
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		14,600		351,415
Koninklijke DSM NV (Materials, Chemicals)		4,657		531,992
Koninklijke Philips NV (Industrials, Industrial Conglomerates)		26,902		1,145,529
NN Group NV (Financials, Insurance)		19,134		833,105
OCI NV (Materials, Chemicals) †		28,895		837,764
X5 Retail Group NV (Consumer Staples, Food & Staples Retailing)		700		21,245
				7,177,102
Norway: 1.08%
Den Norske Bank ASA (Financials, Banks) «		53,341		1,024,165
Mowi ASA (Consumer Staples, Food Products)		3,500		75,822
				1,099,987
Russia: 1.56%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		10,500		297,150
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		4,200		359,100
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		19,404		430,769
Mobile TeleSystems PJSC ADR (Communication Services, Wireless Telecommunication Services)		64,526		508,465
				1,595,484

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

12 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
Singapore: 1.14%
DBS Group Holdings Limited (Financials, Banks)		6,400	$	132,931
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		162,100		806,865
United Overseas Bank Limited (Financials, Banks)		10,700		218,941
				1,158,737
South Africa: 1.16%
Absa Group Limited (Financials, Banks)		12,600		144,682
Imperial Holdings Limited (Consumer Discretionary, Distributors)		5,500		23,992
Motus Holdings Limited (Consumer Discretionary, Specialty Retail)		5,500		34,123
Old Mutual Limited (Financials, Insurance)		59,600		95,221
Omnia Holdings Limited (Materials, Chemicals)		7,600		30,921
Sasol Limited (Materials, Chemicals)		25,646		850,666
				1,179,605
South Korea: 1.80%
BNK Financial Group Incorporated (Financials, Banks)		1,018		6,109
Hana Financial Group Incorporated (Financials, Banks)		6,710		211,384
Industrial Bank of Korea (Financials, Banks)		16,600		201,079
JB Financial Group Company Limited (Financials, Banks)		1,964		9,567
KT&G Corporation (Consumer Staples, Tobacco)		2,300		200,830
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		9,600		117,519
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals)		233		229,738
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		3,496		740,710
Woori Financial Group Incorporated (Financials, Banks)		9,800		116,192
				1,833,128
Spain: 0.56%
Banco Santander Central Hispano SA (Financials, Banks)		29,500		149,273
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		33,900		23,612
International Consolidated Airlines Group SA (Industrials, Airlines)		17,900		126,138
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		16,200		274,911
				573,934
Sweden: 0.65%
Boliden AB (Materials, Metals & Mining)		6,700		198,944
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		4,876		85,012
Volvo AB Class B (Industrials, Machinery)		23,600		377,713
				661,669
Switzerland: 5.86%
Alcon Incorporated (Health Care, Health Care Equipment & Supplies) †		2,188		126,004
Baloise Holding AG (Financials, Insurance)		1,400		239,894
Idorsia Limited (Health Care, Biotechnology) †		6,824		134,879
LafargeHolcim Limited (Materials, Construction Materials)		15,574		800,595
Lonza Group AG (Health Care, Life Sciences Tools & Services)		1,655		511,142
Nestle SA (Consumer Staples, Food Products)		14,181		1,364,588
Novartis AG (Health Care, Pharmaceuticals)		8,173		667,427
Roche Holding AG (Health Care, Pharmaceuticals)		2,960		780,270

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Diversified International Fund 13

Security name	Shares		Value
Switzerland (continued)
Sonova Holding AG (Health Care, Health Care Equipment & Supplies)		552	$	111,326
Swiss Life Holding AG (Financials, Insurance)		1,100		517,209
Swiss Reinsurance AG (Financials, Insurance)		3,020		290,634
UBS Group AG (Financials, Capital Markets)		10,600		142,155
Valiant Holding AG (Financials, Banks)		600		67,246
Zurich Insurance Group AG (Financials, Insurance)		700		223,200
				5,976,569
Taiwan: 0.41%
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		52,000		98,107
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		51,000		127,083
Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components)		55,000		196,676
				421,866
Thailand: 0.25%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		135,400		137,839
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		55,100		119,520
				257,359
United Kingdom: 15.23%
3i Group plc (Financials, Capital Markets)		21,200		295,938
Anglo American plc (Materials, Metals & Mining)		11,100		286,796
Aon plc (Financials, Insurance)		6,252		1,126,235
AVEVA Group plc (Information Technology, Software)		4,153		181,095
Aviva plc (Financials, Insurance)		22,000		123,215
Babcock International Group plc (Industrials, Commercial Services & Supplies)		16,035		109,776
BAE Systems plc (Industrials, Aerospace & Defense)		56,100		361,383
Barratt Developments plc (Consumer Discretionary, Household Durables)		23,400		183,631
Bellway plc (Consumer Discretionary, Household Durables)		4,200		170,438
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		8,600		124,480
BP plc (Energy, Oil, Gas & Consumable Fuels)		243,084		1,771,927
BT Group plc (Communication Services, Diversified Telecommunication Services)		33,500		100,058
Centrica plc (Utilities, Multi-Utilities)		68,900		95,461
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		20,500		102,918
Debenhams plc (Consumer Discretionary, Multiline Retail) (a)		72,600		0
Experian Group Limited plc (Industrials, Professional Services)		15,496		449,601
Ferguson plc (Industrials, Trading Companies & Distributors)		6,985		495,499
Fresnillo plc (Materials, Metals & Mining)		45,439		443,682
Galliford Try plc (Industrials, Construction & Engineering)		8,666		61,249
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		32,300		662,704
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		3,700		117,532
Inchcape plc (Consumer Discretionary, Distributors)		19,900		159,460
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		37,300		108,222
John Wood Group plc (Energy, Energy Equipment & Services)		125,262		768,523
Kingfisher plc (Consumer Discretionary, Specialty Retail)		188,525		649,254
Lloyds Banking Group plc (Financials, Banks)		134,900		110,067
London Stock Exchange Group plc (Financials, Capital Markets)		9,363		612,177
Man Group plc (Financials, Capital Markets)		334,323		682,709
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		44,100		164,411

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

14 Wells Fargo Diversified International Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name						Shares		Value
United Kingdom (continued)
Melrose Industries plc (Industrials, Electrical Equipment)							199,627	$	526,354
QinetiQ Group plc (Industrials, Aerospace & Defense)							47,700		187,473
Redrow plc (Consumer Discretionary, Household Durables)							23,047		185,128
RELX plc (Industrials, Professional Services)							7,006		160,699
Rentokil Initial plc (Industrials, Commercial Services & Supplies)							64,556		328,306
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							21,300		684,520
Royal Mail plc (Industrials, Air Freight & Logistics)							20,900		68,897
Sensata Technologies Holding plc (Industrials, Electrical Equipment) †							19,166		957,150
Smiths Group plc (Industrials, Industrial Conglomerates)							53,114		1,054,494
Tate & Lyle plc (Consumer Staples, Food Products)							15,700		157,149
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)							3,600		176,322
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)							281,101		520,509
									15,525,442
United States: 2.09%
Alphabet Incorporated Class A (Communication Services, Interactive Media & Services) †							310		371,678
Alphabet Incorporated Class C (Communication Services, Interactive Media & Services) †							312		370,806
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †							344		662,723
Gentex Corporation (Consumer Discretionary, Auto Components)							14,488		333,659
Intercontinental Exchange Incorporated (Financials, Capital Markets)							4,829		392,839
									2,131,705
Total Common Stocks (Cost $85,982,312)									98,260,296
				Expiration date
Participation Notes: 0.71%
Ireland: 0.71%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines) †(a)					10-29-2019		53,787		720,073
Total Participation Notes (Cost $742,259)									720,073
	Dividend yield
Preferred Stocks: 0.75%
Brazil: 0.75%
Petroleo Brasileiro SA (Energy, Oil, Gas & Consumable Fuels)		2.59	%				110,217		762,027
Total Preferred Stocks (Cost $670,101)									762,027
	Yield
Short-Term Investments: 3.91%
Investment Companies: 3.91%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55					2,723,048		2,723,320
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36					1,262,675		1,262,675
Total Short-Term Investments (Cost $3,985,993)									3,985,995

Total investments in securities (Cost $91,380,665)	101.75	%		103,728,391
Other assets and liabilities, net	(1.75	)		(1,779,848	)
Total net assets	100.00	%	$	101,948,543

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Diversified International Fund 15

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

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

GDR Global depositary receipt

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
16,900 USD	1,887,740 JPY	State Street Bank	5-9-2019	$	0	$	(56	)
1,536,551 USD	1,344,200 EUR	Goldman Sachs	6-6-2019		24,454		0
650,300 GBP	857,247 USD	Morgan Stanley	6-6-2019		0		(7,677	)
2,620,300 USD	1,973,800 GBP	Morgan Stanley	6-6-2019		41,673		0
450,437 USD	346,000 GBP	Morgan Stanley	6-6-2019		0		(1,587	)
				$	66,127	$	(9,320	)

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		592,358		10,461,185		8,330,495		2,723,048	$	0	$	(2	)	$	21,408	$	2,723,320
Wells Fargo Government Money Market Fund Select Class		2,648,395		9,867,750		11,253,470		1,262,675		0		0			20,129		1,262,675
									$	0	$	(2	)	$	41,537	$	3,985,995		3.91	%

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

16 Wells Fargo Diversified International Fund Statement of assets and liabilities—April 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $2,591,427 of securities loaned), at value (cost $87,394,672)	$	99,742,396
Investments in affiliated securities, at value (cost $3,985,993)		3,985,995
Foreign currency, at value (cost $360,187)		354,407
Receivable for investments sold		568,046
Receivable for Fund shares sold		45,141
Receivable for dividends		626,302
Receivable for securities lending income		2,676
Unrealized gains on forward foreign currency contracts		66,127
Prepaid expenses and other assets		34,039
Total assets		105,425,129
Liabilities
Payable upon receipt of securities loaned		2,722,671
Custodian and accounting fees payable		226,843
Payable for Fund shares redeemed		207,340
Payable for investments purchased		151,809
Due to custodian bank		43,698
Management fee payable		36,510
Administration fees payable		12,282
Unrealized losses on forward foreign currency contracts		9,320
Trustees’ fees and expenses payable		5,281
Distribution fee payable		1,119
Accrued expenses and other liabilities		59,713
Total liabilities		3,476,586
Total net assets	$	101,948,543
NET ASSETS CONSIST OF
Paid-in capital	$	98,378,026
Total distributable earnings		3,570,517
Total net assets	$	101,948,543
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	54,792,281
Shares outstanding – Class A1		4,356,979
Net asset value per share – Class A		$12.58
Maximum offering price per share – Class A2		$13.35
Net assets – Class C	$	1,745,432
Shares outstanding – Class C1		150,544
Net asset value per share – Class C		$11.59
Net assets – Class R6	$	28,046,438
Shares outstanding – Class R61		2,178,864
Net asset value per share – Class R6		$12.87
Net assets – Administrator Class	$	12,916,338
Shares outstanding – Administrator Class1		1,008,126
Net asset value per share – Administrator Class		$12.81
Net assets – Institutional Class	$	4,448,054
Shares outstanding – Institutional Class1		373,350
Net asset value per share – Institutional Class		$11.91

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 April 30, 2019 (unaudited) Wells Fargo Diversified International Fund 17

Investment income
Dividends (net of foreign withholding taxes of $137,208)	$	1,252,255
Income from affiliated securities		34,794
Total investment income		1,287,049
Expenses
Management fee		419,948
Administration fees
Class A		55,633
Class C		2,084
Class R6		4,043
Administrator Class		8,014
Institutional Class		2,964
Shareholder servicing fees
Class A		66,230
Class C		2,481
Administrator Class		15,411
Distribution fee
Class C		7,443
Custody and accounting fees		96,631
Professional fees		23,397
Registration fees		33,438
Shareholder report expenses		24,891
Trustees’ fees and expenses		10,914
Other fees and expenses		34,669
Total expenses		808,191
Less: Fee waivers and/or expense reimbursements		(210,137	)
Net expenses		598,054
Net investment income		688,995
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(806,660	)
Forward foreign currency contracts		27,905
Net realized losses on investments		(778,755	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		5,888,381
Affiliated securities		(2	)
Forward foreign currency contracts		(29,218	)
Net change in unrealized gains (losses) on investments		5,859,161
Net realized and unrealized gains (losses) on investments		5,080,406
Net increase in net assets resulting from operations	$	5,769,401

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

18 Wells Fargo Diversified International Fund Statement of changes in net assets

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	688,995					$	2,122,309
Net realized gains (losses) on investments					(778,755	)					5,554,096
Net change in unrealized gains (losses) on investments					5,859,161						(15,065,182	)
Net increase (decrease) in net assets resulting from operations					5,769,401						(7,388,777	)
Distributions to shareholders from net investment income and net realized gains
Class A					(1,117,631	)					(1,577,710	)
Class C					(23,783	)					(73,033	)
Class R6					(716,722	)					(864,807	)
Administrator Class					(270,088	)					(347,079	)
Institutional Class					(126,725	)					(286,387	)
Total distributions to shareholders					(2,254,949	)					(3,149,016	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		63,324			759,627			108,681			1,454,360
Class C		6,518			70,620			31,556			401,935
Class R6		29,098			339,400			322,912			4,341,223
Administrator Class		92,450			1,131,041			204,027			2,787,392
Institutional Class		52,599			599,494			48,181			616,951
					2,900,182						9,601,861
Reinvestment of distributions
Class A		99,537			1,100,884			115,936			1,551,227
Class C		2,096			21,423			5,516			67,961
Class R6		17,878			202,018			63,155			863,957
Administrator Class		23,957			269,756			25,476			346,979
Institutional Class		11,996			125,479			22,284			283,005
					1,719,560						3,113,129
Payment for shares redeemed
Class A		(280,360	)		(3,363,453	)		(555,196	)		(7,393,677	)
Class C		(68,551	)		(762,539	)		(157,841	)		(1,925,792	)
Class R		N/A			N/A			(2,309	)1		(31,119	)1
Class R6		(88,111	)		(1,083,600	)		(623,428	)		(8,441,251	)
Administrator Class		(122,514	)		(1,498,196	)		(220,724	)		(2,992,288	)
Institutional Class		(89,251	)		(1,029,220	)		(306,981	)		(3,843,466	)
					(7,737,008	)					(24,627,593	)
Net decrease in net assets resulting from capital share transactions					(3,117,266	)					(11,912,603	)
Total increase (decrease) in net assets					397,186						(22,450,396	)
Net assets
Beginning of period					101,551,357						124,001,753
End of period				$	101,948,543					$	101,551,357

¹  For the period from November 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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

Financial highlights Wells Fargo Diversified International Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.15			$13.39			$11.08			$11.65			$12.01			$12.25
Net investment income		0.08			0.21			0.19			0.17			0.13	1		0.24	1
Net realized and unrealized gains (losses) on investments		0.60			(1.12	)		2.34			(0.63	)		(0.21	)		(0.29	)
Total from investment operations		0.68			(0.91	)		2.53			(0.46	)		(0.08	)		(0.05	)
Distributions to shareholders from
Net investment income		(0.25	)		(0.33	)		(0.22	)		(0.11	)		(0.28	)		(0.19	)
Net asset value, end of period		$12.58			$12.15			$13.39			$11.08			$11.65			$12.01
Total return2		5.91	%		(7.00	)%		23.27	%		(3.96	)%		(0.66	)%		(0.49	)%
Ratios to average net assets (annualized)
Gross expenses		1.76	%		1.71	%		1.80	%		1.79	%		1.85	%		1.76	%
Net expenses		1.35	%		1.35	%		1.35	%		1.35	%		1.40	%		1.41	%
Net investment income		1.26	%		1.61	%		1.64	%		1.67	%		1.07	%		1.93	%
Supplemental data
Portfolio turnover rate		14	%		39	%		42	%		50	%		31	%		33	%
Net assets, end of period (000s omitted)		$54,792			$54,358			$64,347			$61,031			$73,891			$24,921

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.

20 Wells Fargo Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.12			$12.27			$10.16			$10.74			$11.08			$11.35
Net investment income		0.02	1		0.10	1		0.10	1		0.10	1		0.04	1		0.13	1
Net realized and unrealized gains (losses) on investments		0.57			(1.02	)		2.15			(0.60	)		(0.20	)		(0.27	)
Total from investment operations		0.59			(0.92	)		2.25			(0.50	)		(0.16	)		(0.14	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.23	)		(0.14	)		(0.08	)		(0.18	)		(0.13	)
Net asset value, end of period		$11.59			$11.12			$12.27			$10.16			$10.74			$11.08
Total return2		5.45	%		(7.76	)%		22.51	%		(4.72	)%		(1.44	)%		(1.24	)%
Ratios to average net assets (annualized)
Gross expenses		2.51	%		2.46	%		2.55	%		2.54	%		2.60	%		2.51	%
Net expenses		2.10	%		2.10	%		2.10	%		2.10	%		2.15	%		2.16	%
Net investment income		0.41	%		0.81	%		0.92	%		1.01	%		0.33	%		1.15	%
Supplemental data
Portfolio turnover rate		14	%		39	%		42	%		50	%		31	%		33	%
Net assets, end of period (000s omitted)		$1,745			$2,340			$4,066			$4,351			$3,573			$1,616

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 International Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS R6				2018			2017			2016			20151
Net asset value, beginning of period		$12.47			$13.71			$11.33			$11.87			$11.13
Net investment income		0.10			0.31			0.30	2		0.26	2		0.00	3
Net realized and unrealized gains (losses) on investments		0.62			(1.18	)		2.34			(0.68	)		0.74
Total from investment operations		0.72			(0.87	)		2.64			(0.42	)		0.74
Distributions to shareholders from
Net investment income		(0.32	)		(0.37	)		(0.26	)		(0.12	)		0.00
Net asset value, end of period		$12.87			$12.47			$13.71			$11.33			$11.87
Total return4		6.14	%		(6.61	)%		23.88	%		(3.55	)%		6.65	%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.28	%		1.34	%		1.36	%		1.46	%
Net expenses		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Net investment income		1.72	%		2.11	%		2.37	%		2.30	%		0.05	%
Supplemental data
Portfolio turnover rate		14	%		39	%		42	%		50	%		31	%
Net assets, end of period (000s omitted)		$28,046			$27,692			$33,698			$5,523			$27

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

22 Wells Fargo Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.38			$13.64			$11.28			$11.87			$12.23			$12.47
Net investment income		0.08	1		0.23	1		0.22	1		0.20	1		0.16	1		0.26	1
Net realized and unrealized gains (losses) on investments		0.62			(1.15	)		2.37			(0.66	)		(0.22	)		(0.30	)
Total from investment operations		0.70			(0.92	)		2.59			(0.46	)		(0.06	)		(0.04	)
Distributions to shareholders from
Net investment income		(0.27	)		(0.34	)		(0.23	)		(0.13	)		(0.30	)		(0.20	)
Net asset value, end of period		$12.81			$12.38			$13.64			$11.28			$11.87			$12.23
Total return2		5.93	%		(6.94	)%		23.46	%		(3.90	)%		(0.46	)%		(0.39	)%
Ratios to average net assets (annualized)
Gross expenses		1.68	%		1.63	%		1.72	%		1.71	%		1.72	%		1.60	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		1.36	%		1.73	%		1.79	%		1.83	%		1.31	%		2.10	%
Supplemental data
Portfolio turnover rate		14	%		39	%		42	%		50	%		31	%		33	%
Net assets, end of period (000s omitted)		$12,916			$12,557			$13,714			$12,334			$10,540			$7,283

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 International Fund 23

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.57			$12.84			$10.61			$11.14			$11.50			$11.79
Net investment income		0.09	1		0.25	1		0.23	1		0.23	1		0.17	1		0.26	1
Net realized and unrealized gains (losses) on investments		0.56			(1.07	)		2.25			(0.63	)		(0.20	)		(0.27	)
Total from investment operations		0.65			(0.82	)		2.48			(0.40	)		(0.03	)		(0.01	)
Distributions to shareholders from
Net investment income		(0.31	)		(0.45	)		(0.25	)		(0.13	)		(0.33	)		(0.28	)
Net asset value, end of period		$11.91			$11.57			$12.84			$10.61			$11.14			$11.50
Total return2		6.01	%		(6.68	)%		23.91	%		(3.63	)%		(0.23	)%		(0.18	)%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.38	%		1.49	%		1.46	%		1.47	%		1.33	%
Net expenses		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Net investment income		1.57	%		1.97	%		2.02	%		2.16	%		1.45	%		2.23	%
Supplemental data
Portfolio turnover rate		14	%		39	%		42	%		50	%		31	%		33	%
Net assets, end of period (000s omitted)		$4,448			$4,604			$8,146			$24,328			$7,106			$2,683

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.

24 Wells Fargo Diversified International 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 International Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. Information for Class R shares reflected in the financial statements represents activity through November 13, 2017.

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 April 30, 2019, such fair value pricing was used in pricing certain 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

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

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

Participation notes

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

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.

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

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 April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $91,998,895 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	21,170,020
Gross unrealized losses		(9,383,717	)
Net unrealized gains	$	11,786,303

As of October 31, 2018, the Fund had capital loss carryforwards which consisted of $6,769,927 in short-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.

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 Diversified International Fund 27

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	1,377,091	$	0	$	0	$	1,377,091
Austria		395,150		0		0		395,150
Belgium		52,361		0		0		52,361
Brazil		2,038,927		0		0		2,038,927
Canada		2,730,297		0		0		2,730,297
China		3,226,504		0		0		3,226,504
Denmark		893,077		0		0		893,077
Finland		349,044		0		0		349,044
France		8,400,691		0		0		8,400,691
Germany		14,659,560		0		0		14,659,560
Hong Kong		3,057,947		0		0		3,057,947
Hungary		69,257		0		0		69,257
India		693,425		0		0		693,425
Indonesia		230,276		0		0		230,276
Ireland		2,364,776		0		0		2,364,776
Israel		960,357		0		0		960,357
Italy		4,002,564		0		0		4,002,564
Japan		0		12,692,974		0		12,692,974
Malaysia		473,431		0		0		473,431
Netherlands		7,177,102		0		0		7,177,102
Norway		1,099,987		0		0		1,099,987
Russia		1,595,484		0		0		1,595,484
Singapore		1,158,737		0		0		1,158,737
South Africa		1,179,605		0		0		1,179,605
South Korea		1,833,128		0		0		1,833,128
Spain		573,934		0		0		573,934
Sweden		661,669		0		0		661,669
Switzerland		5,976,569		0		0		5,976,569
Taiwan		421,866		0		0		421,866
Thailand		257,359		0		0		257,359
United Kingdom		15,525,442		0		0		15,525,442
United States		2,131,705		0		0		2,131,705
Participation notes		0		720,073		0		720,073
Ireland
Preferred stocks
Brazil		762,027		0		0		762,027
Short-term investments
Investment companies		1,262,675		2,723,320		0		3,985,995
		87,592,024		16,136,367		0		103,728,391
Forward foreign currency contracts		0		66,127		0		66,127
Total assets	$	87,592,024	$	16,202,494	$	0	$	103,794,518
Liabilities
Forward foreign currency contracts	$	0	$	9,320	$	0	$	9,320
Total liabilities	$	0	$	9,320	$	0	$	9,320

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

28 Wells Fargo Diversified International Fund Notes to financial statements (unaudited)

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 April 30, 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 applicable 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		0.850	%
Next $500 million		0.800
Next $1 billion		0.750
Next $2 billion		0.725
Next $1 billion		0.700
Next $5 billion		0.690
Over $10 billion		0.680

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 0.85% 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. Artisan Partners Limited Partnership, LSV Asset Management, and WellsCap are the subadvisers to the Fund and are each entitled to receive a fee from Funds Management which is calculated based on the average daily net assets of the Fund as follows. Artisan Partners Limited Partnership and LSV Asset Management are not affiliates of Funds Management.

	Subadvisory fee
	starting at			declining to
Artisan Partners Limited Partnership		0.80	%		0.50	%
LSV Asset Management		0.35			0.30
WellsCap		0.45			0.40

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

Notes to financial statements (unaudited) Wells Fargo Diversified International Fund 29

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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 0.89% for Class R6 shares, 1.25% for Administrator Class shares, and 0.99% 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 April 30, 2019, Funds Distributor received $90 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 April 30, 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 April 30, 2019 were $14,049,856 and $17,318,365, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2019, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $345,629 and $4,616,599 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 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
Goldman Sachs	$	24,454	$	0		$	0	$	24,454
Morgan Stanley		41,673		(9,264	)		0		32,409

30 Wells Fargo Diversified International Fund Notes to financial statements (unaudited)

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Morgan Stanley	$	9,264	$	(9,264	)	$	0	$	0
State Street		56		0			0		56

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 April 30, 2019, there were no borrowings by the Fund under the agreement.

8. 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.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Diversified International Fund 31

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$311,004	$0.0374	94.41%

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.

32 Wells Fargo Diversified International 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. (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 Diversified International Fund 33

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.

34 Wells Fargo Diversified International Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary 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.

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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.

402354 06-19 SA237/SAR237 04-19

Semi-Annual Report

April 30, 2019

Wells Fargo

Emerging Markets Equity 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	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 Emerging Markets Equity 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 Emerging Market Equity Income Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) 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 2019. 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 Emerging Markets Equity 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 Emerging Markets Equity Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks to achieve long-term capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Alison Shimada

Elaine Tse

Average annual total returns (%) as of April 30, 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 (EQIAX)	5-31-2012		-10.91		1.66		3.98		-5.46		2.86		4.88			1.67		1.62
Class C (EQICX)	5-31-2012		-7.12		2.11		4.11		-6.12		2.11		4.11			2.42		2.37
Class R (EQIHX)3	9-30-2015		–		–		–		-5.66		2.63		4.63			1.92		1.87
Class R6 (EQIRX)4	9-30-2015		–		–		–		-4.96		3.32		5.34			1.24		1.17
Administrator Class (EQIDX)	5-31-2012		–		–		–		-5.23		3.11		5.11			1.59		1.45
Institutional Class (EQIIX)	5-31-2012		–		–		–		-5.03		3.28		5.31			1.34		1.22
MSCI EM Index (Net)5	–		–		–		–		-5.04		4.04		5.00	*		–		–

* Return is based on the inception date of the oldest class of the Fund.

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 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. 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 investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Emerging Markets Equity Income Fund 5

Ten largest holdings (%) as of April 30, 20196
Samsung Electronics Company Limited	4.48
Taiwan Semiconductor Manufacturing Company Limited	4.41
Ping An Insurance Group Company H Shares	2.24
China Construction Bank H Shares	2.23
Industrial & Commercial Bank of China Limited H Shares	1.77
B3 SA Brasil Bolsa Balcao	1.39
Bangkok Bank PCL	1.38
PT Telekomunikasi Indonesia Persero Tbk	1.33
Sberbank of Russia ADR	1.29
China Resources Land Limited	1.28

Sector distribution as of April 30, 2019⁷

Country allocation as of April 30, 2019⁷

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 February 29, 2020, to waive fees and/or reimburse expenses to cap the expenses of each class after fee waivers at the amount 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 Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares.

⁴  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁵  The Morgan Stanley Capital International (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 markets country indexes: 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 United Arab Emirates. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁶  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 Emerging Markets Equity 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,099.90	$	8.43		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.76	$	8.10		1.62	%
Class C
Actual	$	1,000.00	$	1,096.40	$	12.32		2.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.04	$	11.83		2.37	%
Class R
Actual	$	1,000.00	$	1,099.40	$	9.73		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.52	$	9.35		1.87	%
Class R6
Actual	$	1,000.00	$	1,103.00	$	6.10		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86		1.17	%
Administrator Class
Actual	$	1,000.00	$	1,101.80	$	7.56		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	1,102.60	$	6.36		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11		1.22	%

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—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 7

Security name	Shares		Value
Common Stocks: 91.89%
Brazil: 5.28%
B3 SA Brasil Bolsa Balcao (Financials, Capital Markets)		976,600	$	8,580,212
Banco BTG Pactual SA (Financials, Capital Markets)		510,900		5,391,610
Banco de Brasil SA (Financials, Banks)		340,300		4,311,572
Banco Santander Brasil SA (Financials, Banks)		385,600		4,426,272
BB Seguridade Participacoes SA (Financials, Insurance)		388,296		2,798,512
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		416,000		2,514,396
Vale SA (Materials, Metals & Mining)		365,274		4,667,116
				32,689,690
Chile: 0.64%
Enel Americas SA ADR (Utilities, Electric Utilities)		452,422		3,954,168
China: 28.75%
Agricultural Bank of China Limited H Shares (Financials, Banks)		5,792,000		2,672,731
Bank of China Limited H Shares (Financials, Banks)		13,423,000		6,399,401
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		5,802,000		3,601,843
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		5,168,000		4,973,792
China Communications Services Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		5,138,000		4,139,323
China Construction Bank H Shares (Financials, Banks)		15,661,000		13,834,735
China Life Insurance Company H Shares (Financials, Insurance)		1,646,000		4,658,015
China Merchants Shekou Industrial Zone Holdings Company Limited Class A (Real Estate, Real Estate Management & Development)		1,360,873		4,444,129
China Mobile Limited (Communication Services, Wireless Telecommunication Services)		728,000		6,936,824
China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development)		2,078,000		7,774,488
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		4,829,600		3,712,330
China Resources Land Limited (Real Estate, Real Estate Management & Development)		1,816,000		7,905,415
China State Construction Engineering Corporation Limited Class A (Industrials, Construction & Engineering)		4,520,800		4,113,600
China State Construction International Holdings (Industrials, Construction & Engineering)		5,806,000		6,017,079
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		5,510,000		2,851,647
China Vanke Company Limited Class A (Real Estate, Real Estate Management & Development)		996,564		4,272,172
CITIC Securities Company Limited H Shares (Financials, Capital Markets)		2,108,000		4,557,373
Geely Automobile Holdings Limited (Consumer Discretionary, Automobiles)		1,577,000		3,164,132
Guangzhou Automobile Group Company Limited H Shares (Consumer Discretionary, Automobiles)		5,154,000		5,538,474
Hengan International Group Company Limited (Consumer Staples, Personal Products)		514,500		4,535,192
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		16,450,000		4,739,063
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		14,617,000		10,974,675
Inner Mongolia Yili Industrial Group Company Limited Class A (Consumer Staples, Food Products)		1,384,588		6,371,308
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		3,960,000		3,669,845
Midea Group Company Limited Class A (Consumer Discretionary, Household Durables)		850,460		6,615,025
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		7,938,000		5,039,165
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		4,405,000		4,946,978
Ping An Insurance Group Company H Shares (Financials, Insurance)		1,150,500		13,851,816
Qingdao Haier Company Limited Class A (Consumer Discretionary, Household Durables)		2,443,121		6,230,379
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		681,600		3,744,769
Sany Heavy Industry Company Limited Class A (Industrials, Machinery)		1,596,782		2,903,542
Wanhua Chemical Group Company Limited Class A (Materials, Chemicals) †		427,300		2,868,837
				178,058,097

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

8 Wells Fargo Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
Colombia: 0.54%
Bancolombia SA ADR (Financials, Banks)		65,610	$	3,327,739
Hong Kong: 2.46%
China Merchants Port Holdings Company Limited (Industrials, Transportation Infrastructure)		2,406,000		4,858,128
Chow Tai Fook Jewellery Company Limited (Consumer Discretionary, Specialty Retail)		3,132,200		3,349,882
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		4,293,000		3,967,501
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,690,000		3,072,405
				15,247,916
India: 6.59%
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		938,239		5,123,952
Bharti Infratel Limited (Communication Services, Diversified Telecommunication Services)		1,111,775		4,196,704
Embassy Office Parks REIT (Real Estate, Equity REITs) †		1,055,200		4,861,092
Gail India Limited (Utilities, Gas Utilities)		877,533		4,490,885
Hero Honda Motors Limited (Consumer Discretionary, Automobiles)		87,648		3,165,302
Infosys Limited (Information Technology, IT Services)		729,619		7,881,663
NTPC Limited (Utilities, Independent Power & Renewable Electricity Producers)		2,336,336		4,502,789
Tech Mahindra Limited (Information Technology, IT Services)		550,348		6,615,689
				40,838,076
Indonesia: 2.30%
PT Bank Rakyat Indonesia Tbk (Financials, Banks) †		19,517,500		5,985,367
PT Telekomunikasi Indonesia Persero Tbk (Communication Services, Diversified Telecommunication Services)		30,951,000		8,231,880
				14,217,247
Luxembourg: 0.56%
Ternium SA (Materials, Metals & Mining)		141,536		3,488,862
Malaysia: 1.99%
Bursa Malaysia Bhd (Financials, Capital Markets)		440,700		719,488
CIMB Group Holdings Bhd (Financials, Banks)		3,090,900		3,939,785
Public Bank Bhd (Financials, Banks)		678,200		3,690,773
Sime Darby Bhd (Industrials, Industrial Conglomerates)		7,122,800		3,996,831
				12,346,877
Mexico: 2.29%
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation Infrastructure)		509,094		5,158,680
Grupo Financiero Banorte SAB de CV (Financials, Banks)		483,434		3,063,132
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		2,037,228		5,985,605
				14,207,417
Peru: 0.48%
Credicorp Limited (Financials, Banks)		12,495		2,960,065
Poland: 1.16%
Bank Pekao SA (Financials, Banks)		149,207		4,439,371
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		251,507		2,764,211
				7,203,582

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 9

Security name	Shares		Value
Qatar: 0.52%
Qatar National Bank (Financials, Banks)		60,073	$	3,233,869
Russia: 2.76%
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		74,617		6,326,029
Moscow Exchange (Financials, Capital Markets)		1,966,702		2,767,413
Sberbank of Russia ADR (Financials, Banks)		559,631		7,999,925
				17,093,367
South Africa: 6.06%
Absa Group Limited (Financials, Banks)		578,931		6,647,690
Growthpoint Properties Limited (Real Estate, Equity REITs)		2,367,959		4,118,477
Mr Price Group Limited (Consumer Discretionary, Specialty Retail)		352,195		5,333,520
MTN Group Limited (Communication Services, Wireless Telecommunication Services)		640,783		4,630,391
Sanlam Limited (Financials, Insurance)		954,187		5,102,783
Standard Bank Group Limited (Financials, Banks)		359,438		5,000,221
The Bidvest Group Limited (Industrials, Industrial Conglomerates)		441,409		6,699,049
				37,532,131
South Korea: 12.62%
Coway Company Limited (Consumer Discretionary, Household Durables)		37,198		2,795,860
Hana Financial Group Incorporated (Financials, Banks)		96,108		3,027,671
Hyundai Motor Company (Consumer Discretionary, Automobiles)		28,328		3,358,668
Hyundai Robotics Company Limited (Industrials, Machinery)		10,262		3,004,412
KB Financial Group Incorporated (Financials, Banks)		130,885		5,176,464
Korea Zinc Company Limited (Materials, Metals & Mining)		10,882		4,215,302
NH Investment & Securities Company Limited (Financials, Capital Markets)		293,666		3,456,669
POSCO (Materials, Metals & Mining)		12,868		2,809,006
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		36,407		2,873,540
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		706,245		27,720,184
Samsung Fire & Marine Insurance (Financials, Insurance)		14,342		3,732,370
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		113,561		7,679,937
SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels)		35,676		5,573,659
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		12,954		2,744,609
				78,168,351
Taiwan: 11.94%
Advantech Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		373,000		3,017,702
Asustek Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		402,000		3,070,192
Cathay Financial Holding Company (Financials, Insurance)		2,648,000		3,830,478
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		1,256,603		3,094,641
CTBC Financial Holding Company Limited (Financials, Banks)		5,490,130		3,757,686
Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		1,073,000		5,642,617
Ennoconn Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		349,000		3,072,004
Giant Manufacturing Company Limited (Consumer Discretionary, Leisure Products)		452,000		3,444,743
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,632,704		4,591,501
Makalot Industrial Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		491,000		3,384,454
Mediatek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		612,000		5,852,432
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,259,000		27,315,653

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

10 Wells Fargo Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name				Shares		Value
Taiwan (continued)
Uni-President Enterprises Corporation (Consumer Staples, Food Products)					1,627,000	$	3,864,658
							73,938,761
Thailand: 2.09%
Bangkok Bank PCL (Financials, Banks)					1,307,800		8,561,635
Kasikornbank PCL (Financials, Banks)					732,000		4,367,925
							12,929,560
Turkey: 0.39%
Turkcell Iletisim Hizmetleri AS (Communication Services, Wireless Telecommunication Services)					1,165,894		2,442,420
United Arab Emirates: 0.49%
First Abu Dhabi Bank PJSC (Financials, Banks)					693,732		3,021,851
United Kingdom: 1.98%
Anglo American plc (Materials, Metals & Mining)					224,490		5,800,252
Mondi plc (Materials, Paper & Forest Products)					162,815		3,567,883
Polymetal International plc (Materials, Metals & Mining)					274,666		2,888,955
							12,257,090
Total Common Stocks (Cost $527,806,833)							569,157,136
	Dividend yield
Preferred Stocks: 4.94%
Brazil: 4.00%
Banco Bradesco SA (Financials, Banks)		1.70	%		786,199		7,133,957
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		3.77			1,193,300		4,485,793
Itaúsa Investimentos Itaú SA (Financials, Banks)		6.88			2,306,319		7,005,243
Petroleo Brasil SP ADR (Energy, Oil, Gas & Consumable Fuels)		0.58			443,944		6,126,427
							24,751,420
Chile: 0.46%
Sociedad Quimica y Minera de Chile SA Class B (Materials, Chemicals)		2.32			79,604		2,838,265
South Korea: 0.48%
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		3.26			94,180		2,999,183
Total Preferred Stocks (Cost $21,765,488)							30,588,868
	Yield
Short-Term Investments: 3.34%
Investment Companies: 3.34%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36			20,712,137		20,712,137
Total Short-Term Investments (Cost $20,712,137)							20,712,137

Total investments in securities (Cost $570,284,458)	100.17	%		620,458,141
Other assets and liabilities, net	(0.17	)		(1,051,571	)
Total net assets	100.00	%	$	619,406,570

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 11

† 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
Wells Fargo Government Money Market Fund Select Class		9,497,532		168,850,216		157,635,611		20,712,137	$	0	$	0	$	143,607	$	20,712,137		3.34	%

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

12 Wells Fargo Emerging Markets Equity Income Fund Statement of assets and liabilities—April 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $549,572,321)	$	599,746,004
Investments in affiliated securities, at value (cost $20,712,137)		20,712,137
Foreign currency, at value (cost $1,983,212)		1,982,573
Receivable for investments sold		3,618,884
Receivable for Fund shares sold		1,414,410
Receivable for dividends		1,091,833
Prepaid expenses and other assets		44,935
Total assets		628,610,776
Liabilities
Payable for investments purchased		7,262,030
Contingent tax liability		504,789
Management fee payable		467,098
Custodian and accounting fees payable		450,071
Payable for Fund shares redeemed		401,458
Administration fees payable		61,151
Distribution fees payable		8,487
Trustees’ fees and expenses payable		5,412
Accrued expenses and other liabilities		43,710
Total liabilities		9,204,206
Total net assets	$	619,406,570
NET ASSETS CONSIST OF
Paid-in capital	$	582,841,699
Total distributable earnings		36,564,871
Total net assets	$	619,406,570
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	21,798,130
Shares outstanding – Class A¹		1,926,933
Net asset value per share – Class A		$11.31
Maximum offering price per share – Class A²		$12.00
Net assets – Class C	$	13,465,597
Shares outstanding – Class C¹		1,196,743
Net asset value per share – Class C		$11.25
Net assets – Class R	$	111,561
Shares outstanding – Class R¹		9,850
Net asset value per share – Class R		$11.33
Net assets – Class R6	$	85,475,984
Shares outstanding – Class R6¹		7,543,833
Net asset value per share – Class R6		$11.33
Net assets – Administrator Class	$	4,791,918
Shares outstanding – Administrator Class¹		420,109
Net asset value per share – Administrator Class		$11.41
Net assets – Institutional Class	$	493,763,380
Shares outstanding – Institutional Class¹		43,536,258
Net asset value per share – Institutional Class		$11.34

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 April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Income Fund 13

Investment income
Dividends (net of foreign withholding taxes of $704,206)	$	6,588,314
Income from affiliated securities		143,607
Total investment income		6,731,921
Expenses
Management fee		2,974,924
Administration fees
Class A		21,847
Class C		14,257
Class R		107
Class R6		9,560
Administrator Class		3,111
Institutional Class		301,371
Shareholder servicing fees
Class A		26,008
Class C		16,972
Class R		127
Administrator Class		5,712
Distribution fees
Class C		50,916
Class R		127
Custody and accounting fees		362,498
Professional fees		24,437
Registration fees		51,001
Shareholder report expenses		48,308
Trustees’ fees and expenses		10,910
Other fees and expenses		22,305
Total expenses		3,944,498
Less: Fee waivers and/or expense reimbursements		(378,334	)
Net expenses		3,566,164
Net investment income		3,165,757
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(4,484,466	)
Forward foreign currency contracts		(12,948	)
Net realized losses on investments		(4,497,414	)
Net change in unrealized gains (losses) on investments		56,804,529
Net realized and unrealized gains (losses) on investments		52,307,115
Net increase in net assets resulting from operations	$	55,472,872

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

14 Wells Fargo Emerging Markets Equity Income Fund Statement of changes in net assets

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	3,165,757					$	16,423,762
Net realized gains (losses) on investments					(4,497,414	)					14,541,219
Net change in unrealized gains (losses) on investments					56,804,529						(86,709,764	)
Net increase (decrease) in net assets resulting from operations					55,472,872						(55,744,783	)
Distributions to shareholders from net investment income and net realized gains
Class A					(96,092	)					(525,457	)
Class C					(11,889	)					(266,035	)
Class R					(352	)					(1,773	)
Class R6					(428,460	)					(1,110,103	)
Administrator Class					(24,828	)					(176,274	)
Institutional Class					(2,950,179	)					(13,821,796	)
Total distributions to shareholders					(3,511,800	)					(15,901,438	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		496,019			5,348,344			1,055,482			12,458,892
Class C		121,324			1,297,989			290,851			3,426,780
Class R		1,281			14,024			6,119			72,995
Class R6		4,426,692			46,878,444			544,426			5,989,376
Administrator Class		27,303			298,320			365,539			4,353,033
Institutional Class		7,453,362			81,968,742			15,709,830			185,993,163
					135,805,863						212,294,239
Reinvestment of distributions
Class A		8,388			91,520			45,302			509,928
Class C		938			10,495			20,786			230,960
Class R		23			250			100			1,107
Class R6		31,276			347,398			71,439			811,863
Administrator Class		2,160			23,815			14,654			170,162
Institutional Class		250,886			2,747,264			1,130,762			12,805,195
					3,220,742						14,529,215
Payment for shares redeemed
Class A		(483,341	)		(5,230,543	)		(1,144,886	)		(13,380,105	)
Class C		(278,130	)		(2,994,632	)		(412,291	)		(4,734,240	)
Class R		(375	)		(4,093	)		(36	)		(414	)
Class R6		(452,660	)		(4,985,919	)		(2,016,811	)		(23,813,908	)
Administrator Class		(66,364	)		(722,382	)		(1,108,398	)		(13,334,749	)
Institutional Class		(7,888,665	)		(85,321,517	)		(17,094,623	)		(198,267,648	)
					(99,259,086	)					(253,531,064	)
Net increase (decrease) in net assets resulting from capital share transactions					39,767,519						(26,707,610	)
Total increase (decrease) in net assets					91,728,591						(98,353,831	)
Net assets
Beginning of period					527,677,979						626,031,810
End of period				$	619,406,570					$	527,677,979

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

Financial highlights Wells Fargo Emerging Markets Equity Income Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.33			$11.68			$10.27			$9.97			$11.33			$11.79
Net investment income		0.04			0.27			0.18	1		0.23	1		0.20			0.33
Net realized and unrealized gains (losses) on investments		0.99			(1.36	)		1.43			0.29			(1.36	)		(0.11	)
Total from investment operations		1.03			(1.09	)		1.61			0.52			(1.16	)		0.22
Distributions to shareholders from
Net investment income		(0.05	)		(0.26	)		(0.20	)		(0.22	)		(0.20	)		(0.31	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.37	)
Total distributions to shareholders		(0.05	)		(0.26	)		(0.20	)		(0.22	)		(0.20	)		(0.68	)
Net asset value, end of period		$11.31			$10.33			$11.68			$10.27			$9.97			$11.33
Total return2		9.99	%		(9.47	)%		15.79	%		5.29	%		(10.34	)%		2.05	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.67	%		1.68	%		1.79	%		1.89	%		2.09	%
Net expenses		1.62	%		1.62	%		1.63	%		1.65	%		1.65	%		1.65	%
Net investment income		0.75	%		2.30	%		1.72	%		2.34	%		2.22	%		3.12	%
Supplemental data
Portfolio turnover rate		42	%		69	%		80	%		64	%		84	%		91	%
Net assets, end of period (000s omitted)		$21,798			$19,684			$22,774			$26,459			$22,866			$14,010

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 Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.27			$11.63			$10.23			$9.94			$11.32			$11.79
Net investment income (loss)		(0.00	)1,2		0.18			0.13			0.16	1		0.14			0.23
Net realized and unrealized gains (losses) on investments		0.99			(1.35	)		1.39			0.28			(1.38	)		(0.08	)
Total from investment operations		0.99			(1.17	)		1.52			0.44			(1.24	)		0.15
Distributions to shareholders from
Net investment income		(0.01	)		(0.19	)		(0.12	)		(0.15	)		(0.14	)		(0.25	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.37	)
Total distributions to shareholders		(0.01	)		(0.19	)		(0.12	)		(0.15	)		(0.14	)		(0.62	)
Net asset value, end of period		$11.25			$10.27			$11.63			$10.23			$9.94			$11.32
Total return3		9.64	%		(10.20	)%		14.91	%		4.53	%		(10.95	)%		1.27	%
Ratios to average net assets (annualized)
Gross expenses		2.44	%		2.42	%		2.42	%		2.54	%		2.64	%		2.83	%
Net expenses		2.37	%		2.37	%		2.38	%		2.40	%		2.40	%		2.40	%
Net investment income (loss)		(0.03	)%		1.53	%		1.18	%		1.62	%		1.45	%		2.17	%
Supplemental data
Portfolio turnover rate		42	%		69	%		80	%		64	%		84	%		91	%
Net assets, end of period (000s omitted)		$13,466			$13,896			$16,898			$13,327			$10,190			$6,390

¹  Calculated based upon average shares outstanding

²  Amount is more 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 Emerging Markets Equity Income Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS R				2018			2017			2016			20151
Net asset value, beginning of period		$10.34			$11.71			$10.30			$9.99			$9.44
Net investment income (loss)		0.03			0.24			0.18			0.20	2		(0.01	)2
Net realized and unrealized gains (losses) on investments		1.00			(1.37	)		1.40			0.30			0.56
Total from investment operations		1.03			(1.13	)		1.58			0.50			0.55
Distributions to shareholders from
Net investment income		(0.04	)		(0.24	)		(0.17	)		(0.19	)		(0.00	)3
Net asset value, end of period		$11.33			$10.34			$11.71			$10.30			$9.99
Total return4		9.94	%		(9.70	)%		15.39	%		5.13	%		5.87	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.94	%		1.91	%		2.04	%		2.10	%
Net expenses		1.87	%		1.87	%		1.87	%		1.90	%		1.90	%
Net investment income (loss)		0.52	%		2.64	%		1.69	%		2.08	%		(0.90	)%
Supplemental data
Portfolio turnover rate		42	%		69	%		80	%		64	%		84	%
Net assets, end of period (000s omitted)		$112			$92			$32			$28			$26

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  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 Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS R6				2018			2017			2016			20151
Net asset value, beginning of period		$10.34			$11.69			$10.29			$9.97			$9.42
Net investment income (loss)		0.07			0.32			0.33	2		0.30	2		(0.00	)2,3
Net realized and unrealized gains (losses) on investments		0.99			(1.35	)		1.32			0.27			0.56
Total from investment operations		1.06			(1.03	)		1.65			0.57			0.56
Distributions to shareholders from
Net investment income		(0.07	)		(0.32	)		(0.25	)		(0.25	)		(0.01	)
Net asset value, end of period		$11.33			$10.34			$11.69			$10.29			$9.97
Total return4		10.30	%		(9.05	)%		16.25	%		5.90	%		5.91	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.24	%		1.20	%		1.36	%		1.40	%
Net expenses		1.17	%		1.17	%		1.17	%		1.20	%		1.20	%
Net investment income (loss)		1.30	%		2.58	%		2.96	%		3.03	%		(0.19	)%
Supplemental data
Portfolio turnover rate		42	%		69	%		80	%		64	%		84	%
Net assets, end of period (000s omitted)		$85,476			$36,597			$57,765			$2,592			$26

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

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 Emerging Markets Equity Income Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.41			$11.76			$10.32			$10.00			$11.35			$11.80
Net investment income		0.05	1		0.22	1		0.18	1		0.25	1		0.23			0.33	1
Net realized and unrealized gains (losses) on investments		1.01			(1.29	)		1.46			0.29			(1.37	)		(0.08	)
Total from investment operations		1.06			(1.07	)		1.64			0.54			(1.14	)		0.25
Distributions to shareholders from
Net investment income		(0.06	)		(0.28	)		(0.20	)		(0.22	)		(0.21	)		(0.33	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.37	)
Total distributions to shareholders		(0.06	)		(0.28	)		(0.20	)		(0.22	)		(0.21	)		(0.70	)
Net asset value, end of period		$11.41			$10.41			$11.76			$10.32			$10.00			$11.35
Total return2		10.18	%		(9.29	)%		15.99	%		5.56	%		(10.12	)%		2.30	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.57	%		1.58	%		1.71	%		1.76	%		1.91	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		0.90	%		1.86	%		1.73	%		2.54	%		2.38	%		2.89	%
Supplemental data
Portfolio turnover rate		42	%		69	%		80	%		64	%		84	%		91	%
Net assets, end of period (000s omitted)		$4,792			$4,758			$13,940			$50,970			$43,928			$52,896

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 Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.35			$11.70			$10.30			$9.98			$11.34			$11.79
Net investment income		0.06			0.32			0.25			0.27	1		0.25	1		0.35
Net realized and unrealized gains (losses) on investments		1.00			(1.36	)		1.39			0.30			(1.36	)		(0.07	)
Total from investment operations		1.06			(1.04	)		1.64			0.57			(1.11	)		0.28
Distributions to shareholders from
Net investment income		(0.07	)		(0.31	)		(0.24	)		(0.25	)		(0.25	)		(0.36	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.37	)
Total distributions to shareholders		(0.07	)		(0.31	)		(0.24	)		(0.25	)		(0.25	)		(0.73	)
Net asset value, end of period		$11.34			$10.35			$11.70			$10.30			$9.98			$11.34
Total return2		10.26	%		(9.11	)%		16.11	%		5.84	%		(9.95	)%		2.52	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.34	%		1.33	%		1.45	%		1.51	%		1.62	%
Net expenses		1.22	%		1.22	%		1.23	%		1.25	%		1.25	%		1.25	%
Net investment income		1.14	%		2.73	%		2.32	%		2.75	%		2.41	%		3.69	%
Supplemental data
Portfolio turnover rate		42	%		69	%		80	%		64	%		84	%		91	%
Net assets, end of period (000s omitted)		$493,763			$452,650			$514,624			$426,801			$132,918			$35,114

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 Emerging Markets Equity Income 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 Emerging Markets Equity 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.

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 April 30, 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.

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

22 Wells Fargo Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Participation notes

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

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.

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 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.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Income Fund 23

As of April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $570,424,310 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	68,750,881
Gross unrealized losses		(18,717,050	)
Net unrealized gains	$	50,033,831

As of October 31, 2018, the Fund had capital loss carryforwards which consisted of $5,125,846 in short-term capital losses and $2,449,878 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.

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.

24 Wells Fargo Emerging Markets Equity Income 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 April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Brazil	$	32,689,690	$	0	$	0		32,689,690
Chile		3,954,168		0		0		3,954,168
China		178,058,097		0		0		178,058,097
Colombia		3,327,739		0		0		3,327,739
Hong Kong		15,247,916		0		0		15,247,916
India		40,838,076		0		0		40,838,076
Indonesia		14,217,247		0		0		14,217,247
Luxembourg		3,488,862		0		0		3,488,862
Malaysia		12,346,877		0		0		12,346,877
Mexico		14,207,417		0		0		14,207,417
Peru		2,960,065		0		0		2,960,065
Poland		7,203,582		0		0		7,203,582
Qatar		3,233,869		0		0		3,233,869
Russia		17,093,367		0		0		17,093,367
South Africa		37,532,131		0		0		37,532,131
South Korea		78,168,351		0		0		78,168,351
Taiwan		73,938,761		0		0		73,938,761
Thailand		12,929,560		0		0		12,929,560
Turkey		2,442,420		0		0		2,442,420
United Arab Emirates		3,021,851		0		0		3,021,851
United Kingdom		12,257,090		0		0		12,257,090
Preferred stocks
Brazil		24,751,420		0		0		24,751,420
Chile		2,838,265		0		0		2,838,265
South Korea		2,999,183		0		0		2,999,183
Short-term investments
Investment companies		20,712,137		0		0		20,712,137
Total assets	$	620,458,141	$	0	$	0	$	620,458,141

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

At April 30, 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

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Income Fund 25

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 $1 billion		1.050	%
Next $1 billion		1.025
Next $2 billion		1.000
Next $1 billion		0.975
Next $3 billion		0.965
Next $2 billion		0.955
Over $10 billion		0.945

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 1.05% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% 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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.62% for Class A shares, 2.37% for Class C shares, 1.87% for Class R shares, 1.17% for Class R6 shares, 1.45% for Administrator Class shares, and 1.22% 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 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 April 30, 2019, Funds

26 Wells Fargo Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

Distributor received $6,115 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 April 30, 2019.

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 April 30, 2019 were $266,908,431 and $230,823,238, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2019, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $102,313 in forward foreign currency contracts to buy during the six months ended April 30, 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.

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 April 30, 2019, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors or geographic regions. A fund that invest a substantial portion of their assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

Other information (unaudited) Wells Fargo Emerging Markets Equity Income Fund 27

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$2,195,930	$0.0431	99.83%

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 Emerging Markets Equity 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. (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 Emerging Markets Equity Income 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 Emerging Markets Equity 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.
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.

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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.

402356 06-19 SA262/SAR262 04-19

Semi-Annual Report

April 30, 2019

Wells Fargo Emerging Markets Equity 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

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 Emerging Markets Equity 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 Emerging Markets Equity Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) 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 2019. 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 Emerging Markets Equity 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 Emerging Markets Equity 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

Derrick Irwin, CFA^®‡

Richard Peck, CFA^®‡

Yi (Jerry) Zhang, Ph.D., CFA^®‡

Average annual total returns (%) as of April 30, 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 (EMGAX)3	9-6-1994		-8.01		2.73		6.83		-2.40		3.95		7.47		1.60		1.59
Class C (EMGCX)3	9-6-1994		-4.09		3.17		6.66		-3.09		3.17		6.66		2.35		2.34
Class R6 (EMGDX)4	6-28-2013		–		–		–		-1.98		4.40		7.93		1.17		1.16
Administrator Class (EMGYX)3	9-6-1994		–		–		–		-2.28		4.07		7.63		1.52		1.47
Institutional Class (EMGNX)5	7-30-2010		–		–		–		-1.95		4.36		7.90		1.27		1.20
MSCI EM Index (Net)6	–		–		–		–		-5.04		4.04		7.50		–		–

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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Emerging Markets Equity Fund 5

Ten largest holdings (%) as of April 30, 20197
Samsung Electronics Company Limited	4.52
Tencent Holdings Limited	3.38
China Mobile Limited	2.98
Taiwan Semiconductor Manufacturing Company Limited ADR	2.94
WH Group Limited	2.43
Alibaba Group Holding Limited ADR	2.43
Reliance Industries Limited GDR	2.39
AIA Group Limited	2.33
China Life Insurance Company H Shares	2.07
New Oriental Education & Technology Group Incorporated ADR	1.88

Sector distribution as of April 30, 2019⁸

Country allocation as of April 30, 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 February 29, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.58% for Class A, 2.33% for Class C, 1.15% for Class R6, 1.46% for Administrator Class, and 1.19% 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 prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Emerging Markets Growth 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 have been higher. Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Emerging Markets Growth Fund.

⁵  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. Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Emerging Markets Growth Fund.

⁶  The Morgan Stanley Capital International (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 markets country indexes: 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 United Arab Emirates. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁷  The 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 Emerging Markets Equity 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,172.48	$	8.51		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90		1.58	%
Class C
Actual	$	1,000.00	$	1,168.83	$	12.53		2.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.24	$	11.63		2.33	%
Class R6
Actual	$	1,000.00	$	1,175.33	$	6.20		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Administrator Class
Actual	$	1,000.00	$	1,173.29	$	7.87		1.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30		1.46	%
Institutional Class
Actual	$	1,000.00	$	1,175.30	$	6.42		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.89	$	5.96		1.19	%

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—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Fund 7

Security name	Shares		Value
Common Stocks: 95.34%
Argentina: 0.47%
MercadoLibre Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail) †		38,716	$	18,743,964
Brazil: 7.84%
Ambev SA ADR (Consumer Staples, Beverages)		4,477,000		21,086,670
Atacadao Distribuicao Comercio e Industria Limitada (Consumer Staples, Food & Staples Retailing)		5,570,000		30,115,019
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) †		3,510,733		34,246,905
B3 SA Brasil Bolsa Balcao (Financials, Capital Markets)		6,068,005		53,312,278
Banco Bradesco SA ADR (Financials, Banks)		3,925,494		35,564,976
BK Brasil Operacao e Assessoria a Restaurantes SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,425,794		14,037,200
BRF Brazil Foods SA ADR (Consumer Staples, Food Products) †«		5,318,092		41,640,660
Hapvida Participacoes e Investimentos SA (Health Care, Health Care Providers & Services) 144A		1,243,107		9,593,333
IRB-Brasil Resseguros SA (Financials, Insurance)		606,669		14,528,122
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		2,859,250		34,184,703
Multiplan Empreendimentos Imobiliarios SA (Real Estate, Real Estate Management & Development)		2,051,906		12,538,234
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		791,600		13,958,130
				314,806,230
Chile: 1.43%
Banco Santander Chile SA ADR (Financials, Banks)		1,068,392		29,914,976
SACI Falabella (Consumer Discretionary, Multiline Retail)		3,737,228		27,588,611
				57,503,587
China: 33.57%
51job Incorporated ADR (Industrials, Professional Services) †		544,441		50,273,682
Alibaba Group Holding Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		526,037		97,616,686
Baidu Incorporated ADR (Communication Services, Interactive Media & Services) †		131,540		21,865,894
Best Incorporated ADR (Industrials, Air Freight & Logistics) †«		4,139,527		24,547,395
Bilibili Incorporated ADR (Communication Services, Entertainment) †«		1,757,845		31,289,641
China Distance Education ADR (Consumer Discretionary, Diversified Consumer Services) †		973,710		6,309,641
China Life Insurance Company H Shares (Financials, Insurance)		29,418,290		83,250,821
China Literature Limited (Communication Services, Media) †«		1,435,168		6,512,847
China MeiDong Auto Holdings Limited (Consumer Discretionary, Specialty Retail)		17,644,000		10,211,065
China Mobile Limited (Communication Services, Wireless Telecommunication Services)		12,550,165		119,585,564
China Rapid Finance Limited ADR (Financials, Consumer Finance) †«		1,326,299		1,007,987
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		26,974,000		48,757,307
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		1,313,632		57,865,490
Greentree Hospitality Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,224,841		19,009,532
Hengan International Group Company Limited (Consumer Staples, Personal Products)		4,377,000		38,582,188
Hua Medicine Limited (Health Care, Pharmaceuticals) †		8,798,236		7,906,838
Huami Corporation ADR (Information Technology, Electronic Equipment, Instruments & Components) †«		2,074,991		20,874,409
iQIYI Incorporated ADR (Communication Services, Entertainment) †«		985,239		21,783,634
Jianpu Technology Incorporated ADR (Financials, Consumer Finance) †		3,093,390		14,941,074
Koolearn Technology Holding Limited (Consumer Discretionary, Diversified Consumer Services) †		7,287,115		10,236,591
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		30,984,207		56,321,996
Meituan Dianping (Consumer Discretionary, Internet & Direct Marketing Retail) †«		4,417,900		32,100,283
New Oriental Education & Technology Group Incorporated ADR (Consumer Discretionary, Diversified Consumer Services) †		792,213		75,624,653
Pinduoduo Incorporated ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †«		203,141		4,515,824

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

8 Wells Fargo Emerging Markets Equity Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
China (continued)
PPDAI Group Incorporated ADR (Financials, Consumer Finance)		4,082,185	$	21,309,006
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		18,024,000		17,691,311
Shanghai Junshi Bioscience H Shares (Health Care, Biotechnology) 144A†		1,544,569		6,300,506
SINA Corporation (Communication Services, Interactive Media & Services) †		895,807		56,382,093
Tencent Holdings Limited (Communication Services, Interactive Media & Services)		2,743,800		135,707,016
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		7,600,000		48,439,731
Vipshop Holdings Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †		6,194,738		53,336,694
Want Want China Holdings Limited (Consumer Staples, Food Products)		50,604,000		40,122,996
Weibo Corporation ADR (Communication Services, Interactive Media & Services) †«		825,140		56,522,090
Wise Talent Information Technology Company Limited (Communication Services, Interactive Media & Services) †«		1,648,460		4,318,256
Xiaomi Corporation Class B (Information Technology, Technology Hardware, Storage & Peripherals) †«		20,989,400		32,160,487
Zhou Hei Ya International Holding Company Limited (Consumer Staples, Food Products) «		25,803,626		13,617,557
				1,346,898,785
Colombia: 0.56%
Bancolombia SA ADR (Financials, Banks)		442,400		22,438,528
Germany: 0.19%
Jumia Technologies AG ADR (Consumer Discretionary, Multiline Retail) †«		180,954		7,775,593
Hong Kong: 5.56%
AIA Group Limited (Financials, Insurance)		9,156,400		93,317,125
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		4,214,250		9,906,023
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		25,390,500		22,170,728
WH Group Limited (Consumer Staples, Food Products)		82,355,500		97,632,336
				223,026,212
India: 8.70%
AU Small Finance Bank Limited (Financials, Banks) 144A		451,041		4,180,416
Bajaj Finance Limited (Financials, Consumer Finance)		420,281		18,707,388
Bandhan Bank Limited (Financials, Banks) 144A		1,416,131		12,204,946
Bharti Airtel Limited (Communication Services, Wireless Telecommunication Services)		2,618,728		12,059,430
Bharti Infratel Limited (Communication Services, Diversified Telecommunication Services)		2,873,851		10,848,151
Fortis Healthcare Limited (Health Care, Health Care Providers & Services) †		5,634,970		11,224,774
HDFC Bank Limited ADR (Financials, Banks)		126,826		14,540,601
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		1,115,700		32,002,261
Indusind Bank Limited (Financials, Banks)		817,217		18,875,461
ITC Limited (Consumer Staples, Tobacco)		9,678,960		41,935,260
Kotak Mahindra Bank Limited (Financials, Banks)		1,057,262		21,076,457
Laurus Labs Limited (Health Care, Pharmaceuticals) 144A		305,595		1,679,693
Max Financial Services Limited (Financials, Insurance) †		925,389		5,556,691
Oberoi Realty Limited (Real Estate, Real Estate Management & Development)		1,064,750		7,765,903
Odisha Cement Limited (Materials, Construction Materials)		624,658		10,313,262
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels)		2,393,174		95,846,619
SBI Life Insurance Company Limited (Financials, Insurance) 144A		914,273		8,410,727
SH Kelkar & Company Limited (Materials, Chemicals)		1,314,144		2,828,422
Ultra Tech Cement Limited (Materials, Construction Materials)		286,000		18,983,948
				349,040,410

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Fund 9

Security name	Shares		Value
Indonesia: 1.93%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		19,151,000	$	10,247,465
PT Bank Central Asia Tbk (Financials, Banks)		11,349,500		22,898,114
PT Blue Bird Tbk (Industrials, Road & Rail)		13,605,309		3,141,156
PT Link Net Tbk (Communication Services, Diversified Telecommunication Services)		38,278,161		11,684,912
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		10,474,600		2,991,693
PT Telekomunikasi Indonesia Persero Tbk ADR (Communication Services, Diversified Telecommunication Services) «		997,754		26,689,920
				77,653,260
Luxembourg: 0.06%
Biotoscana Investments SA (Health Care, Biotechnology) †		1,156,551		2,271,159
Malaysia: 0.65%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,780,900		14,951,635
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,496,300		11,149,651
				26,101,286
Mexico: 5.93%
America Movil SAB de CV ADR (Communication Services, Wireless Telecommunication Services)		1,537,320		22,706,216
Banco Santander Mexico ADR (Financials, Banks) «		2,175,333		18,338,057
Becle SAB de CV ADR (Consumer Staples, Beverages)		12,913,925		19,931,766
Cemex SAB de CV ADR (Materials, Construction Materials) †		3,021,848		13,900,501
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)		37,447,864		55,506,850
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages)		722,120		70,471,691
Grupo Financiero Banorte SAB de CV (Financials, Banks)		3,073,188		19,472,318
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		5,967,100		17,532,010
				237,859,409
Peru: 0.43%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		1,054,495		17,093,364
Philippines: 0.88%
Ayala Corporation (Financials, Diversified Financial Services)		727,624		12,622,156
San Miguel Food and Beverage Incorporated (Consumer Staples, Food Products)		3,495,810		7,781,510
SM Investments Corporation (Industrials, Industrial Conglomerates)		812,873		14,818,505
				35,222,171
Russia: 2.81%
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		425,249		36,052,610
Magnit PJSC (Consumer Staples, Food & Staples Retailing) (a)		150,816		8,662,043
Sberbank of Russia ADR (Financials, Banks)		1,461,195		20,887,783
Yandex NV Class A (Communication Services, Interactive Media & Services) †		1,265,106		47,352,918
				112,955,354
Singapore: 0.29%
Sea Limited ADR (Communication Services, Entertainment) †		468,967		11,672,589
South Africa: 2.84%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)		958,071		11,305,238
MTN Group Limited (Communication Services, Wireless Telecommunication Services)		3,062,643		22,131,102

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

10 Wells Fargo Emerging Markets Equity Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
South Africa (continued)
Oceana Group Limited (Consumer Staples, Food Products)		363,549	$	1,778,988
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		2,598,100		31,300,703
Standard Bank Group Limited (Financials, Banks)		1,660,190		23,095,268
Tiger Brands Limited (Consumer Staples, Food Products)		1,405,333		24,407,898
				114,019,197
South Korea: 9.59%
KT Corporation ADR (Communication Services, Diversified Telecommunication Services)		3,874,813		46,614,000
KT&G Corporation (Consumer Staples, Tobacco)		234,091		20,440,253
Naver Corporation (Communication Services, Interactive Media & Services)		509,000		52,069,940
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		4,621,800		181,406,095
Samsung Life Insurance Company Limited (Financials, Insurance)		627,337		45,594,240
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		573,500		38,784,831
				384,909,359
Taiwan: 8.37%
104 Corporation (Industrials, Professional Services)		1,655,000		9,131,662
Mediatek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		4,479,881		42,840,194
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		2,400,000		22,368,208
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		8,285,224		69,443,481
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)		2,693,852		118,044,595
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		31,212,368		74,139,601
				335,967,741
Thailand: 2.48%
PTT Exploration & Production PCL (Energy, Oil, Gas & Consumable Fuels)		2,533,139		10,592,766
PTT PCL (Energy, Oil, Gas & Consumable Fuels)		14,459,000		22,079,131
Siam Commercial Bank PCL (Financials, Banks)		7,805,100		31,660,468
Thai Beverage PCL (Consumer Staples, Beverages)		56,927,000		35,158,209
				99,490,574
Turkey: 0.08%
Avivasa Emeklilik Ve Hayat AS (Financials, Insurance)		1,901,979		3,021,797
United Arab Emirates: 0.04%
Emaar Malls Group (Real Estate, Real Estate Management & Development)		3,773,147		1,787,369
United Kingdom: 0.64%
Standard Chartered plc (Financials, Banks)		2,805,244		25,606,273
Total Common Stocks (Cost $2,936,404,654)				3,825,864,211

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Convertible Debentures: 0.00%
Brazil: 0.00%
Lupatech SA (Energy, Energy Equipment & Services) †(a)		6.50	%		4-15-2018	$	303,000	$	0
Total Convertible Debentures (Cost $160,691)									0
	Dividend yield					Shares
Preferred Stocks: 1.12%
Brazil: 1.12%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail)		0.40					11,220,093		44,982,240
Total Preferred Stocks (Cost $44,981,776)									44,982,240
				Expiration date
Rights: 0.03%
India: 0.03%
Bharti Airtel Limited (Communication Services, Wireless Telecommunication Services) †(a)					5-17-2019		742,624		1,070,901
Total Rights (Cost $0)									1,070,901
	Yield
Short-Term Investments: 8.47%
Investment Companies: 8.47%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55					193,558,855		193,578,211
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36					146,147,502		146,147,502
Total Short-Term Investments (Cost $339,725,713)									339,725,713

Total investments in securities (Cost $3,321,272,834)	104.96	%		4,211,643,065
Other assets and liabilities, net	(4.96	)		(198,887,410	)
Total net assets	100.00	%	$	4,012,755,655

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

GDR Global depositary receipt

REIT Real estate investment trust

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

12 Wells Fargo Emerging Markets Equity Fund Portfolio of investments—April 30, 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
Securities Lending Cash Investments LLC		175,500,204		515,041,975		496,983,324		193,558,855	$	0	$	0	$	2,312,822	$	193,578,211
Wells Fargo Government Money Market Fund Select Class		163,110,726		222,119,595		239,082,819		146,147,502		0		0		1,898,120		146,147,502
									$	0	$	0	$	4,210,942	$	339,725,713		8.47	%

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

Statement of assets and liabilities—April 30, 2019 (unaudited) Wells Fargo Emerging Markets Equity Fund 13

Assets
Investments in unaffiliated securities (including $187,309,429 of securities loaned), at value (cost $2,981,547,121)	$	3,871,917,352
Investments in affiliated securities, at value (cost $339,725,713)		339,725,713
Foreign currency, at value (cost $7,454,361)		6,389,518
Cash		1,396,852
Receivable for investments sold		5,369,307
Receivable for Fund shares sold		4,267,595
Receivable for dividends		3,786,615
Receivable for securities lending income		225,327
Prepaid expenses and other assets		84,672
Total assets		4,233,162,951
Liabilities
Payable upon receipt of securities loaned		193,569,137
Payable for Fund shares redeemed		17,906,488
Management fee payable		3,218,315
Contingent tax liability		1,698,623
Payable for investments purchased		724,159
Administration fees payable		412,332
Distribution fee payable		26,133
Trustees’ fees and expenses payable		5,298
Accrued expenses and other liabilities		2,846,811
Total liabilities		220,407,296
Total net assets	$	4,012,755,655
NET ASSETS CONSIST OF
Paid-in capital	$	3,337,768,569
Total distributable earnings		674,987,086
Total net assets	$	4,012,755,655
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	232,116,705
Shares outstanding – Class A1		9,388,048
Net asset value per share – Class A		$24.72
Maximum offering price per share – Class A2		$26.23
Net assets – Class C	$	42,246,781
Shares outstanding – Class C1		2,041,062
Net asset value per share – Class C		$20.70
Net assets – Class R6	$	411,096,809
Shares outstanding – Class R61		15,967,867
Net asset value per share – Class R6		$25.75
Net assets – Administrator Class	$	116,839,247
Shares outstanding – Administrator Class1		4,512,057
Net asset value per share – Administrator Class		$25.89
Net assets – Institutional Class	$	3,210,456,113
Shares outstanding – Institutional Class1		124,699,094
Net asset value per share – Institutional Class		$25.75

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.

14 Wells Fargo Emerging Markets Equity Fund Statement of operations—six months ended April 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,179,766)	$	21,222,669
Securities lending income from affiliates, net		2,783,805
Income from affiliated securities		1,898,120
Total investment income		25,904,594
Expenses
Management fee		19,062,445
Administration fees
Class A		224,695
Class C		48,222
Class R6		55,294
Administrator Class		70,703
Institutional Class		1,950,546
Shareholder servicing fees
Class A		267,495
Class C		57,407
Administrator Class		135,620
Distribution fee
Class C		172,221
Custody and accounting fees		1,335,516
Professional fees		32,121
Registration fees		69,700
Shareholder report expenses		347,270
Trustees’ fees and expenses		10,909
Other fees and expenses		56,869
Total expenses		23,897,033
Less: Fee waivers and/or expense reimbursements		(916,758	)
Net expenses		22,980,275
Net investment income		2,924,319
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		34,666,818
Forward foreign currency contracts		56,377
Net realized gains on investments		34,723,195
Net change in unrealized gains (losses) on investments		574,246,850
Net realized and unrealized gains (losses) on investments		608,970,045
Net increase in net assets resulting from operations	$	611,894,364

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

Statement of changes in net assets Wells Fargo Emerging Markets Equity Fund 15

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	2,924,319					$	28,424,101
Net realized gains on investments					34,723,195						133,904,115
Net change in unrealized gains (losses) on investments					574,246,850						(726,816,743	)
Net increase (decrease) in net assets resulting from operations					611,894,364						(564,488,527	)
Distributions to shareholders from net investment income and net realized gains
Class A					(710,399	)					(404,835	)
Class R6					(2,908,247	)					(1,790,475	)
Administrator Class					(528,015	)					(661,746	)
Institutional Class					(24,412,544	)					(25,196,461	)
Total distributions to shareholders					(28,559,205	)					(28,053,517	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,092,589			25,207,243			1,350,584			33,600,538
Class C		123,450			2,332,287			291,733			6,178,273
Class R6		3,068,431			70,443,168			10,252,838			266,424,444
Administrator Class		324,641			7,718,651			1,081,213			28,234,197
Institutional Class		15,066,698			350,987,706			34,959,495			889,495,518
					456,689,055						1,223,932,970
Reinvestment of distributions
Class A		30,235			636,746			14,491			366,464
Class R6		88,834			1,945,455			67,570			1,778,432
Administrator Class		23,214			511,866			24,247			642,315
Institutional Class		1,100,826			24,108,081			911,147			23,990,497
					27,202,148						26,777,708
Payment for shares redeemed
Class A		(1,259,784	)		(28,670,948	)		(2,647,031	)		(64,505,596	)
Class C		(854,516	)		(16,678,872	)		(858,659	)		(17,586,266	)
Class R6		(1,944,509	)		(46,253,485	)		(2,986,490	)		(77,195,964	)
Administrator Class		(513,279	)		(12,171,540	)		(1,964,822	)		(50,914,883	)
Institutional Class		(17,726,312	)		(421,256,086	)		(41,331,810	)		(1,076,350,034	)
					(525,030,931	)					(1,286,552,743	)
Net decrease in net assets resulting from capital share transactions					(41,139,728	)					(35,842,065	)
Total increase (decrease) in net assets					542,195,431						(628,384,109	)
Net assets
Beginning of period					3,470,560,224						4,098,944,333
End of period				$	4,012,755,655					$	3,470,560,224

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

16 Wells Fargo Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.16			$24.83			$20.49			$18.09			$21.44			$21.77
Net investment income (loss)		(0.02	)		0.07			(0.03	)1		0.12			0.08			0.07
Net realized and unrealized gains (losses) on investments		3.66			(3.70	)		4.50			2.38			(3.29	)		(0.40	)
Total from investment operations		3.64			(3.63	)		4.47			2.50			(3.21	)		(0.33	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.04	)		(0.13	)		(0.10	)		(0.14	)		0.00
Net asset value, end of period		$24.72			$21.16			$24.83			$20.49			$18.09			$21.44
Total return2		17.25	%		(14.65	)%		21.99	%		13.93	%		(15.02	)%		(1.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.58	%		1.58	%		1.58	%		1.64	%		1.64	%		1.64	%
Net expenses		1.58	%		1.57	%		1.58	%		1.60	%		1.64	%		1.64	%
Net investment income (loss)		(0.05	)%		0.38	%		(0.13	)%		0.64	%		0.37	%		0.36	%
Supplemental data
Portfolio turnover rate		3	%		11	%		13	%		8	%		8	%		7	%
Net assets, end of period (000s omitted)		$232,117			$201,515			$268,384			$874,625			$873,992			$1,502,597

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 Emerging Markets Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.71			$20.92			$17.28			$15.28			$18.11			$18.53
Net investment loss		(0.09	)1		(0.08	)1		(0.08	)1		(0.02	)1		(0.06	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		3.08			(3.13	)		3.72			2.02			(2.77	)		(0.34	)
Total from investment operations		2.99			(3.21	)		3.64			2.00			(2.83	)		(0.42	)
Net asset value, end of period		$20.70			$17.71			$20.92			$17.28			$15.28			$18.11
Total return2		16.88	%		(15.34	)%		21.06	%		13.09	%		(15.63	)%		(2.27	)%
Ratios to average net assets (annualized)
Gross expenses		2.33	%		2.33	%		2.31	%		2.39	%		2.39	%		2.39	%
Net expenses		2.33	%		2.32	%		2.31	%		2.35	%		2.39	%		2.39	%
Net investment loss		(0.23	)%		(0.38	)%		(0.43	)%		(0.12	)%		(0.39	)%		(0.42	)%
Supplemental data
Portfolio turnover rate		3	%		11	%		13	%		8	%		8	%		7	%
Net assets, end of period (000s omitted)		$42,247			$49,103			$69,845			$71,900			$84,004			$138,169

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.10			$26.00			$21.46			$19.00			$22.53			$22.86
Net investment income		0.04			0.23	1		0.17	1		0.23	1		0.19			0.21
Net realized and unrealized gains (losses) on investments		3.81			(3.92	)		4.59			2.46			(3.46	)		(0.44	)
Total from investment operations		3.85			(3.69	)		4.76			2.69			(3.27	)		(0.23	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.21	)		(0.22	)		(0.23	)		(0.26	)		(0.10	)
Net asset value, end of period		$25.75			$22.10			$26.00			$21.46			$19.00			$22.53
Total return2		17.53	%		(14.33	)%		22.53	%		14.43	%		(14.61	)%		(1.01	)%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.16	%		1.14	%		1.20	%		1.19	%		1.17	%
Net expenses		1.15	%		1.15	%		1.14	%		1.17	%		1.18	%		1.17	%
Net investment income		0.06	%		0.90	%		0.76	%		1.16	%		0.84	%		0.88	%
Supplemental data
Portfolio turnover rate		3	%		11	%		13	%		8	%		8	%		7	%
Net assets, end of period (000s omitted)		$411,097			$326,131			$192,929			$191,250			$95,190			$35,967

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 Emerging Markets Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.18			$26.08			$21.53			$18.99			$22.44			$22.79
Net investment income (loss)		(0.01	)1		0.12	1		0.10	1		0.15	1		0.12	1		0.13	1
Net realized and unrealized gains (losses) on investments		3.83			(3.90	)		4.61			2.50			(3.46	)		(0.44	)
Total from investment operations		3.82			(3.78	)		4.71			2.65			(3.34	)		(0.31	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.12	)		(0.16	)		(0.11	)		(0.11	)		(0.04	)
Net asset value, end of period		$25.89			$22.18			$26.08			$21.53			$18.99			$22.44
Total return2		17.33	%		(14.57	)%		22.10	%		14.07	%		(14.91	)%		(1.36	)%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.50	%		1.48	%		1.56	%		1.49	%		1.48	%
Net expenses		1.46	%		1.46	%		1.46	%		1.49	%		1.48	%		1.48	%
Net investment income (loss)		(0.02	)%		0.48	%		0.42	%		0.76	%		0.58	%		0.57	%
Supplemental data
Portfolio turnover rate		3	%		11	%		13	%		8	%		8	%		7	%
Net assets, end of period (000s omitted)		$116,839			$103,740			$144,421			$160,657			$181,224			$464,135

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 Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.10			$25.99			$21.46			$18.99			$22.52			$22.86
Net investment income		0.02			0.19			0.19	1		0.20	1		0.17			0.15
Net realized and unrealized gains (losses) on investments		3.82			(3.89	)		4.55			2.49			(3.45	)		(0.40	)
Total from investment operations		3.84			(3.70	)		4.74			2.69			(3.28	)		(0.25	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.19	)		(0.21	)		(0.22	)		(0.25	)		(0.09	)
Net asset value, end of period		$25.75			$22.10			$25.99			$21.46			$18.99			$22.52
Total return2		17.53	%		(14.35	)%		22.42	%		14.40	%		(14.66	)%		(1.09	)%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.25	%		1.23	%		1.31	%		1.24	%		1.21	%
Net expenses		1.19	%		1.19	%		1.20	%		1.22	%		1.22	%		1.21	%
Net investment income		0.05	%		0.75	%		0.82	%		1.04	%		0.82	%		0.77	%
Supplemental data
Portfolio turnover rate		3	%		11	%		13	%		8	%		8	%		7	%
Net assets, end of period (000s omitted)		$3,210,456			$2,790,071			$3,423,366			$1,826,097			$2,146,675			$2,900,353

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 Emerging Markets Equity 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 Emerging Markets Equity 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 April 30, 2019, such fair value pricing was not used in pricing foreign securities.

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. 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.

22 Wells Fargo Emerging Markets Equity Fund Notes to financial statements (unaudited)

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 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, 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.

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 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.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Fund 23

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 April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $3,348,720,010 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,250,395,880
Gross unrealized losses		(387,472,825	)
Net unrealized gains	$	862,923,055

As of October 31, 2018 the Fund had capital loss carryforwards which consisted of $4,461,268 in short-term capital losses and $218,660,038 in long-term 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.

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.

24 Wells Fargo Emerging Markets Equity 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 April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Argentina	$	18,743,964	$	0	$	0	$	18,743,964
Brazil		314,806,230		0		0		314,806,230
Chile		57,503,587		0		0		57,503,587
China		1,346,898,785		0		0		1,346,898,785
Colombia		22,438,528		0		0		22,438,528
Germany		7,775,593		0		0		7,775,593
Hong Kong		223,026,212		0		0		223,026,212
India		349,040,410		0		0		349,040,410
Indonesia		77,653,260		0		0		77,653,260
Luxembourg		2,271,159		0		0		2,271,159
Malaysia		26,101,286		0		0		26,101,286
Mexico		237,859,409		0		0		237,859,409
Peru		17,093,364		0		0		17,093,364
Philippines		35,222,171		0		0		35,222,171
Russia		112,955,354		0		0		112,955,354
Singapore		11,672,589		0		0		11,672,589
South Africa		114,019,197		0		0		114,019,197
South Korea		384,909,359		0		0		384,909,359
Taiwan		335,967,741		0		0		335,967,741
Thailand		99,490,574		0		0		99,490,574
Turkey		3,021,797		0		0		3,021,797
United Arab Emirates		1,787,369		0		0		1,787,369
United Kingdom		25,606,273		0		0		25,606,273
Convertible debentures		0		0		0		0
Preferred stocks
Brazil		44,982,240		0		0		44,982,240
Rights
India		0		1,070,901		0		1,070,901
Short-term investments
Investment companies		146,147,502		193,578,211		0		339,725,713
Total assets	$	4,016,993,953	$	194,649,112	$	0	$	4,211,643,065

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

At April 30, 2019, the Fund did not have any transfers into/out of Level 3.

Notes to financial statements (unaudited) Wells Fargo Emerging Markets Equity Fund 25

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 $1 billion		1.050	%
Next $1 billion		1.025
Next $2 billion		1.000
Next $1 billion		0.975
Next $3 billion		0.965
Next $2 billion		0.955
Over $10 billion		0.945

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 1.02% 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 0.65% and declining to 0.45% 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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.58% for Class A shares, 2.33% for Class C shares, 1.15% for Class R6 shares 1.46% for Administrator Class shares, and 1.19% 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.

26 Wells Fargo Emerging Markets Equity Fund Notes to financial statements (unaudited)

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 April 30, 2019, Funds Distributor received $6,253 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 April 30, 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 April 30, 2019 were $119,335,207 and $170,053,796, 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 April 30, 2019, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risk result from exposure to a limited number of geographic regions. A fund that invest a substantial portion of their assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.

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 Emerging Markets Equity Fund 27

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$9,640,410	$0.0610	90.72%

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 Emerging Markets Equity 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. (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 Emerging Markets Equity 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 Emerging Markets Equity Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary 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.

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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.

402355 06-19 SA238/SAR238 04-19

Semi-Annual Report

April 30, 2019

Wells Fargo Global Small Cap 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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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

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 Small Cap 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 Global Small Cap Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) 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 2019. 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 Global Small Cap 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 Global Small Cap 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

Oleg Makhorine

Robert Rifkin, CFA^®‡

James M. Tringas, CFA^®‡

Bryant VanCronkhite, CFA^®‡, CPA

Average annual total returns (%) as of April 30, 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 (EKGAX)3	3-16-1988		-2.97		6.73		12.06		2.95		8.00		12.72		1.55		1.55
Class C (EKGCX)3	2-1-1993		1.18		7.19		11.88		2.18		7.19		11.88		2.30		2.30
Administrator Class (EKGYX)3	1-13-1997		–		–		–		3.08		8.16		12.91		1.47		1.41
Institutional Class (EKGIX)4	7-30-2010		–		–		–		3.33		8.43		13.16		1.22		1.16
S&P Developed SmallCap Index5	–		–		–		–		0.80		7.06		13.21		–		–

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. 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 geographic 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 Global Small Cap Fund 5

Ten largest holdings (%) as of April 30, 20196
Nomad Foods Limited	2.29
CSW Industrials Incorporated	2.10
Atkore International Incorporated	2.06
BMC Stock Holdings Incorporated	1.99
ACI Worldwide Incorporated	1.94
Dine Brands Global Incorporated	1.94
Novanta Incorporated	1.86
Hostess Brands Incorporated	1.86
MGE Energy Incorporated	1.81
Innoviva Incorporated	1.80

Sector distribution as of April 30, 2019⁷

Country allocation as of April 30, 2019⁷

^‡  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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.55% for Class A, 2.30% for Class C, 1.40% for Administrator Class, and 1.15% 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 prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Global Opportunities Fund.

⁴  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. Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Global Opportunities Fund.

⁵  The S&P Developed SmallCap Index is a free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of small-capitalization companies located in developed markets. The index is composed of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. 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 Global Small Cap 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,088.70	$	7.92		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65		1.53	%
Class C
Actual	$	1,000.00	$	1,084.54	$	11.78		2.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.49	$	11.38		2.28	%
Administrator Class
Actual	$	1,000.00	$	1,089.31	$	7.25		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,090.60	$	5.96		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%

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—April 30, 2019 (unaudited) Wells Fargo Global Small Cap Fund 7

Security name	Shares		Value
Common Stocks: 91.31%
Australia: 2.82%
Ansell Limited (Health Care, Health Care Equipment & Supplies)		258,973	$	4,929,203
Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) «		117,381		3,558,153
				8,487,356
Austria: 0.54%
Mayr-Melnhof Karton AG (Materials, Containers & Packaging)		12,651		1,637,453
Bermuda: 0.95%
Third Point Reinsurance Limited (Financials, Insurance) †		246,696		2,864,141
Canada: 6.08%
Cott Corporation (Consumer Staples, Beverages)		192,335		2,980,424
Maple Leaf Foods Incorporated (Consumer Staples, Food Products)		131,825		3,075,949
MTY Food Group Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		22,100		913,066
Mullen Group Limited (Energy, Energy Equipment & Services)		167,891		1,255,705
Novanta Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †		64,419		5,605,741
Source Energy Services Limited (Energy, Energy Equipment & Services) Ǡ		109,700		124,464
Stantec Incorporated (Industrials, Professional Services)		109,700		2,747,208
Western Forest Products Incorporated (Materials, Paper & Forest Products)		1,122,417		1,575,087
				18,277,644
France: 4.11%
ALTEN SA (Information Technology, IT Services)		42,590		4,647,921
M6 Métropole Télévision SA (Communication Services, Media)		225,521		4,474,588
Mersen SA (Industrials, Electrical Equipment)		45,167		1,605,901
Vicat SA (Materials, Construction Materials)		30,749		1,624,389
				12,352,799
Germany: 5.29%
Cancom SE (Information Technology, IT Services)		43,635		2,200,389
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		40,804		3,066,308
Krones AG (Industrials, Machinery)		22,693		2,111,283
Nemetschek SE (Information Technology, Software)		8,014		1,478,609
Norma Group SE (Industrials, Machinery)		12,235		578,278
SMA Solar Technology AG (Information Technology, Semiconductors & Semiconductor Equipment) «		56,216		1,278,692
TAG Immobilien AG (Real Estate, Real Estate Management & Development)		120,576		2,710,172
TLG Immobilien AG (Real Estate, Real Estate Management & Development)		84,431		2,485,819
				15,909,550
Hong Kong: 1.19%
Sunlight REIT (Real Estate, Equity REITs)		4,856,000		3,571,681
Ireland: 0.56%
Irish Residential Properties REIT plc (Real Estate, Equity REITs)		948,745		1,681,298
Italy: 0.47%
Autogrill SpA (Consumer Discretionary, Hotels, Restaurants & Leisure)		76,210		740,660
De’Longhi SpA (Consumer Discretionary, Household Durables)		26,180		670,662
				1,411,322

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

8 Wells Fargo Global Small Cap Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
Japan: 13.86%
Aeon Delight Company Limited (Industrials, Commercial Services & Supplies)		115,400	$	3,885,414
Daiseki Company Limited (Industrials, Commercial Services & Supplies)		93,000		2,554,903
DTS Corporation (Information Technology, IT Services)		95,300		3,375,304
Fuji Seal International Incorporated (Materials, Containers & Packaging)		112,400		3,930,775
Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components)		45,300		2,743,693
Meitec Corporation (Industrials, Professional Services)		96,800		4,504,992
Nihon Parkerizing Company Limited (Materials, Chemicals)		303,700		3,964,451
ORIX JREIT Incorporated (Real Estate, Equity REITs)		2,534		4,448,967
OSG Corporation (Industrials, Machinery)		91,900		1,850,068
Paramount Bed Holdings Company Limited (Health Care, Health Care Equipment & Supplies)		34,300		1,611,814
San-A Company Limited (Consumer Staples, Food & Staples Retailing)		56,900		2,233,148
Sumitomo Warehouse Company Limited (Industrials, Transportation Infrastructure)		204,700		2,625,489
Taikisha Limited (Industrials, Construction & Engineering)		90,200		2,725,980
Toyo Suisan Kaisha Limited (Consumer Staples, Food Products)		32,000		1,221,899
				41,676,897
Netherlands: 1.07%
BE Semiconductor Industries NV (Information Technology, Semiconductors & Semiconductor Equipment)		45,257		1,300,478
Brunel International NV (Industrials, Professional Services)		117,536		1,903,603
				3,204,081
Spain: 1.02%
Viscofan SA (Consumer Staples, Food Products)		51,182		3,074,078
Sweden: 0.64%
Hexpol AB (Materials, Chemicals)		247,017		1,924,710
Switzerland: 0.84%
Bucher Industries AG (Industrials, Machinery)		6,045		2,053,858
OC Oerlikon Corporation AG (Information Technology, Electronic Equipment, Instruments & Components)		36,836		480,808
				2,534,666
United Kingdom: 9.84%
Britvic plc (Consumer Staples, Beverages)		308,837		3,678,880
Domino’s Pizza Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		912,443		3,182,784
Elementis plc (Materials, Chemicals)		862,981		1,828,657
Hunting plc (Energy, Energy Equipment & Services)		167,478		1,286,325
IMI plc (Industrials, Machinery)		147,189		2,016,272
Leo Holdings Corporation Class A (Financials, Capital Markets) †		232,700		2,392,156
Mears Group plc (Industrials, Commercial Services & Supplies)		222,932		697,688
Morgan Advanced Materials plc (Industrials, Machinery)		517,524		1,885,535
NCC Group plc (Information Technology, IT Services)		880,674		2,005,105
Nomad Foods Limited (Consumer Staples, Food Products) †		331,075		6,886,360
Savills plc (Real Estate, Real Estate Management & Development)		144,477		1,699,350
Spectris plc (Information Technology, Electronic Equipment, Instruments & Components)		56,725		2,032,680
				29,591,792
United States: 42.03%
ACI Worldwide Incorporated (Information Technology, Software) †		164,500		5,843,040
ALLETE Incorporated (Utilities, Electric Utilities)		54,900		4,471,605

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Global Small Cap Fund 9

Security name				Shares		Value
United States (continued)
AptarGroup Incorporated (Materials, Containers & Packaging)					47,200	$	5,250,528
Atkore International Incorporated (Industrials, Electrical Equipment) †					250,000		6,190,000
BMC Stock Holdings Incorporated (Industrials, Trading Companies & Distributors) †					291,300		5,994,954
Bottomline Technologies (de) Incorporated (Information Technology, Software) †					54,700		2,766,179
CBIZ Incorporated (Industrials, Professional Services) †					94,847		1,831,496
Central Garden & Pet Company Class A (Consumer Staples, Household Products) †					213,200		5,219,136
Continental Building Product (Industrials, Building Products) †					100,385		2,574,875
CSW Industrials Incorporated (Industrials, Building Products) †					105,215		6,307,639
Dine Brands Global Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)					65,850		5,838,261
Euronet Worldwide Incorporated (Information Technology, IT Services) †					13,500		2,023,515
Forward Air Corporation (Industrials, Air Freight & Logistics)					64,600		4,090,472
Gardner Denver Holdings Incorporated (Industrials, Machinery) †					56,800		1,917,000
Gibraltar Industries Incorporated (Industrials, Building Products) †					132,700		5,264,209
Healthcare Services Group Incorporated (Industrials, Commercial Services & Supplies) «					59,600		2,017,460
Horace Mann Educators Corporation (Financials, Insurance)					91,100		3,514,638
Hostess Brands Incorporated (Consumer Staples, Food Products) †					416,600		5,582,440
ICU Medical Incorporated (Health Care, Health Care Equipment & Supplies) †					11,100		2,525,250
Innoviva Incorporated (Health Care, Pharmaceuticals) †					385,087		5,402,771
Jack in the Box Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)					63,070		4,862,697
Kimball International Incorporated Class B (Industrials, Commercial Services & Supplies)					31,728		496,860
LogMeIn Incorporated (Information Technology, Software)					26,000		2,142,400
Meridian Bioscience Incorporated (Health Care, Health Care Equipment & Supplies)					89,826		1,033,897
MGE Energy Incorporated (Utilities, Electric Utilities)					80,192		5,436,216
MKS Instruments Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)					27,600		2,511,876
Movado Group Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods)					72,600		2,588,190
Natus Medical Incorporated (Health Care, Health Care Equipment & Supplies) †					121,700		3,256,692
Retail Value Incorporated (Real Estate, Equity REITs) †					121,584		4,073,064
Spectrum Brands Holdings Incorporated (Consumer Staples, Household Products) «					38,800		2,388,916
Standex International Corporation (Industrials, Machinery)					30,851		2,038,326
WD-40 Company (Consumer Staples, Household Products) «					16,400		2,759,300
Weingarten Realty Investors (Real Estate, Equity REITs)					111,300		3,221,022
Westwood Holdings Group Incorporated (Financials, Capital Markets)					62,826		1,965,826
WPX Energy Incorporated (Energy, Oil, Gas & Consumable Fuels) †					212,800		2,955,792
							126,356,542
Total Common Stocks (Cost $241,555,454)							274,556,010
	Yield
Short-Term Investments: 11.06%
Investment Companies: 11.06%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		7,263,259		7,263,985
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36			25,976,121		25,976,121
Total Short-Term Investments (Cost $33,240,106)							33,240,106

Total investments in securities (Cost $274,795,560)	102.37	%		307,796,116
Other assets and liabilities, net	(2.37	)		(7,123,862	)
Total net assets	100.00	%	$	300,672,254

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

10 Wells Fargo Global Small Cap Fund Portfolio of investments—April 30, 2019 (unaudited)

« 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:

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		2,683,969		73,219,652		68,640,362		7,263,259	$	0	$	0	$	83,759	$	7,263,985
Wells Fargo Government Money Market Fund Select Class		16,091,244		78,160,801		68,275,924		25,976,121		0		0		201,779		25,976,121
									$	0	$	0	$	285,538	$	33,240,106		11.06	%

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

Statement of assets and liabilities—April 30, 2019 (unaudited) Wells Fargo Global Small Cap Fund 11

Assets
Investments in unaffiliated securities (including $7,018,549 of securities loaned), at value (cost $241,555,454)	$	274,556,010
Investments in affiliated securities, at value (cost $33,240,106)		33,240,106
Foreign currency, at value (cost $216,545)		217,483
Receivable for investments sold		1,955,767
Receivable for Fund shares sold		122,042
Receivable for dividends		833,387
Receivable for securities lending income		8,056
Prepaid expenses and other assets		43,224
Total assets		310,976,075
Liabilities
Payable upon receipt of securities loaned		7,260,264
Payable for investments purchased		2,159,759
Payable for Fund shares redeemed		400,445
Management fee payable		228,805
Administration fees payable		42,497
Trustees’ fees and expenses payable		6,070
Distribution fee payable		5,531
Accrued expenses and other liabilities		200,450
Total liabilities		10,303,821
Total net assets	$	300,672,254
NET ASSETS CONSIST OF
Paid-in capital	$	265,822,711
Total distributable earnings		34,849,543
Total net assets	$	300,672,254
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	150,014,803
Shares outstanding – Class A1		3,783,322
Net asset value per share – Class A		$39.65
Maximum offering price per share – Class A2		$42.07
Net assets – Class C	$	9,007,183
Shares outstanding – Class C1		338,995
Net asset value per share – Class C		$26.57
Net assets – Administrator Class	$	29,378,081
Shares outstanding – Administrator Class1		704,577
Net asset value per share – Administrator Class		$41.70
Net assets – Institutional Class	$	112,272,187
Shares outstanding – Institutional Class1		2,704,793
Net asset value per share – Institutional Class		$41.51

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 Global Small Cap Fund Statement of operations—six months ended April 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $146,682)	$	3,122,537
Income from affiliated securities		270,944
Total investment income		3,393,481
Expenses
Management fee		1,387,382
Administration fees
Class A		142,826
Class C		18,343
Administrator Class		18,250
Institutional Class		71,831
Shareholder servicing fees
Class A		170,031
Class C		21,837
Administrator Class		35,096
Distribution fee
Class C		65,510
Custody and accounting fees		53,702
Professional fees		26,445
Registration fees		41,553
Shareholder report expenses		28,165
Trustees’ fees and expenses		10,929
Other fees and expenses		13,202
Total expenses		2,105,102
Less: Fee waivers and/or expense reimbursements		(33,775	)
Net expenses		2,071,327
Net investment income		1,322,154
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		2,520,490
Net change in unrealized gains (losses) on investments		21,078,441
Net realized and unrealized gains (losses) on investments		23,598,931
Net increase in net assets resulting from operations	$	24,921,085

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

Statement of changes in net assets Wells Fargo Global Small Cap Fund 13

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	1,322,154					$	619,416
Net realized gains on investments					2,520,490						26,019,319
Net change in unrealized gains (losses) on investments					21,078,441						(35,532,667	)
Net increase (decrease) in net assets resulting from operations					24,921,085						(8,893,932	)
Distributions to shareholders from net investment income and net realized gains
Class A					(11,274,268	)					(17,602,533	)
Class C					(3,147,113	)					(4,638,012	)
Administrator Class					(2,341,670	)					(3,376,252	)
Institutional Class					(9,652,016	)					(4,852,851	)
Total distributions to shareholders					(26,415,067	)					(30,469,648	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		515,575			19,353,803			233,179			10,125,839
Class C		40,888			1,002,800			90,405			2,760,784
Administrator Class		59,951			2,350,859			126,648			5,751,220
Institutional Class		385,688			14,884,994			2,462,395			110,967,613
					37,592,456						129,605,456
Reinvestment of distributions
Class A		292,824			10,332,359			383,761			16,051,908
Class C		129,340			3,066,652			151,690			4,452,102
Administrator Class		62,335			2,314,119			75,455			3,309,823
Institutional Class		244,000			9,022,788			103,060			4,511,956
					24,735,918						28,325,789
Payment for shares redeemed
Class A		(350,156	)		(13,117,686	)		(693,625	)		(29,950,836	)
Class C		(765,101	)		(19,215,656	)		(243,976	)		(7,443,741	)
Administrator Class		(85,098	)		(3,401,954	)		(169,400	)		(7,661,211	)
Institutional Class		(762,532	)		(30,090,409	)		(589,541	)		(26,577,364	)
					(65,825,705	)					(71,633,152	)
Net increase (decrease) in net assets resulting from capital share transactions					(3,497,331	)					86,298,093
Total increase (decrease) in net assets					(4,991,313	)					46,934,513
Net assets
Beginning of period					305,663,567						258,729,054
End of period				$	300,672,254					$	305,663,567

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

14 Wells Fargo Global Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$39.97			$45.81			$38.61			$37.23			$43.26			$42.68
Net investment income		0.15	1		0.10			0.21	1		0.26	1		0.10	1		0.03	1
Net realized and unrealized gains (losses) on investments		2.97			(0.72	)		9.68			2.92			0.64			0.86
Total from investment operations		3.12			(0.62	)		9.89			3.18			0.74			0.89
Distributions to shareholders from
Net investment income		(0.03	)		(0.22	)		(0.34	)		(0.21	)		(0.03	)		(0.31	)
Net realized gains		(3.41	)		(5.00	)		(2.35	)		(1.59	)		(6.74	)		0.00
Total distributions to shareholders		(3.44	)		(5.22	)		(2.69	)		(1.80	)		(6.77	)		(0.31	)
Net asset value, end of period		$39.65			$39.97			$45.81			$38.61			$37.23			$43.26
Total return2		8.87	%		(1.82	)%		26.90	%		9.12	%		2.12	%		2.07	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.54	%		1.54	%		1.55	%		1.57	%		1.57	%
Net expenses		1.53	%		1.54	%		1.54	%		1.55	%		1.55	%		1.55	%
Net investment income		0.82	%		0.16	%		0.52	%		0.73	%		0.27	%		0.06	%
Supplemental data
Portfolio turnover rate		34	%		51	%		70	%		70	%		42	%		66	%
Net assets, end of period (000s omitted)		$150,015			$132,906			$155,828			$138,805			$151,740			$167,166

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 Global Small Cap Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$28.02			$33.65			$28.98			$28.39			$34.80			$34.36
Net investment loss		(0.01	)1		(0.20	)		(0.06	)1		(0.01	)1		(0.14	)1		(0.24	)1
Net realized and unrealized gains (losses) on investments		1.97			(0.43	)		7.15			2.19			0.47			0.69
Total from investment operations		1.96			(0.63	)		7.09			2.18			0.33			0.45
Distributions to shareholders from
Net investment income		0.00			0.00			(0.07	)		0.00			0.00			(0.01	)
Net realized gains		(3.41	)		(5.00	)		(2.35	)		(1.59	)		(6.74	)		0.00
Total distributions to shareholders		(3.41	)		(5.00	)		(2.42	)		(1.59	)		(6.74	)		(0.01	)
Net asset value, end of period		$26.57			$28.02			$33.65			$28.98			$28.39			$34.80
Total return2		8.45	%		(2.56	)%		25.95	%		8.31	%		1.34	%		1.32	%
Ratios to average net assets (annualized)
Gross expenses		2.28	%		2.29	%		2.29	%		2.30	%		2.32	%		2.32	%
Net expenses		2.28	%		2.29	%		2.29	%		2.30	%		2.30	%		2.30	%
Net investment loss		(0.12	)%		(0.59	)%		(0.20	)%		(0.02	)%		(0.48	)%		(0.69	)%
Supplemental data
Portfolio turnover rate		34	%		51	%		70	%		70	%		42	%		66	%
Net assets, end of period (000s omitted)		$9,007			$26,167			$31,487			$32,863			$36,215			$41,792

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 Global Small Cap Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$41.90			$47.78			$40.15			$38.65			$44.60			$44.00
Net investment income		0.18	1		0.14	1		0.29	1		0.41			0.16	1		0.09
Net realized and unrealized gains (losses) on investments		3.13			(0.73	)		10.07			2.95			0.66			0.90
Total from investment operations		3.31			(0.59	)		10.36			3.36			0.82			0.99
Distributions to shareholders from
Net investment income		(0.10	)		(0.29	)		(0.38	)		(0.27	)		(0.03	)		(0.39	)
Net realized gains		(3.41	)		(5.00	)		(2.35	)		(1.59	)		(6.74	)		0.00
Total distributions to shareholders		(3.51	)		(5.29	)		(2.73	)		(1.86	)		(6.77	)		(0.39	)
Net asset value, end of period		$41.70			$41.90			$47.78			$40.15			$38.65			$44.60
Total return2		8.93	%		(1.68	)%		27.04	%		9.30	%		2.27	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.45	%		1.46	%		1.46	%		1.47	%		1.43	%		1.41	%
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		0.92	%		0.30	%		0.68	%		0.90	%		0.41	%		0.22	%
Supplemental data
Portfolio turnover rate		34	%		51	%		70	%		70	%		42	%		66	%
Net assets, end of period (000s omitted)		$29,378			$27,965			$30,327			$30,832			$31,765			$53,966

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 Global Small Cap Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$41.80			$47.68			$40.08			$38.63			$44.67			$44.05
Net investment income		0.23			0.25			0.38			0.45			0.20			0.15
Net realized and unrealized gains (losses) on investments		3.11			(0.74	)		10.06			3.00			0.72			0.96
Total from investment operations		3.34			(0.49	)		10.44			3.45			0.92			1.11
Distributions to shareholders from
Net investment income		(0.22	)		(0.39	)		(0.49	)		(0.41	)		(0.22	)		(0.49	)
Net realized gains		(3.41	)		(5.00	)		(2.35	)		(1.59	)		(6.74	)		0.00
Total distributions to shareholders		(3.63	)		(5.39	)		(2.84	)		(2.00	)		(6.96	)		(0.49	)
Net asset value, end of period		$41.51			$41.80			$47.68			$40.08			$38.63			$44.67
Total return1		9.06	%		(1.45	)%		27.38	%		9.56	%		2.53	%		2.48	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.21	%		1.21	%		1.22	%		1.18	%		1.14	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.14	%
Net investment income		1.17	%		0.54	%		1.01	%		1.20	%		0.66	%		0.47	%
Supplemental data
Portfolio turnover rate		34	%		51	%		70	%		70	%		42	%		66	%
Net assets, end of period (000s omitted)		$112,272			$118,625			$41,087			$12,531			$10,369			$5,284

¹  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 Small Cap 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 Global Small Cap 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 April 30, 2019, such fair value pricing was used in pricing certain 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

Notes to financial statements (unaudited) Wells Fargo Global Small Cap Fund 19

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 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.

20 Wells Fargo Global Small Cap Fund Notes to financial statements (unaudited)

As of April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $275,968,957 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	42,787,261
Gross unrealized losses		(10,960,102	)
Net unrealized gains	$	31,827,159

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 April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Australia	$	8,487,356	$	0	$	0	$	8,487,356
Austria		1,637,453		0		0		1,637,453
Bermuda		2,864,141		0		0		2,864,141
Canada		18,277,644		0		0		18,277,644
France		12,352,799		0		0		12,352,799
Germany		15,909,550		0		0		15,909,550
Hong Kong		3,571,681		0		0		3,571,681
Ireland		1,681,298		0		0		1,681,298
Italy		1,411,322		0		0		1,411,322
Japan		0		41,676,897		0		41,676,897
Netherlands		3,204,081		0		0		3,204,081
Spain		3,074,078		0		0		3,074,078
Sweden		1,924,710		0		0		1,924,710
Switzerland		2,534,666		0		0		2,534,666
United Kingdom		29,591,792		0		0		29,591,792
United States		126,356,542		0		0		126,356,542
Short-term investments
Investment companies		25,976,121		7,263,985		0		33,240,106
Total assets	$	258,855,234	$	48,940,882	$	0	$	307,796,116

Notes to financial statements (unaudited) Wells Fargo Global Small Cap Fund 21

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

At April 30, 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		0.950	%
Next $500 million		0.925
Next $1 billion		0.900
Next $2 billion		0.875
Next $1 billion		0.850
Next $5 billion		0.840
Over $10 billion		0.830

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 0.95% 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 0.55% and declining to 0.40% 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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.55% for Class A shares, 2.30% for Class C shares, and 1.40% for Administrator Class shares, and 1.15% 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.

22 Wells Fargo Global Small Cap Fund Notes to financial statements (unaudited)

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 April 30, 2019, Funds Distributor received $3,482 from the sale of Class A shares and $153, 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 April 30, 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 $0 and $14,434,297 in interfund purchases and sales, respectively, during the six months ended April 30, 2019.

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 April 30, 2019 were $93,738,287 and $119,563,360, 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 April 30, 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 Global Small Cap 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 Global Small Cap 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. (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 Global Small Cap 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 Global Small Cap Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary 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.

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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.

402357 06-19 SA239/SAR239 04-19

Semi-Annual Report

April 30, 2019

Wells Fargo International Equity 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	27

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 Equity 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 Equity Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) 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 2019. 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 Equity 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 Equity 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

Dale A. Winner, CFA^®‡

Venkateshwar (Venk) Lal

Average annual total returns (%) as of April 30, 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 (WFEAX)3	1-20-1998		-13.58		2.60		6.76		-8.32		3.81		7.39		1.40		1.15
Class C (WFEFX)3	3-6-1998		-10.00		3.05		6.58		-9.00		3.05		6.58		2.15		1.90
Class R (WFERX)3	10-10-2003		–		–		–		-8.59		3.55		7.10		1.65		1.40
Class R6 (WFEHX)4	9-30-2015		–		–		–		-8.09		4.09		7.63		0.97		0.80
Administrator Class (WFEDX)5	7-16-2010		–		–		–		-8.36		3.83		7.42		1.32		1.15
Institutional Class (WFENX)3	3-9-1998		–		–		–		-8.12		4.08		7.66		1.07		0.85
MSCI ACWI ex USA Index (Net)6	–		–		–		–		-3.23		2.83		7.75		–		–

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 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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo International Equity Fund 5

Ten largest holdings (%) as of April 30, 20196
Hitachi Limited	3.47
Smiths Group plc	3.25
BP plc	3.23
Koninklijke Philips NV	3.16
China Mobile Limited	2.79
Eni SpA	2.77
Compagnie de Saint-Gobain SA	2.74
Prysmian SpA	2.70
Den Norske Bank ASA	2.59
Sensata Technologies Holding plc	2.57

Sector distribution as of April 30, 2019⁷

Country allocation as of April 30, 2019⁷

^‡ 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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.14% for Class A, 1.89% for Class C, 1.39% for Class R, 0.79% for Class R6, 1.14% for Administrator Class, and 0.84% 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 prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen International Equity 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. Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.

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. Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.

⁶  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the Unites States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁷  The 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 Equity 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,042.16	$	5.77		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%
Class C
Actual	$	1,000.00	$	1,038.18	$	9.55		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Class R
Actual	$	1,000.00	$	1,040.75	$	6.78		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Class R6
Actual	$	1,000.00	$	1,043.70	$	4.21		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Administrator Class
Actual	$	1,000.00	$	1,041.80	$	5.77		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%
Institutional Class
Actual	$	1,000.00	$	1,043.31	$	4.46		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.43	$	4.41		0.88	%

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—April 30, 2019 (unaudited) Wells Fargo International Equity Fund 7

Security name	Shares		Value
Common Stocks: 96.79%
Australia: 0.33%
Origin Energy Limited (Energy, Oil, Gas & Consumable Fuels) †		216,436	$	1,124,489
Brazil: 1.26%
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		346,872		4,238,776
Canada: 4.51%
Home Capital Group Incorporated (Financials, Thrifts & Mortgage Finance) †«		480,100		6,787,411
Lundin Mining Corporation (Materials, Metals & Mining)		1,560,645		8,375,784
				15,163,195
China: 9.32%
China Everbright Limited (Financials, Capital Markets)		3,652,000		6,647,787
China Mobile Limited (Communication Services, Wireless Telecommunication Services)		984,000		9,376,147
HollySys Automation Technologies Limited (Information Technology, Electronic Equipment, Instruments & Components)		385,253		8,063,345
Midea Group Company Limited Class A (Consumer Discretionary, Household Durables)		128,001		995,614
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		2,992,800		6,264,248
				31,347,141
France: 5.19%
Compagnie de Saint-Gobain SA (Industrials, Building Products)		225,820		9,229,517
Orange SA (Communication Services, Diversified Telecommunication Services)		525,475		8,230,595
				17,460,112
Germany: 6.99%
Metro AG (Consumer Staples, Food & Staples Retailing)		280,536		4,751,205
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		17,661		4,417,315
Rheinmetall AG (Industrials, Industrial Conglomerates)		71,410		8,193,565
SAP SE (Information Technology, Software)		32,972		4,237,330
Siemens AG (Industrials, Industrial Conglomerates)		15,955		1,910,127
				23,509,542
Hong Kong: 2.05%
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		6,024,000		6,880,359
Ireland: 1.63%
Greencore Group plc (Consumer Staples, Food Products)		1,830,222		5,489,203
Israel: 1.30%
Check Point Software Technologies Limited (Information Technology, Software) †		36,270		4,379,965
Italy: 5.47%
Eni SpA (Energy, Oil, Gas & Consumable Fuels)		546,375		9,325,811
Prysmian SpA (Industrials, Electrical Equipment)		471,336		9,087,506
				18,413,317

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

8 Wells Fargo International Equity Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Shares		Value
Japan: 11.88%
Alps Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		217,800	$	4,606,202
Daiwa Securities Group Incorporated (Financials, Capital Markets)		1,779,700		8,284,203
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		351,200		11,680,289
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		1,257,000		6,236,637
Nomura Holdings Incorporated (Financials, Capital Markets)		637,000		2,411,821
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		182,400		6,730,875
				39,950,027
Malaysia: 1.72%
CIMB Group Holdings Bhd (Financials, Banks)		4,552,642		5,802,981
Netherlands: 8.16%
Koninklijke Philips NV (Industrials, Industrial Conglomerates)		249,616		10,629,040
NN Group NV (Financials, Insurance)		192,190		8,368,055
OCI NV (Materials, Chemicals) †		291,959		8,464,877
				27,461,972
Norway: 2.59%
Den Norske Bank ASA (Financials, Banks) «		454,388		8,724,406
Russia: 2.08%
Mobile TeleSystems PJSC ADR (Communication Services, Wireless Telecommunication Services)		888,730		7,003,192
Singapore: 2.37%
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		1,602,500		7,976,564
South Africa: 2.43%
Sasol Limited (Materials, Chemicals)		246,118		8,163,616
South Korea: 2.82%
Hana Financial Group Incorporated (Financials, Banks)		74,440		2,345,069
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals) 144A		2,228		2,196,808
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		23,347		4,946,610
				9,488,487
Switzerland: 4.47%
Alcon Incorporated (Health Care, Health Care Equipment & Supplies) †		16,617		956,951
LafargeHolcim Limited (Materials, Construction Materials)		157,450		8,093,853
Novartis AG (Health Care, Pharmaceuticals)		73,355		5,990,352
				15,041,156
Thailand: 0.94%
Siam Commercial Bank plc (Financials, Banks)		776,200		3,148,564
United Kingdom: 18.28%
Babcock International Group plc (Industrials, Commercial Services & Supplies)		140,266		960,261
BP plc (Energy, Oil, Gas & Consumable Fuels)		1,492,655		10,880,502
Fresnillo plc (Materials, Metals & Mining)		459,964		4,491,251
John Wood Group plc (Energy, Energy Equipment & Services)		1,268,723		7,784,023

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo International Equity Fund 9

Security name				Shares		Value
United Kingdom (continued)
Kingfisher plc (Consumer Discretionary, Specialty Retail)					1,347,151	$	4,639,406
Man Group plc (Financials, Capital Markets)					2,752,247		5,620,266
Melrose Industries plc (Industrials, Electrical Equipment)					2,016,339		5,316,458
Sensata Technologies Holding plc (Industrials, Electrical Equipment) †					173,253		8,652,255
Smiths Group plc (Industrials, Industrial Conglomerates)					550,141		10,922,172
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)					1,195,858		2,214,347
							61,480,941
United States: 1.00%
Gentex Corporation (Consumer Discretionary, Auto Components)					146,179		3,366,502
Total Common Stocks (Cost $292,849,322)							325,614,507
	Yield
Short-Term Investments: 5.49%
Investment Companies: 5.49%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		12,846,115		12,847,400
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36			5,616,920		5,616,920
Total Short-Term Investments (Cost $18,464,305)							18,464,320

Total investments in securities (Cost $311,313,627)	102.28	%		344,078,827
Other assets and liabilities, net	(2.28	)		(7,661,876	)
Total net assets	100.00	%	$	336,416,951

† 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

GDR Global depositary receipt

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
14,361,299 USD	12,563,500 EUR	Goldman Sachs	6-6-2019	$	228,557	$	0
22,045,408 USD	16,606,200 GBP	Morgan Stanley	6-6-2019		350,605		0
5,480,000 GBP	7,223,916 USD	Morgan Stanley	6-6-2019		0		(64,691	)
5,346,657 USD	4,107,000 GBP	Morgan Stanley	6-6-2019		0		(18,843	)
				$	579,162	$	(83,534	)

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

10 Wells Fargo International Equity Fund Portfolio of investments—April 30, 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
Securities Lending Cash Investments LLC		20,988,148		110,410,158		118,552,191		12,846,115	$	0	$	0	$	178,751	$	12,847,400
Wells Fargo Government Money Market Fund Select Class		10,009,651		89,522,862		93,915,593		5,616,920		0		0		53,425		5,616,920
									$	0	$	0	$	232,176	$	18,464,320		5.49	%

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

Statement of assets and liabilities—April 30, 2019 (unaudited) Wells Fargo International Equity Fund 11

Assets
Investments in unaffiliated securities (including $12,197,421 of securities loaned), at value (cost $292,849,322)	$	325,614,507
Investments in affiliated securities, at value (cost $18,464,305)		18,464,320
Foreign currency, at value (cost $1,637,740)		1,623,824
Receivable for investments sold		2,090,436
Receivable for Fund shares sold		264,095
Receivable for dividends		2,282,704
Receivable for securities lending income		3,759
Unrealized gains on forward foreign currency contracts		579,162
Prepaid expenses and other assets		9,824
Total assets		350,932,631
Liabilities
Payable upon receipt of securities loaned		12,833,540
Cash collateral due to broker		630,000
Overdraft due to custodian bank		253,625
Payable for Fund shares redeemed		242,824
Management fee payable		161,498
Unrealized losses on forward foreign currency contracts		83,534
Administration fees payable		40,068
Distribution fees payable		8,966
Trustees’ fees and expenses payable		5,021
Accrued expenses and other liabilities		256,604
Total liabilities		14,515,680
Total net assets	$	336,416,951
NET ASSETS CONSIST OF
Paid-in capital	$	316,382,218
Total distributable earnings		20,034,733
Total net assets	$	336,416,951
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	91,695,984
Shares outstanding – Class A1		7,675,327
Net asset value per share – Class A		$11.95
Maximum offering price per share – Class A2		$12.68
Net assets – Class C	$	14,037,480
Shares outstanding – Class C1		1,190,998
Net asset value per share – Class C		$11.79
Net assets – Class R	$	1,401,258
Shares outstanding – Class R1		115,186
Net asset value per share – Class R		$12.17
Net assets – Class R6	$	37,874,635
Shares outstanding – Class R61		3,184,857
Net asset value per share – Class R6		$11.89
Net assets – Administrator Class	$	4,191,927
Shares outstanding – Administrator Class1		356,180
Net asset value per share – Administrator Class		$11.77
Net assets – Institutional Class	$	187,215,667
Shares outstanding – Institutional Class1		15,774,851
Net asset value per share – Institutional Class		$11.87

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.

12 Wells Fargo International Equity Fund Statement of operations—six months ended April 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $327,003)	$	3,633,148
Income from affiliated securities		150,990
Total investment income		3,784,138
Expenses
Management fee		1,525,721
Administration fees
Class A		92,888
Class C		18,847
Class R		1,426
Class R6		6,616
Administrator Class		2,753
Institutional Class		131,872
Shareholder servicing fees
Class A		110,581
Class C		22,437
Class R		1,024
Administrator Class		5,294
Distribution fees
Class C		67,312
Class R		1,698
Custody and accounting fees		72,133
Professional fees		33,325
Registration fees		44,317
Shareholder report expenses		36,933
Trustees’ fees and expenses		10,909
Interest expense		15,777
Other fees and expenses		9,432
Total expenses		2,211,295
Less: Fee waivers and/or expense reimbursements		(423,948	)
Net expenses		1,787,347
Net investment income		1,996,791
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(7,803,834	)
Forward foreign currency contracts		287,356
Net realized losses on investments		(7,516,478	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		15,723,959
Forward foreign currency contracts		(475,581	)
Net change in unrealized gains (losses) on investments		15,248,378
Net realized and unrealized gains (losses) on investments		7,731,900
Net increase in net assets resulting from operations	$	9,728,691

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

Statement of changes in net assets Wells Fargo International Equity Fund 13

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	1,996,791					$	10,640,487
Net realized gains (losses) on investments					(7,516,478	)					10,779,848
Net change in unrealized gains (losses) on investments					15,248,378						(65,802,116	)
Net increase (decrease) in net assets resulting from operations					9,728,691						(44,381,781	)
Distributions to shareholders from net investment income and net realized gains
Class A					(2,379,075	)					(3,952,000	)
Class C					(362,405	)					(814,322	)
Class R					(31,976	)					(59,089	)
Class R6					(1,182,755	)					(2,906,201	)
Administrator Class					(123,449	)					(602,675	)
Institutional Class					(6,402,990	)					(10,478,098	)
Total distributions to shareholders					(10,482,650	)					(18,812,385	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		922,022			10,688,885			1,152,774			15,432,689
Class C		69,315			762,202			341,521			4,529,729
Class R		12,485			143,856			20,290			272,361
Class R6		8,317			94,122			706,610			9,064,153
Administrator Class		78,633			886,304			84,981			1,114,286
Institutional Class		2,144,408			24,475,581			9,238,916			123,655,558
					37,050,950						154,068,776
Reinvestment of distributions
Class A		205,666			2,180,061			271,234			3,601,626
Class C		31,396			329,030			57,378			751,083
Class R		703			7,595			889			12,001
Class R6		53,355			562,364			209,719			2,777,828
Administrator Class		11,694			122,082			45,884			600,531
Institutional Class		469,933			4,943,696			609,296			8,034,503
					8,144,828						15,777,572
Payment for shares redeemed
Class A		(1,174,939	)		(13,511,968	)		(1,867,405	)		(24,377,062	)
Class C		(894,555	)		(10,148,522	)		(616,504	)		(7,877,466	)
Class R		(15,142	)		(179,814	)		(50,948	)		(658,133	)
Class R6		(2,253,720	)		(24,767,939	)		(1,076,925	)		(14,183,411	)
Administrator Class		(177,619	)		(1,957,002	)		(1,064,217	)		(14,013,356	)
Institutional Class		(7,524,072	)		(84,833,674	)		(6,845,893	)		(88,264,185	)
					(135,398,919	)					(149,373,613	)
Net increase (decrease) in net assets resulting from capital share transactions					(90,203,141	)					20,472,735
Total decrease in net assets					(90,957,100	)					(42,721,431	)
Net assets
Beginning of period					427,374,051						470,095,482
End of period				$	336,416,951					$	427,374,051

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

14 Wells Fargo International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.81			$13.43			$11.07			$11.53			$11.28			$11.98
Net investment income		0.06	1		0.27			0.22			0.22			0.18	1		0.37	1
Net realized and unrealized gains (losses) on investments		0.40			(1.40	)		2.47			(0.54	)		0.57			(0.81	)
Total from investment operations		0.46			(1.13	)		2.69			(0.32	)		0.75			(0.44	)
Distributions to shareholders from
Net investment income		(0.32	)		(0.49	)		(0.33	)		(0.14	)		(0.50	)		(0.26	)
Net asset value, end of period		$11.95			$11.81			$13.43			$11.07			$11.53			$11.28
Total return2		4.22	%		(8.81	)%		24.91	%		(2.76	)%		6.85	%		(3.77	)%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.39	%		1.47	%		1.47	%		1.53	%		1.53	%
Net expenses		1.14	%		1.14	%		1.14	%		1.12	%		1.09	%		1.09	%
Net investment income		1.08	%		1.97	%		1.82	%		2.04	%		1.50	%		3.14	%
Supplemental data
Portfolio turnover rate		27	%		62	%		59	%		65	%		27	%		32	%
Net assets, end of period (000s omitted)		$91,696			$91,206			$109,655			$122,248			$145,654			$97,640

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 International Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.57			$13.13			$10.82			$11.30			$11.06			$11.75
Net investment income		0.00	1		0.15			0.14			0.14			0.08	2		0.27	2
Net realized and unrealized gains (losses) on investments		0.42			(1.35	)		2.40			(0.53	)		0.57			(0.79	)
Total from investment operations		0.42			(1.20	)		2.54			(0.39	)		0.65			(0.52	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.36	)		(0.23	)		(0.09	)		(0.41	)		(0.17	)
Net asset value, end of period		$11.79			$11.57			$13.13			$10.82			$11.30			$11.06
Total return3		3.82	%		(9.47	)%		23.91	%		(3.43	)%		6.03	%		(4.49	)%
Ratios to average net assets (annualized)
Gross expenses		2.18	%		2.14	%		2.22	%		2.22	%		2.28	%		2.28	%
Net expenses		1.89	%		1.89	%		1.89	%		1.87	%		1.84	%		1.84	%
Net investment income		0.09	%		1.22	%		1.26	%		1.33	%		0.72	%		2.37	%
Supplemental data
Portfolio turnover rate		27	%		62	%		59	%		65	%		27	%		32	%
Net assets, end of period (000s omitted)		$14,037			$22,963			$28,919			$27,508			$29,080			$16,346

¹  Amount is less than $0.005.

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.

16 Wells Fargo International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS R				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.98			$13.58			$11.20			$11.66			$11.40			$11.96
Net investment income		0.05	1		0.23	1		0.20	1		0.19	1		0.15	1		0.32	1
Net realized and unrealized gains (losses) on investments		0.41			(1.41	)		2.48			(0.53	)		0.57			(0.79	)
Total from investment operations		0.46			(1.18	)		2.68			(0.34	)		0.72			(0.47	)
Distributions to shareholders from
Net investment income		(0.27	)		(0.42	)		(0.30	)		(0.12	)		(0.46	)		(0.09	)
Net asset value, end of period		$12.17			$11.98			$13.58			$11.20			$11.66			$11.40
Total return2		4.08	%		(9.03	)%		24.47	%		(2.94	)%		6.53	%		(4.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.64	%		1.72	%		1.72	%		1.78	%		1.78	%
Net expenses		1.34	%		1.39	%		1.39	%		1.37	%		1.34	%		1.34	%
Net investment income		0.85	%		1.72	%		1.66	%		1.77	%		1.23	%		2.71	%
Supplemental data
Portfolio turnover rate		27	%		62	%		59	%		65	%		27	%		32	%
Net assets, end of period (000s omitted)		$1,401			$1,404			$1,996			$2,029			$2,147			$1,576

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 International Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS R6				2018			2017			2016			20151
Net asset value, beginning of period		$11.79			$13.44			$11.06			$11.49			$10.89
Net investment income		0.15			0.31			0.45	2		0.24			0.00	3
Net realized and unrealized gains (losses) on investments		0.32			(1.40	)		2.27			(0.52	)		0.60
Total from investment operations		0.47			(1.09	)		2.72			(0.28	)		0.60
Distributions to shareholders from
Net investment income		(0.37	)		(0.56	)		(0.34	)		(0.15	)		0.00
Net asset value, end of period		$11.89			$11.79			$13.44			$11.06			$11.49
Total return4		4.37	%		(8.57	)%		25.30	%		(2.46	)%		5.51	%
Ratios to average net assets (annualized)
Gross expenses		1.00	%		0.96	%		1.03	%		1.04	%		1.05	%
Net expenses		0.83	%		0.84	%		0.84	%		0.85	%		0.88	%
Net investment income		1.13	%		2.23	%		3.55	%		2.31	%		0.23	%
Supplemental data
Portfolio turnover rate		27	%		62	%		59	%		65	%		27	%
Net assets, end of period (000s omitted)		$37,875			$63,414			$74,405			$26			$26

¹  For the period from September 30, 2015 (commencement of class operations) to October 31, 2015

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  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 Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.62			$13.20			$10.88			$11.33			$11.09			$11.79
Net investment income		0.05	1		0.20	1		0.21	1		0.22			0.17	1		0.37	1
Net realized and unrealized gains (losses) on investments		0.40			(1.31	)		2.43			(0.53	)		0.57			(0.80	)
Total from investment operations		0.45			(1.11	)		2.64			(0.31	)		0.74			(0.43	)
Distributions to shareholders from
Net investment income		(0.30	)		(0.47	)		(0.32	)		(0.14	)		(0.50	)		(0.27	)
Net asset value, end of period		$11.77			$11.62			$13.20			$10.88			$11.33			$11.09
Total return2		4.18	%		(8.79	)%		24.84	%		(2.71	)%		6.89	%		(3.82	)%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.31	%		1.39	%		1.38	%		1.40	%		1.37	%
Net expenses		1.14	%		1.14	%		1.14	%		1.12	%		1.09	%		1.09	%
Net investment income		0.94	%		1.53	%		1.79	%		1.93	%		1.44	%		3.21	%
Supplemental data
Portfolio turnover rate		27	%		62	%		59	%		65	%		27	%		32	%
Net assets, end of period (000s omitted)		$4,192			$5,152			$18,174			$36,032			$52,469			$12,962

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 International Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.76			$13.40			$11.05			$11.49			$11.25			$11.96
Net investment income		0.12			0.30	1		0.28	1		0.23			0.19	1		0.37	1
Net realized and unrealized gains (losses) on investments		0.34			(1.39	)		2.43			(0.52	)		0.58			(0.77	)
Total from investment operations		0.46			(1.09	)		2.71			(0.29	)		0.77			(0.40	)
Distributions to shareholders from
Net investment income		(0.35	)		(0.55	)		(0.36	)		(0.15	)		(0.53	)		(0.31	)
Net asset value, end of period		$11.87			$11.76			$13.40			$11.05			$11.49			$11.25
Total return2		4.33	%		(8.56	)%		25.21	%		(2.48	)%		7.07	%		(3.53	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.06	%		1.14	%		1.14	%		1.15	%		1.10	%
Net expenses		0.88	%		0.89	%		0.89	%		0.87	%		0.84	%		0.84	%
Net investment income		1.22	%		2.31	%		2.28	%		2.27	%		1.67	%		3.18	%
Supplemental data
Portfolio turnover rate		27	%		62	%		59	%		65	%		27	%		32	%
Net assets, end of period (000s omitted)		$187,216			$243,225			$236,946			$182,639			$192,799			$63,766

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 International Equity 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 International Equity 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 April 30, 2019, such fair value pricing was used in pricing certain 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 International Equity Fund 21

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.

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 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.

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

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 April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $315,917,701 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	47,853,429
Gross unrealized losses		(19,196,675	)
Net unrealized gains	$	28,656,754

As of October 31, 2018, the Fund had capital loss carryforwards which consisted of $1,038,637 in short-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.

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 International Equity Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	1,124,489	$	0	$	0	$	1,124,489
Brazil		4,238,776		0		0		4,238,776
Canada		15,163,195		0		0		15,163,195
China		31,347,141		0		0		31,347,141
France		17,460,112		0		0		17,460,112
Germany		23,509,542		0		0		23,509,542
Hong Kong		6,880,359		0		0		6,880,359
Ireland		5,489,203		0		0		5,489,203
Israel		4,379,965		0		0		4,379,965
Italy		18,413,317		0		0		18,413,317
Japan		0		39,950,027		0		39,950,027
Malaysia		5,802,981		0		0		5,802,981
Netherlands		27,461,972		0		0		27,461,972
Norway		8,724,406		0		0		8,724,406
Russia		7,003,192		0		0		7,003,192
Singapore		7,976,564		0		0		7,976,564
South Africa		8,163,616		0		0		8,163,616
South Korea		9,488,487		0		0		9,488,487
Switzerland		15,041,156		0		0		15,041,156
Thailand		3,148,564		0		0		3,148,564
United Kingdom		61,480,941		0		0		61,480,941
United States		3,366,502		0		0		3,366,502
Short-term investments
Investment companies		5,616,920		12,847,400		0		18,464,320
		291,281,400		52,797,427		0		344,078,827
Forward foreign currency contracts		0		579,162		0		579,162
Total assets	$	291,281,400	$	53,376,589	$	0	$	344,657,989
Liabilities
Forward foreign currency contracts	$	0	$	83,534	$	0	$	83,534
Total liabilities	$	0	$	83,534	$	0	$	83,534

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 April 30, 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

24 Wells Fargo International Equity Fund Notes to financial statements (unaudited)

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		0.850	%
Next $500 million		0.800
Next $1 billion		0.750
Next $2 billion		0.725
Next $1 billion		0.700
Next $5 billion		0.690
Over $10 billion		0.680

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 0.85% 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 0.40% 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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.79% for Class R6 shares, 1.14% for Administrator Class shares, and 0.84% 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 March 1, 2019, the Fund’s expenses were capped at 0.84% for Class R6 shares and 0.89% 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 April 30, 2019, Funds Distributor received $1,623 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 April 30, 2019.

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

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 April 30, 2019 were $94,172,772 and $184,571,707, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2019, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $4,988,805 and $42,002,898 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 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
Goldman Sachs	$	228,557	$	0		$	(228,557	)	$	0
Morgan Stanley		350,605		(83,534	)		(267,071	)		0

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged		Net amount of assets
Morgan Stanley	$	83,534	$	(83,534	)	$	0	$	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.

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

During the six months ended April 30, 2019, the Fund had average borrowings outstanding of $423,003 (on an annualized basis) at an average annual interest rate of 3.73% and paid interest in the amount of $15,777.

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 International Equity Fund 27

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$1,203,470	$0.0331	83.43%

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 Equity 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. (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 Equity 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 Equity Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary 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.

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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.

402358 06-19 SA240/SAR240 04-19

Semi-Annual Report

April 30, 2019

Wells Fargo Intrinsic World Equity 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	17
Other information	22

The views expressed and any forward-looking statements are as of April 30, 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 Asset Management 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 Intrinsic World Equity 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 Intrinsic World Equity Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

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 (GDP) 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 past two months of the year. The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) 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 2019. 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 Intrinsic World Equity 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.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 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 2019 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 solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

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 Intrinsic World Equity 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

Amit Kumar

Jean-Baptiste Nadal, CFA^®‡

Jen Robertson, CFA^®‡

Average annual total returns (%) as of April 30, 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 (EWEAX)3	4-30-1996		-1.32		5.44		11.52		4.68		6.70		12.19		1.47		1.35
Class C (EWECX)3	5-18-2007		2.90		5.89		11.35		3.90		5.89		11.35		2.22		2.10
Administrator Class (EWEIX)3	5-18-2007		–		–		–		4.75		6.86		12.41		1.39		1.25
Institutional Class (EWENX)4	7-30-2010		–		–		–		5.05		7.13		12.63		1.14		0.95
MSCI World Index (Net)5	–		–		–		–		6.48		7.31		11.58		–		–

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. 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 focused portfolio risk, geographic 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 Intrinsic World Equity Fund 5

Ten largest holdings (%) as of April 30, 20196
Visa Incorporated Class A	3.32
Microsoft Corporation	3.28
Motorola Solutions Incorporated	2.76
Alphabet Incorporated Class C	2.67
Dollar Tree Incorporated	2.57
Vulcan Materials Company	2.53
Comcast Corporation Class A	2.50
Advance Auto Parts Incorporated	2.48
Merck & Company Incorporated	2.47
Capgemini SA	2.38

Sector distribution as of April 30, 2019⁷

Country allocation as of April 30, 2019⁷

^‡ 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 February 29, 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 prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic World Equity Fund.

⁴ 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. Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic World Equity Fund.

⁵ The Morgan Stanley Capital International (MSCI) World Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (Net) consists of the following 23 developed markets country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁶ 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 Intrinsic World Equity 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 November 1, 2018 to April 30, 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 11-1-2018		Ending account value 4-30-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,078.65	$	6.96		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	6.76		1.35	%
Class C
Actual	$	1,000.00	$	1,074.58	$	10.80		2.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.38	$	10.49		2.10	%
Administrator Class
Actual	$	1,000.00	$	1,078.53	$	6.44		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,080.50	$	4.90		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%

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—April 30, 2019 (unaudited) Wells Fargo Intrinsic World Equity Fund 7

Security name	Shares		Value
Common Stocks: 99.54%
Belgium: 1.86%
Anheuser-Busch InBev NV ADR (Consumer Staples, Beverages) «		31,400	$	2,792,716
France: 6.19%
Air Liquide SA (Materials, Chemicals)		26,700		3,550,185
Capgemini SA (Information Technology, IT Services)		29,500		3,576,728
Societe Generale SA (Financials, Banks)		68,600		2,171,298
				9,298,211
Germany: 1.86%
Deutsche Telekom AG (Communication Services, Diversified Telecommunication Services)		166,800		2,790,155
Hong Kong: 4.14%
AIA Group Limited (Financials, Insurance)		322,000		3,281,652
Samsonite International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,022,190		2,931,786
				6,213,438
Ireland: 2.13%
Medtronic plc (Health Care, Health Care Equipment & Supplies)		36,000		3,197,160
Japan: 7.99%
Nidec Corporation (Industrials, Electrical Equipment)		23,700		3,385,274
ORIX Corporation (Financials, Diversified Financial Services)		164,100		2,324,613
Renesas Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment) †		581,900		3,116,473
Sony Corporation (Consumer Discretionary, Household Durables)		63,140		3,180,242
				12,006,602
Netherlands: 5.54%
AerCap Holdings NV (Industrials, Trading Companies & Distributors) †		61,300		3,042,932
Airbus SE (Industrials, Aerospace & Defense)		15,400		2,105,190
Unilever NV (Consumer Staples, Personal Products)		52,400		3,170,724
				8,318,846
Switzerland: 6.86%
Nestle SA (Consumer Staples, Food Products)		30,000		2,886,795
Novartis AG ADR (Health Care, Pharmaceuticals)		31,900		2,623,137
Roche Holding AG (Health Care, Pharmaceuticals)		8,900		2,346,082
UBS Group AG (Financials, Capital Markets)		182,900		2,452,847
				10,308,861
United Kingdom: 5.51%
Aon plc (Financials, Insurance)		17,200		3,098,408
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		93,100		2,973,910
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)		1,191,500		2,206,277
				8,278,595
United States: 57.46%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)		25,900		2,060,604
Advance Auto Parts Incorporated (Consumer Discretionary, Specialty Retail)		22,400		3,725,568

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

8 Wells Fargo Intrinsic World Equity Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name				Shares		Value
United States (continued)
Affiliated Managers Group Incorporated (Financials, Capital Markets)					16,700	$	1,852,364
Alphabet Incorporated Class C (Communication Services, Interactive Media & Services) †					3,370		4,005,178
American International Group Incorporated (Financials, Insurance)					67,700		3,220,489
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)					6,700		1,344,489
BB&T Corporation (Financials, Banks)					55,700		2,851,840
Chevron Corporation (Energy, Oil, Gas & Consumable Fuels)					24,400		2,929,464
Cigna Corporation (Health Care, Health Care Providers & Services)					21,300		3,383,292
CIT Group Incorporated (Financials, Banks)					63,800		3,398,626
Comcast Corporation Class A (Communication Services, Media)					86,300		3,756,639
Dollar Tree Incorporated (Consumer Discretionary, Multiline Retail) †					34,700		3,861,416
Eli Lilly & Company (Health Care, Pharmaceuticals)					17,600		2,059,904
EOG Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)					28,500		2,737,425
General Dynamics Corporation (Industrials, Aerospace & Defense)					16,900		3,020,368
Gilead Sciences Incorporated (Health Care, Biotechnology)					30,200		1,964,208
Honeywell International Incorporated (Industrials, Industrial Conglomerates)					19,300		3,351,059
Intercontinental Exchange Incorporated (Financials, Capital Markets)					34,500		2,806,575
Merck & Company Incorporated (Health Care, Pharmaceuticals)					47,200		3,715,112
Microsoft Corporation (Information Technology, Software)					37,700		4,923,620
Mondelez International Incorporated Class A (Consumer Staples, Food Products)					65,300		3,320,505
Motorola Solutions Incorporated (Information Technology, Communications Equipment)					28,600		4,144,426
Schlumberger Limited (Energy, Energy Equipment & Services)					43,900		1,873,652
The Walt Disney Company (Communication Services, Entertainment)					22,000		3,013,340
United Parcel Service Incorporated Class B (Industrials, Air Freight & Logistics)					15,800		1,678,276
Verizon Communications Incorporated (Communication Services, Diversified Telecommunication Services)					44,600		2,550,674
Visa Incorporated Class A (Information Technology, IT Services)					30,300		4,982,230
Vulcan Materials Company (Materials, Construction Materials)					30,100		3,795,911
							86,327,254
Total Common Stocks (Cost $116,374,878)							149,531,838
	Yield
Short-Term Investments: 2.12%
Investment Companies: 2.12%
Securities Lending Cash Investments LLC (l)(r)(u)		2.55	%		2,654,735		2,655,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.36			529,882		529,882
Total Short-Term Investments (Cost $3,184,882)							3,184,882

Total investments in securities (Cost $119,559,760)	101.66	%		152,716,720
Other assets and liabilities, net	(1.66	)		(2,492,157	)
Total net assets	100.00	%	$	150,224,563

« 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

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

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Intrinsic World Equity Fund 9

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		2,363,341		19,991,781		19,700,387		2,654,735	$	0	$	0	$	33,139	$	2,655,000
Wells Fargo Government Money Market Fund Select Class		564,878		9,778,832		9,813,828		529,882		0		0		8,390		529,882
									$	0	$	0	$	41,529	$	3,184,882		2.12	%

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

10 Wells Fargo Intrinsic World Equity Fund Statement of assets and liabilities—April 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $2,596,295 of securities loaned), at value (cost $116,374,878)	$	149,531,838
Investments in affiliated securities, at value (cost $3,184,882)		3,184,882
Foreign currency, at value (cost $71,833)		71,161
Receivable for Fund shares sold		49,864
Receivable for dividends		308,666
Receivable for securities lending income		1,407
Prepaid expenses and other assets		21,403
Total assets		153,169,221
Liabilities
Payable upon receipt of securities loaned		2,655,023
Management fee payable		89,036
Payable for Fund shares redeemed		41,012
Administration fees payable		25,024
Trustees’ fees and expenses payable		5,302
Distribution fee payable		996
Accrued expenses and other liabilities		128,265
Total liabilities		2,944,658
Total net assets	$	150,224,563
NET ASSETS CONSIST OF
Paid-in capital	$	114,557,956
Total distributable earnings		35,666,607
Total net assets	$	150,224,563
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	138,779,642
Shares outstanding – Class A1		6,683,334
Net asset value per share – Class A		$20.77
Maximum offering price per share – Class A2		$22.04
Net assets – Class C	$	1,614,798
Shares outstanding – Class C1		81,306
Net asset value per share – Class C		$19.86
Net assets – Administrator Class	$	1,583,512
Shares outstanding – Administrator Class1		76,636
Net asset value per share – Administrator Class		$20.66
Net assets – Institutional Class	$	8,246,611
Shares outstanding – Institutional Class1		398,309
Net asset value per share – Institutional Class		$20.70

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 April 30, 2019 (unaudited) Wells Fargo Intrinsic World Equity Fund 11

Investment income
Dividends (net of foreign withholding taxes of $74,557)	$	1,459,487
Income from affiliated securities		34,906
Total investment income		1,494,393
Expenses
Management fee		607,750
Administration fees
Class A		136,921
Class C		3,786
Administrator Class		990
Institutional Class		4,855
Shareholder servicing fees
Class A		163,002
Class C		4,507
Administrator Class		1,829
Distribution fee
Class C		13,522
Custody and accounting fees		19,502
Professional fees		25,212
Registration fees		33,767
Shareholder report expenses		20,154
Trustees’ fees and expenses		10,909
Other fees and expenses		9,331
Total expenses		1,056,037
Less: Fee waivers and/or expense reimbursements		(92,987	)
Net expenses		963,050
Net investment income		531,343
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		3,005,613
Net change in unrealized gains (losses) on investments		7,417,087
Net realized and unrealized gains (losses) on investments		10,422,700
Net increase in net assets resulting from operations	$	10,954,043

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

12 Wells Fargo Intrinsic World Equity Fund Statement of changes in net assets

	Six months ended April 30, 2019 (unaudited)						Year ended October 31, 2018
Operations
Net investment income				$	531,343					$	1,147,480
Net realized gains on investments					3,005,613						14,917,116
Net change in unrealized gains (losses) on investments					7,417,087						(12,122,849	)
Net increase in net assets resulting from operations					10,954,043						3,941,747
Distributions to shareholders from net investment income and net realized gains
Class A					(14,576,126	)					(11,590,920	)
Class C					(592,441	)					(529,503	)
Administrator Class					(175,917	)					(407,346	)
Institutional Class					(858,807	)					(567,484	)
Total distributions to shareholders					(16,203,291	)					(13,095,253	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		234,332			4,537,880			97,619			2,206,319
Class C		11,056			220,515			8,983			196,235
Administrator Class		1,768			36,870			27,473			617,360
Institutional Class		53,219			1,033,639			109,895			2,482,208
					5,828,904						5,502,122
Reinvestment of distributions
Class A		748,085			14,204,308			506,636			11,262,955
Class C		30,481			552,615			23,586			501,242
Administrator Class		8,882			167,765			17,906			396,209
Institutional Class		33,977			643,675			21,129			469,058
					15,568,363						12,629,464
Payment for shares redeemed
Class A		(391,325	)		(7,713,196	)		(657,430	)		(14,893,411	)
Class C		(228,131	)		(4,239,519	)		(81,421	)		(1,774,406	)
Administrator Class		(9,388	)		(190,217	)		(175,686	)		(3,971,356	)
Institutional Class		(32,588	)		(627,967	)		(77,116	)		(1,745,497	)
					(12,770,899	)					(22,384,670	)
Net increase (decrease) in net assets resulting from capital share transactions					8,626,368						(4,253,084	)
Total increase (decrease) in net assets					3,377,120						(13,406,590	)
Net assets
Beginning of period					146,847,443						160,254,033
End of period				$	150,224,563					$	146,847,443

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

Financial highlights Wells Fargo Intrinsic World Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.70			$23.08			$19.53			$22.82			$22.39			$21.88
Net investment income		0.06			0.16			0.19			0.20			0.19			0.17
Net realized and unrealized gains (losses) on investments		1.40			0.35			4.54			(0.83	)		0.73			0.59
Total from investment operations		1.46			0.51			4.73			(0.63	)		0.92			0.76
Distributions to shareholders from
Net investment income		(0.18	)		(0.20	)		(0.23	)		(0.20	)		(0.12	)		(0.25	)
Net realized gains		(2.21	)		(1.69	)		(0.95	)		(2.46	)		(0.37	)		0.00
Total distributions to shareholders		(2.39	)		(1.89	)		(1.18	)		(2.66	)		(0.49	)		(0.25	)
Net asset value, end of period		$20.77			$21.70			$23.08			$19.53			$22.82			$22.39
Total return1		7.87	%		2.10	%		25.44	%		(2.54	)%		4.23	%		3.45	%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.47	%		1.47	%		1.46	%		1.48	%		1.47	%
Net expenses		1.35	%		1.35	%		1.35	%		1.37	%		1.40	%		1.40	%
Net investment income		0.75	%		0.73	%		0.88	%		1.09	%		0.79	%		0.70	%
Supplemental data
Portfolio turnover rate		6	%		20	%		21	%		23	%		32	%		23	%
Net assets, end of period (000s omitted)		$138,780			$132,207			$141,831			$127,428			$149,492			$157,061

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.

14 Wells Fargo Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$20.74			$22.15			$18.77			$21.99			$21.64			$21.19
Net investment income (loss)		(0.03	)1		(0.00	)1,2		0.03	1		0.05			0.01	1		(0.02	)
Net realized and unrealized gains (losses) on investments		1.36			0.33			4.38			(0.80	)		0.71			0.58
Total from investment operations		1.33			0.33			4.41			(0.75	)		0.72			0.56
Distributions to shareholders from
Net investment income		(0.00	)3		(0.05	)		(0.08	)		(0.01	)		0.00			(0.11	)
Net realized gains		(2.21	)		(1.69	)		(0.95	)		(2.46	)		(0.37	)		0.00
Total distributions to shareholders		(2.21	)		(1.74	)		(1.03	)		(2.47	)		(0.37	)		(0.11	)
Net asset value, end of period		$19.86			$20.74			$22.15			$18.77			$21.99			$21.64
Total return4		7.46	%		1.33	%		24.54	%		(3.26	)%		3.41	%		2.65	%
Ratios to average net assets (annualized)
Gross expenses		2.23	%		2.22	%		2.22	%		2.21	%		2.23	%		2.22	%
Net expenses		2.10	%		2.10	%		2.10	%		2.12	%		2.15	%		2.15	%
Net investment income (loss)		(0.34	)%		(0.01	)%		0.13	%		0.32	%		0.05	%		(0.06	)%
Supplemental data
Portfolio turnover rate		6	%		20	%		21	%		23	%		32	%		23	%
Net assets, end of period (000s omitted)		$1,615			$5,556			$7,015			$7,252			$8,958			$9,788

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.

Financial highlights Wells Fargo Intrinsic World Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.60			$22.98			$19.43			$22.76			$22.33			$21.81
Net investment income		0.08	1		0.15	1		0.20	1		0.24	1		0.23	1		0.22	1
Net realized and unrealized gains (losses) on investments		1.37			0.39			4.54			(0.84	)		0.75			0.59
Total from investment operations		1.45			0.54			4.74			(0.60	)		0.98			0.81
Distributions to shareholders from
Net investment income		(0.18	)		(0.23	)		(0.24	)		(0.27	)		(0.18	)		(0.29	)
Net realized gains		(2.21	)		(1.69	)		(0.95	)		(2.46	)		(0.37	)		0.00
Total distributions to shareholders		(2.39	)		(1.92	)		(1.19	)		(2.73	)		(0.55	)		(0.29	)
Net asset value, end of period		$20.66			$21.60			$22.98			$19.43			$22.76			$22.33
Total return2		7.85	%		2.22	%		25.60	%		(2.43	)%		4.51	%		3.70	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.38	%		1.38	%		1.37	%		1.34	%		1.29	%
Net expenses		1.25	%		1.25	%		1.25	%		1.22	%		1.15	%		1.15	%
Net investment income		0.84	%		0.65	%		0.95	%		1.27	%		1.01	%		0.96	%
Supplemental data
Portfolio turnover rate		6	%		20	%		21	%		23	%		32	%		23	%
Net assets, end of period (000s omitted)		$1,584			$1,628			$4,727			$4,735			$6,239			$7,327

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.

16 Wells Fargo Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$21.69			$23.05			$19.51			$22.83			$22.40			$21.87
Net investment income		0.13			0.25	1		0.27			0.26			0.28			0.25	1
Net realized and unrealized gains (losses) on investments		1.35			0.35			4.53			(0.80	)		0.75			0.60
Total from investment operations		1.48			0.60			4.80			(0.54	)		1.03			0.85
Distributions to shareholders from
Net investment income		(0.26	)		(0.27	)		(0.31	)		(0.32	)		(0.23	)		(0.32	)
Net realized gains		(2.21	)		(1.69	)		(0.95	)		(2.46	)		(0.37	)		0.00
Total distributions to shareholders		(2.47	)		(1.96	)		(1.26	)		(2.78	)		(0.60	)		(0.32	)
Net asset value, end of period		$20.70			$21.69			$23.05			$19.51			$22.83			$22.40
Total return2		8.05	%		2.52	%		25.92	%		(2.13	)%		4.72	%		3.90	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.14	%		1.14	%		1.13	%		1.09	%		1.04	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.16	%		1.10	%		1.28	%		1.47	%		1.23	%		1.11	%
Supplemental data
Portfolio turnover rate		6	%		20	%		21	%		23	%		32	%		23	%
Net assets, end of period (000s omitted)		$8,247			$7,456			$6,681			$4,357			$5,058			$3,179

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 Intrinsic World Equity Fund 17

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 Intrinsic World Equity 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 April 30, 2019, such fair value pricing was used in pricing certain 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

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

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 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.

Notes to financial statements (unaudited) Wells Fargo Intrinsic World Equity Fund 19

As of April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $120,168,008 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	40,637,973
Gross unrealized losses		(8,089,261	)
Net unrealized gains	$	32,548,712

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)

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 April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Belgium	$	2,792,716	$	0	$	0	$	2,792,716
France		9,298,211		0		0		9,298,211
Germany		2,790,155		0		0		2,790,155
Hong Kong		6,213,438		0		0		6,213,438
Ireland		3,197,160		0		0		3,197,160
Japan		0		12,006,602		0		12,006,602
Netherlands		8,318,846		0		0		8,318,846
Switzerland		10,308,861		0		0		10,308,861
United Kingdom		8,278,595		0		0		8,278,595
United States		86,327,254		0		0		86,327,254
Short-term investments
Investment companies		529,882		2,655,000		0		3,184,882
Total assets	$	138,055,118	$	14,661,602	$	0	$	152,716,720

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

At April 30, 2019, the Fund did not have any transfers into/out of Level 3.

20 Wells Fargo Intrinsic World Equity Fund Notes to financial statements (unaudited)

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	0.850%
Next $500 million	0.800
Next $1 billion	0.750
Next $2 billion	0.725
Next $1 billion	0.700
Next $5 billion	0.690
Over $10 billion	0.680

For the six months ended April 30, 2019, the management fee was equivalent to an annual rate of 0.85% 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	%
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 February 29, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 1.25% for Administrator Class shares and 0.95% 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 Intrinsic World Equity Fund 21

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 April 30, 2019, Funds Distributor received $651 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 April 30, 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 April 30, 2019 were $9,159,917 and $16,357,471, 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 April 30, 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.

22 Wells Fargo Intrinsic World Equity 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 Intrinsic World Equity Fund 23

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. (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

24 Wells Fargo Intrinsic World Equity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Intrinsic World Equity Fund 25

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.

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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.

402359 06-19 SA241/SAR241 04-19

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:	June 26, 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:	June 26, 2019
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	June 26, 2019