N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 16 of its series:

Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo International Value Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund, Wells Fargo WealthBuilder Conservative Allocation Fund, Wells Fargo WealthBuilder Growth Allocation Fund, Wells Fargo WealthBuilder Growth Balanced Fund, Wells Fargo WealthBuilder Moderate Balanced Fund, and Wells Fargo WealthBuilder Equity Fund.

Date of reporting period: November 30, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2019

Wells Fargo Growth Balanced 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.

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	16
Other information	22

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Growth Balanced Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“ Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Growth Balanced Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019 affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Growth Balanced Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Growth Balanced Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Average annual total returns (%) as of November 30, 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 (WFGBX)	10-14-1998		4.58		4.76		8.18		10.96		6.01		8.82		1.40		1.13
Class C (WFGWX)	10-1-1998		9.15		5.22		8.01		10.15		5.22		8.01		2.15		1.88
Administrator Class (NVGBX)	11-11-1994		–		–		–		11.17		6.25		9.09		1.32		0.95
Growth Balanced Blended Index3	–		–		–		–		13.40		7.12		9.14		–		–
Bloomberg Barclays U.S. Aggregate Bond Index4	–		–		–		–		10.79		3.08		3.59		–		–
MSCI ACWI ex USA Index (Net)5	–		–		–		–		11.20		3.85		4.74		–		–
Russell 3000® Index6	–		–		–		–		15.49		10.61		13.41		–		–

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 shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

4  |  Wells Fargo Growth Balanced Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20197
Wells Fargo Managed Fixed Income Portfolio	24.32
Wells Fargo Disciplined U.S. Core Fund Class R6	11.21
Wells Fargo Large Company Value Portfolio	10.02
Wells Fargo International Value Portfolio	9.69
Wells Fargo Diversified Large Cap Growth Portfolio	9.52
Wells Fargo International Growth Portfolio	8.75
Wells Fargo Core Bond Portfolio	6.95
Wells Fargo Real Return Portfolio	3.47
Wells Fargo C&B Large Cap Value Portfolio	3.01
Wells Fargo Small Company Value Portfolio	2.75

Allocation (%) as of November 30, 2019
	Effective allocation8		Neutral allocation
Alternatives		2		0
Bonds		39		35
Stocks		65		65
Effective Cash		(6)		0

^‡  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 0.55% 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 September 30, 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) from funds in which the affiliated master portfolios and funds invest and from any money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense caps. 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  Source: Wells Fargo Funds Management, LLC. The Growth Balanced Blended Index is composed 45% of the Russell 3000^® Index, 35% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 20% of the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was composed 35% of the Bloomberg Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Growth Index, 16.25% of the Russell 1000^® Value Index, 16.25% of the S&P 500 Index, 9.75% of the MSCI EAFE Index (Net), and 6.50% of the Russell 2000^® Index. You cannot invest directly in an index.

⁴  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding 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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

⁸  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of its asset allocation strategy. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Growth Balanced Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,085.94	$	5.42		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.25		1.04	%
Class C
Actual	$	1,000.00	$	1,081.90	$	9.32		1.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.05	$	9.02		1.79	%
Administrator Class
Actual	$	1,000.00	$	1,086.90	$	4.49		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.70	$	4.34		0.86	%

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

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

6  |  Wells Fargo Growth Balanced Fund

Portfolio of investments—November 30, 2019 (unaudited)

						Shares		Value
Exchange-Traded Funds: 3.77%
Consumer Staples Select Sector SPDR Fund							83,254	$	5,161,748
SPDR Gold Shares †							23,304		3,212,689
Total Exchange-Traded Funds (Cost $7,434,180)									8,374,437
Investment Companies: 95.86%
Affiliated Master Portfolios: 82.05%
Wells Fargo C&B Large Cap Value Portfolio									6,689,087
Wells Fargo Core Bond Portfolio									15,444,912
Wells Fargo Diversified Large Cap Growth Portfolio									21,143,678
Wells Fargo Emerging Growth Portfolio									2,491,303
Wells Fargo Factor Enhanced Emerging Markets Portfolio									2,897,361
Wells Fargo International Growth Portfolio									19,437,827
Wells Fargo International Value Portfolio									21,532,899
Wells Fargo Large Company Value Portfolio									22,266,931
Wells Fargo Managed Fixed Income Portfolio									54,042,708
Wells Fargo Real Return Portfolio									7,709,070
Wells Fargo Small Company Growth Portfolio									2,514,240
Wells Fargo Small Company Value Portfolio									6,117,421
									182,287,437
Affiliated Stock Funds: 13.81%
Wells Fargo Disciplined U.S. Core Fund Class R6							1,323,967		24,917,055
Wells Fargo Emerging Markets Equity Fund Class R6							109,891		2,919,802
Wells Fargo Emerging Markets Equity Income Fund Class R6							258,443		2,842,873
									30,679,730
Total Investment Companies (Cost $178,480,383)									212,967,167
	Yield			Maturity date		Principal
Short-Term Investments: 0.42%
U.S. Treasury Securities: 0.42%
U.S. Treasury Bill #(z)		1.37	%		12-24-2019	$	937,000		936,094
Total Short-Term Investments (Cost $936,143)									936,094

Total investments in securities (Cost $186,850,706)	100.05	%		222,277,698
Other assets and liabilities, net	(0.05	)		(101,966	)
Total net assets	100.00	%	$	222,175,732

† Non-income-earning security

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

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

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

Wells Fargo Growth Balanced Fund  |  7

Portfolio of investments—November 30, 2019 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI Singapore Index		123		12-30-2019	$	3,338,918		$	3,312,438		$	0	$	(26,480	)
S&P 500 E-Mini Index		23		12-20-2019		3,512,078			3,615,255			103,177		0
10 Year U.S. Treasury Notes		78		3-20-2020		10,104,272			10,090,031			0		(14,241	)
Short
Euro FX Futures		(81)		12-16-2019		(11,248,043	)		(11,164,838	)		83,205		0
Hang Seng Index		(20)		12-30-2019		(3,464,298	)		(3,363,864	)		100,434		0
											$	286,816	$	(40,721	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds		Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Affiliated Stock Funds
Wells Fargo Disciplined U.S Core Fund Class R6		1,688,112		11,317		375,462		1,323,967	$	(935	)	$	3,977,904	$	0	$	24,917,055
Wells Fargo Emerging Markets Equity Fund Class R6		123,717		1,457		15,283		109,891		0			305,040		0		2,919,802
Wells Fargo Emerging Markets Equity Income Fund Class R6		279,883		12,032		33,472		258,443		0			85,770		60,265		2,842,873
									$	(935	)	$	4,368,714	$	60,265	$	30,679,730		13.81	%

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

8  |  Wells Fargo Growth Balanced Fund

Portfolio of investments—November 30, 2019 (unaudited)

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliates Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		1.85	%		1.79	%	$	273,892		$	810,774		$	0	$	66,257	$	3,532	$	6,689,087
Wells Fargo Core Bond Portfolio		0.27			0.26			424,930			(9,716	)		214,403		0		5,031		15,444,912
Wells Fargo Diversified Large Cap Growth Portfolio		8.30			8.33			257,471			2,223,807			0		109,472		4,175		21,143,678
Wells Fargo Emerging Growth Portfolio		0.30			0.29			56,168			163,891			0		1,256		556		2,491,303
Wells Fargo Factor Enhanced Emerging Markets Portfolio		1.17			1.21			(52,590	)		103,284			176		51,334		1,035		2,897,361
Wells Fargo International Growth Portfolio		9.46			9.55			596,946			1,701,422			0		87,718		7,331		19,437,827
Wells Fargo International Value Portfolio		2.01			1.82			(200,989	)		2,091,173			0		323,083		3,458		21,532,899
Wells Fargo Large Company Value Portfolio		8.81			8.90			658,482			1,423,396			0		300,464		4,806		22,266,931
Wells Fargo Managed Fixed Income Portfolio		9.61			9.72			661,215			626,608			952,748		0		15,081		54,042,708
Wells Fargo Real Return Portfolio		4.36			4.29			(22,834	)		203,037			95,482		14,927		1,588		7,709,070
Wells Fargo Small Company Growth Portfolio		0.14			0.14			143,912			151,029			0		8,097		938		2,514,240
Wells Fargo Small Company Value Portfolio		4.60			1.14			(140,187	)		813,623			0		55,917		845		6,117,421
							$	2,656,416		$	10,302,330		$	1,262,809	$	1,018,525	$	48,376	$	182,287,437		82.05	%

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

Wells Fargo Growth Balanced Fund  |  9

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $150,367,855)	$	182,287,437
Investments in affiliated Underlying Funds, at value (cost $28,112,528)		30,679,730
Investments in unaffiliated securities, at value (cost $8,370,323)		9,310,531
Receivable for investments sold		155,606
Receivable for Fund shares sold		35,745
Receivable for daily variation margin on open futures contracts		35,112
Receivable from manager		6,746
Prepaid expenses and other assets		25,937
Total assets		222,536,844
Liabilities
Payable for Fund shares redeemed		81,574
Overdraft due to custodian bank		126,833
Administration fees payable		30,153
Distribution fee payable		7,112
Shareholder report expenses payable		42,205
Shareholder servicing fees payable		47,334
Trustees’ fees and expenses payable		2,318
Accrued expenses and other liabilities		23,583
Total liabilities		361,112
Total net assets	$	222,175,732
Net assets consist of
Paid-in capital	$	184,670,008
Total distributable earnings		37,505,724
Total net assets	$	222,175,732
Computation of net asset value and offering price per share
Net assets – Class A	$	73,019,483
Shares outstanding – Class A1		1,489,292
Net asset value per share – Class A		$49.03
Maximum offering price per share – Class A²		$52.02
Net assets – Class C	$	11,236,454
Shares outstanding – Class C1		266,663
Net asset value per share – Class C		$42.14
Net assets – Administrator Class	$	137,919,795
Shares outstanding – Administrator Class1		3,177,832
Net asset value per share – Administrator Class		$43.40

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Growth Balanced Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $121)	$	1,262,809
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $54,579)		1,018,525
Dividends from affiliated Underlying Funds		60,265
Affiliated income allocated from affiliated Master Portfolios		48,376
Dividends		70,215
Interest		4,625
Expenses allocated from affiliated Master Portfolios		(523,342	)
Waivers allocated from affiliated Master Portfolios		24,317
Total investment income		1,965,790
Expenses
Management fee		333,033
Administration fees
Class A		72,993
Class C		11,731
Administrator Class		91,866
Shareholder servicing fees
Class A		86,897
Class C		13,965
Administrator Class		176,666
Distribution fee
Class C		41,895
Custody and accounting fees		5,251
Professional fees		16,908
Registration fees		38,395
Shareholder report expenses		34,189
Trustees’ fees and expenses		10,623
Other fees and expenses		12,276
Total expenses		946,688
Less: Fee waivers and/or expense reimbursements
Fund-level		(321,922	)
Administrator Class		(50,872	)
Net expenses		573,894
Net investment income		1,391,896
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		2,656,416
Affiliated Underlying Funds		(935	)
Unaffiliated securities		63,244
Futures contracts		(378,041	)
Net realized gains on investments		2,340,684
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		10,302,330
Affiliated Underlying Funds		4,368,714
Unaffiliated securities		438,992
Futures contracts		(147,346	)
Net change in unrealized gains (losses) on investments		14,962,690
Net realized and unrealized gains (losses) on investments		17,303,374
Net increase in net assets resulting from operations	$	18,695,270

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

Wells Fargo Growth Balanced Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	1,391,896					$	3,778,315
Net realized gains on investments					2,340,684						2,328,996
Net change in unrealized gains (losses) on investments					14,962,690						(4,744,335	)
Net increase in net assets resulting from operations					18,695,270						1,362,976
Distributions to shareholders from net investment income and net realized gains
Class A					0						(2,868,465	)
Class C					0						(821,665	)
Administrator Class					0						(8,192,333	)
Total distributions to shareholders					0						(11,882,463	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		81,624			3,706,428			351,190			16,023,191
Class C		13,777			558,097			127,101			5,033,403
Administrator Class		71,543			2,994,011			235,971			9,699,484
					7,258,536						30,756,078
Reinvestment of distributions
Class A		0			0			65,968			2,829,512
Class C		0			0			21,059			783,461
Administrator Class		0			0			215,612			8,181,819
					0						11,794,792
Payment for shares redeemed
Class A		(116,902	)		(5,508,653	)		(218,329	)		(9,976,679	)
Class C		(40,703	)		(1,649,495	)		(262,051	)		(10,188,823	)
Administrator Class		(369,546	)		(15,674,466	)		(731,787	)		(29,822,377	)
					(22,832,614	)					(49,987,879	)
Net decrease in net assets resulting from capital share transactions					(15,574,078	)					(7,437,009	)
Total increase (decrease) in net assets					3,121,192						(17,956,496	)
Net assets
Beginning of period					219,054,540						237,011,036
End of period				$	222,175,732					$	219,054,540

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

12  |  Wells Fargo Growth Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$45.15			$47.12			$43.91			$39.99			$40.80			$37.96
Net investment income		0.26			0.72			0.53			0.41			0.46			0.36
Net realized and unrealized gains (losses) on investments		3.62			(0.60	)		3.13			3.93			(0.94	)		2.65
Total from investment operations		3.88			0.12			3.66			4.34			(0.48	)		3.01
Distributions to shareholders from
Net investment income		0.00			(1.26	)		(0.45	)		(0.42	)		(0.33	)		(0.17	)
Net realized gains		0.00			(0.83	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(2.09	)		(0.45	)		(0.42	)		(0.33	)		(0.17	)
Net asset value, end of period		$49.03			$45.15			$47.12			$43.91			$39.99			$40.80
Total return2		8.59	%		0.53	%		8.34	%		10.93	%		(1.14	)%		7.94	%
Ratios to average net assets (annualized)
Gross expenses3		1.32	%		1.33	%		1.35	%		1.34	%		1.35	%		1.40	%
Net expenses3		1.04	%		1.07	%		1.17	%		1.20	%		1.20	%		1.20	%
Net investment income3		1.18	%		1.55	%		1.27	%		1.10	%		1.10	%		0.97	%
Supplemental data
Portfolio turnover rate4		56	%		149	%		114	%		114	%		79	%		75	%
Net assets, end of period (000s omitted)		$73,019			$68,832			$62,473			$65,514			$65,866			$64,223

¹  Calculated based upon average shares outstanding

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

³  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.45	%
Year ended May 31, 2019	0.47	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.51	%
Year ended May 31, 2015	0.51	%

⁴  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Wells Fargo Growth Balanced Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$38.95			$40.86			$38.14			$34.82			$35.63			$33.33
Net investment income		0.09			0.37	1		0.14			0.13	1		0.12	1		0.08	1
Net realized and unrealized gains (losses) on investments		3.10			(0.56	)		2.74			3.38			(0.79	)		2.30
Total from investment operations		3.19			(0.19	)		2.88			3.51			(0.67	)		2.38
Distributions to shareholders from
Net investment income		0.00			(0.89	)		(0.16	)		(0.19	)		(0.14	)		(0.08	)
Net realized gains		0.00			(0.83	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(1.72	)		(0.16	)		(0.19	)		(0.14	)		(0.08	)
Net asset value, end of period		$42.14			$38.95			$40.86			$38.14			$34.82			$35.63
Total return2		8.19	%		(0.23	)%		7.55	%		10.10	%		(1.88	)%		7.13	%
Ratios to average net assets (annualized)
Gross expenses3		2.07	%		2.08	%		2.10	%		2.09	%		2.10	%		2.15	%
Net expenses3		1.79	%		1.82	%		1.92	%		1.95	%		1.95	%		1.95	%
Net investment income3		0.43	%		0.93	%		0.52	%		0.35	%		0.36	%		0.22	%
Supplemental data
Portfolio turnover rate4		56	%		149	%		114	%		114	%		79	%		75	%
Net assets, end of period (000s omitted)		$11,236			$11,434			$16,649			$16,463			$16,225			$14,349

¹  Calculated based upon average shares outstanding

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

³  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.45	%
Year ended May 31, 2019	0.48	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.50	%
Year ended May 31, 2015	0.51	%

⁴  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

14  |  Wells Fargo Growth Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$39.93			$42.04			$39.22			$35.78			$36.54			$33.98
Net investment income		0.39			1.05			0.75			0.50	1		0.49			0.45
Net realized and unrealized gains (losses) on investments		3.08			(0.90	)		2.63			3.47			(0.82	)		2.32
Total from investment operations		3.47			0.15			3.38			3.97			(0.33	)		2.77
Distributions to shareholders from
Net investment income		0.00			(1.43	)		(0.56	)		(0.53	)		(0.43	)		(0.21	)
Net realized gains		0.00			(0.83	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(2.26	)		(0.56	)		(0.53	)		(0.43	)		(0.21	)
Net asset value, end of period		$43.40			$39.93			$42.04			$39.22			$35.78			$36.54
Total return2		8.69	%		0.70	%		8.63	%		11.19	%		(0.86	)%		8.16	%
Ratios to average net assets (annualized)
Gross expenses3		1.24	%		1.24	%		1.27	%		1.26	%		1.27	%		1.24	%
Net expenses3		0.86	%		0.89	%		0.92	%		0.95	%		0.95	%		0.95	%
Net investment income3		1.36	%		1.72	%		1.51	%		1.34	%		1.35	%		1.22	%
Supplemental data
Portfolio turnover rate4		56	%		149	%		114	%		114	%		79	%		75	%
Net assets, end of period (000s omitted)		$137,920			$138,788			$157,889			$162,693			$175,715			$182,373

¹  Calculated based upon average shares outstanding

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

³  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.45	%
Year ended May 31, 2019	0.47	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.50	%
Year ended May 31, 2015	0.51	%

⁴  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Wells Fargo Growth Balanced Fund  |  15

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 Growth Balanced Fund (the “Fund”) which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, and foreign exchange rates and is

16  |  Wells Fargo Growth Balanced Fund

Notes to financial statements (unaudited)

subject to interest rate risk, equity price risk, and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Investment transactions, income and expenses

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $187,785,785 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	37,389,594
Gross unrealized losses		(2,651,586	)
Net unrealized gains	$	34,738,008

As of May 31, 2019, the Fund had current year deferred post-October capital losses consisting of $1,995,047 in short-term losses and $978,854 in long-term gains which was recognized on the first day of the current fiscal year.

Wells Fargo Growth Balanced Fund  |  17

Notes to financial statements (unaudited)

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level 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 November 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	8,374,437	$	0	$	0	$	8,374,437
Investment companies		30,679,730		0		0		30,679,730
Short-term investments
U.S. Treasury securities		936,094		0		0		936,094
Investments measured at net asset value*								182,287,437
		39,990,261		0		0		222,277,698
Futures contracts		286,816		0		0		286,816
Total assets	$	40,277,077	$	0	$	0	$	222,564,514
Liabilities
Futures contracts	$	40,721	$	0	$	0	$	40,721
Total liabilities	$	40,721	$	0	$	0	$	40,721

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $182,287,437. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

For the six months ended November 30, 2019, the Fund did not have any transfers into/out of Level 3.

18  |  Wells Fargo Growth Balanced Fund

Notes to financial statements (unaudited)

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive 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	0.30%
Next $500 million	0.28
Next $2 billion	0.26
Next $2 billion	0.24
Next $5 billion	0.23
Over $10 billion	0.22

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

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

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

Wells Fargo Growth Balanced Fund  |  19

Notes to financial statements (unaudited)

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

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

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolios are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.13% for Class A shares, 1.88% for Class C shares, and 0.95% for Administrator 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 November 30, 2019, Funds Distributor received $2,614 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of unaffiliated securities in which the Fund invests are actual purchases and sale of those securities. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$728,358,094	$146,311,758	$732,987,728	$157,835,604

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2019, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $15,749,525 in long futures contracts and $12,822,325 in short futures contracts during the six months ended November 30, 2019.

20  |  Wells Fargo Growth Balanced Fund

Notes to financial statements (unaudited)

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

The fair value of derivative instruments as of November 30, 2019 by risk type was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	203,611	*	Unrealized losses on futures contracts	$	26,480	*
Interest rate risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		14,241	*
Foreign currency risk	Unrealized gains on futures contracts		83,205	*	Unrealized losses on futures contracts		0	*
		$	286,816			$	40,721

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended November 30, 2019 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(384,526	)	$	(42,680	)
Interest rate risk		(464,995	)		(14,241	)
Foreign currency risk		471,480			(90,425	)
	$	(378,041	)	$	(147,346	)

7. BANK BORROWINGS

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

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING 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.

Wells Fargo Growth Balanced Fund  |  21

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

22  |  Wells Fargo Growth Balanced Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 150 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

Wells Fargo Growth Balanced Fund  |  23

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

24  |  Wells Fargo Growth Balanced Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Growth Balanced Fund  |  25

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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

© 2020 Wells Fargo & Company. All rights reserved.

408956 01-19

SA278/SAR278 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo Moderate Balanced 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.

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	23

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Moderate Balanced Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Moderate Balanced Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Moderate Balanced Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Moderate Balanced Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Average annual total returns (%) as of November 30, 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 (WFMAX)	1-30-2004		3.27		3.61		6.20		9.57		4.85		6.84		1.40		1.15
Class C (WFBCX)	1-30-2004		7.75		4.06		6.04		8.75		4.06		6.04		2.15		1.90
Administrator Class (NVMBX)	11-11-1994		–		–		–		9.84		5.10		7.09		1.32		0.90
Institutional Class (WFMYX)3	7-31-2018		–		–		–		9.94		5.13		7.11		1.07		0.80
Moderate Balanced Blended Index4	–		–		–		–		11.56		5.58		6.75		–		–
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–		–		–		10.79		3.08		3.59		–		–
Bloomberg Barclays U.S. Short Treasury 9-12 Months Index6	–		–		–		–		3.01		1.24		0.80		–		–
MSCI EAFE Index (Net)7	–		–		–		–		12.44		4.26		5.32		–		–
Russell 1000® Growth Index8	–		–		–		–		21.01		13.71		15.23		–		–
Russell 1000® Value Index9	–		–		–		–		11.33		7.83		11.69		–		–
Russell 2000® Index10	–		–		–		–		7.51		8.22		12.38		–		–
S&P 500 Index11	–		–		–		–		16.11		10.98		13.44		–		–

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Moderate Balanced Fund

Performance highlights (unaudited)

Ten largest holdings as of November 30, 201912
Wells Fargo Managed Fixed Income Portfolio	31.12
Wells Fargo Conservative Income Fund Institutional Class	14.83
Wells Fargo Core Bond Portfolio	8.89
Wells Fargo Disciplined Large Cap Portfolio	8.39
Wells Fargo Diversified Large Cap Growth Portfolio	7.03
Wells Fargo Large Company Value Portfolio	6.74
Wells Fargo Real Return Portfolio	4.44
Wells Fargo C&B Large Cap Value Portfolio	3.39
Wells Fargo International Growth Portfolio	3.01
Wells Fargo International Value Portfolio	2.98

Allocation (%) as of November 30, 2019
	Effective allocation13		Neutral allocation
Alternatives		2		0
Bonds		64		60
Stocks		40		40
Effective Cash		(6)		0

^‡  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 0.49% 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 September 30, 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) from funds in which the affiliated master portfolios and funds invest and from any money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class share expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

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

⁵  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.

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

⁷  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

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

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

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

¹³  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of its asset allocation strategy. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Moderate Balanced Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,061.92	$	5.62		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.50		1.09	%
Class C
Actual	$	1,000.00	$	1,058.08	$	9.47		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.80	$	9.27		1.84	%
Administrator Class
Actual	$	1,000.00	$	1,063.23	$	4.33		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.80	$	4.24		0.84	%
Institutional Class
Actual	$	1,000.00	$	1,063.59	$	3.82		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.30	$	3.74		0.74	%

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

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

6  |  Wells Fargo Moderate Balanced Fund

Portfolio of investments—November 30, 2019 (unaudited)

						Shares		Value
Exchange-Traded Funds: 2.20%
Consumer Staples Select Sector SPDR Fund							16,725	$	1,036,950
SPDR Gold Shares †							13,480		1,858,353
Total Exchange-Traded Funds (Cost $2,739,030)									2,895,303
Investment Companies: 97.33%
Affiliated Master Portfolios: 80.89%
Wells Fargo C&B Large Cap Value Portfolio									4,465,222
Wells Fargo Core Bond Portfolio									11,716,206
Wells Fargo Disciplined Large Cap Portfolio									11,049,825
Wells Fargo Diversified Large Cap Growth Portfolio									9,270,351
Wells Fargo Emerging Growth Portfolio									1,362,219
Wells Fargo Factor Enhanced Emerging Markets Portfolio									1,076,021
Wells Fargo International Growth Portfolio									3,962,959
Wells Fargo International Value Portfolio									3,928,355
Wells Fargo Large Company Value Portfolio									8,886,052
Wells Fargo Managed Fixed Income Portfolio									41,009,769
Wells Fargo Real Return Portfolio									5,853,300
Wells Fargo Small Company Growth Portfolio									1,353,421
Wells Fargo Small Company Value Portfolio									2,652,754
									106,586,454
Affiliated Stock Funds: 16.44%
Wells Fargo Conservative Income Fund Institutional Class							1,953,927		19,539,272
Wells Fargo Emerging Markets Equity Fund Class R6							40,634		1,079,640
Wells Fargo Emerging Markets Equity Income Fund Class R6							95,456		1,050,020
									21,668,932
Total Investment Companies (Cost $113,811,608)									128,255,386
	Yield			Maturity date		Principal
Short-Term Investments: 0.35%
U.S. Treasury Securities: 0.35%
U.S. Treasury Bill #(z)		1.38	%		12-24-2019	$	465,000		464,550
Total Short-Term Investments (Cost $464,573)									464,550

Total investments in securities (Cost $117,015,211)	99.88	%		131,615,239
Other assets and liabilities, net	0.12			160,201
Total net assets	100.00	%	$	131,775,440

† Non-income-earning security

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

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

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

Wells Fargo Moderate Balanced Fund  |  7

Portfolio of investments—November 30, 2019 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI Singapore Index		48		12-30-2019	$	1,302,993		$	1,292,659		$	0	$	(10,334	)
S&P 500 E-Mini Index		13		12-20-2019		1,985,087			2,043,405			58,318		0
10 Year U.S. Treasury Notes		46		3-20-2020		5,958,930			5,950,532			0		(8,398	)
Short
Euro FX Futures		(46)		12-16-2019		(6,387,777	)		(6,340,525	)		47,252		0
Hang Seng Index		(8)		12-30-2019		(1,385,720	)		(1,345,546	)		40,174		0
											$	145,744	$	(18,732	)

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 adviser or investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Affiliated Stock Funds
Wells Fargo Conservative Income Fund Institutional Class		1,900,364		129,074		75,511		1,953,927	$	57	$	18,983	$	231,346	$	19,539,272
Wells Fargo Emerging Markets Equity Fund Class R6		43,068		1,296		3,730		40,634		8,261		117,811		0		1,079,640
Wells Fargo Emerging Markets Equity Income Fund Class R6		97,693		6,883		9,120		95,456		4,300		33,393		21,822		1,050,020
									$	12,618	$	170,187	$	253,168	$	21,668,932		16.44	%

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

8  |  Wells Fargo Moderate Balanced Fund

Portfolio of investments—November 30, 2019 (unaudited)

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliates Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		1.15	%		1.20	%	$	175,527		$	514,792		$	0	$	44,006	$	1,865	$	4,465,222
Wells Fargo Core Bond Portfolio		0.20			0.20			312,991			(24,426	)		159,913		0		2,621		11,716,206
Wells Fargo Disciplined Large Cap Portfolio		3.78			3.85			44,334			1,515,493			0		127,802		714		11,049,825
Wells Fargo Diversified Large Cap Growth Portfolio		3.35			3.65			103,841			918,829			0		48,765		1,407		9,270,351
Wells Fargo Emerging Growth Portfolio		0.15			0.16			27,872			86,894			0		1,058		794		1,362,219
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.41			0.45			(19,551	)		37,270			34		18,837		299		1,076,021
Wells Fargo International Growth Portfolio		1.79			1.95			117,012			333,821			0		18,524		1,743		3,962,959
Wells Fargo International Value Portfolio		0.35			0.33			(37,672	)		372,332			0		58,938		2,086		3,928,355
Wells Fargo Large Company Value Portfolio		3.26			3.55			250,708			537,382			30		118,292		1,035		8,886,052
Wells Fargo Managed Fixed Income Portfolio		6.90			7.37			478,491			405,466			711,515		0		7,563		41,009,769
Wells Fargo Real Return Portfolio		3.14			3.25			(19,511	)		143,387			71,025		12,917		618		5,853,300
Wells Fargo Small Company Growth Portfolio		0.07			0.08			73,668			78,332			0		4,614		534		1,353,421
Wells Fargo Small Company Value Portfolio		1.87			0.49			(165,724	)		450,182			0		24,503		509		2,652,754
							$	1,341,986		$	5,369,754		$	942,517	$	478,256	$	21,788	$	106,586,454		80.89	%

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

Wells Fargo Moderate Balanced Fund  |  9

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $92,422,689)	$	106,586,454
Investments in affiliated Underlying Funds, at value (cost $21,388,919)		21,668,932
Investments in unaffiliated securities, at value (cost $3,203,603)		3,359,853
Receivable for Fund shares sold		237,263
Receivable for dividends		36,128
Receivable for daily variation margin on open futures contracts		8,660
Receivable from manager		2,306
Prepaid expenses and other assets		29,795
Total assets		131,929,391
Liabilities
Payable for Fund shares redeemed		43,343
Overdraft due to custodian bank		12,191
Administration fees payable		17,170
Distribution fee payable		5,438
Shareholder report expenses payable		33,639
Shareholder servicing fees payable		25,618
Professional fees payable		10,761
Trustees’ fees and expenses payable		2,422
Accrued expenses and other liabilities		3,369
Total liabilities		153,951
Total net assets	$	131,775,440
Net assets consist of
Paid-in capital	$	113,168,469
Total distributable earnings		18,606,971
Total net assets	$	131,775,440
Computation of net asset value and offering price per share
Net assets – Class A	$	32,092,549
Shares outstanding – Class A1		1,486,149
Net asset value per share – Class A		$21.59
Maximum offering price per share – Class A2		$22.91
Net assets – Class C	$	8,514,444
Shares outstanding – Class C1		406,621
Net asset value per share – Class C		$20.94
Net assets – Administrator Class	$	80,981,881
Shares outstanding – Administrator Class1		3,706,116
Net asset value per share – Administrator Class		$21.85
Net assets – Institutional Class	$	10,186,566
Shares outstanding – Institutional Class1		465,110
Net asset value per share – Institutional Class		$21.90

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.

10  |  Wells Fargo Moderate Balanced Fund

Statement of operations—six months ended November 30, 2019  (unaudited)

Investment income
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $88)	$	942,517
Dividends from affiliated Underlying Funds		253,168
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $12,687)		478,256
Affiliated income allocated from affiliated Master Portfolios		21,788
Dividends		14,061
Interest		4,652
Expenses allocated from affiliated Master Portfolios		(253,141	)
Waivers allocated from affiliated Master Portfolios		13,480
Total investment income		1,474,781
Expenses
Management fee		193,228
Administration fees
Class A		32,364
Class C		8,961
Administrator Class		51,964
Institutional Class		6,186
Shareholder servicing fees
Class A		38,528
Class C		10,667
Administrator Class		99,932
Distribution fee
Class C		32,002
Custody and accounting fees		4,293
Professional fees		15,596
Registration fees		38,395
Shareholder report expenses		30,276
Trustees’ fees and expenses		10,623
Other fees and expenses		10,650
Total expenses		583,665
Less: Fee waivers and/or expense reimbursements
Fund-level		(173,238	)
Administrator Class		(33,690	)
Net expenses		376,737
Net investment income		1,098,044
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		1,341,986
Affiliated Underlying Funds		12,618
Unaffiliated securities		5,855
Futures contracts		(222,251	)
Net realized gains on investments		1,138,208
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		5,369,754
Affiliated Underlying Funds		170,187
Unaffiliated securities		70,395
Futures contracts		(91,883	)
Net change in unrealized gains (losses) on investments		5,518,453
Net realized and unrealized gains (losses) on investments		6,656,661
Net increase in net assets resulting from operations	$	7,754,705

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

Wells Fargo Moderate Balanced Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	1,098,044					$	2,497,871
Net realized gains on investments					1,138,208						1,258,344
Net change in unrealized gains (losses) on investments					5,518,453						(394,654	)
Net increase in net assets resulting from operations					7,754,705						3,361,561
Distributions to shareholders from net investment income and net realized gains
Class A					0						(3,737,616	)
Class C					0						(1,254,911	)
Administrator Class					0						(10,246,697	)
Institutional Class					0						(1,267,462	)1
Total distributions to shareholders					0						(16,506,686	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		174,612			3,687,256			444,234			9,499,182
Class C		37,790			774,568			144,391			2,961,750
Administrator Class		138,167			2,947,164			387,699			8,499,230
Institutional Class		56,476			1,208,921			503,047	1		11,157,702	1
					8,617,909						32,117,864
Reinvestment of distributions
Class A		0			0			179,435			3,535,133
Class C		0			0			63,450			1,215,365
Administrator Class		0			0			512,778			10,216,092
Institutional Class		0			0			63,414	1		1,264,356	1
					0						16,230,946
Payment for shares redeemed
Class A		(169,365	)		(3,569,044	)		(550,017	)		(11,776,841	)
Class C		(60,842	)		(1,248,404	)		(240,319	)		(4,860,142	)
Administrator Class		(235,386	)		(5,030,907	)		(1,991,930	)		(44,740,421	)
Institutional Class		(21,979	)		(470,258	)		(135,848	)1		(2,646,480	)1
					(10,318,613	)					(64,023,884	)
Net decrease in net assets resulting from capital share transactions					(1,700,704	)					(15,675,074	)
Total increase (decrease) in net assets					6,054,001						(28,820,199	)
Net assets
Beginning of period					125,721,439						154,541,638
End of period				$	131,775,440					$	125,721,439

¹  For the period from July 31 2018 (commencement of class operations) to May 31, 2019

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

12  |  Wells Fargo Moderate Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.35			$22.73			$23.47			$22.51			$23.57			$23.19
Net investment income		0.16	1		0.36	1		0.29			0.28			0.28	1		0.32
Net realized and unrealized gains (losses) on investments		1.08			0.11			0.97			1.34			(0.23	)		1.01
Total from investment operations		1.24			0.47			1.26			1.62			0.05			1.33
Distributions to shareholders from
Net investment income		0.00			(0.42	)		(0.32	)		(0.29	)		(0.26	)		(0.44	)
Net realized gains		0.00			(2.43	)		(1.68	)		(0.37	)		(0.85	)		(0.51	)
Total distributions to shareholders		0.00			(2.85	)		(2.00	)		(0.66	)		(1.11	)		(0.95	)
Net asset value, end of period		$21.59			$20.35			$22.73			$23.47			$22.51			$23.57
Total return2		6.19	%		2.68	%		5.38	%		7.33	%		0.34	%		5.87	%
Ratios to average net assets (annualized)
Gross expenses3		1.30	%		1.31	%		1.33	%		1.32	%		1.32	%		1.36	%
Net expenses3		1.09	%		1.12	%		1.13	%		1.15	%		1.15	%		1.15	%
Net investment income3		1.57	%		1.65	%		1.42	%		1.25	%		1.26	%		1.14	%
Supplemental data
Portfolio turnover rate4		62	%		191	%		113	%		114	%		87	%		84	%
Net assets, end of period (000s omitted)		$32,093			$30,132			$31,980			$36,679			$35,993			$20,782

¹  Calculated based upon average shares outstanding

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

³  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.37	%
Year ended May 31, 2019	0.40	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%
Year ended May 31, 2015	0.47	%

⁴  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Wells Fargo Moderate Balanced Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$19.80			$22.20			$22.97			$22.05			$23.18			$22.79
Net investment income		0.08	1		0.12			0.10			0.11	1		0.11	1		0.09	1
Net realized and unrealized gains (losses) on investments		1.06			0.18			0.95			1.32			(0.23	)		1.04
Total from investment operations		1.14			0.30			1.05			1.43			(0.12	)		1.13
Distributions to shareholders from
Net investment income		0.00			(0.27	)		(0.14	)		(0.14	)		(0.16	)		(0.23	)
Net realized gains		0.00			(2.43	)		(1.68	)		(0.37	)		(0.85	)		(0.51	)
Total distributions to shareholders		0.00			(2.70	)		(1.82	)		(0.51	)		(1.01	)		(0.74	)
Net asset value, end of period		$20.94			$19.80			$22.20			$22.97			$22.05			$23.18
Total return2		5.81	%		1.90	%		4.56	%		6.56	%		(0.44	)%		5.06	%
Ratios to average net assets (annualized)
Gross expenses3		2.05	%		2.06	%		2.08	%		2.07	%		2.07	%		2.11	%
Net expenses3		1.84	%		1.87	%		1.88	%		1.90	%		1.90	%		1.90	%
Net investment income3		0.82	%		0.89	%		0.66	%		0.50	%		0.51	%		0.40	%
Supplemental data
Portfolio turnover rate4		62	%		191	%		113	%		114	%		87	%		84	%
Net assets, end of period (000s omitted)		$8,514			$8,509			$10,260			$12,180			$12,501			$6,042

¹  Calculated based upon average shares outstanding

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

³  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.37	%
Year ended May 31, 2019	0.40	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%
Year ended May 31, 2015	0.47	%

⁴  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

14  |  Wells Fargo Moderate Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$20.56			$22.94			$23.68			$22.70			$23.75			$23.38
Net investment income		0.19	1		0.41	1		0.38			0.35	1		0.32			0.33	1
Net realized and unrealized gains (losses) on investments		1.10			0.12			0.94			1.35			(0.21	)		1.07
Total from investment operations		1.29			0.53			1.32			1.70			0.11			1.40
Distributions to shareholders from
Net investment income		0.00			(0.48	)		(0.38	)		(0.35	)		(0.31	)		(0.52	)
Net realized gains		0.00			(2.43	)		(1.68	)		(0.37	)		(0.85	)		(0.51	)
Total distributions to shareholders		0.00			(2.91	)		(2.06	)		(0.72	)		(1.16	)		(1.03	)
Net asset value, end of period		$21.85			$20.56			$22.94			$23.68			$22.70			$23.75
Total return2		6.32	%		2.95	%		5.59	%		7.62	%		0.59	%		6.13	%
Ratios to average net assets (annualized)
Gross expenses3		1.22	%		1.23	%		1.25	%		1.24	%		1.23	%		1.20	%
Net expenses3		0.84	%		0.87	%		0.88	%		0.90	%		0.90	%		0.90	%
Net investment income3		1.82	%		1.88	%		1.67	%		1.49	%		1.48	%		1.39	%
Supplemental data
Portfolio turnover rate4		62	%		191	%		113	%		114	%		87	%		84	%
Net assets, end of period (000s omitted)		$80,982			$78,209			$112,302			$112,835			$156,915			$153,457

¹  Calculated based upon average shares outstanding

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

³  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.37	%
Year ended May 31, 2019	0.41	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%
Year ended May 31, 2015	0.47	%

⁴  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

Wells Fargo Moderate Balanced Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May  31, 20191
INSTITUTIONAL CLASS
Net asset value, beginning of period		$20.60			$23.24
Net investment income		0.37			0.37	2
Net realized and unrealized gains (losses) on investments		0.93			(0.12	)
Total from investment operations		1.30			0.25
Distributions to shareholders from
Net investment income		0.00			(0.46	)
Net realized gains		0.00			(2.43	)
Total distributions to shareholders		0.00			(2.89	)
Net asset value, end of period		$21.90			$20.60
Total return3		6.36	%		1.72	%
Ratios to average net assets (annualized)
Gross expenses4		0.97	%		0.98	%
Net expenses4		0.74	%		0.75	%
Net investment income4		1.92	%		2.15	%
Supplemental data
Portfolio turnover rate5		62	%		191	%
Net assets, end of period (000s omitted)		$10,187			$8,871

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

²  Calculated based upon average shares outstanding

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

⁴  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2019 (unaudited)	0.37	%
Year ended May 31, 20191	0.38	%

⁵  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

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

16  |  Wells Fargo Moderate Balanced 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 Moderate Balanced Fund (the “Fund”) which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Futures contracts

Futures contracts are agreements between each Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. A Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, and foreign exchange rates and is subject to

Wells Fargo Moderate Balanced Fund  |  17

Notes to financial statements (unaudited)

interest rate risk, equity price risk, and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the

Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default. The Fund is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price.

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

Investment transactions, income and expenses

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $116,256,687 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	15,716,175
Gross unrealized losses		(230,611	)
Net unrealized gains	$	15,485,564

As of May 31, 2019, the Fund had deferred post-October capital losses consisting of $522,478 in short-term losses which were recognized on the first day of the current fiscal year.

18  |  Wells Fargo Moderate Balanced Fund

Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	2,895,303	$	0	$	0	$	2,895,303
Investment companies		21,668,932		0		0		21,668,932
Short-term investments
U.S. Treasury securities		464,550		0		0		464,550
Investments measured at net asset value*								106,586,454
		25,028,785		0		0		131,615,239
Futures contracts		145,744		0		0		145,744
Total assets	$	25,174,529	$	0	$	0	$	131,760,983
Liabilities
Futures contracts	$	18,732	$	0	$	0	$	18,732
Total liabilities	$	18,732	$	0	$	0	$	18,732

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $106,586,454. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

For the six months ended November 30, 2019, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Moderate Balanced Fund  |  19

Notes to financial statements (unaudited)

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive 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		0.30	%
Next $500 million		0.28
Next $2 billion		0.26
Next $2 billion		0.24
Next $5 billion		0.23
Over $10 billion		0.22

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

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

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

20  |  Wells Fargo Moderate Balanced Fund

Notes to financial statements (unaudited)

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

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.90% for Administrator Class shares, and 0.80% 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 the Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2019, Funds Distributor received $3,580 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of unaffiliated securities in which the Fund invests are actual purchases and sale of those securities. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$38,875,247	$28,303,611	$39,320,670	$35,114,669

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2019, the Fund entered into futures contracts for to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $9,001,220 in long futures contracts and $7,222,395 in short futures contracts during the six months ended November 30, 2019.

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

Wells Fargo Moderate Balanced Fund  |  21

Notes to financial statements (unaudited)

The fair value of derivative instruments as of November 30, 2019 by risk type was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	98,492	*	Unrealized losses on futures contracts	$	10,334	*
Foreign currency risk	Unrealized gains on futures contracts		47,252	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		8,398	*
		$	145,744			$	18,732

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2019 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(219,177	)	$	(34,467	)
Foreign currency risk		266,807			(49,018	)
Interest rate risk		(269,881	)		(8,398	)
	$	(222,251	)	$	(91,883	)

7. BANK BORROWINGS

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

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING 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 Moderate Balanced 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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Moderate Balanced Fund  |  23

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 150 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 Moderate Balanced 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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.    

Wells Fargo Moderate Balanced Fund  |  25

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.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

26  |  Wells Fargo Moderate Balanced Fund

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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

© 2020 Wells Fargo & Company. All rights reserved.

408957 01-19

SA279/SAR279 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo C&B Large Cap Value Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo C&B Large Cap Value Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Wells Fargo C&B Large Cap Value Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	23
Statement of operations	24
Statement of changes in net assets	25
Financial highlights	26
Notes to financial statements	27
Other information	31

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo C&B Large Cap Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Large Cap Value Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo C&B Large Cap Value Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo C&B Large Cap Value Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Cooke & Bieler, L.P.

Portfolio managers

Andrew B. Armstrong, CFA^®‡

Wesley Lim, CFA^®‡*

Steve Lyons, CFA^®‡

Michael M. Meyer, CFA^®‡

Edward W. O’Connor, CFA^®‡

R. James O’Neil, CFA^®‡

Mehul Trivedi, CFA^®‡

William Weber, CFA^®‡

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (CBEAX)	7-26-2004		9.99		7.91		10.64		16.72		9.20		11.29		1.23		1.08
Class C (CBECX)	7-26-2004		14.85		8.38		10.46		15.85		8.38		10.46		1.98		1.83
Class R6 (CBEJX)4	10-31-2016		–		–		–		17.19		9.62		11.68		0.80		0.65
Administrator Class (CBLLX)	7-26-2004		–		–		–		16.81		9.34		11.46		1.15		1.00
Institutional Class (CBLSX)	7-26-2004		–		–		–		17.09		9.59		11.73		0.90		0.75
Russell 1000® Value Index5	–		–		–		–		11.33		7.83		11.69		–		–

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

Please see footnotes on page 5.

4  |  Wells Fargo C&B Large Cap Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20196
Arrow Electronics Incorporated	3.30
Synchrony Financial	3.14
AerCap Holdings NV	2.97
Brookfield Asset Management Incorporated Class A	2.94
Colfax Corporation	2.89
JPMorgan Chase & Company	2.84
State Street Corporation	2.82
Carnival Corporation	2.80
Eaton Corporation plc	2.59
PNC Financial Services Group Incorporated	2.53

Sector distribution as of November 30, 2019⁷

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

* Mr. Lim became a portfolio manager of the Fund on August 1, 2019.

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

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

³  The manager has contractually committed through September 30, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

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

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

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo C&B Large Cap Value Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,178.32	$	5.88		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.45		1.08	%
Class C
Actual	$	1,000.00	$	1,174.05	$	9.95		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.85	$	9.22		1.83	%
Class R6
Actual	$	1,000.00	$	1,180.70	$	3.54		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75	$	3.29		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,178.82	$	5.45		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,180.08	$	4.09		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%

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

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

6  |  Wells Fargo C&B Large Cap Value Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 99.88%
Affiliated Master Portfolio: 99.88%
Wells Fargo C&B Large Cap Value Portfolio	$	291,078,892
Total Investment Companies (Cost $211,140,051)		291,078,892

Total investments in securities (Cost $211,140,051)	99.88	%		291,078,892
Other assets and liabilities, net	0.12			345,237
Total net assets	100.00	%	$	291,424,129

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		77	%		78	%	$	11,482,139	$	33,234,682	$	2,818,756	$	124,029	$	291,078,892		99.88	%

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

Wells Fargo C&B Large Cap Value Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $211,140,051)	$	291,078,892
Receivable for Fund shares sold		458,549
Receivable from manager		32,772
Prepaid expenses and other assets		58,041
Total assets		291,628,254
Liabilities
Payable for Fund shares redeemed		119,569
Administration fees payable		33,083
Distribution fee payable		3,037
Custodian and accounting fees payable		14,208
Shareholder servicing fees payable		21,588
Trustees’ fees and expenses payable		2,321
Accrued expenses and other liabilities		10,319
Total liabilities		204,125
Total net assets	$	291,424,129
Net assets consist of
Paid-in capital	$	186,509,266
Total distributable earnings		104,914,863
Total net assets	$	291,424,129
Computation of net asset value and offering price per share
Net assets – Class A	$	90,092,757
Shares outstanding – Class A1		5,876,490
Net asset value per share – Class A		$15.33
Maximum offering price per share – Class A2		$16.27
Net assets – Class C	$	4,919,250
Shares outstanding – Class C1		325,660
Net asset value per share – Class C		$15.11
Net assets – Class R6	$	58,415,188
Shares outstanding – Class R61		3,787,550
Net asset value per share – Class R6		$15.42
Net assets – Administrator Class	$	8,247,678
Shares outstanding – Administrator Class1		537,084
Net asset value per share – Administrator Class		$15.36
Net assets – Institutional Class	$	129,749,256
Shares outstanding – Institutional Class1		8,422,937
Net asset value per share – Institutional Class		$15.40

¹  The Fund has an unlimited number of authorized shares.

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

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

8  |  Wells Fargo C&B Large Cap Value Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $71,902)	$	2,818,756
Affiliated income allocated from affiliated Master Portfolio		124,029
Expenses allocated from affiliated Master Portfolio		(956,646	)
Waivers allocated from affiliated Master Portfolio		49,928
Total investment income		2,036,067
Expenses
Management fee		70,901
Administration fees
Class A		89,151
Class C		5,032
Class R6		9,967
Administrator Class		5,612
Institutional Class		77,238
Shareholder servicing fees
Class A		106,132
Class C		5,990
Administrator Class		10,793
Distribution fee
Class C		17,961
Custody and accounting fees		6,812
Professional fees		17,450
Registration fees		83,021
Shareholder report expenses		37,146
Trustees’ fees and expenses		10,623
Other fees and expenses		9,278
Total expenses		563,107
Less: Fee waivers and/or expense reimbursements
Fund-level		(106,574	)
Class A		(56,462	)
Class C		(3,157	)
Class R6		(9,967	)
Administrator Class		(5,712	)
Institutional Class		(77,238	)
Net expenses		303,997
Net investment income		1,732,070
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		11,482,139
Net change in unrealized gains on securities transactions allocated from affiliated Master Portfolio		33,234,682
Net realized and unrealized gains (losses) on investments		44,716,821
Net increase in net assets resulting from operations	$	46,448,891

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

Wells Fargo C&B Large Cap Value Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)								Year ended May 31, 2019
Operations
Net investment income				$	1,732,070				$	3,494,425
Net realized gains on investments					11,482,139					22,450,835
Net change in unrealized gains (losses) on investments					33,234,682					(20,286,156	)
Net increase in net assets resulting from operations					46,448,891					5,659,104
Distributions to shareholders from net investment income and net realized gains
Class A					0					(5,854,644	)
Class C					0					(663,292	)
Class R6					0					(8,273,383	)
Administrator Class					0					(729,387	)
Institutional Class					0					(9,537,075	)
Total distributions to shareholders					0					(25,057,781	)
Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		199,104			2,837,674		598,330			7,944,833
Class C		40,475			585,206		153,872			1,981,780
Class R6		213,380			3,066,545		709,584			9,759,366
Administrator Class		16,534			238,145		63,073			881,388
Institutional Class		1,239,438			17,847,526		2,556,786			34,874,000
					24,575,096					55,441,367
Reinvestment of distributions
Class A		0			0		463,313			5,752,084
Class C		0			0		53,533			657,661
Class R6		0			0		40,613			506,108
Administrator Class		0			0		45,134			561,040
Institutional Class		0			0		755,134			9,401,667
					0					16,878,560
Payment for shares redeemed
Class A		(406,783	)		(5,806,432	)	(1,139,570	)		(15,660,154	)
Class C		(110,953	)		(1,547,032	)	(613,403	)		(8,120,776	)
Class R6		(1,659,314	)		(23,821,278	)	(3,440,746	)		(46,779,401	)
Administrator Class		(191,199	)		(2,677,196	)	(311,921	)		(4,389,568	)
Institutional Class		(1,137,129	)		(16,269,688	)	(4,670,529	)		(62,677,183	)
					(50,121,626	)				(137,627,082	)
Net decrease in net assets resulting from capital share transactions					(25,546,530	)				(65,307,155	)
Total increase (decrease) in net assets					20,902,361					(84,705,832	)
Net assets
Beginning of period					270,521,768					355,227,600
End of period				$	291,424,129				$	270,521,768

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

10  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.01			$13.91			$14.54			$12.55			$13.07			$11.99
Net investment income		0.07			0.11			0.09	1		0.08			0.11	1		0.10
Net realized and unrealized gains (losses) on investments		2.25			0.02			0.87			2.23			(0.14	)		1.07
Total from investment operations		2.32			0.13			0.96			2.31			(0.03	)		1.17
Distributions to shareholders from
Net investment income		0.00			(0.12	)		(0.06	)		(0.08	)		(0.10	)		(0.09	)
Net realized gains		0.00			(0.91	)		(1.53	)		(0.24	)		(0.39	)		0.00
Total distributions to shareholders		0.00			(1.03	)		(1.59	)		(0.32	)		(0.49	)		(0.09	)
Net asset value, end of period		$15.33			$13.01			$13.91			$14.54			$12.55			$13.07
Total return2		17.83	%		1.33	%		6.29	%		18.62	%		(0.08	)%		9.78	%
Ratios to average net assets (annualized)
Gross expenses3		1.27	%		1.23	%		1.21	%		1.24	%		1.25	%		1.29	%
Net expenses3		1.08	%		1.08	%		1.10	%		1.15	%		1.15	%		1.15	%
Net investment income3		1.00	%		0.83	%		0.58	%		0.62	%		0.89	%		0.73	%
Supplemental data
Portfolio turnover rate4		12	%		47	%		42	%		89	%		29	%		35	%
Net assets, end of period (000s omitted)		$90,093			$79,172			$85,707			$83,016			$88,387			$27,085

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	12.87		$	13.75		$	14.44		$	12.48		$	13.01		$	11.95
Net investment income (loss)		0.02	1		0.01	1		(0.02	)1		(0.02	)		0.01			(0.00	)2
Net realized and unrealized gains (losses) on investments		2.22			0.03			0.86			2.22			(0.14	)		1.07
Total from investment operations		2.24			0.04			0.84			2.20			(0.13	)		1.07
Distributions to shareholders from
Net investment income		0.00			(0.01	)		0.00			0.00			(0.01	)		(0.01	)
Net realized gains		0.00			(0.91	)		(1.53	)		(0.24	)		(0.39	)		0.00
Total distributions to shareholders		0.00			(0.92	)		(1.53	)		(0.24	)		(0.40	)		(0.01	)
Net asset value, end of period	$	15.11		$	12.87		$	13.75		$	14.44		$	12.48		$	13.01
Total return3		17.40	%		0.61	%		5.46	%		17.73	%		(0.82	)%		8.93	%
Ratios to average net assets (annualized)
Gross expenses4		2.01	%		1.97	%		1.96	%		1.99	%		2.00	%		2.04	%
Net expenses4		1.83	%		1.83	%		1.85	%		1.90	%		1.90	%		1.90	%
Net investment income (loss)4		0.24	%		0.07	%		(0.16	)%		(0.13	)%		0.11	%		(0.02	)%
Supplemental data
Portfolio turnover rate5		12	%		47	%		42	%		89	%		29	%		35	%
Net assets, end of period (000s omitted)	$	4,919		$	5,098		$	11,031		$	8,043		$	7,282		$	7,654

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.

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

Six months ended November 30, 2019 (unaudited)	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%

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

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

12  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R6				2019			2018			20171
Net asset value, beginning of period	$	13.06		$	13.97		$	14.59		$	12.73
Net investment income		0.10	2		0.18	2		0.18	2		0.16
Net realized and unrealized gains (losses) on investments		2.26			0.00	3		0.85			2.06
Total from investment operations		2.36			0.18			1.03			2.22
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.12	)		(0.12	)
Net realized gains		0.00			(0.91	)		(1.53	)		(0.24	)
Total distributions to shareholders		0.00			(1.09	)		(1.65	)		(0.36	)
Net asset value, end of period	$	15.42		$	13.06		$	13.97		$	14.59
Total return4		18.07	%		1.74	%		6.76	%		17.65	%
Ratios to average net assets (annualized)
Gross expenses5		0.83	%		0.79	%		0.77	%		0.81	%
Net expenses5		0.65	%		0.65	%		0.65	%		0.70	%
Net investment income5		1.41	%		1.27	%		1.28	%		1.04	%
Supplemental data
Portfolio turnover rate6		12	%		47	%		42	%		89	%
Net assets, end of period (000s omitted)	$	58,415		$	68,366		$	110,665		$	3,532

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Six months ended November 30, 2019 (unaudited)	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.65	%
Year ended May 31, 20171	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.03			$13.92			$14.56			$12.54			$13.07			$12.00
Net investment income		0.08			0.12	1		0.10	1		0.10	1		0.13	1		0.13
Net realized and unrealized gains (losses) on investments		2.25			0.02			0.87			2.24			(0.15	)		1.06
Total from investment operations		2.33			0.14			0.97			2.34			(0.02	)		1.19
Distributions to shareholders from
Net investment income		0.00			(0.12	)		(0.08	)		(0.08	)		(0.12	)		(0.12	)
Net realized gains		0.00			(0.91	)		(1.53	)		(0.24	)		(0.39	)		0.00
Total distributions to shareholders		0.00			(1.03	)		(1.61	)		(0.32	)		(0.51	)		(0.12	)
Net asset value, end of period		$15.36			$13.03			$13.92			$14.56			$12.54			$13.07
Total return2		17.88	%		1.44	%		6.36	%		18.82	%		0.11	%		9.93	%
Ratios to average net assets (annualized)
Gross expenses3		1.18	%		1.15	%		1.13	%		1.16	%		1.16	%		1.13	%
Net expenses3		1.00	%		1.00	%		1.00	%		1.00	%		0.98	%		0.95	%
Net investment income3		1.06	%		0.90	%		0.69	%		0.77	%		1.03	%		0.92	%
Supplemental data
Portfolio turnover rate4		12	%		47	%		42	%		89	%		29	%		35	%
Net assets, end of period (000s omitted)		$8,248			$9,274			$12,742			$11,467			$23,210			$55,705

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%

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

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

14  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.05			$13.96			$14.58			$12.58			$13.11			$12.03
Net investment income		0.09			0.14			0.13	1		0.14			0.16			0.15
Net realized and unrealized gains (losses) on investments		2.26			0.02			0.89			2.22			(0.14	)		1.08
Total from investment operations		2.35			0.16			1.02			2.36			0.02			1.23
Distributions to shareholders from
Net investment income		0.00			(0.16	)		(0.11	)		(0.12	)		(0.16	)		(0.15	)
Net realized gains		0.00			(0.91	)		(1.53	)		(0.24	)		(0.39	)		0.00
Total distributions to shareholders		0.00			(1.07	)		(1.64	)		(0.36	)		(0.55	)		(0.15	)
Net asset value, end of period		$15.40			$13.05			$13.96			$14.58			$12.58			$13.11
Total return2		18.01	%		1.64	%		6.68	%		19.05	%		0.33	%		10.15	%
Ratios to average net assets (annualized)
Gross expenses3		0.94	%		0.90	%		0.88	%		0.91	%		0.92	%		0.86	%
Net expenses3		0.75	%		0.75	%		0.77	%		0.80	%		0.77	%		0.70	%
Net investment income3		1.33	%		1.17	%		0.87	%		0.96	%		1.25	%		1.18	%
Supplemental data
Portfolio turnover rate4		12	%		47	%		42	%		89	%		29	%		35	%
Net assets, end of period (000s omitted)		$129,749			$108,613			$135,082			$220,257			$133,632			$132,768

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  15

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 78% of Wells Fargo C&B Large Cap Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $213,303,368 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	77,775,524
Gross unrealized losses		0
Net unrealized gains	$	77,775,524

16  |  Wells Fargo C&B Large Cap Value Fund

Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal		$291,078,892

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

Wells Fargo C&B Large Cap Value Fund  |  17

Notes to financial statements (unaudited)

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2019, Funds Distributor received $3,260 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $34,004,938 and $65,639,636, 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 November 30, 2019, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

18  |  Wells Fargo C&B Large Cap Value Fund

Notes to financial statements (unaudited)

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.

Wells Fargo C&B Large Cap Value Fund  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks: 94.81%
Communication Services: 6.13%
Diversified Telecommunication Services: 2.31%
Verizon Communications Incorporated		143,200	$	8,626,368
Entertainment: 1.95%
Activision Blizzard Incorporated		133,000		7,292,390
Media: 1.87%
Omnicom Group Incorporated		87,900		6,986,292
Consumer Discretionary: 8.36%
Hotels, Restaurants & Leisure: 2.81%
Carnival Corporation		232,600		10,485,608
Household Durables: 1.64%
Whirlpool Corporation		42,700		6,110,370
Textiles, Apparel & Luxury Goods: 3.91%
Gildan Activewear Incorporated		269,350		7,840,779
HanesBrands Incorporated		449,597		6,775,427
				14,616,206
Consumer Staples: 1.99%
Tobacco: 1.99%
Philip Morris International Incorporated		89,400		7,413,942
Energy: 3.37%
Energy Equipment & Services: 1.33%
Schlumberger Limited		137,000		4,959,400
Oil, Gas & Consumable Fuels: 2.04%
Exxon Mobil Corporation		111,900		7,623,747
Financials: 27.99%
Banks: 5.38%
JPMorgan Chase & Company		80,500		10,606,680
PNC Financial Services Group Incorporated		61,800		9,468,378
				20,075,058
Capital Markets: 9.01%
Brookfield Asset Management Incorporated Class A «		188,300		10,998,603
Intercontinental Exchange Incorporated		55,600		5,235,852
State Street Corporation		140,400		10,544,040
The Charles Schwab Corporation		139,040		6,882,480
				33,660,975
Consumer Finance: 3.15%
Synchrony Financial		314,200		11,754,222
Diversified Financial Services: 2.45%
Berkshire Hathaway Incorporated Class B †		41,490		9,140,247
Insurance: 8.00%
Arch Capital Group Limited †		179,400		7,529,418
Chubb Limited		54,800		8,301,104

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

20  |  Wells Fargo C&B Large Cap Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Insurance (continued)
Fidelity National Financial Incorporated		175,600	$	8,363,828
The Progressive Corporation		78,000		5,697,900
				29,892,250
Health Care: 12.94%
Health Care Equipment & Supplies: 3.64%
Becton Dickinson & Company		26,400		6,824,400
Medtronic plc		60,800		6,772,512
				13,596,912
Health Care Providers & Services: 5.95%
HCA Healthcare Incorporated		47,100		6,530,886
Laboratory Corporation of America Holdings †		36,700		6,323,043
UnitedHealth Group Incorporated		33,500		9,375,645
				22,229,574
Pharmaceuticals: 3.35%
Allergan plc		20,600		3,809,764
Johnson & Johnson		63,200		8,689,368
				12,499,132
Industrials: 18.22%
Air Freight & Logistics: 2.36%
United Parcel Service Incorporated Class B		73,700		8,824,101
Building Products: 1.25%
Johnson Controls International plc		109,100		4,672,753
Electrical Equipment: 4.47%
AMETEK Incorporated		71,000		7,029,710
Eaton Corporation plc		104,500		9,666,250
				16,695,960
Industrial Conglomerates: 2.06%
3M Company		45,300		7,690,581
Machinery: 5.11%
Colfax Corporation †		320,900		10,814,330
Snap-on Incorporated		51,400		8,247,644
				19,061,974
Trading Companies & Distributors: 2.97%
AerCap Holdings NV †		179,500		11,094,895
Information Technology: 9.63%
Electronic Equipment, Instruments & Components: 5.45%
Arrow Electronics Incorporated †		154,800		12,328,272
TE Connectivity Limited		86,700		8,037,957
				20,366,229
IT Services: 4.18%
Alliance Data Systems Corporation		24,000		2,565,840
Amdocs Limited		133,100		9,223,830
Leidos Holdings Incorporated		42,100		3,824,363
				15,614,033

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

Wells Fargo C&B Large Cap Value Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

				Shares		Value
Materials: 4.13%
Chemicals: 1.45%
Axalta Coating Systems Limited †					190,500	$	5,423,535
Containers & Packaging: 1.19%
Crown Holdings Incorporated †					58,400		4,432,560
Metals & Mining: 1.49%
Reliance Steel & Aluminum Company					47,100		5,556,858
Real Estate: 2.05%
Real Estate Management & Development: 2.05%
CBRE Group Incorporated Class A †					134,200		7,652,084
Total Common Stocks (Cost $254,656,229)							354,048,256
	Yield
Short-Term Investments: 8.17%
Investment Companies: 8.17%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77	%		10,613,739		10,614,800
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56			19,902,113		19,902,113
Total Short-Term Investments (Cost $30,516,913)							30,516,913

Total investments in securities (Cost $285,173,142)	102.98	%		384,565,169
Other assets and liabilities, net	(2.98	)		(11,128,478	)
Total net assets	100.00	%	$	373,436,691

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		43,541,956		32,928,217		10,613,739	$	0	$	0	$	19,415	#	$	10,614,800
Wells Fargo Government Money Market Fund Select Class		11,857,445		61,411,921		53,367,253		19,902,113		0		0		157,316			19,902,113
									$	0		0	$	176,731		$	30,516,913		8.17	%

^#  Amount shown represents income before fees and rebates.

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

22  |  Wells Fargo C&B Large Cap Value Portfolio

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $10,384,664 of securities on loan), at value (cost $254,656,229)	$	354,048,256
Investments in affiliated securities, at value (cost $30,516,913)		30,516,913
Receivable for dividends		1,008,218
Receivable for securities lending income, net		114
Prepaid expenses and other assets		21,041
Total assets		385,594,542
Liabilities
Payable upon receipt of securities loaned		10,612,045
Payable for investments purchased		1,331,543
Advisory fee payable		192,125
Accrued expenses and other liabilities		22,138
Total liabilities		12,157,851
Total net assets	$	373,436,691

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

Wells Fargo C&B Large Cap Value Portfolio  |  23

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $92,753)	$	3,633,164
Income from affiliated securities		160,131
Total investment income		3,793,295
Expenses
Advisory fee		1,187,598
Custody and accounting fees		6,771
Professional fees		22,009
Shareholder report expenses		528
Trustees’ fees and expenses		11,920
Other fees and expenses		4,525
Total expenses		1,233,351
Less: Fee waivers and/or expense reimbursements		(64,371	)
Net expenses		1,168,980
Net investment income		2,624,315
Realized and unrealized gains (losses) on investments
Net realized gains on investments		14,810,230
Net change in unrealized gains (losses) on investments		43,163,126
Net realized and unrealized gains (losses) on investments		57,973,356
Net increase in net assets resulting from operations	$	60,597,671

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

24  |  Wells Fargo C&B Large Cap Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment income	$	2,624,315		$	5,213,964
Net realized gains on investments		14,810,230			23,339,628
Net change in unrealized gains (losses) on investments		43,163,126			(19,832,017	)
Net increase in net assets resulting from operations		60,597,671			8,721,575
Capital transactions
Transactions in investors’ beneficial interests
Contributions		9,596,736			105,704,905
Withdrawals		(47,652,792	)		(145,734,521	)
Net decrease in net assets resulting from capital transactions		(38,056,056	)		(40,029,616	)
Total increase (decrease) in net assets		22,541,615			(31,308,041	)
Net assets
Beginning of period		350,895,076			382,203,117
End of period	$	373,436,691		$	350,895,076

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

Wells Fargo C&B Large Cap Value Portfolio  |  25

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		18.10	%		1.80	%		6.65	%		19.17	%		0.35	%		10.29	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.67	%		0.67	%		0.68	%		0.68	%		0.68	%
Net expenses		0.64	%		0.65	%		0.66	%		0.68	%		0.68	%		0.68	%
Net investment income		1.44	%		1.27	%		1.02	%		1.09	%		1.33	%		1.20	%
Supplemental data
Portfolio turnover rate		12	%		47	%		42	%		89	%		29	%		35	%

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

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

26  |  Wells Fargo C&B Large Cap Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All

Wells Fargo C&B Large Cap Value Portfolio  |  27

Notes to financial statements (unaudited)

dividends, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether dividends and gains have been distributed by the Portfolio.

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $289,117,572 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	105,548,730
Gross unrealized losses		(10,101,133	)
Net unrealized gains	$	95,447,597

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	22,905,050	$	0	$	0	$	22,905,050
Consumer discretionary		31,212,184		0		0		31,212,184
Consumer staples		7,413,942		0		0		7,413,942
Energy		12,583,147		0		0		12,583,147
Financials		104,522,752		0		0		104,522,752
Health care		48,325,618		0		0		48,325,618
Industrials		68,040,264		0		0		68,040,264
Information technology		35,980,262		0		0		35,980,262
Materials		15,412,953		0		0		15,412,953
Real estate		7,652,084		0		0		7,652,084
Short-term investments
Investment companies		30,516,913		0		0		30,516,913
Total assets	$	384,565,169	$	0	$	0	$	384,565,169

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

For the six months ended November 30, 2019, the Portfolio did not have any transfers into/out of Level 3.

28  |  Wells Fargo C&B Large Cap Value Portfolio

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.650	%
Next $500 million		0.625
Next $1 billion		0.600
Next $2 billion		0.575
Next $4 billion		0.550
Next $4 billion		0.525
Next $4 billion		0.500
Over $16 billion		0.475

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $43,626,288 and $84,211,700, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund 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. 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.

Wells Fargo C&B Large Cap Value Portfolio  |  29

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Scotia Capital (USA) Inc.	$10,384,664	$(10,384,664)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Portfolio invests a concentration of its portfolio in the financials sector. A Portfolio that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a portfolio 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 Portfolio 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.

30  |  Wells Fargo C&B Large Cap Value Portfolio

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo C&B Large Cap Value Fund  |  31

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 150 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

32  |  Wells Fargo C&B Large Cap Value Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Wells Fargo C&B Large Cap Value Fund  |  33

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

34  |  Wells Fargo C&B Large Cap Value Fund

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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

© 2020 Wells Fargo & Company. All rights reserved.

408958 01-19

SA280/SAR280 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo Diversified 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	14
Other information	18

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Diversified Equity Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Equity Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Diversified Equity Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Diversified Equity Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Portfolio managers

Thomas C. Biwer, CFA^®‡

Aldo Ceccarelli, CFA^®‡

Average annual total returns (%) as of November 30, 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 (NVDAX)	5-2-1996		6.39		6.83		10.08		12.88		8.11		10.74		1.36		1.25
Class C (WFDEX)	10-1-1998		11.07		7.31		9.91		12.07		7.31		9.91		2.11		2.00
Administrator Class (NVDEX)	11-11-1994		–		–		–		13.18		8.38		11.02		1.28		1.00
Diversified Equity Blended Index3	–		–		–		–		14.73		9.64		12.18		–		–
MSCI EAFE Index (Net)4	–		–		–		–		12.44		4.26		5.32		–		–
Russell 1000® Growth Index5	–		–		–		–		21.01		13.71		15.23		–		–
Russell 1000® Value Index6	–		–		–		–		11.33		7.83		11.69		–		–
Russell 2000® Index7	–		–		–		–		7.51		8.22		12.38		–		–
S&P 500 Index8	–		–		–		–		16.11		10.98		13.44		–		–

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 shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

4  |  Wells Fargo Diversified Equity Fund

Performance highlights (unaudited)

Fund holdings (%) as of November 30, 20199
Wells Fargo Diversified Large Cap Growth Portfolio	25.15
Wells Fargo Index Portfolio	25.02
Wells Fargo Large Company Value Portfolio	16.68
Wells Fargo C&B Large Cap Value Portfolio	8.35
Wells Fargo International Growth Portfolio	7.43
Wells Fargo International Value Portfolio	7.34
Wells Fargo Small Company Value Portfolio	4.98
Wells Fargo Small Company Growth Portfolio	2.53
Wells Fargo Emerging Growth Porfolio	2.52

Allocation (%) as of November 30, 2019
	Effective allocation10		Neutral allocation
International Stock Fund		15		15
U.S. Large Cap Stock Fund		75		75
U.S. Small Cap Stock Funds		10		10

^‡  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 0.50% 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 September 30, 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) from funds in which the affiliated master portfolios and funds invest and from any money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. 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  Source: Wells Fargo Funds Management, LLC. The Diversified Equity Blended Index is composed 25% of the S&P 500 Index, 25% of the Russell 1000^® Growth Index, 25% of the Russell 1000^® Value Index, 15% of the MSCI EAFE Index (Net), and 10% of the Russell 2000^® Index. You cannot invest directly in an index.

⁴  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. 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 Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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

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

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

¹⁰  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Diversified Equity Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,125.94	$	6.64		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.31		1.25	%
Class C
Actual	$	1,000.00	$	1,121.95	$	10.61		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.00	$	10.08		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,127.62	$	5.32		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.00	$	5.05		1.00	%

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

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

6  |  Wells Fargo Diversified Equity Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 100.04%
Affiliated Master Portfolios: 100.04%
Wells Fargo C&B Large Cap Value Portfolio	$	13,308,032
Wells Fargo Diversified Large Cap Growth Portfolio		40,096,770
Wells Fargo Emerging Growth Portfolio		4,021,143
Wells Fargo Index Portfolio		39,882,903
Wells Fargo International Growth Portfolio		11,848,415
Wells Fargo International Value Portfolio		11,707,422
Wells Fargo Large Company Value Portfolio		26,591,638
Wells Fargo Small Company Growth Portfolio		4,035,749
Wells Fargo Small Company Value Portfolio		7,937,949
Total Investment Companies (Cost $134,884,152)		159,430,021

Total investments in securities (Cost $134,884,152)	100.04	%		159,430,021
Other assets and liabilities, net	(0.04	)		(66,037	)
Total net assets	100.00	%	$	159,363,984

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		3.57	%		8.35	%	$	526,283		$	1,553,078	$	128,817	$	5,671	$	0	$	13,308,032
Wells Fargo Diversified Large Cap Growth Portfolio		15.12			25.15			458,266			4,033,449		201,404		6,217		0		40,096,770
Wells Fargo Emerging Growth Portfolio		0.46			2.52			87,898			243,559		1,946		2,375		0		4,021,143
Wells Fargo Index Portfolio		3.16			25.02			3,474,400			1,676,054		376,886		7,351		514		39,882,903
Wells Fargo International Growth Portfolio		5.46			7.43			351,662			999,047		52,308		5,277		0		11,848,415
Wells Fargo International Value Portfolio		1.04			7.34			(112,223	)		1,085,996		172,809		6,301		0		11,707,422
Wells Fargo Large Company Value Portfolio		10.11			16.68			757,179			1,616,984		349,949		3,268		0		26,591,638
Wells Fargo Small Company Growth Portfolio		0.21			2.53			222,857			223,620		12,591		1,605		0		4,035,749
Wells Fargo Small Company Value Portfolio		5.77			4.98			(499,378	)		1,340,635		71,381		1,542		0		7,937,949
							$	5,266,944		$	12,772,422	$	1,368,091	$	39,607	$	514	$	159,430,021		100.04	%

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

Wells Fargo Diversified Equity Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $134,884,152)	$	159,430,021
Receivable for Fund shares sold		52,422
Prepaid expenses and other assets		21,257
Total assets		159,503,700
Liabilities
Payable for Fund shares redeemed		46,788
Management fee payable		8,577
Administration fees payable		21,815
Distribution fee payable		961
Custodian and accounting fees payable		15,960
Shareholder servicing fees payable		33,391
Professional fees payable		9,722
Trustees’ fees and expenses payable		2,391
Accrued expenses and other liabilities		111
Total liabilities		139,716
Total net assets	$	159,363,984
Net assets consist of
Paid-in capital	$	126,345,198
Total distributable earnings		33,018,786
Total net assets	$	159,363,984
Computation of net asset value and offering price per share
Net assets – Class A	$	64,711,322
Shares outstanding – Class A1		2,690,263
Net asset value per share – Class A		$24.05
Maximum offering price per share – Class A2		$25.52
Net assets – Class C	$	1,531,069
Shares outstanding – Class C1		73,953
Net asset value per share – Class C		$20.70
Net assets – Administrator Class	$	93,121,593
Shares outstanding – Administrator Class1		3,846,259
Net asset value per share – Administrator Class		$24.21

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.

8  |  Wells Fargo Diversified Equity Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $29,968)	$	1,368,091
Affiliated income allocated from affiliated Master Portfolios		39,607
Interest allocated from affiliated Master Portfolios		514
Expenses allocated from affiliated Master Portfolios		(414,791	)
Waivers allocated from affiliated Master Portfolios		22,672
Total investment income		1,016,093
Expenses
Management fee		232,372
Administration fees
Class A		66,565
Class C		1,547
Administrator Class		58,530
Shareholder servicing fees
Class A		79,244
Class C		1,842
Administrator Class		112,558
Distribution fee
Class C		5,516
Custody and accounting fees		4,401
Professional fees		16,635
Registration fees		37,396
Shareholder report expenses		15,423
Trustees’ fees and expenses		10,623
Other fees and expenses		9,220
Total expenses		651,872
Less: Fee waivers and/or expense reimbursements
Fund-level		(167,082	)
Administrator Class		(15,816	)
Net expenses		468,974
Net investment income		547,119
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolios		5,266,944
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		12,772,422
Net realized and unrealized gains (losses) on investments		18,039,366
Net increase in net assets resulting from operations	$	18,586,485

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

Wells Fargo Diversified Equity Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	547,119					$	1,452,338
Net realized gains on investments					5,266,944						14,956,526
Net change in unrealized gains (losses) on investments					12,772,422						(17,110,620	)
Net increase (decrease) in net assets resulting from operations					18,586,485						(701,756	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(11,767,492	)
Class C					0						(402,680	)
Administrator Class					0						(17,449,901	)
Total distributions to shareholders					0						(29,620,073	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		13,398			303,321			139,473			3,178,936
Class C		454			8,902			53,240			885,112
Administrator Class		101,400			2,329,359			235,991			5,636,176
					2,641,582						9,700,224
Reinvestment of distributions
Class A		0			0			570,354			11,702,541
Class C		0			0			22,549			399,109
Administrator Class		0			0			839,325			17,324,595
					0						29,426,245
Payment for shares redeemed
Class A		(211,446	)		(4,826,150	)		(456,015	)		(10,838,098	)
Class C		(3,753	)		(72,701	)		(93,775	)		(1,785,908	)
Administrator Class		(337,941	)		(7,747,437	)		(702,090	)		(16,078,144	)
					(12,646,288	)					(28,702,150	)
Net increase (decrease) in net assets resulting from capital share transactions					(10,004,706	)					10,424,319
Total increase (decrease) in net assets					8,581,779						(19,897,510	)
Net assets
Beginning of period					150,782,205						170,679,715
End of period				$	159,363,984					$	150,782,205

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

10  |  Wells Fargo Diversified Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.36			$26.48			$29.37			$27.30			$32.37			$32.78
Net investment income		0.06	1		0.18	1		0.16	1		0.13			0.16			0.14
Net realized and unrealized gains (losses) on investments		2.63			(0.55	)		3.93			3.94			(1.55	)		2.79
Total from investment operations		2.69			(0.37	)		4.09			4.07			(1.39	)		2.93
Distributions to shareholders from
Net investment income		0.00			(0.13	)		(0.17	)		(0.22	)		(0.08	)		(0.15	)
Net realized gains		0.00			(4.62	)		(6.81	)		(1.78	)		(3.60	)		(3.19	)
Total distributions to shareholders		0.00			(4.75	)		(6.98	)		(2.00	)		(3.68	)		(3.34	)
Net asset value, end of period		$24.05			$21.36			$26.48			$29.37			$27.30			$32.37
Total return2		12.59	%		(0.57	)%		14.68	%		15.59	%		(4.24	)%		9.39	%
Ratios to average net assets (annualized)
Gross expenses3		1.39	%		1.37	%		1.38	%		1.40	%		1.41	%		1.44	%
Net expenses3		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income3		0.57	%		0.75	%		0.55	%		0.63	%		0.60	%		0.44	%
Supplemental data
Portfolio turnover rate4		32	%		91	%		70	%		90	%		39	%		38	%
Net assets, end of period (000s omitted)		$64,711			$61,692			$69,766			$68,678			$67,597			$81,502

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.51	%
Year ended May 31, 2019	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%
Year ended May 31, 2015	0.59	%

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

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

Wells Fargo Diversified Equity Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$18.45			$23.58			$26.86			$25.12			$30.22			$30.88
Net investment loss		(0.02	)1		(0.01	)1		(0.05	)1		(0.03	)1		(0.05	)1		(0.12	)
Net realized and unrealized gains (losses) on investments		2.27			(0.50	)		3.58			3.57			(1.45	)		2.65
Total from investment operations		2.25			(0.51	)		3.53			3.54			(1.50	)		2.53
Distributions to shareholders from
Net investment income		0.00			0.00			(0.00	)2		(0.02	)		0.00			0.00
Net realized gains		0.00			(4.62	)		(6.81	)		(1.78	)		(3.60	)		(3.19	)
Total distributions to shareholders		0.00			(4.62	)		(6.81	)		(1.80	)		(3.60	)		(3.19	)
Net asset value, end of period		$20.70			$18.45			$23.58			$26.86			$25.12			$30.22
Total return3		12.20	%		(1.34	)%		13.89	%		14.71	%		(4.96	)%		8.58	%
Ratios to average net assets (annualized)
Gross expenses4		2.14	%		2.11	%		2.13	%		2.15	%		2.16	%		2.19	%
Net expenses4		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment loss4		(0.18	)%		(0.04	)%		(0.21	)%		(0.13	)%		(0.17	)%		(0.31	)%
Supplemental data
Portfolio turnover rate5		32	%		91	%		70	%		90	%		39	%		38	%
Net assets, end of period (000s omitted)		$1,531			$1,425			$2,245			$2,355			$2,846			$4,165

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Six months ended November 30, 2019 (unaudited)	0.51	%
Year ended May 31, 2019	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%
Year ended May 31, 2015	0.59	%

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

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

12  |  Wells Fargo Diversified Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.47			$26.60			$29.46			$27.38			$32.45			$32.84
Net investment income		0.09	1		0.24	1		0.23	1		0.24	1		0.24			0.22	1
Net realized and unrealized gains (losses) on investments		2.65			(0.57	)		3.95			3.91			(1.55	)		2.81
Total from investment operations		2.74			(0.33	)		4.18			4.15			(1.31	)		3.03
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.23	)		(0.29	)		(0.16	)		(0.23	)
Net realized gains		0.00			(4.62	)		(6.81	)		(1.78	)		(3.60	)		(3.19	)
Total distributions to shareholders		0.00			(4.80	)		(7.04	)		(2.07	)		(3.76	)		(3.42	)
Net asset value, end of period		$24.21			$21.47			$26.60			$29.46			$27.38			$32.45
Total return2		12.76	%		(0.35	)%		14.99	%		15.86	%		(3.98	)%		9.65	%
Ratios to average net assets (annualized)
Gross expenses3		1.31	%		1.29	%		1.30	%		1.32	%		1.33	%		1.28	%
Net expenses3		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income3		0.82	%		1.00	%		0.79	%		0.87	%		0.85	%		0.67	%
Supplemental data
Portfolio turnover rate4		32	%		91	%		70	%		90	%		39	%		38	%
Net assets, end of period (000s omitted)		$93,122			$87,665			$98,668			$119,893			$140,963			$167,371

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.51	%
Year ended May 31, 2019	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%
Year ended May 31, 2015	0.59	%

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

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

Wells Fargo Diversified Equity Fund  |  13

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 Equity Fund (the “Fund”) which is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $137,985,312 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	21,444,709
Gross unrealized losses		0
Net unrealized gains	$	21,444,709

14  |  Wells Fargo Diversified Equity Fund

Notes to financial statements (unaudited)

As of May 31, 2019, the Fund had current year deferred post-October capital losses consisting of $719,989 in short-term losses which was recognized on the first day of the current fiscal year.

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolios were measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate value of the affiliated Master Portfolios was $159,430,021. The investment objective of each affiliated Master Portfolio is as follows:

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund 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 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	0.30%
Next $500 million	0.28
Next $2 billion	0.26
Next $2 billion	0.24
Next $5 billion	0.23
Over $10 billion	0.22

Wells Fargo Diversified Equity Fund  |  15

Notes to financial statements (unaudited)

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

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 September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, and 1.00% for Administrator Class shares. 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 November 30, 2019, Funds Distributor received $690 from the sale of Class A shares and $11 and $23 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $49,514,367 and $62,953,457, 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.

16  |  Wells Fargo Diversified Equity Fund

Notes to financial statements (unaudited)

For the six months ended November 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.

Wells Fargo Diversified Equity Fund  |  17

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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 or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

18  |  Wells Fargo Diversified 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 150 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

Wells Fargo Diversified Equity Fund  |  19

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

20  |  Wells Fargo Diversified 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Diversified Equity Fund  |  21

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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

© 2020 Wells Fargo & Company. All rights reserved.

408959 01-19

SA281/SAR281 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo Emerging Growth 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo Emerging Growth Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Wells Fargo Emerging Growth Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	25
Statement of operations	26
Statement of changes in net assets	27
Financial highlights	28
Notes to financial statements	29
Other information	33

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Emerging Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Emerging Growth Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Emerging Growth Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Emerging Growth Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WEMAX)	3-31-2008		2.33		9.26		13.83		8.57		10.57		14.51		1.55		1.28
Class C (WEMCX)	3-31-2008		6.80		9.74		13.66		7.80		9.74		13.66		2.30		2.03
Class R6 (WEGRX)4	7-31-2018		–		–		–		9.25		11.10		15.07		1.12		0.85
Administrator Class (WFGDX)	1-31-2007		–		–		–		8.63		10.70		14.70		1.47		1.20
Institutional Class (WEMIX)	3-31-2008		–		–		–		8.91		11.03		15.04		1.22		0.90
Russell 2000® Growth Index5	–		–		–		–		10.93		9.48		13.68		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Emerging Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20196
ASGN Incorporated	3.76
Kinsale Capital Group Incorporated	3.57
MasTec Incorporated	3.15
Casella Waste Systems Incorporated Class A	3.09
Rapid7 Incorporated	2.79
Envestnet Incorporated	2.77
Amedisys Incorporated	2.73
Q2 Holdings Incorporated	2.63
Repligen Corporation	2.57
Rexnord Corporation	2.57

Sector distribution as of November 30, 2019⁷

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

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.20% 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.

³  The manager has contractually committed through September 30, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

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

⁵  The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Emerging Growth Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,081.42	$	6.66		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.46		1.28	%
Class C
Actual	$	1,000.00	$	1,077.72	$	10.54		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.85	$	10.23		2.03	%
Class R6
Actual	$	1,000.00	$	1,084.12	$	4.43		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Administrator Class
Actual	$	1,000.00	$	1,082.03	$	6.25		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,082.94	$	4.69		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%

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

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

6  |  Wells Fargo Emerging Growth Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 99.99%
Affiliated Master Portfolio: 99.99%
Wells Fargo Emerging Growth Portfolio	$	780,959,270
Total Investment Companies (Cost $516,846,612)		780,959,270

Total investments in securities (Cost $516,846,612)	99.99	%		780,959,270
Other assets and liabilities, net	0.01			40,071
Total net assets	100.00	%	$	780,999,341

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Securities lending income allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Emerging Growth Portfolio		91	%		92	%	$	17,189,638	$	46,614,392	$	382,801	$	373,875	$	93,527	$	780,959,270		99.99	%

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

Wells Fargo Emerging Growth Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $516,846,612)	$	780,959,270
Receivable for Fund shares sold		743,783
Receivable from manager		39,022
Prepaid expenses and other assets		61,046
Total assets		781,803,121
Liabilities
Payable for Fund shares redeemed		533,164
Administration fees payable		92,369
Distribution fee payable		998
Shareholder report expenses payable		46,958
Custodian and accounting fees payable		50,876
Trustees’ fees and expenses payable		2,298
Accrued expenses and other liabilities		77,117
Total liabilities		803,780
Total net assets	$	780,999,341
Net assets consist of
Paid-in capital	$	490,225,811
Total distributable earnings		290,773,530
Total net assets	$	780,999,341
Computation of net asset value and offering price per share
Net assets – Class A	$	149,560,326
Shares outstanding – Class A1		10,237,449
Net asset value per share – Class A		$14.61
Maximum offering price per share – Class A2		$15.50
Net assets – Class C	$	1,603,218
Shares outstanding – Class C1		128,491
Net asset value per share – Class C		$12.48
Net assets – Class R6	$	5,194,215
Shares outstanding – Class R61		322,473
Net asset value per share – Class R6		$16.11
Net assets – Administrator Class	$	22,691,484
Shares outstanding – Administrator Class1		1,496,136
Net asset value per share – Administrator Class		$15.17
Net assets – Institutional Class	$	601,950,098
Shares outstanding – Institutional Class1		37,471,140
Net asset value per share – Institutional Class		$16.06

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.

8  |  Wells Fargo Emerging Growth Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio	$	382,801
Securities lending income allocated from affiliated Master Portfolio		373,875
Affiliated income allocated from affiliated Master Portfolio		93,527
Expenses allocated from affiliated Master Portfolio		(3,021,521	)
Total investment income		(2,171,318	)
Expenses
Management fee		186,976
Administration fees
Class A		153,729
Class C		1,762
Class R6		799
Administrator Class		14,903
Institutional Class		371,518
Shareholder servicing fees
Class A		183,010
Class C		2,098
Administrator Class		28,660
Distribution fee
Class C		6,293
Custody and accounting fees		13,976
Professional fees		15,745
Registration fees		36,868
Shareholder report expenses		43,311
Trustees’ fees and expenses		10,623
Other fees and expenses		7,911
Total expenses		1,078,182
Less: Fee waivers and/or expense reimbursements
Fund-level		(186,976	)
Class A		(16,434	)
Class C		(185	)
Class R6		(586	)
Administrator Class		(2,530	)
Institutional Class		(207,365	)
Net expenses		664,106
Net investment loss		(2,835,424	)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		17,189,638
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		46,614,392
Net realized and unrealized gains (losses) on investments		63,804,030
Net increase in net assets resulting from operations	$	60,968,606

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

Wells Fargo Emerging Growth Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment loss				$	(2,835,424	)				$	(6,103,434	)
Net realized gains on investments					17,189,638						97,676,529
Net change in unrealized gains (losses) on investments					46,614,392						(97,747,120	)
Net increase (decrease) in net assets resulting from operations					60,968,606						(6,174,025	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(28,101,143	)
Class C					0						(901,234	)
Class R6					0						(42,849	)1
Administrator Class					0						(8,840,125	)
Institutional Class					0						(102,793,991	)
Total distributions to shareholders					0						(140,679,342	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		110,033			1,531,100			862,093			13,135,712
Class C		3,788			46,413			77,032			1,001,064
Class R6		389,611			5,890,998			14,756	1		297,716	1
Administrator Class		77,570			1,135,077			429,821			7,044,106
Institutional Class		4,564,402			69,409,076			9,474,160			157,333,266
					78,012,664						178,811,864
Reinvestment of distributions
Class A		0			0			2,156,211			27,319,193
Class C		0			0			82,682			901,234
Class R6		0			0			2,781	1		38,603	1
Administrator Class		0			0			670,663			8,812,510
Institutional Class		0			0			7,302,150			101,353,848
					0						138,425,388
Payment for shares redeemed
Class A		(671,552	)		(9,246,144	)		(1,230,646	)		(18,738,814	)
Class C		(27,327	)		(323,939	)		(283,432	)		(3,327,781	)
Class R6		(68,646	)		(1,044,256	)		(16,029	)1		(224,477	)1
Administrator Class		(261,080	)		(3,793,890	)		(2,404,440	)		(34,455,016	)
Institutional Class		(6,078,605	)		(92,877,560	)		(10,946,323	)		(181,113,056	)
					(107,285,789	)					(237,859,144	)
Net increase (decrease) in net assets resulting from capital share transactions					(29,273,125	)					79,378,108
Total increase (decrease) in net assets					31,695,481						(67,475,259	)
Net assets
Beginning of period					749,303,860						816,779,119
End of period				$	780,999,341					$	749,303,860

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

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

10  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.51			$17.04			$14.57			$12.55			$16.70			$14.61
Net investment loss		(0.09	)		(0.16	)1		(0.15	)		(0.10	)1		(0.13	)1		(0.22	)
Net realized and unrealized gains (losses) on investments		1.19			(0.19	)		4.57			2.96			(2.28	)		3.51
Total from investment operations		1.10			(0.35	)		4.42			2.86			(2.41	)		3.29
Distributions to shareholders from
Net realized gains		0.00			(3.18	)		(1.95	)		(0.84	)		(1.74	)		(1.20	)
Net asset value, end of period		$14.61			$13.51			$17.04			$14.57			$12.55			$16.70
Total return2		8.14	%		(0.84	)%		32.91	%		23.39	%		(14.94	)%		23.32	%
Ratios to average net assets (annualized)
Gross expenses3		1.35	%		1.35	%		1.36	%		1.36	%		1.35	%		1.39	%
Net expenses3		1.28	%		1.29	%		1.35	%		1.35	%		1.35	%		1.37	%
Net investment loss3		(1.05	)%		(1.06	)%		(1.01	)%		(0.72	)%		(0.92	)%		(1.20	)%
Supplemental data
Portfolio turnover rate4		28	%		71	%		47	%		115	%		68	%		56	%
Net assets, end of period (000s omitted)		$149,560			$145,898			$153,526			$129,724			$127,154			$131,638

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%

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

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

Wells Fargo Emerging Growth Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.58			$15.19			$13.28			$11.58			$15.67			$13.88
Net investment loss		(0.11	)1		(0.25	)1		(0.25	)1		(0.19	)1		(0.21	)		(0.33	)
Net realized and unrealized gains (losses) on investments		1.01			(0.18	)		4.11			2.73			(2.14	)		3.32
Total from investment operations		0.90			(0.43	)		3.86			2.54			(2.35	)		2.99
Distributions to shareholders from
Net realized gains		0.00			(3.18	)		(1.95	)		(0.84	)		(1.74	)		(1.20	)
Net asset value, end of period		$12.48			$11.58			$15.19			$13.28			$11.58			$15.67
Total return2		7.77	%		(1.55	)%		31.82	%		22.56	%		(15.59	)%		22.35	%
Ratios to average net assets (annualized)
Gross expenses3		2.10	%		2.10	%		2.11	%		2.11	%		2.10	%		2.14	%
Net expenses3		2.03	%		2.04	%		2.10	%		2.10	%		2.10	%		2.12	%
Net investment loss3		(1.80	)%		(1.78	)%		(1.76	)%		(1.46	)%		(1.70	)%		(1.95	)%
Supplemental data
Portfolio turnover rate4		28	%		71	%		47	%		115	%		68	%		56	%
Net assets, end of period (000s omitted)		$1,603			$1,761			$4,190			$3,328			$3,815			$5,101

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%

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

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

12  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 20191
CLASS R6
Net asset value, beginning of period		$14.86			$18.70
Net investment loss		(0.05	)2		(0.07	)2
Net realized and unrealized gains (losses) on investments		1.30			(0.59	)
Total from investment operations		1.25			(0.66	)
Distributions to shareholders from
Net realized gains		0.00			(3.18	)
Net asset value, end of period		$16.11			$14.86
Total return3		8.41	%		(2.35	)%
Ratios to average net assets (annualized)
Gross expenses4		0.92	%		0.92	%
Net expenses4		0.85	%		0.85	%
Net investment loss4		(0.37	)%		(0.51	)%
Supplemental data
Portfolio turnover rate5		28	%		71	%
Net assets, end of period (000s omitted)		$5,194			$22

¹ For the period from July, 31, 2018 (commencement of class operations) to May 31, 2019

² Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.81	%
Year ended May 31, 20191	0.81	%

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

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

Wells Fargo Emerging Growth Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.02			$17.54			$14.93			$12.82			$17.00			$14.83
Net investment loss		(0.07	)1		(0.15	)1		(0.14	)1		(0.07	)1		(0.12	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		1.22			(0.19	)		4.70			3.02			(2.32	)		3.53
Total from investment operations		1.15			(0.34	)		4.56			2.95			(2.44	)		3.37
Distributions to shareholders from
Net realized gains		0.00			(3.18	)		(1.95	)		(0.84	)		(1.74	)		(1.20	)
Net asset value, end of period		$15.17			$14.02			$17.54			$14.93			$12.82			$17.00
Total return2		8.20	%		(0.75	)%		33.06	%		23.60	%		(14.80	)%		23.45	%
Ratios to average net assets (annualized)
Gross expenses3		1.27	%		1.27	%		1.28	%		1.26	%		1.23	%		1.21	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.48	)%		(0.94	)%		(0.86	)%		(0.48	)%		(0.80	)%		(1.03	)%
Supplemental data
Portfolio turnover rate4		28	%		71	%		47	%		115	%		68	%		56	%
Net assets, end of period (000s omitted)		$22,691			$23,549			$52,335			$50,865			$99,792			$159,813

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%

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

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

14  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.83			$18.30			$15.46			$13.20			$17.40			$15.11
Net investment loss		(0.05	)		(0.13	)		(0.09	)		(0.04	)1		(0.07	)		(0.12	)
Net realized and unrealized gains (losses) on investments		1.28			(0.16	)		4.88			3.14			(2.39	)		3.61
Total from investment operations		1.23			(0.29	)		4.79			3.10			(2.46	)		3.49
Distributions to shareholders from
Net realized gains		0.00			(3.18	)		(1.95	)		(0.84	)		(1.74	)		(1.20	)
Net asset value, end of period		$16.06			$14.83			$18.30			$15.46			$13.20			$17.40
Total return2		8.29	%		(0.42	)%		33.44	%		24.08	%		(14.62	)%		23.89	%
Ratios to average net assets (annualized)
Gross expenses3		1.02	%		1.02	%		1.03	%		1.03	%		1.01	%		0.96	%
Net expenses3		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment loss3		(0.33	)%		(0.67	)%		(0.56	)%		(0.24	)%		(0.50	)%		(0.73	)%
Supplemental data
Portfolio turnover rate4		28	%		71	%		47	%		115	%		68	%		56	%
Net assets, end of period (000s omitted)		$601,950			$578,073			$606,729			$534,846			$583,843			$723,946

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%

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

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

Wells Fargo Emerging Growth Fund  |  15

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 Emerging Growth Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 92% of Wells Fargo Emerging Growth Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

Distributions to shareholders from net investment income 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.

16  |  Wells Fargo Emerging Growth Fund

Notes to financial statements (unaudited)

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $515,575,278 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	265,383,992
Gross unrealized losses		0
Net unrealized gains	$	265,383,992

As of May 31, 2019, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which were both recognized on the first day of the current fiscal year in the following amounts:

Deferred post-October capital losses	Late-year ordinary losses deferred
Short-term
$(24,372,603)	$(2,341,222)

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation		$780,959,270

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Emerging Growth Fund  |  17

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.28% for Class A shares, 2.03% for Class C shares, 0.85% for Class R6 shares, 1.20% for Administrator Class shares, and 0.90% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2019, Funds Distributor received $232 from the sale of Class A shares and $7 in contingent deferred sales charges from redemptions of Calss C shares. No contingent deferred sales charges were incurred by Class A for the six months ended November 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were $211,053,390 and $251,339,542, 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 November 30, 2019, there were no borrowings by the Fund under the agreement.

18  |  Wells Fargo Emerging Growth Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

Wells Fargo Emerging Growth Fund  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks: 98.98%
Communication Services: 0.40%
Media: 0.40%
Nexstar Media Group Incorporated Class A		31,100	$	3,349,781
Consumer Discretionary: 13.48%
Auto Components: 1.00%
Fox Factory Holding Corporation †		128,200		8,452,226
Diversified Consumer Services: 1.39%
Chegg Incorporated †		240,414		9,320,851
Grand Canyon Education Incorporated †		29,560		2,518,216
				11,839,067
Hotels, Restaurants & Leisure: 4.56%
Eldorado Resorts Incorporated Ǡ		211,000		11,290,610
Lindblad Expeditions Holding †		416,500		6,455,750
Planet Fitness Incorporated Class A †		100,060		7,396,435
Wingstop Incorporated		170,118		13,609,440
				38,752,235
Leisure Products: 1.05%
Yeti Holdings Incorporated Ǡ		279,218		8,884,717
Multiline Retail: 0.91%
Ollie’s Bargain Outlet Holdings Incorporated †		117,660		7,694,964
Specialty Retail: 3.88%
America’s Car-Mart Incorporated †		24,300		2,655,018
Boot Barn Holdings Incorporated †		278,100		11,073,942
Five Below Incorporated †		45,697		5,653,176
Lithia Motors Incorporated Class A		84,380		13,549,740
				32,931,876
Textiles, Apparel & Luxury Goods: 0.69%
Deckers Outdoor Corporation †		35,100		5,903,118
Consumer Staples: 5.08%
Beverages: 0.94%
Boston Beer Company Incorporated Class A †		20,800		7,993,856
Food & Staples Retailing: 1.49%
Grocery Outlet Holding Corporation †		104,637		3,466,624
The Chef’s Warehouse Incorporated †		259,100		9,213,596
				12,680,220
Food Products: 1.72%
Freshpet Incorporated †		271,712		14,601,803
Personal Products: 0.93%
Inter Parfums Incorporated		112,000		7,894,880
Energy: 0.30%
Energy Equipment & Services: 0.30%
Cactus Incorporated Class A		83,899		2,532,911

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

20  |  Wells Fargo Emerging Growth Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Financials: 7.95%
Capital Markets: 1.46%
Assetmark Financial Holdings †		141,259	$	3,535,713
Stifel Financial Corporation		141,400		8,840,328
				12,376,041
Insurance: 4.85%
eHealth Incorporated †		61,200		5,646,312
Goosehead Insurance Incorporated Class A †		58,363		2,364,869
Kinsale Capital Group Incorporated †		299,677		30,345,293
Trupanion Incorporated Ǡ		84,400		2,876,352
				41,232,826
Thrifts & Mortgage Finance: 1.64%
LendingTree Incorporated †		38,632		13,927,995
Health Care: 23.74%
Biotechnology: 4.31%
CareDx Incorporated †		107,826		2,212,590
Fate Therapeutics Incorporated †		227,200		3,548,864
Halozyme Therapeutics Incorporated †		258,600		5,014,254
Invitae Corporation Ǡ		288,200		5,735,180
Natera Incorporated †		164,827		6,014,537
The Medicines Company †		100,700		8,478,940
Vericel Corporation †		299,500		5,588,670
				36,593,035
Health Care Equipment & Supplies: 6.99%
Glaukos Corporation †		171,039		10,968,731
iRhythm Technologies Incorporated †		166,662		12,014,664
Neuronetics Incorporated †		139,118		600,990
Orthopediatrics Corporation †		149,401		5,877,435
Shockwave Medical Incorporated †		159,808		6,258,081
SI-BONE Incorporated †		257,997		4,589,767
Silk Road Medical Incorporated †		67,233		2,421,733
Tactile Systems Technology Class I †		132,473		8,506,091
Tandem Diabetes Care Incorporated †		77,900		5,377,437
Vapotherm Incorporated †		246,319		2,724,288
				59,339,217
Health Care Providers & Services: 3.07%
Amedisys Incorporated †		142,400		23,205,504
HealthEquity Incorporated †		46,012		2,893,695
				26,099,199
Health Care Technology: 2.91%
Health Catalyst Incorporated †		96,570		3,836,726
Phreesia Incorporated Ǡ		200,110		5,627,093
Teladoc Incorporated Ǡ		182,579		15,289,165
				24,752,984
Life Sciences Tools & Services: 5.89%
Adaptive Biotechnologies Corporation Ǡ		67,311		1,830,186
Codexis Incorporated †		1,158,849		18,008,513

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

Wells Fargo Emerging Growth Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Life Sciences Tools & Services (continued)
Neogenomics Incorporated †		321,654	$	8,301,890
Repligen Corporation †		246,240		21,853,800
				49,994,389
Pharmaceuticals: 0.57%
MyoKardia Incorporated †		74,400		4,847,160
Industrials: 18.52%
Aerospace & Defense: 3.20%
Kratos Defense & Security Solutions Incorporated †		432,800		7,816,368
Mercury Computer Systems Incorporated †		264,545		19,377,921
				27,194,289
Airlines: 1.32%
SkyWest Incorporated †		178,730		11,195,647
Commercial Services & Supplies: 3.09%
Casella Waste Systems Incorporated Class A †		561,300		26,218,323
Construction & Engineering: 3.15%
MasTec Incorporated †		403,600		26,774,824
Machinery: 2.57%
Hillenbrand Incorporated		1		19
Rexnord Corporation †		691,710		21,851,119
				21,851,138
Professional Services: 3.76%
ASGN Incorporated †		476,243		31,913,043
Road & Rail: 0.60%
Saia Incorporated †		53,700		5,096,130
Trading Companies & Distributors: 0.83%
SiteOne Landscape Supply Incorporated †		79,100		7,020,916
Information Technology: 28.13%
Electronic Equipment, Instruments & Components: 2.19%
Novanta Incorporated †		199,520		18,591,274
IT Services: 3.76%
Endava plc Sponsored ADR †		203,782		9,704,099
EVO Payments Incorporated Class A †		248,857		6,985,416
InterXion Holding NV †		134,020		11,397,061
LiveRamp Holdings Incorporated †		75,900		3,801,831
				31,888,407
Semiconductors & Semiconductor Equipment: 2.93%
Diodes Incorporated †		198,131		9,141,764
Semtech Corporation †		205,200		9,943,992
Silicon Laboratories Incorporated †		55,100		5,836,743
				24,922,499
Software: 19.25%
Altair Engineering Incorporated Class A †		52,953		1,756,451
Anaplan Incorporated †		42,956		2,316,188

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

22  |  Wells Fargo Emerging Growth Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

				Shares		Value
Software (continued)
BlackLine Incorporated †					147,923	$	7,961,216
Envestnet Incorporated †					330,492		23,534,335
Everbridge Incorporated †					91,800		8,072,892
Five9 Incorporated †					315,093		21,479,890
Globant SA †					71,600		7,661,200
Mimecast Limited †					173,200		7,681,420
New Relic Incorporated †					84,900		5,774,898
PROS Holdings Incorporated †					62,100		3,868,209
Q2 Holdings Incorporated †					264,243		22,310,036
Rapid7 Incorporated †					422,236		23,674,773
RealPage Incorporated †					53,900		2,966,117
SPS Commerce Incorporated †					199,596		11,243,243
Talend SA ADR †					346,318		13,146,231
							163,447,099
Materials: 1.38%
Chemicals: 1.12%
Ingevity Corporation †					32,600		2,944,106
PQ Group Holdings Incorporated †					413,820		6,563,185
							9,507,291
Metals & Mining: 0.26%
Mayville Engineering Company Incorporated †					239,175		2,236,286
Total Common Stocks (Cost $538,746,489)							840,531,666
	Yield
Short-Term Investments: 5.82%
Investment Companies: 5.82%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77	%		33,404,641		33,407,982
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56			16,002,652		16,002,652
Total Short-Term Investments (Cost $49,409,568)							49,410,634

Total investments in securities (Cost $588,156,057)	104.80	%		889,942,300
Other assets and liabilities, net	(4.80	)		(40,774,749	)
Total net assets	100.00	%	$	849,167,551

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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

Wells Fargo Emerging Growth Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		41,141,098		146,826,746		154,563,203		33,404,641	$	1,003	$	0	$	451,308	#	$	33,407,982
Wells Fargo Government Money Market Fund Select Class		10,281,602		145,926,791		140,205,741		16,002,652		0		0		102,159			16,002,652
									$	1,003	$	0	$	553,467		$	49,410,634		5.82	%

^# Amount shown represents income before fees and rebates.

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

24  |  Wells Fargo Emerging Growth Portfolio

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $32,653,718 of securities loaned), at value (cost $538,746,489)	$	840,531,666
Investments in affiliated securities, at value (cost $49,409,568)		49,410,634
Receivable for investments sold		364,629
Receivable for dividends		88,592
Receivable for securities lending income, net		35,260
Total assets		890,430,781
Liabilities
Payable upon receipt of securities loaned		33,384,840
Payable for investments purchased		7,244,670
Advisory fee payable		548,994
Accrued expenses and other liabilities		84,726
Total liabilities		41,263,230
Total net assets	$	849,167,551

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

Wells Fargo Emerging Growth Portfolio  |  25

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends	$	417,987
Securities lending income from affiliates, net		408,551
Income from affiliated securities		102,159
Total investment income		928,697
Expenses
Advisory fee		3,226,543
Custody and accounting fees		19,793
Professional fees		23,365
Shareholder report expenses		2,250
Trustees’ fees and expenses		11,745
Other fees and expenses		16,924
Net expenses		3,300,620
Net investment loss		(2,371,923	)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		18,803,474
Affiliated securities		1,003
Net realized gains on investments		18,804,477
Net change in unrealized gains (losses) on investments		50,871,091
Net realized and unrealized gains (losses) on investments		69,675,568
Net increase in net assets resulting from operations	$	67,303,645

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

26  |  Wells Fargo Emerging Growth Portfolio

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment loss	$	(2,371,923	)	$	(5,059,099	)
Net realized gains on investments		18,804,477			101,592,660
Net change in unrealized gains (losses) on investments		50,871,091			(103,571,551	)
Net increase (decrease) in net assets resulting from operations		67,303,645			(7,037,990	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		39,313,595			113,603,214
Withdrawals		(76,940,103	)		(166,578,053	)
Net decrease in net assets resulting from capital transactions		(37,626,508	)		(52,974,839	)
Total increase (decrease) in net assets		29,677,137			(60,012,829	)
Net assets
Beginning of period		819,490,414			879,503,243
End of period	$	849,167,551		$	819,490,414

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

Wells Fargo Emerging Growth Portfolio  |  27

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		8.40	%		(0.28	)%		33.60	%		23.97	%		(14.47	)%		24.02	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%		0.80	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%		0.80	%
Net investment loss		(0.58	)%		(0.57	)%		(0.47	)%		(0.15	)%		(0.40	)%		(0.63	)%
Supplemental data
Portfolio turnover rate		28	%		71	%		47	%		115	%		66	%		56	%

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

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

28  |  Wells Fargo Emerging Growth Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

Wells Fargo Emerging Growth Portfolio  |  29

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $585,925,490 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	310,713,428
Gross unrealized losses		(6,696,618	)
Net unrealized gains	$	304,016,810

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	3,349,781	$	0	$	0	$	3,349,781
Consumer discretionary		114,458,203		0		0		114,458,203
Consumer staples		43,170,759		0		0		43,170,759
Energy		2,532,911		0		0		2,532,911
Financials		67,536,862		0		0		67,536,862
Health care		201,625,984		0		0		201,625,984
Industrials		157,264,310		0		0		157,264,310
Information technology		238,849,279		0		0		238,849,279
Materials		11,743,577		0		0		11,743,577
Short-term investments
Investment companies		49,410,634		0		0		49,410,634
Total assets	$	889,942,300	$	0	$	0	$	889,942,300

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

For the six months ended November 30, 2019, the Portfolio did not have any transfers into/out of Level 3.

30  |  Wells Fargo Emerging Growth Portfolio

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.775
Next $1 billion		0.750
Next $1 billion		0.725
Next $1 billion		0.700
Over $4 billion		0.680

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $229,486,603 and $273,291,311, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

Wells Fargo Emerging Growth Portfolio  |  31

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	8,264,592	$	(8,264,592	)	$	0
Barclays Capital Inc.		6,525,676		(6,525,676	)		0
Citigroup Global Markets Inc.		4,937,128		(4,937,128	)		0
Credit Suisse Securities (USA) LLC		228,373		(228,373	)		0
JPMorgan Securities LLC		8,343,212		(8,343,212	)		0
Morgan Stanley & Co. LLC		4,354,737		(4,354,737	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Portfolio invests a concentration of its portfolio in the information technology sector. A Portfolio that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a Portfolio 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 Portfolio 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.

32  |  Wells Fargo Emerging Growth Portfolio

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Emerging Growth Fund  |  33

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 150 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

34  |  Wells Fargo Emerging Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Wells Fargo Emerging Growth Fund  |  35

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

36  |  Wells Fargo Emerging Growth Fund

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

© 2020 Wells Fargo & Company. All rights reserved.

408960 01-19

SA282/SAR282 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo Index 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo Index Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	14
Wells Fargo Index Portfolio
Portfolio of investments	17
Financial statements
Statement of assets and liabilities	31
Statement of operations	32
Statement of changes in net assets	33
Financial highlights	34
Notes to financial statements	35
Other information	40

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Save trees.

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Index Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Index Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Index Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks to replicate the total return of S&P 500 Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

David Neal, CFA^®‡

Robert M. Wicentowski, CFA^®‡

Average annual total returns (%) as of November 30, 2019²

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFILX)	11-4-1998		8.96		9.17		12.21		15.61		10.47		12.88		0.64		0.45
Class C (WFINX)	4-30-1999		13.74		9.64		12.03		14.74		9.64		12.03		1.39		1.20
Administrator Class (WFIOX)	2-14-1985		–		–		–		15.84		10.71		13.18		0.41		0.25
S&P 500 Index5	–		–		–		–		16.11		10.98		13.44		–		–

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 shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Index Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20196
Microsoft Corporation	4.43
Apple Incorporated	4.36
Amazon.com Incorporated	2.87
Facebook Incorporated Class A	1.86
Berkshire Hathaway Incorporated Class B	1.66
JPMorgan Chase & Company	1.62
Alphabet Incorporated Class C	1.51
Alphabet Incorporated Class A	1.50
Johnson & Johnson	1.39
Visa Incorporated Class A	1.22

Sector distribution as of November 30, 2019⁷

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

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²  Historical performance shown prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Equity Index Fund.

³  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴  The manager has contractually committed through September 30, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

⁵  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁶  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Index Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,149.96	$	2.42		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75	$	2.28		0.45	%
Class C
Actual	$	1,000.00	$	1,145.74	$	6.44		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Administrator Class
Actual	$	1,000.00	$	1,151.27	$	1.34		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75	$	1.26		0.25	%

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

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

6  |  Wells Fargo Index Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 101.05%
Affiliated Master Portfolios: 101.05%
Wells Fargo Index Portfolio	$	1,186,997,033
Total Investment Companies (Cost $188,317,162)		1,186,997,033

Total investments in securities (Cost $188,317,162)	101.05	%		1,186,997,033
Other assets and liabilities, net	(1.05	)		(12,291,620	)
Total net assets	100.00	%	$	1,174,705,413

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Index Portfolio		97	%		97	%	$	104,460,152	$	51,297,295	$	11,371,492	$	221,097	$	22,274	$	1,186,997,033		101.05	%

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

Wells Fargo Index Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $188,317,162)	$	1,186,997,033
Receivable for Fund shares sold		357,635
Receivable from manager		155,391
Prepaid expenses and other assets		148,489
Total assets		1,187,658,548
Liabilities
Payable for Fund shares redeemed		12,364,758
Administration fees payable		180,674
Distribution fee payable		12,649
Trustees’ fees and expenses payable		2,325
Accrued expenses and other liabilities		392,729
Total liabilities		12,953,135
Total net assets	$	1,174,705,413
Net assets consist of
Paid-in capital	$	(152,220,395	)
Total distributable earnings		1,326,925,808
Total net assets	$	1,174,705,413
Computation of net asset value and offering price per share
Net assets – Class A	$	726,787,008
Shares outstanding – Class A1		12,773,884
Net asset value per share – Class A		$56.90
Maximum offering price per share – Class A2		$60.37
Net assets – Class C	$	20,278,750
Shares outstanding – Class C1		353,835
Net asset value per share – Class C		$57.31
Net assets – Administrator Class		$427,639,655
Shares outstanding – Administrator Class1		7,394,216
Net asset value per share – Administrator Class		$57.83

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.

8  |  Wells Fargo Index Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $53,967)	$	11,371,492
Affiliated income allocated from affiliated Master Portfolio		221,097
Interest allocated from affiliated Master Portfolio		22,274
Expenses allocated from affiliated Master Portfolio		(676,380	)
Total investment income		10,938,483
Expenses
Management fee		293,499
Administration fees
Class A		746,212
Class C		20,725
Administrator Class		288,325
Shareholder servicing fees
Class A		888,347
Class C		24,673
Administrator Class		216,032
Distribution fee
Class C		73,984
Custody and accounting fees		37,208
Professional fees		16,453
Registration fees		49,863
Shareholder report expenses		36,413
Trustees’ fees and expenses		10,623
Other fees and expenses		90,574
Total expenses		2,792,931
Less: Fee waivers and/or expense reimbursements
Fund-level		(293,499	)
Class A		(591,578	)
Class C		(16,398	)
Administrator Class		(300,087	)
Net expenses		1,591,369
Net investment income		9,347,114
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		104,460,152
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		51,297,295
Net realized and unrealized gains (losses) on investments		155,757,447
Net increase in net assets resulting from operations	$	165,104,561

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

Wells Fargo Index Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	9,347,114					$	22,631,565
Net realized gains on investments					104,460,152						306,741,725
Net change in unrealized gains (losses) on investments					51,297,295						(284,064,839	)
Net increase in net assets resulting from operations					165,104,561						45,308,451
Distributions to shareholders from net investment income and net realized gains
Class A					0						(163,505,563	)
Class C					0						(13,933,913	)
Administrator Class					0						(171,862,037	)
Total distributions to shareholders					0						(349,302,513	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		181,381			9,684,182			1,215,528			63,105,358
Class C		23,272			1,272,761			101,602			5,479,223
Administrator Class		395,142			21,536,198			1,223,311			69,577,734
					32,493,141						138,162,315
Reinvestment of distributions
Class A		0			0			3,265,381			156,770,222
Class C		0			0			255,848			12,342,496
Administrator Class		0			0			2,487,498			121,257,092
					0						290,369,810
Payment for shares redeemed
Class A		(1,080,689	)		(58,572,441	)		(1,902,710	)		(106,045,189	)
Class C		(52,164	)		(2,819,925	)		(1,013,120	)		(51,601,044	)
Administrator Class		(2,175,112	)		(118,090,690	)		(7,480,787	)		(408,288,013	)
					(179,483,056	)					(565,934,246	)
Net decrease in net assets resulting from capital share transactions					(146,989,915	)					(137,402,121	)
Total increase (decrease) in net assets					18,114,646						(441,396,184	)
Net assets
Beginning of period					1,156,590,767						1,597,986,950
End of period				$	1,174,705,413					$	1,156,590,767

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

10  |  Wells Fargo Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$49.48			$63.35			$66.85			$62.85			$67.32			$62.14
Net investment income		0.41			0.82			0.99	1		1.05			0.81			1.00
Net realized and unrealized gains (losses) on investments		7.01			0.54			7.99			9.09			(0.17	)		5.91
Total from investment operations		7.42			1.36			8.98			10.14			0.64			6.91
Distributions to shareholders from
Net investment income		0.00			(0.90	)		(1.02	)		(1.16	)		(1.08	)		(0.96	)
Net realized gains		0.00			(14.33	)		(11.46	)		(4.98	)		(4.03	)		(0.77	)
Total distributions to shareholders		0.00			(15.23	)		(12.48	)		(6.14	)		(5.11	)		(1.73	)
Net asset value, end of period		$56.90			$49.48			$63.35			$66.85			$62.85			$67.32
Total return2		15.00	%		3.32	%		13.87	%		16.94	%		1.24	%		11.21	%
Ratios to average net assets (annualized)
Gross expenses3		0.67	%		0.65	%		0.63	%		0.62	%		0.63	%		0.68	%
Net expenses3		0.45	%		0.45	%		0.45	%		0.45	%		0.48	%		0.56	%
Net investment income3		1.53	%		1.51	%		1.49	%		1.68	%		1.78	%		1.50	%
Supplemental data
Portfolio turnover rate4		2	%		4	%		3	%		9	%		4	%		4	%
Net assets, end of period (000s omitted)		$726,787			$676,511			$702,866			$684,004			$639,496			$445,088

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%

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

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

Wells Fargo Index Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$50.02			$63.67			$67.11			$62.12			$67.55			$62.37
Net investment income		0.21	1		0.46	1		0.50	1		0.66			0.62	1		0.50
Net realized and unrealized gains (losses) on investments		7.08			0.52			8.00			9.02			(0.45	)		5.94
Total from investment operations		7.29			0.98			8.50			9.68			0.17			6.44
Distributions to shareholders from
Net investment income		0.00			(0.30	)		(0.48	)		(0.71	)		(0.57	)		(0.49	)
Net realized gains		0.00			(14.33	)		(11.46	)		(4.98	)		(4.03	)		(0.77	)
Total distributions to shareholders		0.00			(14.63	)		(11.94	)		(5.69	)		(4.60	)		(1.26	)
Net asset value, end of period		$57.31			$50.02			$63.67			$67.11			$63.12			$67.55
Total return2		14.57	%		2.54	%		13.02	%		16.07	%		0.48	%		10.38	%
Ratios to average net assets (annualized)
Gross expenses3		1.42	%		1.39	%		1.38	%		1.37	%		1.38	%		1.43	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.24	%		1.31	%
Net investment income3		0.78	%		0.77	%		0.72	%		0.93	%		0.99	%		0.75	%
Supplemental data
Portfolio turnover rate4		2	%		4	%		3	%		9	%		4	%		4	%
Net assets, end of period (000s omitted)		$20,279			$19,146			$66,117			$67,691			$79,858			$83,718

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%

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

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

12  |  Wells Fargo Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$50.24			$64.04			$67.43			$63.33			$67.80			$62.56
Net investment income		0.47	1		1.02	1		1.26			1.41			1.31			1.27
Net realized and unrealized gains (losses) on investments		7.12			0.48			7.94			8.94			(0.51	)		5.90
Total from investment operations		7.59			1.50			9.20			10.35			0.80			7.17
Distributions to shareholders from
Net investment income		0.00			(0.97	)		(1.13	)		(1.27	)		(1.24	)		(1.16	)
Net realized gains		0.00			(14.33	)		(11.46	)		(4.98	)		(4.03	)		(0.77	)
Total distributions to shareholders		0.00			(15.30	)		(12.59	)		(6.25	)		(5.27	)		(1.93	)
Net asset value, end of period		$57.83			$50.24			$64.04			$67.43			$63.33			$67.80
Total return2		15.13	%		3.52	%		14.10	%		17.18	%		1.49	%		11.56	%
Ratios to average net assets (annualized)
Gross expenses3		0.43	%		0.41	%		0.40	%		0.39	%		0.40	%		0.37	%
Net expenses3		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income3		1.73	%		1.72	%		1.70	%		1.88	%		1.97	%		1.81	%
Supplemental data
Portfolio turnover rate4		2	%		4	%		3	%		9	%		4	%		4	%
Net assets, end of period (000s omitted)		$427,640			$460,934			$829,004			$1,151,522			$1,502,276			$1,832,814

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%

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

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

Wells Fargo Index Fund  |  13

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 Index Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 97% of Wells Fargo Index Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $193,907,302 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	993,089,731
Gross unrealized losses		0
Net unrealized gains	$	993,089,731

14  |  Wells Fargo Index Fund

Notes to financial statements (unaudited)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Index Portfolio	Seeks to replicate the total return of the S&P 500 Index, before fees and expenses	$1,186,997,033

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the

Wells Fargo Index Fund  |  15

Notes to financial statements (unaudited)

expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.45% for Class A shares, 1.20% for Class C shares, and 0.25% for Administrator 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 November 30, 2019, Funds Distributor received $4,934 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2019.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $24,920,098 and $164,032,692, 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 November 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.

16  |  Wells Fargo Index Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks: 95.88%
Communication Services: 10.02%
Diversified Telecommunication Services: 1.97%
AT&T Incorporated †		329,334	$	12,310,496
CenturyLink Incorporated		44,246		641,125
Verizon Communications Incorporated †		186,414		11,229,579
				24,181,200
Entertainment: 1.86%
Activision Blizzard Incorporated		34,571		1,895,528
Electronic Arts Incorporated †		13,283		1,341,716
Netflix Incorporated †		19,734		6,209,500
Take-Two Interactive Software Incorporated †		5,101		619,006
The Walt Disney Company		81,190		12,306,780
Viacom Incorporated Class B †		15,954		384,013
				22,756,543
Interactive Media & Services: 4.76%
Alphabet Incorporated Class A †		13,500		17,605,215
Alphabet Incorporated Class C †		13,620		17,773,555
Facebook Incorporated Class A †		108,428		21,863,422
TripAdvisor Incorporated		4,732		134,389
Twitter Incorporated †		34,841		1,076,935
				58,453,516
Media: 1.34%
CBS Corporation Class B		14,749		595,565
Charter Communications Incorporated Class A †		7,287		3,424,963
Comcast Corporation Class A		204,421		9,025,187
Discovery Communications Incorporated Class A †«		7,123		234,632
Discovery Communications Incorporated Class C †		15,638		477,272
DISH Network Corporation Class A †		11,430		390,563
Fox Corporation Class A		15,975		571,266
Fox Corporation Class B †		7,318		255,984
Interpublic Group of Companies Incorporated		17,453		390,947
News Corporation Class A †		17,381		223,867
News Corporation Class B †		5,488		72,277
Omnicom Group Incorporated		9,804		779,222
				16,441,745
Wireless Telecommunication Services: 0.09%
T-Mobile US Incorporated †		14,249		1,119,259
Consumer Discretionary: 9.39%
Auto Components: 0.12%
Aptiv plc		11,547		1,084,032
BorgWarner Incorporated		9,308		391,401
				1,475,433
Automobiles: 0.32%
Ford Motor Company †		176,633		1,600,295
General Motors Company †		56,627		2,038,572
Harley-Davidson Incorporated		7,064		256,988
				3,895,855

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

Wells Fargo Index Portfolio  |  17

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Distributors: 0.10%
Genuine Parts Company †		6,584	$	687,172
LKQ Corporation †		13,891		490,074
				1,177,246
Diversified Consumer Services: 0.02%
H&R Block Incorporated		9,047		220,566
Hotels, Restaurants & Leisure: 1.78%
Carnival Corporation		18,047		813,559
Chipotle Mexican Grill Incorporated †		1,150		936,008
Darden Restaurants Incorporated †		5,535		655,565
Hilton Worldwide Holdings Incorporated †		12,929		1,357,545
Las Vegas Sands Corporation †		15,266		957,942
Marriott International Incorporated Class A		12,321		1,729,376
McDonald’s Corporation		34,229		6,656,856
MGM Resorts International		23,501		750,857
Norwegian Cruise Line Holdings Limited †		9,717		521,220
Royal Caribbean Cruises Limited †		7,745		929,555
Starbucks Corporation †		53,950		4,608,949
Wynn Resorts Limited		4,365		527,510
Yum! Brands Incorporated †		13,714		1,380,588
				21,825,530
Household Durables: 0.38%
D.R. Horton Incorporated		15,168		839,549
Garmin Limited †		6,512		636,157
Leggett & Platt Incorporated		5,925		309,996
Lennar Corporation Class A †		12,818		764,594
Mohawk Industries Incorporated †		2,699		376,160
Newell Rubbermaid Incorporated		17,175		330,104
NVR Incorporated †		155		587,743
Pulte Group Incorporated †		11,618		460,654
Whirlpool Corporation †		2,863		409,695
				4,714,652
Internet & Direct Marketing Retail: 3.20%
Amazon.com Incorporated †		18,728		33,725,382
Booking Holdings Incorporated †		1,916		3,648,121
eBay Incorporated †		35,536		1,262,239
Expedia Group Incorporated †		6,303		640,763
				39,276,505
Leisure Products: 0.05%
Hasbro Incorporated †		5,676		577,249
Multiline Retail: 0.52%
Dollar General Corporation		11,586		1,823,173
Dollar Tree Incorporated †		10,665		975,421
Kohl’s Corporation †		7,172		337,156
Macy’s Incorporated †«		13,923		213,300
Nordstrom Incorporated		4,818		183,903
Target Corporation †		23,028		2,878,730
				6,411,683

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

18  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Specialty Retail: 2.22%
Advance Auto Parts Incorporated		3,217	$	505,326
AutoZone Incorporated †		1,106		1,302,780
Best Buy Company Incorporated		10,454		843,011
CarMax Incorporated †		7,463		725,851
L Brands Incorporated		10,464		200,281
Lowe’s Companies Incorporated †		34,786		4,080,746
O’Reilly Automotive Incorporated †		3,449		1,525,424
Ross Stores Incorporated †		16,437		1,909,158
The Gap Incorporated †		9,654		160,353
The Home Depot Incorporated		49,360		10,884,374
The TJX Companies Incorporated †		54,488		3,330,851
Tiffany & Company †		4,900		655,620
Tractor Supply Company		5,375		507,615
ULTA Beauty Incorporated †		2,652		620,197
				27,251,587
Textiles, Apparel & Luxury Goods: 0.68%
Capri Holdings Limited †		6,832		253,740
HanesBrands Incorporated		16,295		245,566
Nike Incorporated Class B		56,423		5,274,986
PVH Corporation		3,342		324,040
Ralph Lauren Corporation †		2,336		250,746
Tapestry Incorporated		12,929		347,661
Under Armour Incorporated Class A †		8,480		160,187
Under Armour Incorporated Class C †		8,760		151,548
VF Corporation		14,716		1,302,955
				8,311,429
Consumer Staples: 6.95%
Beverages: 1.73%
Brown-Forman Corporation Class B		8,204		556,395
Constellation Brands Incorporated Class A		7,538		1,402,520
Molson Coors Brewing Company Class B		8,467		427,414
Monster Beverage Corporation †		17,436		1,043,022
PepsiCo Incorporated		63,017		8,559,599
The Coca-Cola Company		173,452		9,262,337
				21,251,287
Food & Staples Retailing: 1.51%
Costco Wholesale Corporation		19,822		5,942,834
Sysco Corporation		23,129		1,863,041
The Kroger Company †		36,003		984,322
Walgreens Boots Alliance Incorporated		34,193		2,037,903
Walmart Incorporated †		64,097		7,633,312
				18,461,412
Food Products: 1.08%
Archer Daniels Midland Company †		25,103		1,077,672
Campbell Soup Company		7,601		353,979
ConAgra Foods Incorporated		21,932		633,177
General Mills Incorporated †		27,200		1,450,304
Hormel Foods Corporation †		12,515		557,293
Kellogg Company †		11,207		729,800
Lamb Weston Holdings Incorporated		6,566		551,413

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

Wells Fargo Index Portfolio  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Food Products (continued)
McCormick & Company Incorporated †		5,546	$	938,661
Mondelez International Incorporated Class A		64,999		3,415,047
The Hershey Company †		6,714		994,746
The J.M. Smucker Company		5,140		540,163
The Kraft Heinz Company		28,043		855,312
Tyson Foods Incorporated Class A		13,281		1,193,829
				13,291,396
Household Products: 1.64%
Church & Dwight Company Incorporated †		11,137		782,263
Colgate-Palmolive Company		38,671		2,622,667
Kimberly-Clark Corporation		15,513		2,115,042
The Clorox Company		5,667		840,019
The Procter & Gamble Company		112,796		13,767,880
				20,127,871
Personal Products: 0.17%
Coty Incorporated Class A		13,257		152,986
The Estee Lauder Companies Incorporated Class A		9,971		1,949,031
				2,102,017
Tobacco: 0.82%
Altria Group Incorporated †		84,197		4,184,591
Philip Morris International Incorporated †		70,123		5,815,300
				9,999,891
Energy: 4.05%
Energy Equipment & Services: 0.38%
Baker Hughes Incorporated		29,257		655,942
Halliburton Company †		39,479		828,664
Helmerich & Payne Incorporated		4,932		194,962
National Oilwell Varco Incorporated		17,393		392,212
Schlumberger Limited		62,333		2,256,455
TechnipFMC plc		18,916		356,377
				4,684,612
Oil, Gas & Consumable Fuels: 3.67%
Apache Corporation		16,945		377,535
Cabot Oil & Gas Corporation †		18,857		300,581
Chevron Corporation †		85,564		10,022,111
Cimarex Energy Company		4,573		210,221
Concho Resources Incorporated †		9,063		657,611
ConocoPhillips †		50,035		2,999,098
Devon Energy Corporation		18,218		398,792
Diamondback Energy Incorporated		7,349		568,372
EOG Resources Incorporated †		26,157		1,854,531
Exxon Mobil Corporation		190,700		12,992,391
Hess Corporation †		11,665		724,280
HollyFrontier Corporation †		6,824		351,777
Kinder Morgan Incorporated †		87,748		1,720,738
Marathon Oil Corporation †		36,239		422,184
Marathon Petroleum Corporation		29,671		1,799,249
Noble Energy Incorporated †		21,555		447,482
Occidental Petroleum Corporation †		40,315		1,554,950

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

20  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
ONEOK Incorporated		18,613	$	1,322,454
Phillips 66		20,216		2,319,180
Pioneer Natural Resources Company		7,533		963,019
The Williams Companies Incorporated		54,627		1,241,125
Valero Energy Corporation		18,678		1,783,562
				45,031,243
Financials: 12.59%
Banks: 5.46%
Bank of America Corporation †		377,581		12,580,999
BB&T Corporation †		34,532		1,889,591
Citigroup Incorporated		101,818		7,648,568
Citizens Financial Group Incorporated †		20,151		775,007
Comerica Incorporated		6,732		474,000
Fifth Third Bancorp		32,924		993,976
First Republic Bank		7,582		833,262
Huntington Bancshares Incorporated		46,777		696,510
JPMorgan Chase & Company		144,114		18,988,461
KeyCorp †		45,218		876,777
M&T Bank Corporation		6,025		992,559
People’s United Financial Incorporated †		19,989		329,819
PNC Financial Services Group Incorporated †		20,068		3,074,618
Regions Financial Corporation		44,971		748,317
SunTrust Banks Incorporated †		20,009		1,417,438
SVB Financial Group †		2,323		538,309
US Bancorp		64,632		3,879,859
Wells Fargo & Company (l)		180,715		9,841,739
Zions Bancorporation		7,976		397,045
				66,976,854
Capital Markets: 2.66%
Affiliated Managers Group Incorporated		2,282		194,814
Ameriprise Financial Incorporated		5,898		966,505
Bank of New York Mellon Corporation		38,663		1,893,327
BlackRock Incorporated		5,295		2,620,548
CBOE Holdings Incorporated †		5,034		598,543
CME Group Incorporated		16,140		3,272,062
E*TRADE Financial Corporation		10,222		452,835
Franklin Resources Incorporated		12,712		349,453
Intercontinental Exchange Incorporated		25,258		2,378,546
Invesco Limited		17,363		304,894
MarketAxess Holdings Incorporated		1,702		687,302
Moody’s Corporation		7,334		1,662,398
Morgan Stanley		56,614		2,801,261
MSCI Incorporated †		3,817		989,328
Northern Trust Corporation †		9,685		1,038,619
Raymond James Financial Incorporated		5,569		500,208
S&P Global Incorporated		11,101		2,937,880
State Street Corporation		16,793		1,261,154
T. Rowe Price Group Incorporated		10,617		1,311,837
The Charles Schwab Corporation †		52,435		2,595,533
The Goldman Sachs Group Incorporated		14,585		3,228,390
The NASDAQ OMX Group Incorporated		5,196		544,541
				32,589,978

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

Wells Fargo Index Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Consumer Finance: 0.65%
American Express Company		30,663	$	3,683,240
Capital One Financial Corporation		21,198		2,120,012
Discover Financial Services †		14,343		1,217,290
Synchrony Financial		27,510		1,029,149
				8,049,691
Diversified Financial Services: 1.59%
Berkshire Hathaway Incorporated Class B †		88,378		19,469,673
Insurance: 2.23%
AFLAC Incorporated †		33,370		1,830,011
American International Group Incorporated		39,208		2,064,693
Aon plc		10,630		2,164,374
Arthur J. Gallagher & Company †		8,386		782,162
Assurant Incorporated †		2,755		366,057
Chubb Limited		20,541		3,111,551
Cincinnati Financial Corporation		6,846		732,864
Everest Reinsurance Group Limited		1,836		498,033
Globe Life Incorporated		4,524		464,886
Lincoln National Corporation		9,023		532,808
Loews Corporation		11,721		596,599
Marsh & McLennan Companies Incorporated		22,820		2,466,157
MetLife Incorporated †		35,876		1,790,571
Principal Financial Group Incorporated		11,686		643,899
Prudential Financial Incorporated		18,119		1,696,301
The Allstate Corporation		14,837		1,652,100
The Hartford Financial Services Group Incorporated †		16,297		1,008,132
The Progressive Corporation †		26,351		1,924,941
The Travelers Companies Incorporated		11,736		1,604,546
Unum Group		9,403		289,048
Willis Towers Watson plc		5,814		1,142,102
				27,361,835
Health Care: 13.49%
Biotechnology: 1.98%
AbbVie Incorporated		66,637		5,846,064
Alexion Pharmaceuticals Incorporated †		10,106		1,151,478
Amgen Incorporated		27,029		6,344,247
Biogen Idec Incorporated †		8,313		2,492,321
Gilead Sciences Incorporated		57,080		3,838,059
Incyte Corporation †		8,045		757,517
Regeneron Pharmaceuticals Incorporated †		3,602		1,329,138
Vertex Pharmaceuticals Incorporated †		11,585		2,568,974
				24,327,798
Health Care Equipment & Supplies: 3.39%
Abbott Laboratories		79,658		6,806,776
ABIOMED Incorporated †		2,045		401,188
Align Technology Incorporated †		3,276		908,566
Baxter International Incorporated		23,011		1,886,212
Becton Dickinson & Company †		12,167		3,145,170
Boston Scientific Corporation †		62,783		2,715,365
Danaher Corporation †		28,776		4,200,720
Dentsply Sirona Incorporated		10,104		571,280
Edwards Lifesciences Corporation †		9,373		2,295,823

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

22  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Health Care Equipment & Supplies (continued)
Hologic Incorporated †		12,048	$	618,303
IDEXX Laboratories Incorporated †		3,880		976,130
Intuitive Surgical Incorporated †		5,195		3,080,116
Medtronic plc †		60,470		6,735,753
ResMed Incorporated †		6,475		968,660
Stryker Corporation †		14,462		2,962,685
Teleflex Incorporated		2,084		736,361
The Cooper Companies Incorporated		2,234		699,443
Varian Medical Systems Incorporated †		4,104		548,828
Zimmer Biomet Holdings Incorporated		9,254		1,344,421
				41,601,800
Health Care Providers & Services: 2.77%
AmerisourceBergen Corporation		6,854		602,535
Anthem Incorporated		11,530		3,328,250
Cardinal Health Incorporated		13,437		739,438
Centene Corporation †		18,642		1,127,282
Cigna Corporation †		17,019		3,402,438
CVS Health Corporation		58,615		4,411,951
DaVita HealthCare Partners Incorporated †		4,092		293,683
HCA Healthcare Incorporated		11,987		1,662,117
Henry Schein Incorporated †		6,682		460,390
Humana Incorporated		6,089		2,077,749
Laboratory Corporation of America Holdings †		4,403		758,593
McKesson Corporation		8,334		1,205,430
Quest Diagnostics Incorporated		6,070		646,759
UnitedHealth Group Incorporated		42,713		11,954,087
Universal Health Services Incorporated Class B		3,661		510,673
WellCare Health Plans Incorporated †		2,268		730,455
				33,911,830
Health Care Technology: 0.08%
Cerner Corporation †		14,350		1,027,317
Life Sciences Tools & Services: 0.98%
Agilent Technologies Incorporated †		13,948		1,126,580
Illumina Incorporated †		6,625		2,125,035
IQVIA Holdings Incorporated †		8,211		1,198,642
Mettler-Toledo International Incorporated †		1,109		797,826
PerkinElmer Incorporated †		5,006		465,057
Thermo Fisher Scientific Incorporated		18,050		5,666,798
Waters Corporation †		3,009		668,209
				12,048,147
Pharmaceuticals: 4.29%
Allergan plc		14,785		2,734,338
Bristol-Myers Squibb Company		105,669		6,016,793
Eli Lilly & Company		38,291		4,493,449
Johnson & Johnson		118,950		16,354,436
Merck & Company Incorporated †		115,399		10,060,485
Mylan NV †		23,251		436,654
Perrigo Company plc		6,132		314,142
Pfizer Incorporated †		249,290		9,602,651
Zoetis Incorporated †		21,524		2,594,072
				52,607,020

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

Wells Fargo Index Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Industrials: 8.92%
Aerospace & Defense: 2.49%
Arconic Incorporated		17,459	$	540,531
General Dynamics Corporation		10,545		1,916,448
Huntington Ingalls Industries Incorporated †		1,863		468,861
L3Harris Technologies Incorporated		10,064		2,023,770
Lockheed Martin Corporation		11,201		4,379,927
Northrop Grumman Corporation		7,092		2,494,753
Raytheon Company		12,552		2,729,056
Textron Incorporated		10,372		479,601
The Boeing Company		24,094		8,822,741
TransDigm Group Incorporated †		2,237		1,268,603
United Technologies Corporation		36,559		5,423,162
				30,547,453
Air Freight & Logistics: 0.53%
C.H. Robinson Worldwide Incorporated †		6,102		468,939
Expeditors International of Washington Incorporated †		7,695		575,278
FedEx Corporation †		10,817		1,731,261
United Parcel Service Incorporated Class B		31,475		3,768,502
				6,543,980
Airlines: 0.37%
Alaska Air Group Incorporated †		5,556		383,420
American Airlines Group Incorporated		17,861		513,325
Delta Air Lines Incorporated		26,082		1,494,759
Southwest Airlines Company †		21,804		1,256,783
United Continental Holdings Incorporated †		9,959		924,195
				4,572,482
Building Products: 0.27%
A.O. Smith Corporation		6,236		301,822
Allegion plc		4,209		505,206
Fortune Brands Home & Security Incorporated †		6,305		398,854
Johnson Controls International plc †		35,863		1,536,012
Masco Corporation		13,046		607,291
				3,349,185
Commercial Services & Supplies: 0.39%
Cintas Corporation †		3,742		961,919
Copart Incorporated †		9,087		808,743
Republic Services Incorporated		9,541		845,810
Rollins Incorporated		6,347		227,540
Waste Management Incorporated		17,591		1,986,200
				4,830,212
Construction & Engineering: 0.07%
Jacobs Engineering Group Incorporated †		6,107		562,394
Quanta Services Incorporated †		6,408		266,829
				829,223
Electrical Equipment: 0.48%
AMETEK Incorporated		10,292		1,019,011
Eaton Corporation plc †		18,930		1,751,025
Emerson Electric Company		27,723		2,047,621
Rockwell Automation Incorporated †		5,274		1,032,860
				5,850,517

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

24  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Industrial Conglomerates: 1.33%
3M Company		25,928	$	4,401,797
General Electric Company †		393,338		4,432,919
Honeywell International Incorporated		32,429		5,790,198
Roper Technologies Incorporated †		4,687		1,689,054
				16,313,968
Machinery: 1.56%
Caterpillar Incorporated		25,356		3,669,774
Cummins Incorporated		7,112		1,300,500
Deere & Company †		14,192		2,384,966
Dover Corporation		6,555		730,751
Flowserve Corporation †		5,912		287,914
Fortive Corporation †		13,308		960,438
IDEX Corporation †		3,419		556,408
Illinois Tool Works Incorporated †		13,267		2,312,836
Ingersoll-Rand plc †		10,888		1,427,526
PACCAR Incorporated		15,611		1,270,267
Parker-Hannifin Corporation		5,789		1,150,795
Pentair plc		7,574		335,907
Snap-on Incorporated		2,488		399,224
Stanley Black & Decker Incorporated		6,839		1,078,784
Wabtec Corporation		8,208		644,903
Xylem Incorporated		8,114		628,916
				19,139,909
Professional Services: 0.31%
Equifax Incorporated		5,448		760,759
IHS Markit Limited †		18,078		1,313,367
Nielsen Holdings plc		16,031		313,406
Robert Half International Incorporated		5,299		308,402
Verisk Analytics Incorporated		7,369		1,086,780
				3,782,714
Road & Rail: 0.95%
CSX Corporation †		35,975		2,573,652
J.B. Hunt Transport Services Incorporated †		3,850		445,137
Kansas City Southern		4,534		691,072
Norfolk Southern Corporation		11,872		2,297,232
Union Pacific Corporation		31,754		5,588,386
				11,595,479
Trading Companies & Distributors: 0.17%
Fastenal Company †		25,845		918,014
United Rentals Incorporated †		3,478		532,308
W.W. Grainger Incorporated		1,992		631,364
				2,081,686
Information Technology: 21.90%
Communications Equipment: 0.91%
Arista Networks Incorporated †		2,453		478,654
Cisco Systems Incorporated		191,340		8,669,615
F5 Networks Incorporated †		2,710		394,874
Juniper Networks Incorporated		15,586		390,585
Motorola Solutions Incorporated		7,462		1,248,393
				11,182,121

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

Wells Fargo Index Portfolio  |  25

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Electronic Equipment, Instruments & Components: 0.50%
Amphenol Corporation Class A		13,406	$	1,394,224
CDW Corporation of Delaware		6,522		880,796
Corning Incorporated †		35,194		1,022,034
FLIR Systems Incorporated		6,112		327,359
IPG Photonics Corporation †		1,607		228,339
Keysight Technologies Incorporated †		8,454		904,832
TE Connectivity Limited		15,141		1,403,722
				6,161,306
IT Services: 5.27%
Accenture plc Class A †		28,717		5,776,712
Akamai Technologies Incorporated †		7,436		647,824
Alliance Data Systems Corporation		1,846		197,356
Automatic Data Processing Incorporated		19,558		3,340,115
Broadridge Financial Solutions Incorporated		5,151		637,230
Cognizant Technology Solutions Corporation Class A		24,892		1,595,826
DXC Technology Company		11,807		440,755
Fidelity National Information Services Incorporated †		27,649		3,819,709
Fiserv Incorporated †		25,727		2,990,506
FleetCor Technologies Incorporated †		3,902		1,197,602
Gartner Incorporated †		4,063		651,949
Global Payments Incorporated †		13,523		2,449,015
International Business Machines Corporation		39,927		5,368,185
Jack Henry & Associates Incorporated †		3,470		527,232
Leidos Holdings Incorporated		6,093		553,488
MasterCard Incorporated Class A †		40,238		11,758,751
Paychex Incorporated		14,415		1,241,420
PayPal Holdings Incorporated †		53,034		5,728,202
VeriSign Incorporated †		4,695		895,524
Visa Incorporated Class A		77,836		14,361,520
Western Union Company		19,105		513,542
				64,692,463
Semiconductors & Semiconductor Equipment: 3.93%
Advanced Micro Devices Incorporated †		48,927		1,915,492
Analog Devices Incorporated		16,650		1,880,618
Applied Materials Incorporated		41,635		2,410,667
Broadcom Incorporated		17,942		5,673,440
Intel Corporation		199,665		11,590,553
KLA-Tencor Corporation		7,178		1,176,187
Lam Research Corporation		6,514		1,738,131
Maxim Integrated Products Incorporated		12,227		692,904
Microchip Technology Incorporated «		10,729		1,014,320
Micron Technology Incorporated †		49,750		2,363,623
NVIDIA Corporation †		27,448		5,949,080
Qorvo Incorporated †		5,309		553,251
QUALCOMM Incorporated		51,464		4,299,817
Skyworks Solutions Incorporated †		7,739		760,744
Texas Instruments Incorporated		42,079		5,058,317
Xilinx Incorporated		11,385		1,056,300
				48,133,444
Software: 6.75%
Adobe Systems Incorporated †		21,879		6,772,207
ANSYS Incorporated †		3,791		965,530
Autodesk Incorporated †		9,897		1,790,367

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

26  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Software (continued)
Cadence Design Systems Incorporated †		12,627	$	887,047
Citrix Systems Incorporated		5,546		625,644
Fortinet Incorporated †		6,397		672,389
Intuit Incorporated		11,722		3,034,709
Microsoft Corporation †		344,136		52,095,308
Nortonlifelock Incoporated		25,627		638,112
Oracle Corporation †		99,230		5,570,772
Salesforce.com Incorporated †		39,527		6,438,553
ServiceNow Incorporated †		8,449		2,391,405
Synopsys Incorporated †		6,774		955,405
				82,837,448
Technology Hardware, Storage & Peripherals: 4.54%
Apple Incorporated		191,463		51,168,487
Hewlett Packard Enterprise Company †		58,845		931,516
HP Incorporated †		66,791		1,341,163
NetApp Incorporated †		10,723		649,707
Seagate Technology plc		10,671		636,845
Western Digital Corporation		13,341		671,453
Xerox Holdings Corporation †		8,577		333,903
				55,733,074
Materials: 2.55%
Chemicals: 1.83%
Air Products & Chemicals Incorporated		9,932		2,347,230
Albemarle Corporation		4,777		312,320
Celanese Corporation Series A		5,577		700,304
CF Industries Holdings Incorporated		9,840		454,706
Corteva Incorporated		33,753		878,253
Dow Incorporated		33,497		1,787,735
DuPont de Nemours Incorporated †		33,600		2,177,616
Eastman Chemical Company		6,174		483,856
Ecolab Incorporated †		11,283		2,106,198
FMC Corporation		5,879		575,907
International Flavors & Fragrances Incorporated †«		4,812		679,599
Linde plc		24,365		5,024,307
LyondellBasell Industries NV Class A		11,635		1,076,703
PPG Industries Incorporated		10,650		1,372,146
The Mosaic Company		16,000		304,800
The Sherwin-Williams Company †		3,701		2,158,164
				22,439,844
Construction Materials: 0.13%
Martin Marietta Materials Incorporated		2,814		755,278
Vulcan Materials Company		5,962		845,829
				1,601,107
Containers & Packaging: 0.35%
Amcor plc		73,218		751,217
Avery Dennison Corporation †		3,795		494,754
Ball Corporation		14,964		988,522
International Paper Company		17,706		820,496
Packaging Corporation of America		4,267		477,477
Sealed Air Corporation		6,965		262,789
WestRock Company †		11,599		467,788
				4,263,043

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

Wells Fargo Index Portfolio  |  27

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Metals & Mining: 0.24%
Freeport-McMoRan Incorporated		65,393	$	744,172
Newmont Goldcorp Corporation		36,953		1,418,995
Nucor Corporation †		13,664		770,103
				2,933,270
Real Estate: 2.86%
Equity REITs: 2.79%
Alexandria Real Estate Equities Incorporated		5,112		830,802
American Tower Corporation		19,952		4,270,327
Apartment Investment & Management Company Class A †		6,710		360,797
AvalonBay Communities Incorporated		6,294		1,349,497
Boston Properties Incorporated		6,479		897,601
Crown Castle International Corporation †		18,738		2,504,521
Digital Realty Trust Incorporated		9,390		1,135,721
Duke Realty Corporation		16,291		573,117
Equinix Incorporated †		3,823		2,167,068
Equity Residential Company Limited †		15,712		1,337,091
Essex Property Trust Incorporated		2,962		924,677
Extra Space Storage Incorporated		5,792		614,242
Federal Realty Investment Trust		3,142		414,964
Healthpeak Properties Incorpoarated †		22,135		772,069
Host Hotels & Resorts Incorporated †		32,898		575,386
Iron Mountain Incorporated †		12,940		415,633
Kimco Realty Corporation		19,024		411,299
Mid-America Apartment Communities Incorporated		5,140		699,605
Prologis Incorporated		28,446		2,604,231
Public Storage Incorporated †		6,768		1,425,882
Realty Income Corporation †		14,343		1,099,104
Regency Centers Corporation		7,552		491,182
SBA Communications Corporation		5,098		1,205,524
Simon Property Group Incorporated		13,883		2,099,248
SL Green Realty Corporation †		3,715		317,001
The Macerich Company «		4,966		133,734
UDR Incorporated		13,199		634,212
Ventas Incorporated		16,793		979,200
Vornado Realty Trust		7,138		460,901
Welltower Incorporated		18,265		1,544,671
Weyerhaeuser Company		33,575		990,798
				34,240,105
Real Estate Management & Development: 0.07%
CBRE Group Incorporated Class A †		15,159		864,366
Utilities: 3.16%
Electric Utilities: 1.93%
Alliant Energy Corporation †		10,705		567,365
American Electric Power Company Incorporated		22,256		2,033,086
Duke Energy Corporation		32,839		2,895,415
Edison International †		16,139		1,115,205
Entergy Corporation		8,961		1,042,971
Evergy Incorporated †		10,613		671,485
Eversource Energy †		14,585		1,205,304
Exelon Corporation		43,790		1,944,276
FirstEnergy Corporation		24,338		1,160,679
NextEra Energy Incorporated †		22,029		5,150,821
Pinnacle West Capital Corporation		5,062		442,368
PPL Corporation		32,552		1,107,745

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

28  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

						Shares		Value
Electric Utilities (continued)
The Southern Company †							47,110	$	2,920,349
Xcel Energy Incorporated							23,634		1,453,255
									23,710,324
Gas Utilities: 0.05%
Atmos Energy Corporation †							5,327		569,776
Independent Power & Renewable Electricity Producers: 0.08%
AES Corporation †							29,920		565,787
NRG Energy Incorporated							11,402		453,001
									1,018,788
Multi-Utilities: 1.02%
Ameren Corporation							11,079		823,502
CenterPoint Energy Incorporated							22,636		555,940
CMS Energy Corporation							12,791		784,088
Consolidated Edison Incorporated							14,970		1,300,743
Dominion Energy Incorporated †							37,045		3,078,810
DTE Energy Company							8,262		1,032,254
NiSource Incorporated							16,827		445,074
Public Service Enterprise Group Incorporated							22,790		1,351,675
Sempra Energy							12,374		1,822,319
WEC Energy Group Incorporated							14,217		1,260,337
									12,454,742
Water Utilities: 0.08%
American Water Works Company Incorporated							8,142		985,426
Total Common Stocks (Cost $342,671,154)									1,176,269,125
				Expiration date
Rights: 0.00%
Communication Services: 0.00%
Media: 0.00%
Dish Network Corporation †					12-9-2019		636		432
Total Rights (Cost $0)									432
	Yield
Short-Term Investments: 4.05%
Investment Companies: 3.87%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77	%				1,895,834		1,896,023
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56					45,577,355		45,577,355
									47,473,378
				Maturity date		Principal
U.S. Treasury Securities: 0.18%
U.S. Treasury Bill (z)#		1.50			12-12-2019	$	2,268,000		2,267,002
Total Short-Term Investments (Cost $49,740,224)									49,740,380

Total investments in securities (Cost $392,411,378)	99.93	%		1,226,009,937
Other assets and liabilities, net	0.07			869,999
Total net assets	100.00	%	$	1,226,879,936

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

Wells Fargo Index Portfolio  |  29

Portfolio of investments—November 30, 2019 (unaudited)

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 Index		62		12-19-2019	$	47,990,260	$	48,727,350	$	737,090	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		208,199		0		27,484		180,715	$	606,169	$	1,336,681		$	94,872		$	9,841,739		0.80	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		3,129,501		15,238,799		16,472,466		1,895,834		467		(129	)		18,638	#		1,896,023
Wells Fargo Government Money Market Fund Select Class		24,217,403		128,280,684		106,920,732		45,577,355		0		0			227,067			45,577,355
																		47,473,378		3.87	%
									$	606,636	$	1,336,552		$	340,577		$	57,315,117		4.67	%

^#  Amount shown represents income before fees and rebates.

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

30  |  Wells Fargo Index Portfolio

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $1,852,076 securities on loan), at value (cost $340,763,542)	$	1,168,694,820
Investments in affiliated securities, at value (cost $51,647,836)		57,315,117
Receivable for dividends		2,919,539
Receivable for securities lending income, net		451
Prepaid expenses and other assets		185,533
Total assets		1,229,115,460
Liabilities
Payable upon receipt of securities loaned		1,893,653
Payable for daily variation margin on open futures contracts		159,508
Advisory fee payable		98,601
Accrued expenses and other liabilities		83,762
Total liabilities		2,235,524
Total net assets	$	1,226,879,936

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

Wells Fargo Index Portfolio  |  31

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $55,753)	$	11,653,506
Income from affiliated securities		343,989
Interest		2,312
Total investment income		11,999,807
Expenses
Advisory fee		579,206
Custody and accounting fees		58,957
Professional fees		30,196
Shareholder report expenses		3,542
Trustees’ fees and expenses		11,400
Other fees and expenses		15,479
Net expenses		698,780
Net investment income		11,301,027
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		105,679,076
Affiliated securities		606,636
Futures contracts		1,630,130
Net realized gains on investments		107,915,842
Net change in unrealized gains (losses) on
Unaffiliated securities		49,366,453
Affiliated securities		1,336,552
Futures contracts		2,270,345
Net change in unrealized gains (losses) on investments		52,973,350
Net realized and unrealized gains (losses) on investments		160,889,192
Net increase in net assets resulting from operations	$	172,190,219

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

32  |  Wells Fargo Index Portfolio

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment income	$	11,301,027		$	27,311,287
Net realized gains on investments		107,915,842			316,337,562
Net change in unrealized gains (losses) on investments		52,973,350			(292,921,380	)
Net increase in net assets resulting from operations		172,190,219			50,727,569
Capital transactions
Transactions in investors’ beneficial interests
Contributions		1,539,206			3,884,910
Withdrawals		(142,236,021	)		(513,193,862	)
Net decrease in net assets resulting from capital transactions		(140,696,815	)		(509,308,952	)
Total increase (decrease) in net assets		31,493,404			(458,581,383	)
Net assets
Beginning of period		1,195,386,532			1,653,967,915
End of period	$	1,226,879,936		$	1,195,386,532

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

Wells Fargo Index Portfolio  |  33

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return¹		15.19	%		3.67	%		14.27	%		17.36	%		1.62	%		11.69	%
Ratios to average net assets (annualized)
Gross expenses		0.12	%		0.11	%		0.10	%		0.10	%		0.11	%		0.11	%
Net expenses		0.12	%		0.11	%		0.10	%		0.10	%		0.10	%		0.11	%
Net investment income		1.86	%		1.86	%		1.84	%		2.03	%		2.12	%		1.96	%
Supplemental data
Portfolio turnover rate		2	%		4	%		3	%		9	%		4	%		4	%

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

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

34  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in

Wells Fargo Index Portfolio  |  35

Notes to financial statements (unaudited)

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

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

Security transactions and income recognition

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

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

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $392,411,378 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	844,007,534
Gross unrealized losses		(9,671,885	)
Net unrealized gains	$	834,335,649

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

36  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	122,952,263	$	0	$	0	$	122,952,263
Consumer discretionary		115,137,735		0		0		115,137,735
Consumer staples		85,233,874		0		0		85,233,874
Energy		49,715,855		0		0		49,715,855
Financials		154,448,031		0		0		154,448,031
Health care		165,523,912		0		0		165,523,912
Industrials		109,436,808		0		0		109,436,808
Information technology		268,739,856		0		0		268,739,856
Materials		31,237,264		0		0		31,237,264
Real estate		35,104,471		0		0		35,104,471
Utilities		38,739,056		0		0		38,739,056
Rights
Communication services		0		432		0		432
Short-term investments
Investment companies		47,473,378		0		0		47,473,378
U.S. Treasury securities		2,267,002		0		0		2,267,002
		1,226,009,505		432		0		1,226,009,937
Futures contracts		737,090		0		0		737,090
Total assets	$	1,226,746,595	$	432	$	0	$	1,226,747,027

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

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

For the six months ended November 30, 2019, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.100%
Next $500 million	0.100
Next $2 billion	0.075
Next $2 billion	0.075
Over $5 billion	0.050

Wells Fargo Index Portfolio  |  37

Notes to financial statements (unaudited)

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.10% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“Wells Cap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $25,757,410 and $169,544,164, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
JPMorgan Securities LLC	$	1,516,306	$	(1,516,306	)	$	0
Morgan Stanley & Co. LLC		335,770		(335,770	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2019, the Portfolio entered into futures contracts for to gain market exposure. The Portfolio had an average notional amount of $26,925,688 in long futures contracts during the six months ended November 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.

8. BANK BORROWINGS

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

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

38  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

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 Portfolio 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.

Wells Fargo Index Portfolio  |  39

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

40  |  Wells Fargo Index 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 150 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

Wells Fargo Index Fund  |  41

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

42  |  Wells Fargo Index Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Index Fund  |  43

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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

© 2020 Wells Fargo & Company. All rights reserved.

408961 01-19

SA283/SAR283 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo International Value Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo International Value Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Wells Fargo International Value Portfolio
Portfolio of investments	19
Financial statements
Statement of assets and liabilities	27
Statement of operations	28
Statement of changes in net assets	29
Financial highlights	30
Notes to financial statements	31
Other information	36

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Save trees.

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

The views expressed and any forward-looking statements are as of November 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

Wells Fargo International Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Value Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo International Value Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo International Value Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

LSV Asset Management

Portfolio managers

Josef Lakonishok, Ph.D.

Puneet Mansharamani, CFA^®‡

Menno Vermeulen, CFA^®‡

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFFAX)	10-31-2003		0.74		1.51		3.20		6.88		2.72		3.82		1.33		1.24
Class C (WFVCX)	4-8-2005		5.11		1.95		3.04		6.11		1.95		3.04		2.08		1.99
Class R6 (WFRVX)4	7-31-2018		–		–		–		7.39		3.12		4.25		0.90		0.84
Administrator Class (WFVDX)	4-8-2005		–		–		–		7.01		2.79		3.98		1.25		1.14
Institutional Class (WFVIX)	8-31-2006		–		–		–		7.26		3.08		4.23		1.00		0.89
MSCI EAFE Value Index (Net)5	–		–		–		–		6.52		2.09		3.70		–		–

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.

4  |  Wells Fargo International Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20196
Roche Holding AG	2.65
Sanofi SA	1.83
GlaxoSmithKline plc	1.80
Total SA	1.51
Royal Dutch Shell plc Class B	1.37
Nippon Telegraph & Telephone Corporation	1.35
KDDI Corporation	1.29
Enel SpA	1.06
BP plc	1.03
BAE Systems plc	1.03

Sector distribution as of November 30, 2019⁷

Country allocation as of November 30, 2019⁷

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

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

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

³  The manager has contractually committed through September 30, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

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 the 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) Europe, Australasia, Far East (EAFE) Value Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of value securities within developed equity markets, excluding the United States and Canada. 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 securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo International Value Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,098.15	$	6.61		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.36		1.26	%
Class C
Actual	$	1,000.00	$	1,094.70	$	10.53		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.95	$	10.13		2.01	%
Class R6
Actual	$	1,000.00	$	1,101.64	$	4.47		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Administrator Class
Actual	$	1,000.00	$	1,098.83	$	6.09		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.86		1.16	%
Institutional Class
Actual	$	1,000.00	$	1,100.07	$	4.78		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.45	$	4.60		0.91	%

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

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

6  |  Wells Fargo International Value Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 99.90%
Affiliated Master Portfolio: 99.90%
Wells Fargo International Value Portfolio	$	957,347,332
Total Investment Companies (Cost $936,585,433)		957,347,332

Total investments in securities (Cost $936,585,433)	99.90	%		957,347,332
Other assets and liabilities, net	0.10			965,647
Total net assets	100.00	%	$	958,312,979

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo International Value Portfolio		79	%		81	%	$	(8,998,314	)	$	86,152,595	$	13,449,954	$	471,274	$	957,347,332		99.90	%

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

Wells Fargo International Value Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $936,585,433)	$	957,347,332
Receivable for Fund shares sold		1,848,733
Receivable from manager		65,620
Prepaid expenses and other assets		267,599
Total assets		959,529,284
Liabilities
Payable for Fund shares redeemed		1,093,247
Administration fees payable		110,845
Distribution fee payable		383
Trustees’ fees and expenses payable		2,363
Accrued expenses and other liabilities		9,467
Total liabilities		1,216,305
Total net assets	$	958,312,979
Net assets consist of
Paid-in capital	$	924,054,149
Total distributable earnings		34,258,830
Total net assets	$	958,312,979
Computation of net asset value and offering price per share
Net assets – Class A	$	69,699,943
Shares outstanding – Class A1		4,683,260
Net asset value per share – Class A		$14.88
Maximum offering price per share – Class A2		$15.79
Net assets – Class C	$	608,178
Shares outstanding – Class C1		42,101
Net asset value per share – Class C		$14.45
Net assets – Class R6	$	494,157
Shares outstanding – Class R61		33,534
Net asset value per share – Class R6		$14.74
Net assets – Administrator Class	$	3,199,884
Shares outstanding – Administrator Class1		213,168
Net asset value per share – Administrator Class		$15.01
Net assets – Institutional Class	$	884,310,817
Shares outstanding – Institutional Class1		60,014,796
Net asset value per share – Institutional Class		$14.73

¹  The Fund has an unlimited number of authorized shares.

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

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

8  |  Wells Fargo International Value Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,541,045)	$	13,449,954
Affiliated income allocated from affiliated Master Portfolio		471,274
Expenses allocated from affiliated Master Portfolio		(3,580,110	)
Total investment income		10,341,118
Expenses
Management fee		225,416
Administration fees
Class A		75,543
Class C		647
Class R6		60
Administrator Class		2,132
Institutional Class		536,524
Shareholder servicing fees
Class A		89,933
Class C		770
Administrator Class		4,100
Distribution fee
Class C		2,306
Custody and accounting fees		12,929
Professional fees		19,603
Registration fees		91,721
Shareholder report expenses		101,023
Trustees’ fees and expenses		10,623
Other fees and expenses		12,665
Total expenses		1,185,995
Less: Fee waivers and/or expense reimbursements
Fund-level		(225,417	)
Class A		(19,212	)
Class C		(143	)
Class R6		(60	)
Administrator Class		(1,158	)
Institutional Class		(299,408	)
Net expenses		640,597
Net investment income		9,700,521
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(8,998,314	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		86,152,595
Net realized and unrealized gains (losses) on investments		77,154,281
Net increase in net assets resulting from operations	$	86,854,802

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

Wells Fargo International Value Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	9,700,521					$	29,474,112
Net realized losses on investments					(8,998,314	)					(1,507,425	)
Net change in unrealized gains (losses) on investments					86,152,595						(128,322,670	)
Net increase (decrease) in net assets resulting from operations					86,854,802						(100,355,983	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(1,313,945	)
Class C					0						(14,168	)
Class R6					0						(596	)1
Administrator Class					0						(77,201	)
Institutional Class					0						(20,194,351	)
Total distributions to shareholders					0						(21,600,261	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,560,685			21,790,698			3,672,486			53,518,580
Class C		2,095			29,843			16,692			242,225
Class R6		9,508			133,911			24,567	1		344,146	1
Administrator Class		6,626			94,990			32,361			477,105
Institutional Class		6,583,455			92,073,769			18,526,386			265,263,060
					114,123,211						319,845,116
Reinvestment of distributions
Class A		0			0			100,957			1,313,445
Class C		0			0			1,114			14,168
Administrator Class		0			0			5,827			76,387
Institutional Class		0			0			1,565,162			20,081,032
					0						21,485,032
Payment for shares redeemed
Class A		(1,115,560	)		(16,078,217	)		(2,002,351	)		(28,345,901	)
Class C		(11,146	)		(152,506	)		(41,168	)		(575,161	)
Class R6		(531	)		(7,806	)		(10	)1		(134	)1
Administrator Class		(40,541	)		(573,505	)		(169,343	)		(2,557,464	)
Institutional Class		(5,304,553	)		(74,243,213	)		(14,671,752	)		(210,525,992	)
					(91,055,247	)					(242,004,652	)
Net increase in net assets resulting from capital share transactions					23,067,964						99,325,496
Total increase (decrease) in net assets					109,922,766						(22,630,748	)
Net assets
Beginning of period					848,390,213						871,020,961
End of period				$	958,312,979					$	845,390,213

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

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

10  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.55			$15.68			$14.88			$12.83			$14.85			$15.45
Net investment income		0.13	1		0.47	1		0.72	1		0.09	1		0.26			0.26	1
Net realized and unrealized gains (losses) on investments		1.20			(2.27	)		0.35			2.26			(2.08	)		(0.53	)
Total from investment operations		1.33			(1.80	)		1.07			2.35			(1.82	)		(0.27	)
Distributions to shareholders from
Net investment income		0.00			(0.33	)		(0.27	)		(0.30	)		(0.20	)		(0.33	)
Net asset value, end of period		$14.88			$13.55			$15.68			$14.88			$12.83			$14.85
Total return2		9.82	%		(11.42	)%		7.12	%		18.65	%		(12.31	)%		(1.55	)%
Ratios to average net assets (annualized)
Gross expenses3		1.36	%		1.34	%		1.34	%		1.39	%		1.46	%		1.50	%
Net expenses3		1.26	%		1.33	%		1.34	%		1.35	%		1.39	%		1.49	%
Net investment income3		1.86	%		3.22	%		4.48	%		0.69	%		1.98	%		1.80	%
Supplemental data
Portfolio turnover rate4		6	%		13	%		15	%		41	%		14	%		18	%
Net assets, end of period (000s omitted)		$69,700			$57,427			$38,677			$2,571			$4,981			$5,768

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.79	%
Year ended May 31, 2019	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.85	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%

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

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

Wells Fargo International Value Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.20			$15.24			$14.60			$12.56			$14.54			$15.16
Net investment income		0.07	1		0.36			0.21			0.23			0.17			0.13
Net realized and unrealized gains (losses) on investments		1.18			(2.21	)		0.73			1.97			(2.05	)		(0.51	)
Total from investment operations		1.25			(1.85	)		0.94			2.20			(1.88	)		(0.38	)
Distributions to shareholders from
Net investment income		0.00			(0.19	)		(0.30	)		(0.16	)		(0.10	)		(0.24	)
Net asset value, end of period		$14.45			$13.20			$15.24			$14.60			$12.56			$14.54
Total return2		9.47	%		(12.10	)%		6.36	%		17.69	%		(12.95	)%		(2.37	)%
Ratios to average net assets (annualized)
Gross expenses3		2.11	%		2.08	%		2.10	%		2.16	%		2.21	%		2.25	%
Net expenses3		2.01	%		2.08	%		2.10	%		2.10	%		2.14	%		2.24	%
Net investment income3		1.09	%		1.92	%		1.40	%		1.57	%		1.25	%		1.07	%
Supplemental data
Portfolio turnover rate4		6	%		13	%		15	%		41	%		14	%		18	%
Net assets, end of period (000s omitted)		$608			$675			$1,135			$832			$783			$920

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.79	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%

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

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

12  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 20191
Net asset value, beginning of period		$13.39			$15.44
Net investment income		0.16	2		0.51
Net realized and unrealized gains (losses) on investments		1.19			(2.19	)
Total from investment operations		1.35			(1.68	)
Distributions to shareholders from
Net investment income		0.00			(0.37	)
Net asset value, end of period		$14.74			$13.39
Total return3		10.16	%		(10.85	)%
Ratios to average net assets (annualized)
Gross expenses4		0.93	%		0.92	%
Net expenses4		0.85	%		0.89	%
Net investment income4		2.22	%		7.19	%
Supplemental data
Portfolio turnover rate5		6	%		13	%
Net assets, end of period (000s omitted)		$494			$329

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.79	%
Year ended May 31, 20191	0.79

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

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

Wells Fargo International Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.66			$15.76			$15.04			$12.91			$14.73			$15.35
Net investment income		0.14	1		0.43	1		0.37	1		0.33	1		0.14	1		0.28
Net realized and unrealized gains (losses) on investments		1.21			(2.23	)		0.73			2.05			(1.96	)		(0.52	)
Total from investment operations		1.35			(1.80	)		1.10			2.38			(1.82	)		(0.24	)
Distributions to shareholders from
Net investment income		0.00			(0.30	)		(0.38	)		(0.25	)		0.00			(0.38	)
Net asset value, end of period		$15.01			$13.66			$15.76			$15.04			$12.91			$14.73
Total return2		9.88	%		(11.33	)%		7.25	%		18.66	%		(12.36	)%		(1.35	)%
Ratios to average net assets (annualized)
Gross expenses3		1.28	%		1.25	%		1.27	%		1.33	%		1.36	%		1.34	%
Net expenses3		1.16	%		1.24	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income3		1.93	%		2.92	%		2.30	%		2.46	%		0.99	%		2.12	%
Supplemental data
Portfolio turnover rate4		6	%		13	%		15	%		41	%		14	%		18	%
Net assets, end of period (000s omitted)		$3,200			$3,375			$5,961			$5,407			$11,873			$487,582

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.79	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%

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

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

14  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.39			$15.48			$14.80			$12.73			$14.75			$15.38
Net investment income		0.15	1		0.48	1		0.41			0.39			0.36			0.29
Net realized and unrealized gains (losses) on investments		1.19			(2.22	)		0.71			1.99			(2.12	)		(0.51	)
Total from investment operations		1.34			(1.74	)		1.12			2.38			(1.76	)		(0.22	)
Distributions to shareholders from
Net investment income		0.00			(0.35	)		(0.44	)		(0.31	)		(0.26	)		(0.41	)
Net asset value, end of period		$14.73			$13.39			$15.48			$14.80			$12.73			$14.75
Total return2		10.01	%		(11.13	)%		7.51	%		19.04	%		(11.98	)%		(1.19	)%
Ratios to average net assets (annualized)
Gross expenses3		1.03	%		1.01	%		1.02	%		1.07	%		1.13	%		1.07	%
Net expenses3		0.91	%		0.99	%		1.00	%		1.00	%		1.00	%		1.05	%
Net investment income3		2.17	%		3.35	%		2.43	%		2.95	%		2.81	%		2.42	%
Supplemental data
Portfolio turnover rate4		6	%		13	%		15	%		41	%		14	%		18	%
Net assets, end of period (000s omitted)		$884,311			$786,584			$825,247			$713,180			$456,239			$3,793

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.79	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.86	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%

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

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

Wells Fargo International Value Fund  |  15

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 Value Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 81% of Wells Fargo International Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $940,508,976 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	18,761,595
Gross unrealized losses		0
Net unrealized gains	$	18,761,595

16  |  Wells Fargo International Value Fund

Notes to financial statements (unaudited)

As of May 31, 2019, the Fund had capital loss carryforwards which consisted of $873,586 in short-term capital losses and $2,121,084 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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo International Value Portfolio	Seek long-term capital appreciation		$957,347,332

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

Waivers and/or expense reimbursements

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

Wells Fargo International Value Fund  |  17

Notes to financial statements (unaudited)

Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.24% for Class A shares, 1.99% for Class C shares, 0.84% for Class R6 shares, 1.14% for Administrator Class shares, and 0.89% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to July 1, 2019, the Fund’s expenses were capped at 1.35% for Class A shares, 2.10% for Class C shares, 0.90% for Class R6 shares, 1.25% for Administrator Class shares, and 1.00% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2019, Funds Distributor received $326 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $73,405,196 and $54,020,766, 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 November 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.

18  |  Wells Fargo International Value Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks : 97.42%
Australia: 4.99%
AGL Energy Limited (Utilities, Multi-Utilities)		263,700	$	3,640,464
BlueScope Steel Limited (Materials, Metals & Mining)		266,242		2,620,253
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		157,200		1,210,036
CSR Limited (Materials, Construction Materials)		897,866		2,890,827
Fortescue Metals Group Limited (Materials, Metals & Mining) †		927,200		6,102,249
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) †«		1,228,714		3,573,740
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		5,325,086
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,362,395
Mineral Resources Limited (Materials, Metals & Mining)		300,500		3,156,600
Mirvac Group (Real Estate, Equity REITs)		2,065,070		4,707,261
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) †		1,702,400		587,267
Qantas Airways Limited (Industrials, Airlines) †		1,446,100		7,140,438
Rio Tinto Limited (Materials, Metals & Mining)		134,687		8,827,812
South32 Limited (Materials, Metals & Mining) †		1,583,900		2,892,645
St. Barbara Limited (Materials, Metals & Mining)		1,176,500		2,084,956
Super Cheap Auto Group Limited (Consumer Discretionary, Specialty Retail)		267,600		1,808,237
				58,930,266
Austria: 0.99%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		89,986		5,129,842
Raiffeisen Bank International AG (Financials, Banks)		198,700		4,665,347
Voestalpine AG (Materials, Metals & Mining)		69,168		1,832,833
				11,628,022
Belgium: 0.64%
Bpost SA (Industrials, Air Freight & Logistics)		105,700		1,250,201
UCB SA (Health Care, Pharmaceuticals)		77,200		6,256,935
				7,507,136
Brazil: 1.02%
Banco de Brasil SA (Financials, Banks)		268,900		3,026,451
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities) †		282,500		4,540,739
JBS SA (Consumer Staples, Food Products)		676,000		4,501,131
				12,068,321
Canada: 1.11%
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing) †		80,100		4,294,151
Magna International Incorporated (Consumer Discretionary, Auto Components)		120,400		6,625,943
WestJet Airlines Limited (Industrials, Airlines)		92,900		2,126,846
				13,046,940
China: 3.17%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development) †		1,900,000		2,660,126
China Communications Services Corporation Limited H Shares (Industrials, Construction & Engineering)		2,836,000		1,909,215
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		6,634,000		3,720,301
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering) †		3,201,500		3,304,479
China Resources Cement Holdings Limited (Materials, Construction Materials) †		4,106,000		4,914,696
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		10,590,000		4,004,292
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles) †		3,154,000		3,029,826
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products) †		3,216,000		3,274,255
PICC Property & Casualty Company Limited H Shares (Financials, Insurance) †		4,298,000		4,974,308

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

Wells Fargo International Value Portfolio  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
China (continued)
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		1,061,600	$	1,903,996
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		1,777,300		3,755,211
				37,450,705
Denmark: 0.55%
Danske Bank AS (Financials, Banks)		150,300		2,029,281
DFDS AS (Industrials, Marine) †		59,227		2,499,579
Sydbank AS (Financials, Banks)		102,782		1,935,465
				6,464,325
Finland: 0.29%
Nordea Bank AB (Financials, Banks)		203,700		1,442,822
Outokumpu Oyj (Materials, Metals & Mining) «		695,100		1,992,004
				3,434,826
France: 9.73%
Air France-KLM SA (Industrials, Airlines) †		288,100		3,390,136
Arkema SA (Materials, Chemicals)		42,992		4,455,488
Atos Origin SA (Information Technology, IT Services)		55,000		4,670,970
AXA SA (Financials, Insurance) †		338,800		9,218,390
BNP Paribas SA (Financials, Banks)		123,579		6,940,040
Bouygues SA (Industrials, Construction & Engineering) †		154,400		6,307,971
Compagnie de Saint-Gobain SA (Industrials, Building Products)		152,637		6,180,446
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		32,700		3,923,542
Credit Agricole SA (Financials, Banks)		219,328		3,000,153
Engie SA (Utilities, Multi-Utilities)		328,900		5,203,804
Natixis SA (Financials, Capital Markets) †		1,250,400		5,225,579
Orange SA (Communication Services, Diversified Telecommunication Services) «		586,700		9,696,388
Quadient SA (Information Technology, Technology Hardware, Storage & Peripherals)		66,600		1,406,692
Renault SA (Consumer Discretionary, Automobiles)		55,900		2,676,420
Sanofi SA (Health Care, Pharmaceuticals)		238,389		22,197,137
Societe Generale SA (Financials, Banks) †		63,400		1,995,033
Total SA (Energy, Oil, Gas & Consumable Fuels)		349,900		18,366,159
				114,854,348
Germany: 7.40%
Allianz AG (Financials, Insurance)		44,428		10,639,447
Aurubis AG (Materials, Metals & Mining) «		43,296		2,049,343
Bayer AG (Health Care, Pharmaceuticals)		90,600		6,857,844
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		91,500		7,389,715
Covestro AG (Materials, Chemicals) 144A		132,837		6,220,290
Daimler AG (Consumer Discretionary, Automobiles)		106,990		6,035,535
Deutsche Lufthansa AG (Industrials, Airlines)		223,600		4,242,361
Deutsche Post AG (Industrials, Air Freight & Logistics) †		252,500		9,414,438
Metro AG (Consumer Staples, Food & Staples Retailing)		368,900		5,944,388
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance) †		28,119		8,073,780
Rheinmetall AG (Industrials, Industrial Conglomerates) †		30,300		3,226,281
Siemens AG (Industrials, Industrial Conglomerates) †		34,200		4,413,263
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		43,000		3,560,884
Volkswagen AG (Consumer Discretionary, Automobiles) †		48,600		9,271,743
				87,339,312

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

20  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Hong Kong: 2.83%
China Water Affairs Group Limited (Utilities, Water Utilities)		1,965,000	$	1,508,604
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates) †		665,000		6,039,894
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,948,000		4,453,238
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products) †		3,155,000		2,136,059
Sinotruk Hong Kong Limited (Industrials, Machinery) «		3,095,000		5,226,732
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		8,404,000		2,254,465
WH Group Limited (Consumer Staples, Food Products) 144A†		4,355,500		4,473,343
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components) †		2,816,000		3,309,471
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,364,000		4,033,699
				33,435,505
India: 0.45%
REC Limited (Financials, Diversified Financial Services)		1,086,900		2,089,333
Tech Mahindra Limited (Information Technology, IT Services)		307,494		3,263,862
				5,353,195
Ireland: 0.72%
C&C Group plc (Consumer Staples, Beverages)		240,000		1,210,528
Grafton Group plc (Industrials, Trading Companies & Distributors)		248,800		2,696,457
Smurfit Kappa Group plc (Materials, Containers & Packaging) †		130,200		4,619,229
				8,526,214
Israel: 0.34%
Bank Hapoalim Limited (Financials, Banks)		320,800		2,587,068
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) †		136,844		1,422,204
				4,009,272
Italy: 2.66%
A2A SpA (Utilities, Multi-Utilities)		2,121,107		3,990,487
Enel SpA (Utilities, Electric Utilities) †		1,706,600		12,891,552
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		342,737		4,008,516
Mediobanca SpA (Financials, Banks) «		371,363		4,153,051
UnipolSai Assicurazioni SpA (Financials, Insurance) «		2,160,500		6,291,498
				31,335,104
Japan: 23.10%
Adeka Corporation (Materials, Chemicals) †		203,500		3,046,363
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components) †		119,800		4,532,736
Aozora Bank Limited (Financials, Banks)		64,900		1,653,639
Asahi Glass Company Limited (Industrials, Building Products)		121,800		4,447,002
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		563,700		9,620,817
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals) †		200,800		3,982,234
Central Glass Company Limited (Industrials, Building Products) †		52,400		1,274,802
Credit Saison Company Limited (Financials, Consumer Finance) «		329,900		5,457,129
Denka Company Limited (Materials, Chemicals)		99,700		2,970,408
DIC Incorporated (Materials, Chemicals)		124,900		3,390,175
Dowa Mining Company Limited (Materials, Metals & Mining) †		48,300		1,728,153
Fujikura Limited (Industrials, Electrical Equipment) †		435,200		1,873,325
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		133,700		1,592,132
Hitachi Capital Corporation (Financials, Consumer Finance) †		98,900		2,454,875
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components) †		165,800		6,515,628
Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels) †		59,614		1,627,917
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		434,600		5,085,956
Itochu Corporation (Industrials, Trading Companies & Distributors)		530,100		11,568,989
Japan Airlines Company Limited (Industrials, Airlines) †		108,600		3,376,505

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

Wells Fargo International Value Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Japan (continued)
JFE Holdings Incorporated (Materials, Metals & Mining) †		263,600	$	3,360,647
JTEKT Corporation (Industrials, Machinery)		322,100		4,003,436
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900		3,357,104
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		24,800		1,334,966
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		544,200		15,611,806
Keihin Corporation (Consumer Discretionary, Auto Components)		180,400		4,242,087
Komatsu Limited (Industrials, Machinery) †		236,900		5,557,689
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		125,800		2,957,024
Makino Milling Machine Company Limited (Industrials, Machinery)		79,400		3,918,479
Marubeni Corporation (Industrials, Trading Companies & Distributors)		1,051,700		7,768,086
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		150,800		5,760,775
Mazda Motor Corporation (Consumer Discretionary, Automobiles) †		283,200		2,510,547
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		292,500		4,040,520
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals) †		195,500		3,058,819
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks) †		1,433,000		7,570,986
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services) †		699,300		4,492,852
Mitsui Chemicals Incorporated (Materials, Chemicals) †		177,100		4,245,415
Mizuho Financial Group Incorporated (Financials, Banks)		3,425,200		5,296,507
Morinaga Milk Industry Company Limited (Consumer Staples, Food Products)		134,500		5,617,483
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services) †		324,200		16,375,922
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		98,600		2,706,048
ORIX Corporation (Financials, Diversified Financial Services)		469,600		7,692,908
Resona Holdings Incorporated (Financials, Banks) †		1,348,600		5,720,026
Ryobi Limited (Industrials, Machinery) †		117,400		2,248,861
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		81,600		4,817,547
Showa Corporation (Consumer Discretionary, Auto Components) †		53,200		1,107,564
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,855,500		5,833,413
Sompo Holdings Incorporated NKSJ Holdings Inc(Financials, Insurance)		85,400		3,368,547
Sumitomo Corporation (Industrials, Trading Companies & Distributors) †		378,700		5,707,150
Sumitomo Heavy Industries Limited (Industrials, Machinery)		140,900		4,030,497
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		173,200		6,314,155
Teijin Limited (Materials, Chemicals)		279,600		5,261,345
The Keiyo Bank Limited (Financials, Banks) †		224,300		1,287,337
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components) †		172,900		3,563,238
Toho Holdings Company Limited (Health Care, Health Care Providers & Services) †		63,000		1,447,468
Tokuyama Corporation (Materials, Chemicals) †		137,800		3,720,172
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		75,000		1,847,240
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components) «		165,400		2,382,292
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components) †		180,900		2,848,572
UBE Industries Limited (Materials, Chemicals) †		149,300		3,207,862
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		107,300		4,221,591
West Japan Railway Company (Industrials, Road & Rail) †		67,100		5,909,730
				272,523,498
Malaysia: 0.28%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		1,062,400		3,347,584
Netherlands: 2.62%
ABN AMRO Group NV (Financials, Banks) 144A		161,500		2,756,301
Aegon NV (Financials, Insurance) †		566,623		2,554,656
ASR Nederland NV (Financials, Insurance) †		83,831		3,115,470
ING Groep NV (Financials, Banks)		282,500		3,250,783
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		437,386		11,269,506
Philips Lighting NV (Industrials, Electrical Equipment) 144A†		161,000		4,801,940
RHI Magnesita NV (Materials, Construction Materials)		64,721		3,204,652
				30,953,308

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

22  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Norway: 1.05%
Den Norske Bank ASA (Financials, Banks)		221,600	$	3,720,250
Grieg Seafood ASA (Consumer Staples, Food Products)		336,787		5,139,026
Leroy Seafood Group ASA (Consumer Staples, Food Products)		558,599		3,531,833
				12,391,109
Poland: 0.12%
Asseco Poland SA (Information Technology, Software)		93,400		1,351,393
Russia: 1.69%
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		136,114		4,505,373
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		886		28,853
Gazprom PAO ADR (Energy, Oil, Gas & Consumable Fuels) †		781,547		6,208,609
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		46,800		4,459,104
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		50,101		4,777,631
				19,979,570
Singapore: 0.59%
DBS Group Holdings Limited (Financials, Banks)		185,700		3,428,579
United Overseas Bank Limited (Financials, Banks) †		184,100		3,475,769
				6,904,348
South Africa: 0.24%
Absa Group Limited (Financials, Banks) †		274,900		2,763,167
South Korea: 2.06%
BNK Financial Group Incorporated (Financials, Banks)		440,300		2,594,495
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		8,500		942,725
Industrial Bank of Korea (Financials, Banks)		264,500		2,631,228
JB Financial Group Company Limited (Financials, Banks)		25,418		116,206
KB Financial Group Incorporated (Financials, Banks)		79,300		3,091,703
KT&G Corporation (Consumer Staples, Tobacco)		58,000		4,802,438
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		351,800		3,991,127
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		17,400		3,623,926
Woori Financial Group Incorporated (Financials, Banks) †		254,400		2,519,985
				24,313,833
Spain: 1.65%
Banco Santander Central Hispano SA (Financials, Banks) †		731,000		2,848,755
Iberdrola SA (Utilities, Electric Utilities)		323,400		3,181,243
International Consolidated Airlines Group SA (Industrials, Airlines)		548,044		3,926,670
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		604,900		9,523,980
				19,480,648
Sweden: 2.19%
Boliden AB (Materials, Metals & Mining)		166,200		4,286,748
Electrolux AB Class B (Consumer Discretionary, Household Durables) †		162,100		4,165,764
Sandvik AB (Industrials, Machinery)		240,700		4,377,232
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		272,700		2,338,482
Volvo AB Class B (Industrials, Machinery)		689,107		10,653,568
				25,821,794
Switzerland: 7.43%
Baloise Holding AG (Financials, Insurance)		39,946		6,944,351
Credit Suisse Group AG (Financials, Capital Markets) †		512,300		6,715,370
Helvetia Holding AG (Financials, Insurance)		31,465		4,296,047

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

Wells Fargo International Value Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Switzerland (continued)
Roche Holding AG (Health Care, Pharmaceuticals) †		104,400	$	32,184,130
Swiss Life Holding AG (Financials, Insurance) †		19,800		9,819,295
Swiss Reinsurance AG (Financials, Insurance)		91,400		9,901,095
UBS Group AG (Financials, Capital Markets)		424,002		5,140,189
Valiant Holding AG (Financials, Banks)		17,400		1,689,962
Zurich Insurance Group AG (Financials, Insurance) †		27,970		10,975,375
				87,665,814
Taiwan: 0.85%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		328,000		2,682,224
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,283,000		3,957,008
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		823,000		3,412,252
				10,051,484
Thailand: 0.82%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels) †		391,600		323,984
Krung Thai Bank PCL ADR (Financials, Banks) †		5,181,900		2,795,234
Quality House PCL (Real Estate, Real Estate Management & Development) †		24,369,400		2,161,330
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		744,000		1,698,883
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,733,304
				9,712,735
Turkey: 0.35%
Koc Holding AS (Industrials, Industrial Conglomerates)		1,184,300		4,123,244
United Kingdom: 15.49%
3i Group plc (Financials, Capital Markets)		333,000		4,612,463
Anglo American plc (Materials, Metals & Mining) †		267,586		7,013,086
Aviva plc (Financials, Insurance)		704,391		3,678,572
Babcock International Group plc (Industrials, Commercial Services & Supplies)		514,589		3,929,217
BAE Systems plc (Industrials, Aerospace & Defense)		1,687,100		12,511,163
Barclays plc (Financials, Banks) †		715,000		1,586,246
Barratt Developments plc (Consumer Discretionary, Household Durables)		480,975		4,147,795
Bellway plc (Consumer Discretionary, Household Durables)		80,100		3,458,980
Bovis Homes Group plc (Consumer Discretionary, Household Durables) †		244,800		3,878,347
BP plc (Energy, Oil, Gas & Consumable Fuels)		2,015,036		12,514,230
British American Tobacco plc (Consumer Staples, Tobacco)		219,205		8,675,031
BT Group plc (Communication Services, Diversified Telecommunication Services) †		1,099,700		2,724,446
Centrica plc (Utilities, Multi-Utilities) †		2,517,300		2,611,661
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		345,400		1,717,137
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,483,013
GlaxoSmithKline plc (Health Care, Pharmaceuticals) †		965,207		21,895,215
Highland Gold Mining Limited (Materials, Metals & Mining)		1,280,734		3,024,537
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		283,391		6,242,390
Inchcape plc (Consumer Discretionary, Distributors) †		423,425		3,564,976
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,652,805		4,580,817
Kingfisher plc (Consumer Discretionary, Specialty Retail)		1,778,890		4,829,039
Legal & General Group plc (Financials, Insurance) †		2,314,194		8,407,186
Lloyds Banking Group plc (Financials, Banks)		7,370,000		5,828,585
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		705,000		1,772,037
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		893,000		1,477,138
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †		367,200		2,132,299
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)		501,100		3,220,920

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

24  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

				Shares		Value
United Kingdom (continued)
Petrofac Limited (Energy, Energy Equipment & Services) †					522,047	$	2,596,003
Premier Foods plc (Consumer Staples, Food Products) †					73,926		38,243
QinetiQ Group plc (Industrials, Aerospace & Defense)					773,800		3,344,524
Redrow plc (Consumer Discretionary, Household Durables)					420,064		3,591,006
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels) †					587,100		16,624,791
Royal Mail plc (Industrials, Air Freight & Logistics)					539,626		1,455,118
Tate & Lyle plc (Consumer Staples, Food Products)					497,300		4,704,057
Tesco plc (Consumer Staples, Food & Staples Retailing)					1,890,300		5,608,198
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables) †					45,500		2,698,638
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					338,594		648,097
							182,825,201
Total Common Stocks (Cost $1,131,082,214)							1,149,592,221
	Dividend yield
Preferred Stocks: 0.66%
Brazil: 0.66%
Banco do Estado do Rio Grande do Sul SA Class B (Financials, Banks)		0.61	%		957,800		4,538,221
Itaúsa Investimentos Itaú SA (Financials, Banks)		7.29			1,038,100		3,234,178
Total Preferred Stocks (Cost $7,464,514)							7,772,399
	Yield
Short-Term Investments: 2.49%
Investment Companies: 2.49%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77			28,638,009		28,640,873
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56			693,540		693,540
Total Short-Term Investments (Cost $29,334,118)							29,334,413

Total investments in securities (Cost $1,167,880,846)	100.57	%		1,186,699,033
Other assets and liabilities, net	(0.57	)		(6,681,652	)
Total net assets	100.00	%	$	1,180,017,381

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Wells Fargo International Value Portfolio  |  25

Portfolio of investments—November 30, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		64,602,214		149,743,763		185,707,968		28,638,009	$	(44	)	$	0		312,581	#	$	28,640,873
Wells Fargo Government Money Market Fund Select Class		6,351,554		46,892,559		52,550,573		693,540		0			0		67,360			693,540
									$	(44	)	$	0	$	379,941		$	29,334,413		2.49	%

^#  Amount shown represents income before fees and rebates.

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

26  |  Wells Fargo International Value Portfolio

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $27,144,074 of securities on loan), at value (cost $1,138,546,728)	$	1,157,364,620
Investments in affiliated securities, at value (cost $29,334,118)		29,334,413
Foreign currency, at value (cost $16,141,264)		15,858,420
Receivable for dividends		6,864,968
Receivable for securities lending income, net		20,634
Prepaid expenses and other assets		13,089
Total assets		1,209,456,144
Liabilities
Payable upon receipt of securities loaned		28,636,631
Advisory fee payable		767,196
Accrued expenses and other liabilities		34,936
Total liabilities		29,438,763
Total net assets	$	1,180,017,381

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

Wells Fargo International Value Portfolio  |  27

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $1,928,299)	$	16,797,096
Income from affiliated securities		608,627
Total investment income		17,405,723
Expenses
Advisory fee		4,308,083
Custody and accounting fees		91,406
Professional fees		30,250
Shareholder report expenses		1,316
Trustees’ fees and expenses		11,603
Other fees and expenses		27,567
Total expenses		4,470,225
Net investment income		12,935,498
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities		(11,762,611	)
Affiliated securities		(44	)
Net realized losses on investments		(11,762,655	)
Net change in unrealized gains (losses) on investments		108,100,904
Net realized and unrealized gains (losses) on investments		96,338,249
Net increase in net assets resulting from operations	$	109,273,747

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

28  |  Wells Fargo International Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment income	$	12,935,498		$	40,210,852
Net realized losses on investments		(11,762,655	)		(6,397,492	)
Net change in unrealized gains (losses) on investments		108,100,904			(155,017,981	)
Net increase (decrease) in net assets resulting from operations		109,273,747			(121,204,621	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		52,020,848			527,916,476
Withdrawals		(50,017,967	)		(237,901,170	)
Net increase in net assets resulting from capital transactions		2,002,881			290,015,306
Total increase in net assets		111,276,628			168,810,685
Net assets
Beginning of period		1,068,740,753			899,930,068
End of period	$	1,180,017,381		$	1,068,740,753

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

Wells Fargo International Value Portfolio  |  29

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		10.14	%		(10.98	)%		7.74	%		19.16	%		(11.85	)%		(1.04	)%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.82	%		0.87	%		0.91	%		0.91	%
Net expenses		0.80	%		0.80	%		0.82	%		0.87	%		0.91	%		0.91	%
Net investment income		2.30	%		3.53	%		2.65	%		3.03	%		2.50	%		2.45	%
Supplemental data
Portfolio turnover rate		6	%		13	%		15	%		41	%		14	%		18	%

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

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

30  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 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 Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Wells Fargo International Value Portfolio  |  31

Notes to financial statements (unaudited)

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $1,172,894,475 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	151,063,911
Gross unrealized losses		(137,259,353	)
Net unrealized gains	$	13,804,558

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

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

32  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

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

	Quoted prices (Level 1)		Other significant observable Inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	58,930,266	$	0	$	0	$	58,930,266
Austria		11,628,022		0		0		11,628,022
Belgium		7,507,136		0		0		7,507,136
Brazil		12,068,321		0		0		12,068,321
Canada		13,046,940		0		0		13,046,940
China		37,450,705		0		0		37,450,705
Denmark		6,464,325		0		0		6,464,325
Finland		3,434,826		0		0		3,434,826
France		114,854,348		0		0		114,854,348
Germany		87,339,312		0		0		87,339,312
Hong Kong		33,435,505		0		0		33,435,505
India		5,353,195		0		0		5,353,195
Ireland		8,526,214		0		0		8,526,214
Israel		0		4,009,272		0		4,009,272
Italy		31,335,104		0		0		31,335,104
Japan		272,523,498		0		0		272,523,498
Malaysia		3,347,584		0		0		3,347,584
Netherlands		30,953,308		0		0		30,953,308
Norway		12,391,109		0		0		12,391,109
Poland		1,351,393		0		0		1,351,393
Russia		19,979,570		0		0		19,979,570
Singapore		6,904,348		0		0		6,904,348
South Africa		2,763,167		0		0		2,763,167
South Korea		24,313,833		0		0		24,313,833
Spain		19,480,648		0		0		19,480,648
Sweden		25,821,794		0		0		25,821,794
Switzerland		87,665,814		0		0		87,665,814
Taiwan		10,051,484		0		0		10,051,484
Thailand		9,712,735		0		0		9,712,735
Turkey		4,123,244		0		0		4,123,244
United Kingdom		182,825,201		0		0		182,825,201
Preferred stocks
Brazil		7,772,399		0		0		7,772,399
Short-term investments
Investment companies		29,334,413		0		0		29,334,413
Total assets	$	1,182,689,761	$	4,009,272	$	0	$	1,186,699,033

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

For the six months ended November 30, 2019, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising

Wells Fargo International Value Portfolio  |  33

Notes to financial statements (unaudited)

the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Over $4 billion		0.650

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.77% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. LSV Asset Management, which is not an affiliate of the Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $90,478,559 and $66,585,492, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund 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. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	3,488,643	$	(3,488,643	)	$	0
Citigroup Global Markets Inc.		7,030,719		(7,030,719	)		0
Morgan Stanley & Co. LLC		3,506,125		(3,506,125	)		0
Nomura Securities International Inc.		9,139,544		(9,139,544	)		0
UBS Securities LLC		3,979,043		(3,979,043	)		0

¹ Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

34  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

7. BANK BORROWINGS

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

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

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio 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.

Wells Fargo International Value Portfolio  |  35

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended May 31, 2019. 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
$ 3,298,941	$0.052119	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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

36  |  Wells Fargo International Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 150 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

Wells Fargo International Value Fund  |  37

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

38  |  Wells Fargo International Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo International Value Fund  |  39

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2020 Wells Fargo & Company. All rights reserved.

408962 01-19

SA284/SAR284 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo

Small Company Growth 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo Small Company Growth Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Wells Fargo Small Company Growth Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	26
Statement of operations	27
Statement of changes in net assets	28
Financial highlights	29
Notes to financial statements	30
Other information	34

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Save trees.

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

The views expressed and any forward-looking statements are as of November 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

Wells Fargo Small Company Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Growth Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Small Company Growth Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Small Company Growth Fund  |  3

Performance highlights (unaudited)

The Fund is currently closed to most new investors.¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio²

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA^®‡

Daniel J. Hagen, CFA^®‡

Paul E. von Kuster, CFA^®‡

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFSAX)	1-30-2004		2.08		7.32		13.43		8.31		8.60		14.10		1.32		1.32
Class C (WSMCX)	1-30-2004		6.50		7.80		13.26		7.50		7.80		13.26		2.07		2.07
Class R6 (WSCRX)5	10-31-2014		–		–		–		8.78		9.08		14.63		0.89		0.89
Administrator Class (NVSCX)	11-11-1994		–		–		–		8.44		8.76		14.32		1.24		1.20
Institutional Class (WSCGX)	3-31-2008		–		–		–		8.71		9.02		14.60		0.99		0.95
Russell 2000® Growth Index6	–		–		–		–		10.93		9.48		13.68		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Small Company Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20197
Lumentum Holdings Incorporated	1.72
ICON plc ADR	1.66
SS&C Technologies Holdings Incorporated	1.64
Essent Group Limited	1.55
Syneos Health Incorporated	1.53
Performance Food Group Company	1.53
LiveRamp Holdings Incorporated	1.44
RealPage Incorporated	1.41
ASGN Incorporated	1.41
Cornerstone OnDemand Incorporated	1.40

Sector distribution as of November 30, 2019⁸

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

¹  Please see the Fund’s current Statement of Additional Information for further details.

²  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

³  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴  The manager has contractually committed through September 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 1.33% for Class A, 2.08% for Class C, 0.90% for Class R6, 1.20% for Administrator Class, and 0.95% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

⁵  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.

⁶  The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

⁸  Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Small Company Growth Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,117.19	$	6.99		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.66		1.32	%
Class C
Actual	$	1,000.00	$	1,112.98	$	10.93		2.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.65	$	10.43		2.07	%
Class R6
Actual	$	1,000.00	$	1,119.66	$	4.72		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.55	$	4.50		0.89	%
Administrator Class
Actual	$	1,000.00	$	1,117.81	$	6.35		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.06		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,119.22	$	5.03		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.25	$	4.80		0.95	%

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

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

6  |  Wells Fargo Small Company Growth Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 100.00%
Affiliated Master Portfolios: 100.00%
Wells Fargo Small Company Growth Portfolio	$	1,772,459,629
Total Investment Companies (Cost $1,355,489,454)		1,772,459,629

Total investments in securities (Cost $1,355,489,454)	100.00	%		1,772,459,629
Other assets and liabilities, net	0.00			(38,561	)
Total net assets	100.00	%	$	1,772,421,068

Investments in Affiliates

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Growth Portfolio		98	%		98	%	$	102,037,602	$	101,065,532	$	5,742,992	$	736,870	$	1,772,459,629		100.00	%

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

Wells Fargo Small Company Growth Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $1,355,489,454)	$	1,772,459,629
Receivable for Fund shares sold		2,018,640
Prepaid expenses and other assets		30,897
Total assets		1,774,509,166
Liabilities
Payable for Fund shares redeemed		1,612,163
Management fee payable		36,716
Administration fees payable		151,917
Distribution fee payable		8,161
Shareholder report expenses payable		123,002
Trustees’ fees and expenses payable		2,324
Accrued expenses and other liabilities		153,815
Total liabilities		2,088,098
Total net assets	$	1,772,421,068
Net assets consist of
Paid-in capital	$	1,195,086,177
Total distributable earnings		577,334,891
Total net assets	$	1,772,421,068
Computation of net asset value and offering price per share
Net assets – Class A	$	56,671,944
Shares outstanding – Class A1		1,035,602
Net asset value per share – Class A		$54.72
Maximum offering price per share – Class A2		$58.06
Net assets – Class C	$	13,079,571
Shares outstanding – Class C1		274,903
Net asset value per share – Class C		$47.58
Net assets – Class R6	$	562,468,053
Shares outstanding – Class R61		9,542,255
Net asset value per share – Class R6		$58.94
Net assets – Administrator Class	$	81,475,195
Shares outstanding – Administrator Class1		1,426,408
Net asset value per share – Administrator Class		$57.12
Net assets – Institutional Class	$	1,058,726,305
Shares outstanding – Institutional Class1		18,014,965
Net asset value per share – Institutional Class		$58.77

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.

8  |  Wells Fargo Small Company Growth Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $51,093)	$	5,742,992
Affiliated income allocated from affiliated Master Portfolio		736,870
Expenses allocated from affiliated Master Portfolio		(6,899,044	)
Total investment income		(419,182	)
Expenses
Management fee		441,862
Administration fees
Class A		59,104
Class C		14,060
Class R6		84,965
Administrator Class		52,696
Institutional Class		682,672
Shareholder servicing fees
Class A		70,362
Class C		16,738
Administrator Class		101,338
Distribution fee
Class C		50,176
Custody and accounting fees		33,009
Professional fees		16,453
Registration fees		77,172
Shareholder report expenses		85,611
Trustees’ fees and expenses		10,623
Other fees and expenses		31,413
Total expenses		1,828,254
Less: Fee waivers and/or expense reimbursements
Fund-level		(266	)
Class R6		(68	)
Administrator Class		(15,904	)
Institutional Class		(207,288	)
Net expenses		1,604,728
Net investment loss		(2,023,910	)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		102,037,602
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		101,065,532
Net realized and unrealized gains (losses) on investments		203,103,134
Net increase in net assets resulting from operations	$	201,079,224

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

Wells Fargo Small Company Growth Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment loss				$	(2,023,910	)				$	(5,505,054	)
Net realized gains on investments					102,037,602						211,071,257
Net change in unrealized gains (losses) on investments					101,065,532						(317,347,617	)
Net increase (decrease) in net assets resulting from operations					201,079,224						(111,781,414	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(4,812,269	)
Class C					0						(1,472,490	)
Class R6					0						(43,353,220	)
Administrator Class					0						(7,628,191	)
Institutional Class					0						(79,166,580	)
Total distributions to shareholders					0						(136,432,750	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		82,996			4,238,643			438,493			23,606,902
Class C		742			33,483			11,566			528,806
Class R6		633,207			34,903,682			3,125,212			184,297,448
Administrator Class		78,204			4,175,034			504,790			28,496,503
Institutional Class		1,457,872			80,104,293			5,840,084			335,266,742
					123,455,135						572,196,401
Reinvestment of distributions
Class A		0			0			92,633			4,427,868
Class C		0			0			31,746			1,328,867
Class R6		0			0			735,766			37,730,057
Administrator Class		0			0			152,980			7,624,565
Institutional Class		0			0			1,201,482			61,455,772
					0						112,567,129
Payment for shares redeemed
Class A		(357,679	)		(18,177,745	)		(563,233	)		(31,063,522	)
Class C		(52,601	)		(2,340,753	)		(113,094	)		(5,236,576	)
Class R6		(1,813,139	)		(100,295,083	)		(3,393,805	)		(197,814,217	)
Administrator Class		(371,047	)		(19,822,877	)		(882,997	)		(49,514,482	)
Institutional Class		(3,399,389	)		(189,875,819	)		(6,511,614	)		(373,073,185	)
					(330,512,277	)					(656,701,982	)
Net increase (decrease) in net assets resulting from capital share transactions					(207,057,142	)					28,061,548
Total decrease in net assets					(5,977,918	)					(220,152,616	)
Net assets
Beginning of period					1,778,398,986						1,998,551,602
End of period				$	1,772,421,068					$	1,778,398,986

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

10  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$48.98			$56.66			$44.26			$37.69			$44.23			$39.44
Net investment loss		(0.57	)		(0.36	)		(0.35	)1		(0.28	)1		(0.22	)1		(0.37	)1
Net realized and unrealized gains (losses) on investments		6.31			(3.22	)		12.75			6.85			(6.05	)		7.08
Total from investment operations		5.74			(3.58	)		12.40			6.57			(6.27	)		6.71
Distributions to shareholders from
Net realized gains		0.00			(4.10	)		0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$54.72			$48.98			$56.66			$44.26			$37.69			$44.23
Total return2		11.72	%		(6.13	)%		28.02	%		17.43	%		(14.20	)%		17.51	%
Ratios to average net assets (annualized)
Gross expenses3		1.32	%		1.31	%		1.32	%		1.33	%		1.34	%		1.41	%
Net expenses3		1.32	%		1.31	%		1.32	%		1.33	%		1.34	%		1.40	%
Net investment loss3		(0.59	)%		(0.63	)%		(0.71	)%		(0.68	)%		(0.57	)%		(0.90	)%
Supplemental data
Portfolio turnover rate4		22	%		54	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$56,672			$64,182			$76,065			$76,087			$128,675			$85,588

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited) Year ended May 31, 2019 Year ended May 31, 2018 Year ended May 31, 2017 Year ended May 31, 2016 Year ended May 31, 2015 0.78
0.78 0.78 0.78 0.80 0.81 % 
%  %  %  %  % 

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

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

Wells Fargo Small Company Growth Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$42.75			$50.38			$39.65			$34.02			$40.25			$36.32
Net investment loss		(1.08	)		(0.66	)1		(0.64	)1		(0.54	)1		(0.46	)1		(0.63	)1
Net realized and unrealized gains (losses) on investments		5.91			(2.87	)		11.37			6.17			(5.50	)		6.48
Total from investment operations		(4.83	)		(3.53	)		10.73			5.63			(5.96	)		5.85
Distributions to shareholders from
Net realized gains		0.00			(4.10	)		0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$47.58			$42.75			$50.38			$39.65			$34.02			$40.25
Total return2		11.30	%		(6.82	)%		27.06	%		16.55	%		(14.84	)%		16.62	%
Ratios to average net assets (annualized)
Gross expenses3		2.07	%		2.06	%		2.07	%		2.08	%		2.09	%		2.16	%
Net expenses3		2.07	%		2.06	%		2.07	%		2.08	%		2.09	%		2.15	%
Net investment loss3		(1.34	)%		(1.38	)%		(1.47	)%		(1.43	)%		(1.32	)%		(1.64	)%
Supplemental data
Portfolio turnover rate4		22	%		54	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$13,080			$13,968			$19,979			$22,410			$26,946			$17,334

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited) Year ended May 31, 2019 Year ended May 31, 2018 Year ended May 31, 2017 Year ended May 31, 2016 Year ended May 31, 2015 0.78
0.78 0.78 0.78 0.80 0.81 % 
%  %  %  %  % 

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

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

12  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R6				2019			2018			2017			2016			20151
Net asset value, beginning of period		$52.65			$60.31			$46.91			$39.77			$46.45			$42.98
Net investment loss		(0.08	)		(0.12	)		(0.14	)		(0.11	)		(0.03	)		(0.09	)2
Net realized and unrealized gains (losses) on investments		6.37			(3.44	)		13.54			7.25			(6.38	)		5.48
Total from investment operations		6.29			(3.56	)		13.40			7.14			(6.41	)		5.39
Distributions to shareholders from
Net realized gains		0.00			(4.10	)		0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$58.94			$52.65			$60.31			$46.91			$39.77			$46.45
Total return3		11.97	%		(5.73	)%		28.59	%		17.95	%		(13.83	)%		13.00	%
Ratios to average net assets (annualized)
Gross expenses4		0.89	%		0.88	%		0.89	%		0.90	%		0.91	%		0.91	%
Net expenses4		0.89	%		0.88	%		0.89	%		0.90	%		0.90	%		0.90	%
Net investment loss4		(0.16	)%		(0.20	)%		(0.29	)%		(0.25	)%		(0.09	)%		(0.34	)%
Supplemental data
Portfolio turnover rate5		22	%		54	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$562,468			$564,516			$618,523			$418,111			$229,391			$644

¹  For the period from October 31, 2014 (commencement of class operations) to May 31, 2015

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited) Year ended May 31, 2019 Year ended May 31, 2018 Year ended May 31, 2017 Year ended May 31, 2016 Year ended May 31, 2015 0.78
0.78 0.78 0.78 0.80 0.81 % 
%  %  %  %  % 

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

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

Wells Fargo Small Company Growth Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$51.10			$58.85			$45.91			$39.05			$45.73			$40.64
Net investment loss		(0.12	)1		(0.29	)1		(0.30	)1		(0.24	)1		(0.19	)1		(0.30	)1
Net realized and unrealized gains (losses) on investments		6.14			(3.36	)		13.24			7.10			(6.22	)		7.31
Total from investment operations		6.02			(3.65	)		12.94			6.86			(6.41	)		7.01
Distributions to shareholders from
Net realized gains		0.00			(4.10	)		0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$57.12			$51.10			$58.85			$45.91			$39.05			$45.73
Total return2		11.78	%		(6.02	)%		28.19	%		17.57	%		(14.04	)%		17.73	%
Ratios to average net assets (annualized)
Gross expenses3		1.24	%		1.23	%		1.24	%		1.25	%		1.25	%		1.24	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.47	)%		(0.51	)%		(0.60	)%		(0.55	)%		(0.46	)%		(0.70	)%
Supplemental data
Portfolio turnover rate4		22	%		54	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$81,475			$87,850			$114,429			$130,311			$130,104			$185,267

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited) Year ended May 31, 2019 Year ended May 31, 2018 Year ended May 31, 2017 Year ended May 31, 2016 Year ended May 31, 2015 0.78
0.78 0.78 0.78 0.80 0.81 % 
%  %  %  %  % 

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

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

14  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$52.51			$60.20			$46.85			$39.75			$46.44			$41.14
Net investment loss		(0.10	)		(0.15	)		(0.19	)		(0.15	)		(0.09	)		(0.20	)1
Net realized and unrealized gains (losses) on investments		6.36			(3.44	)		13.54			7.25			(6.33	)		7.42
Total from investment operations		6.26			(3.59	)		13.35			7.10			(6.42	)		7.22
Distributions to shareholders from
Net realized gains		0.00			(4.10	)		0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$58.77			$52.51			$60.20			$46.85			$39.75			$46.44
Total return2		11.92	%		(5.77	)%		28.50	%		17.86	%		(13.85	)%		18.03	%
Ratios to average net assets (annualized)
Gross expenses3		0.99	%		0.98	%		0.99	%		1.00	%		1.01	%		0.98	%
Net expenses3		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment loss3		(0.22	)%		(0.26	)%		(0.35	)%		(0.31	)%		(0.18	)%		(0.45	)%
Supplemental data
Portfolio turnover rate4		22	%		54	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$1,058,726			$1,047,883			$1,169,555			$1,014,847			$678,699			$457,542

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited) Year ended May 31, 2019 Year ended May 31, 2018 Year ended May 31, 2017 Year ended May 31, 2016 Year ended May 31, 2015 0.78
0.78 0.78 0.78 0.80 0.81 % 
%  %  %  %  % 

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

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

Wells Fargo Small Company Growth Fund  |  15

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 Small Company Growth Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 98% of Wells Fargo Small Company Growth Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

Distributions to shareholders from net investment income 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.

16  |  Wells Fargo Small Company Growth Fund

Notes to financial statements (unaudited)

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $1,373,420,056 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	399,039,573
Gross unrealized losses		0
Net unrealized gains	$	399,039,573

As of May 31, 2019, the Fund had current year deferred post-October capital losses consisting of $6,988,693 in short-term losses which was recognized on the first day of the current fiscal year.

As of May 31, 2019, the Fund had a qualified late-year ordinary loss of $1,877,655 which was recognized on the first day of the current fiscal year.

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Growth Portfolio	Seeks long-term capital appreciation		$1,772,459,629

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

Wells Fargo Small Company Growth Fund  |  17

Notes to financial statements (unaudited)

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

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.33% for Class A shares, 2.08% for Class C shares, 0.90% for Class R6 shares, 1.20% 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. Prior to October 1, 2019, the Fund’s expenses were capped at 1.35% for Class A shares and 2.10% for Class C shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2019, Funds Distributor received $316 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were $380,466,373 and $535,124,024, 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 November 30, 2019, there were no borrowings by the Fund under the agreement.

18  |  Wells Fargo Small Company Growth Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology and health care sectors.

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.

Wells Fargo Small Company Growth Fund  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks: 97.49%
Communication Services: 0.37%
Entertainment: 0.37%
Lions Gate Entertainment Class B †		772,482	$	6,697,419
Consumer Discretionary: 10.37%
Auto Components: 0.98%
Fox Factory Holding Corporation †		266,786		17,589,201
Diversified Consumer Services: 1.25%
Houghton Mifflin Harcourt Company †		1,189,380		6,981,661
Strategic Education Incorporated †		110,326		15,637,607
				22,619,268
Hotels, Restaurants & Leisure: 3.14%
Eldorado Resorts Incorporated Ǡ		450,206		24,090,523
Extended Stay America Incorporated †		979,598		14,458,866
International Game Technology «		1,213,965		18,027,380
				56,576,769
Household Durables: 1.13%
Skyline Champion Corporation †		615,582		20,425,011
Leisure Products: 0.75%
Callaway Golf Company		649,518		13,496,984
Specialty Retail: 2.37%
Burlington Stores Incorporated †		89,142		20,056,950
Children’s Place Retail Stores Incorporated «		179,833		12,994,733
Monro Muffler Brake Incorporated		131,222		9,631,695
				42,683,378
Textiles, Apparel & Luxury Goods: 0.75%
G-III Apparel Group Limited †		457,598		13,544,901
Consumer Staples: 1.51%
Food & Staples Retailing: 1.51%
Performance Food Group Company †		576,126		27,112,490
Energy: 1.00%
Oil, Gas & Consumable Fuels: 1.00%
GasLog Limited		746,161		6,984,067
Parsley Energy Incorporated Class A		732,539		10,973,434
				17,957,501
Financials: 11.19%
Banks: 1.49%
SVB Financial Group †		64,371		14,916,692
Triumph Bancorp Incorporated †		331,613		11,891,642
				26,808,334
Capital Markets: 4.54%
Evercore Partners Incorporated Class A		313,649		24,270,160
Focus Financial Partners Class A †		450,432		12,661,644

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

20  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Capital Markets (continued)
Stifel Financial Corporation †		391,984	$	24,506,840
VIRTU Financial Incorporated Class A «†		510,762		8,478,649
Virtus Investment Partners Incorporated		101,924		12,006,647
				81,923,940
Consumer Finance: 0.75%
FirstCash Financial Services Incorporated		166,360		13,448,542
Insurance: 2.89%
Argo Group International Holdings Limited		232,704		15,307,269
BRP Group Incorporated Class A †		392,827		6,764,481
Goosehead Insurance Incorporated Class A «†		286,905		11,625,391
Palomar Holdings Incorporated †		336,795		18,378,903
				52,076,044
Thrifts & Mortgage Finance: 1.52%
Essent Group Limited		502,991		27,488,458
Health Care: 25.06%
Biotechnology: 9.25%
ACADIA Pharmaceuticals Incorporated †		281,722		12,759,189
Alnylam Pharmaceuticals Incorporated †		129,184		15,132,614
bluebird bio Incorporated †		87,031		7,044,289
CareDx Incorporated †		530,680		10,889,554
Emergent BioSolutions Incorporated †		224,222		12,300,819
Flexion Therapeutics Incorporated Ǡ		581,889		10,316,892
Galapagos NV Ǡ		54,187		10,610,356
Immunomedics Incorporated †		643,623		12,087,240
Intercept Pharmaceuticals Incorporated Ǡ		101,367		10,985,142
Invitae Corporation Ǡ		559,898		11,141,970
Ionis Pharmaceuticals Incorporated †		158,058		10,109,390
Iovance Biotherapeutics Incorporated †		453,621		10,356,167
Ironwood Pharmaceuticals Incorporated †		949,277		11,410,310
Momenta Pharmaceuticals Incorporated †		620,289		10,420,855
Portola Pharmaceuticals Incorporated †		387,461		11,062,012
				166,626,799
Health Care Equipment & Supplies: 5.46%
Atricure Incorporated †		637,931		18,978,447
Axogen Incorporated †		477,099		8,268,126
Axonics Modulation Technologies Incorporated Ǡ		431,929		10,534,748
Cerus Corporation †		1,664,808		7,225,267
Glaukos Corporation †		312,907		20,066,726
Novocure Limited †		113,644		10,475,704
Tactile Systems Technology Class I †		354,930		22,790,055
				98,339,073
Health Care Providers & Services: 2.47%
AMN Healthcare Services Incorporated †		318,005		18,911,757
HealthEquity Incorporated †		204,051		12,832,767
PetIQ Incorporated Ǡ		555,443		12,775,189
				44,519,713

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

Wells Fargo Small Company Growth Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Health Care Technology: 3.76%
Allscripts Healthcare Solutions Incorporated †		1,028,671	$	11,089,073
Evolent Health Incorporated Class A †		897,571		6,471,487
Omnicell Incorporated †		222,637		17,808,734
Tabula Rasa Healthcare Incorporated Ǡ		253,859		11,324,650
Teladoc Incorporated Ǡ		252,628		21,155,069
				67,849,013
Life Sciences Tools & Services: 3.47%
Adaptive Biotechnologies Corporation Ǡ		223,420		6,074,790
ICON plc ADR †		179,973		29,364,395
Syneos Health Incorporated †		494,148		27,133,667
				62,572,852
Pharmaceuticals: 0.65%
Pacira Pharmaceuticals Incorporated †		253,759		11,728,741
Industrials: 17.05%
Aerospace & Defense: 1.62%
AAR Corporation		321,995		14,389,957
Kratos Defense & Security Solutions Incorporated †		814,468		14,709,292
				29,099,249
Air Freight & Logistics: 0.80%
Hub Group Incorporated Class A †		283,171		14,461,543
Building Products: 2.03%
A.O. Smith Corporation †		313,098		15,153,943
Masonite International Corporation †		197,623		14,189,331
PGT Incorporated †		503,350		7,238,173
				36,581,447
Commercial Services & Supplies: 1.09%
IAA Incorporated †		286,729		12,997,426
KAR Auction Services Incorporated †		318,587		6,728,557
				19,725,983
Construction & Engineering: 0.50%
Dycom Industries Incorporated †		173,184		9,014,227
Electrical Equipment: 0.82%
Atkore International Incorporated †		353,934		14,766,126
Machinery: 5.95%
AGCO Corporation		198,189		15,484,507
Chart Industries Incorporated †		189,460		10,458,192
Circor International Incorporated †		324,370		14,389,053
Gardner Denver Holdings Incorporated †		415,992		14,089,649
SPX Corporation †		501,609		23,966,878
Wabash National Corporation		738,626		11,633,360
Woodward Governor Company		147,840		17,266,234
				107,287,873

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

22  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Professional Services: 2.54%
ASGN Incorporated †		372,409	$	24,955,127
ICF International Incorporated		231,355		20,759,484
				45,714,611
Road & Rail: 1.70%
Knight-Swift Transportation Holdings Incorporated Ǡ		348,931		12,906,958
Schneider National Incorporated Class B		778,946		17,721,022
				30,627,980
Information Technology: 25.93%
Communications Equipment: 2.92%
Ciena Corporation †		585,046		22,208,346
Lumentum Holdings Incorporated †		413,049		30,425,189
				52,633,535
Electronic Equipment, Instruments & Components: 0.49%
Benchmark Electronics Incorporated †		259,321		8,938,795
IT Services: 5.67%
Black Knight Incorporated †		307,928		19,402,543
Euronet Worldwide Incorporated †		132,305		20,797,023
LiveRamp Holdings Incorporated †		510,327		25,562,279
Verra Mobility Corporation †		970,686		14,531,169
WEX Incorporated †		108,851		21,893,202
				102,186,216
Semiconductors & Semiconductor Equipment: 3.78%
Cabot Microelectronics Corporation †		105,044		14,013,920
FormFactor Incorporated †		558,712		12,928,596
Onto Innovation Incorporated †		341,166		11,449,531
Silicon Motion Technology Corporation ADR †		288,160		12,765,488
Teradyne Incorporated		270,488		16,929,844
				68,087,379
Software: 13.07%
Benefitfocus Incorporated †		307,383		7,371,044
Box Incorporated Class A †		952,743		17,378,032
Cerence Incorporated †		131,706		2,049,345
Cornerstone OnDemand Incorporated †		403,116		24,860,164
CyberArk Software Limited †		167,410		20,516,096
Mimecast Limited †		325,849		14,451,403
Nuance Communications Incorporated †		1,053,643		18,891,819
Pagerduty Incorporated Ǡ		544,654		14,188,237
PTC Incorporated †		312,491		23,936,811
RealPage Incorporated †		455,242		25,051,967
SS&C Technologies Holdings Incorporated †		483,553		29,037,356
Talend SA ADR †		167,078		6,342,281
Zendesk Incorporated †		217,309		17,167,411
Zuora Incorporated Ǡ		893,791		14,247,029
				235,488,995

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

Wells Fargo Small Company Growth Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

						Shares		Value
Materials: 4.06%
Chemicals: 1.71%
Element Solutions Incorporated †							1,461,830	$	17,088,793
Orion Engineered Carbons SA							748,312		13,604,312
									30,693,105
Construction Materials: 0.59%
US Concrete Incorporated †							261,001		10,682,771
Metals & Mining: 0.72%
Steel Dynamics Incorporated							383,706		12,942,403
Paper & Forest Products: 1.04%
Boise Cascade Company †							495,266		18,780,487
Real Estate: 0.95%
Equity REITs: 0.95%
QTS Realty Trust Incorporated Class A †							323,515		17,168,941
Total Common Stocks (Cost $1,285,503,694)									1,756,966,097
				Expiration date
Rights: 0.00%
Consumer Discretionary: 0.00%
Media: 0.00%
Media General Incorporated †(a)					12-31-2020		347,897		0
Total Rights (Cost $0)									0
	Yield
Short-Term Investments: 11.71%
Investment Companies: 11.71%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77	%				163,147,685		163,164,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56					47,925,862		47,925,862
Total Short-Term Investments (Cost $211,083,898)									211,089,862

Total investments in securities (Cost $1,496,587,592)	109.20	%		1,968,055,959
Other assets and liabilities, net	(9.20	)		(165,837,805	)
Total net assets	100.00	%	$	1,802,218,154

† Non-income-earning security

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

24  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		117,789,132		421,450,589		376,092,036		163,147,685	$	(158	)		0	$	1,469,947	#	$	163,164,000
Wells Fargo Government Money Market Fund Select Class		77,449,512		303,428,920		332,952,570		47,925,862		0			0		497,135			47,925,862
									$	(158	)		0	$	1,967,082		$	211,089,862		11.71	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Small Company Growth Portfolio  |  25

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $159,206,048 of securities loaned), at value (cost $1,285,503,694)	$	1,756,966,097
Investments in affiliated securities, at value (cost $211,083,898)		211,089,862
Receivable for investments sold		1,835,199
Receivable for dividends		1,731,865
Receivable for securities lending income, net		43,639
Prepaid expenses and other assets		36,806
Total assets		1,971,703,468
Liabilities
Payable upon receipt of securities loaned		163,146,999
Payable for investments purchased		3,284,138
Overdraft due to custodian bank		1,835,199
Advisory fee payable		1,172,919
Accrued expenses and other liabilities		46,059
Total liabilities		169,485,314
Total net assets	$	1,802,218,154

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

26  |  Wells Fargo Small Company Growth Portfolio

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $51,931)	$	5,838,017
Income from affiliated securities		749,038
Total investment income		6,587,055
Expenses
Advisory fee		6,922,398
Custody and accounting fees		41,313
Professional fees		24,164
Shareholder report expenses		986
Trustees’ fees and expenses		11,592
Other fees and expenses		12,447
Total expenses		7,012,900
Net investment loss		(425,845	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		103,719,681
Affiliated securities		(158	)
Net realized gains on investments		103,719,523
Net change in unrealized gains (losses) on investments		102,775,577
Net realized and unrealized gains (losses) on investments		206,495,100
Net increase in net assets resulting from operations	$	206,069,255

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

Wells Fargo Small Company Growth Portfolio  |  27

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment loss	$	(425,845	)	$	(1,806,897	)
Net realized gains on investments		103,719,523			201,431,492
Net change in unrealized gains (losses) on investments		102,775,577			(312,380,190	)
Net increase (decrease) in net assets resulting from operations		206,069,255			(112,755,595	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		4,743,930			200,173,324
Withdrawals		(215,679,649	)		(288,826,821	)
Net decrease in net assets resulting from capital transactions		(210,935,719	)		(88,653,497	)
Total decrease in net assets		(4,866,464	)		(201,409,092	)
Net assets
Beginning of period		1,807,084,618			2,008,493,710
End of period	$	1,802,218,154		$	1,807,084,618

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

28  |  Wells Fargo Small Company Growth Portfolio

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		12.03	%		(5.64	)%		28.74	%		18.15	%		(13.86	)%		18.07	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%
Net expenses		0.78	%		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%
Net investment loss		(0.05	)%		(0.09	)%		(0.18	)%		(0.14	)%		(0.03	)%		(0.32	)%
Supplemental data
Portfolio turnover rate		22	%		54	%		37	%		82	%		49	%		58	%

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

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

Wells Fargo Small Company Growth Portfolio  |  29

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

30  |  Wells Fargo Small Company Growth Portfolio

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $1,522,484,419 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	557,090,818
Gross unrealized losses		(111,519,278	)
Net unrealized gains	$	445,571,540

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	6,697,419	$	0	$	0	$	6,697,419
Consumer discretionary		186,935,512		0		0		186,935,512
Consumer staples		27,112,490		0		0		27,112,490
Energy		17,957,501		0		0		17,957,501
Financials		201,745,318		0		0		201,745,318
Health care		451,636,191		0		0		451,636,191
Industrials		307,279,039		0		0		307,279,039
Information technology		467,334,920		0		0		467,334,920
Materials		73,098,766		0		0		73,098,766
Real estate		17,168,941		0		0		17,168,941
Rights
Consumer discretionary		0		0		0		0
Short-term investments
Investment companies		211,089,862		0		0		211,089,862
Total assets	$	1,968,055,959	$	0	$	0	$	1,968,055,959

Wells Fargo Small Company Growth Portfolio  |  31

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2019, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.775
Next $1 billion		0.750
Next $1 billion		0.725
Next $1 billion		0.700
Over $4 billion		0.680

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.77% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.50% and declining to 0.45% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $386,854,174 and $544,108,433, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund 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. 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.

32  |  Wells Fargo Small Company Growth Portfolio

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	14,189,693	$	(14,189,693	)	$	0
Barclays Capital Inc.		13,546,607		(13,546,607	)		0
BMO Capital Markets Corp.		1,753,623		(1,753,623	)		0
BNP Paribas Securities Corp.		6,489,349		(6,489,349	)		0
Citigroup Global Markets Inc.		30,320,680		(30,320,680	)		0
Credit Suisse Securities (USA) LLC		17,760,710		(17,760,710	)		0
Deutsche Bank Securities Inc.		3,794,737		(3,794,737	)		0
JPMorgan Securities LLC		24,682,246		(24,682,246	)		0
Jefferies LLC		1,540,933		(1,540,933	)		0
Morgan Stanley & Co. LLC		33,847,843		(33,847,842	)		0
Scotia Capital (USA) Inc.		10,892,034		(10,892,034	)		0
SG Americas Securities LLC		371,864		(371,864	)		0
UBS Securities LLC		15,729		(15,729	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Portfolio invests a concentration of its portfolio in the information technology and health care sectors. A Portfolio that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a Portfolio 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 Portfolio 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.

Wells Fargo Small Company Growth Portfolio  |  33

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

34  |  Wells Fargo Small Company Growth 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 150 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

Wells Fargo Small Company Growth Fund  |  35

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

36  |  Wells Fargo Small Company Growth Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Small Company Growth Fund  |  37

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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

© 2020 Wells Fargo & Company. All rights reserved.

408963 01-19

SA285/SAR285 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo

Small Company Value Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo Small Company Value Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Wells Fargo Small Company Value Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	27
Statement of operations	28
Statement of changes in net assets	29
Financial highlights	30
Notes to financial statements	31
Other information	36

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Small Company Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Value Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Small Company Value Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Small Company Value Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Jeff Goverman

Garth R. Nisbet, CFA^®‡

Craig Pieringer, CFA^®‡

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SCVAX)	1-31-2002		-2.65		5.19		10.47		3.29		6.44		11.13		1.58		1.15
Class C (SCVFX)	8-30-2002		1.57		5.65		10.29		2.57		5.65		10.29		2.33		1.90
Class R6 (SCVJX)4	10-31-2016		–		–		–		3.71		6.86		11.47		1.15		0.75
Administrator Class (SCVIX)	1-31-2002		–		–		–		3.39		6.59		11.34		1.50		1.05
Institutional Class (SCVNX)5	7-30-2010		–		–		–		3.61		6.81		11.55		1.25		0.85
Russell 2000® Value Index6	–		–		–		–		3.96		6.83		10.99		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Small Company Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20197
Ameris Bancorp	1.07
Walker & Dunlop Incorporated	1.05
Customers Bancorp Incorporated	1.04
Homestreet Incorporated	1.04
Western Alliance Bancorp	1.03
Kaiser Aluminum Corporation	1.03
Midland States Bancorp Incorporated	1.02
First Interstate BancSystem Class A	1.01
FB Financial Corporation	1.00
Hanger Incorporated	1.00

Sector distribution as of November 30, 2019⁸

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

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% 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.

³  The manager has contractually committed through September 30, 2021, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

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

⁵  Historical performance shown for 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.

⁶  The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

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

⁸  Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Small Company Value Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,120.56	$	6.10		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class C
Actual	$	1,000.00	$	1,116.39	$	10.05		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.50	$	9.57		1.90	%
Class R6
Actual	$	1,000.00	$	1,122.39	$	3.98		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Administrator Class
Actual	$	1,000.00	$	1,120.97	$	5.57		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.75	$	5.30		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,122.28	$	4.51		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%

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

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

6  |  Wells Fargo Small Company Value Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 99.95%
Affiliated Master Portfolio: 99.95%
Wells Fargo Small Company Value Portfolio	$	445,256,065
Total Investment Companies (Cost $414,976,869)		445,256,065

Total investments in securities (Cost $414,976,869)	99.95	%		445,256,065
Other assets and liabilities, net	0.05			243,321
Total net assets	100.00	%	$	445,499,386

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Value Portfolio		47	%		83	%	$	(1,444,689	)	$	24,266,619	$	1,873,667	$	49,815	$	445,256,065		99.95	%

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

Wells Fargo Small Company Value Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $414,976,869)	$	445,256,065
Receivable for Fund shares sold		103,582
Receivable from manager		39,106
Prepaid expenses and other assets		848,623
Total assets		446,247,376
Liabilities
Payable for Fund shares redeemed		488,847
Shareholder servicing fees payable		132,979
Administration fees payable		72,693
Custodian and accounting fees payable		40,364
Distribution fee payable		4,988
Trustees’ fees and expenses payable		2,656
Accrued expenses and other liabilities		5,463
Total liabilities		747,990
Total net assets		$445,499,386
Net assets consist of
Paid-in capital	$	425,133,089
Total distributable earnings		20,366,297
Total net assets	$	445,499,386
Computation of net asset value and offering price per share
Net assets – Class A	$	357,147,416
Shares outstanding – Class A1		13,158,620
Net asset value per share – Class A		$27.14
Maximum offering price per share – Class A2		$28.80
Net assets – Class C	$	7,843,795
Shares outstanding – Class C1		327,132
Net asset value per share – Class C		$23.98
Net assets – Class R6	$	9,268,346
Shares outstanding – Class R61		331,377
Net asset value per share – Class R6		$27.97
Net assets – Administrator Class	$	20,858,592
Shares outstanding – Administrator Class1		750,265
Net asset value per share – Administrator Class		$27.80
Net assets – Institutional Class	$	50,381,237
Shares outstanding – Institutional Class1		1,805,956
Net asset value per share – Institutional Class		$27.90

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.

8  |  Wells Fargo Small Company Value Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,631)	$	1,873,667
Affiliated income allocated from affiliated Master Portfolio		49,815
Expenses allocated from affiliated Master Portfolio		(841,357	)
Waivers allocated from affiliated Master Portfolio		88,287
Total investment income		1,170,412
Expenses
Management fee		50,907
Administration fees
Class A		147,803
Class C		3,871
Class R6		639
Administrator Class		10,755
Institutional Class		24,940
Shareholder servicing fees
Class A		175,956
Class C		4,609
Administrator Class		20,683
Distribution fee
Class C		13,819
Custody and accounting fees		3,054
Professional fees		16,453
Registration fees		65,296
Shareholder report expenses		23,585
Trustees’ fees and expenses		10,623
Other fees and expenses		6,713
Total expenses		579,706
Less: Fee waivers and/or expense reimbursements
Fund-level		(77,507	)
Class A		(88,497	)
Class C		(3,118	)
Class R6		(639	)
Administrator Class		(26,334	)
Institutional Class		(24,940	)
Net expenses		358,671
Net investment income		811,741
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(1,444,689	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		24,266,619
Net realized and unrealized gains (losses) on investments		22,821,930
Net increase in net assets resulting from operations	$	23,633,671

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

Wells Fargo Small Company Value Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	811,741					$	528,160
Net realized losses on investments					(1,444,689	)					(4,999,289	)
Net change in unrealized gains (losses) on investments					24,266,619						(10,331,943	)
Net increase (decrease) in net assets resulting from operations					23,633,671						(14,803,072	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(82,268	)
Class R6					0						(4,758	)
Administrator Class					0						(80,883	)
Institutional Class					0						(367,043	)
Total distributions to shareholders					0						(534,952	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		130,833			3,395,971			100,769			2,699,778
Class C		5,591			129,867			15,848			366,047
Class R6		22,143			585,803			25,104			690,295
Administrator Class		21,998			573,791			156,576			4,440,193
Institutional Class		105,222			2,759,956			927,734			26,194,616
					7,445,388						34,390,929
Reinvestment of distributions
Class A		0			0			3,218			75,882
Class R6		0			0			183			4,430
Administrator Class		0			0			3,347			80,761
Institutional Class		0			0			15,183			366,819
					0						527,892
Payment for shares redeemed
Class A		(453,442	)		(11,827,607	)		(160,314	)		(4,366,685	)
Class C		(58,375	)		(1,321,997	)		(42,700	)		(986,195	)
Class R6		(875,203	)		(23,099,949	)		(6,898	)		(189,905	)
Administrator Class		(74,970	)		(1,968,074	)		(1,664,950	)		(46,927,131	)
Institutional Class		(418,064	)		(10,955,141	)		(1,684,689	)		(45,679,163	)
					(49,172,768	)					(98,149,079	)
Net asset value of shares issue in acquisition
Class A		12,989,900			337,017,442			N/A			N/A
Class C		328,733			7,545,278			N/A			N/A
Class R6		1,155,117			30,863,882			N/A			N/A
Administrator Class		242,559			6,444,855			N/A			N/A
Institutional Class		786,790			20,969,975			N/A			N/A
					402,841,432						N/A
Net increase (decrease) in net assets resulting from capital share transactions					361,114,052						(63,230,258	)
Total increase (decrease) in net assets					384,747,723						(78,568,282	)
Net assets
Beginning of period					60,751,663						139,319,945
End of period				$	445,499,386					$	60,751,663

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

10  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$24.22			$28.60			$24.01			$20.22			$21.42			$20.08
Net investment income		0.10	1		0.09			0.09			0.05			0.08			0.07
Net realized and unrealized gains (losses) on investments		2.82			(4.31	)		4.58			3.75			(1.25	)		1.27
Total from investment operations		2.92			(4.22	)		4.67			3.80			(1.17	)		1.34
Distributions to shareholders from
Net investment income		0.00			(0.16	)		(0.08	)		(0.01	)		(0.03	)		0.00
Net asset value, end of period		$27.14			$24.22			$28.60			$24.01			$20.22			$21.42
Total return2		12.06	%		(14.72	)%		19.48	%		18.86	%		(5.48	)%		6.62	%
Ratios to average net assets (annualized)
Gross expenses3		1.33	%		1.49	%		1.47	%		1.47	%		1.48	%		1.50	%
Net expenses3		1.15	%		1.15	%		1.33	%		1.35	%		1.37	%		1.40	%
Net investment income3		0.73	%		0.38	%		0.46	%		0.20	%		0.11	%		0.33	%
Supplemental data
Portfolio turnover rate4		35	%		168	%		144	%		110	%		72	%		54	%
Net assets, end of period (000s omitted)		$357,147			$11,902			$15,665			$16,280			$23,151			$26,339

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%

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

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

Wells Fargo Small Company Value Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.48			$25.38			$21.40			$18.15			$19.34			$18.27
Net investment income (loss)		0.00	1,2		(0.08	)1		(0.07	)1		(0.11	)1		(0.11	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		2.50			(3.82	)		4.05			3.36			(1.08	)		1.15
Total from investment operations		2.50			(3.90	)		3.98			3.25			(1.19	)		1.07
Net asset value, end of period		$23.98			$21.48			$25.38			$21.40			$18.15			$19.34
Total return3		11.64	%		(15.37	)%		18.60	%		17.97	%		(6.20	)%		5.86	%
Ratios to average net assets (annualized)
Gross expenses4		2.12	%		2.22	%		2.21	%		2.22	%		2.23	%		2.26	%
Net expenses4		1.90	%		1.90	%		2.08	%		2.10	%		2.12	%		2.15	%
Net investment income (loss)4		0.00	%		(0.35	)%		(0.29	)%		(0.54	)%		(0.62	)%		(0.42	)%
Supplemental data
Portfolio turnover rate5		35	%		168	%		144	%		110	%		72	%		54	%
Net assets, end of period (000s omitted)		$7,844			$1,099			$1,980			$1,962			$2,004			$2,602

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Six months ended November 30, 2019 (unaudited)	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%

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

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

12  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R6				2019			2018			20171
Net asset value, beginning of period		$24.92			$29.44			$24.69			$21.37
Net investment income		0.18			0.21	2		0.29	2		0.08
Net realized and unrealized gains (losses) on investments		2.87			(4.45	)		4.65			3.33
Total from investment operations		3.05			(4.24	)		4.94			3.41
Distributions to shareholders from
Net investment income		0.00			(0.28	)		(0.19	)		(0.09	)
Net asset value, end of period		$27.97			$24.92			$29.44			$24.69
Total return3		12.24	%		(14.38	)%		20.03	%		15.95	%
Ratios to average net assets (annualized)
Gross expenses4		0.92	%		1.09	%		1.03	%		1.02	%
Net expenses4		0.75	%		0.75	%		0.88	%		0.90	%
Net investment income4		1.40	%		0.77	%		1.04	%		0.58	%
Supplemental data
Portfolio turnover rate5		35	%		168	%		144	%		110	%
Net assets, end of period (000s omitted)		$9,268			$731			$322			$29

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

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 20171	0.83	%

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

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

Wells Fargo Small Company Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$24.80			$29.23			$24.53			$20.66			$21.90			$20.49
Net investment income		0.11	1		0.14	1		0.20			0.08	1		0.13			0.11
Net realized and unrealized gains (losses) on investments		2.89			(4.43	)		4.63			3.83			(1.30	)		1.30
Total from investment operations		3.00			(4.29	)		4.83			3.91			(1.17	)		1.41
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.13	)		(0.04	)		(0.07	)		0.00
Net asset value, end of period		$27.80			$24.80			$29.23			$24.53			$20.66			$21.90
Total return2		12.10	%		(14.65	)%		19.71	%		19.00	%		(5.36	)%		6.88	%
Ratios to average net assets (annualized)
Gross expenses3		1.42	%		1.35	%		1.38	%		1.39	%		1.39	%		1.34	%
Net expenses3		1.05	%		1.05	%		1.19	%		1.20	%		1.20	%		1.20	%
Net investment income3		0.84	%		0.49	%		0.59	%		0.36	%		0.28	%		0.52	%
Supplemental data
Portfolio turnover rate4		35	%		168	%		144	%		110	%		72	%		0	%
Net assets, end of period (000s omitted)		$20,859			$13,905			$60,379			$57,591			$64,023			$71,034

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%

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

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

14  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$24.86			$29.40			$24.68			$20.77			$22.02			$20.57
Net investment income		0.15			0.19	1		0.21			0.11			0.08	1		0.14
Net realized and unrealized gains (losses) on investments		2.89			(4.45	)		4.69			3.89			(1.22	)		1.31
Total from investment operations		3.04			(4.26	)		4.90			4.00			(1.14	)		1.45
Distributions to shareholders from
Net investment income		0.00			(0.28	)		(0.18	)		(0.09	)		(0.11	)		0.00
Net asset value, end of period		$27.90			$24.86			$29.40			$24.68			$20.77			$22.02
Total return2		12.23	%		(14.46	)%		19.90	%		13.70	%		(5.13	)%		7.05	%
Ratios to average net assets (annualized)
Gross expenses3		1.16	%		1.14	%		1.14	%		1.14	%		1.14	%		1.07	%
Net expenses3		0.85	%		0.85	%		0.99	%		1.00	%		1.00	%		1.00	%
Net investment income3		1.04	%		0.68	%		0.78	%		0.55	%		0.40	%		0.75	%
Supplemental data
Portfolio turnover rate4		35	%		168	%		144	%		110	%		72	%		54	%
Net assets, end of period (000s omitted)		$50,381			$33,116			$60,973			$52,072			$31,768			$16,850

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31 ,2015	0.84	%

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

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

Wells Fargo Small Company Value Fund  |  15

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 Small Company Value Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 83% of Wells Fargo Small Company Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

Distributions to shareholders from net investment income 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.

16  |  Wells Fargo Small Company Value Fund

Notes to financial statements (unaudited)

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $411,367,668 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	33,888,397
Gross unrealized losses		0
Net unrealized gains	$	33,888,397

As of May 31, 2019, the Fund had current year deferred post-October capital losses consisting of $3,470,691 in short-term losses and $260,535 in long-term losses which was recognized on the first day of the current fiscal year.

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation	$445,256,065

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on each Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

Wells Fargo Small Company Value Fund  |  17

Notes to financial statements (unaudited)

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

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.75% for Class R6 shares, 1.05% for Administrator Class shares and 0.85% for Institutional Class shares. 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 November 30, 2019, Funds Distributor received $705 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were $87,738,260 and $106,807,072, respectively.

6. ACQUISTION

After the close of business on September 20, 2019, the Fund acquired the net assets of Wells Fargo Small Cap Value Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Wells Fargo Small Cap Value Fund transferred all of its portfolio securities to Wells Fargo Small Company Value Portfolio (a master portfolio in which it invested all of its assets) in exchange for interests in Wells Fargo Small Company Value Portfolio. Immediately thereafter, Wells Fargo Small Cap Value Fund transferred all of its equity interests in Wells Fargo Small Company Value Portfolio to Wells Fargo Small Cap Value Fund in exchange for shares of the Fund. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Wells Fargo Small Cap Value Fund received Class A, Class C, Class R6, Administrator Class, and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Small Cap Value Fund for 15,503,099 shares of the Fund valued at $402,841,432 at an exchange ratio of 0.45, 0.28, 0.49, 0.49, and 0.49 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Wells Fargo Small Cap Value Fund with a fair value of $403,196,864, identified cost of $421,835,304 and unrealized losses of $18,638,440 at September 20, 2019 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Small Cap Value Fund

18  |  Wells Fargo Small Company Value Fund

Notes to financial statements (unaudited)

and the Fund immediately prior to the acquisition were $402,841,432 and $58,675,150, respectively. The aggregate net assets of the Fund immediately after the acquisition were $461,516,582. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Small Cap Value Fund was carried forward to align with ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed July 1 , 2019, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the six months ended November 30, 2019 would have been as follows (unaudited):

Net investment income	$	105,937
Net realized and unrealized gains (losses) on investments	$	63,791,180
Net increase in net assets resulting from operations	$	63,897,117

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Small Cap Value Fund that have been included in the Fund’s Statement of Operations since September 23, 2019.

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISK

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

Wells Fargo Small Company Value Fund  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks: 99.02%
Consumer Discretionary: 12.33%
Auto Components: 0.93%
Dana Incorporated		294,758	$	4,996,148
Diversified Consumer Services: 1.32%
Collectors Universe Incorporated		104,554		2,746,634
WW International Incorporated †		99,952		4,326,922
				7,073,556
Hotels, Restaurants & Leisure: 0.80%
Dine Brands Global Incorporated		51,653		4,281,001
Household Durables: 2.33%
Cavco Industries Incorporated †		15,691		3,138,357
GoPro Incorporated Class A †«		338,849		1,368,950
Helen of Troy Limited †		21,046		3,397,245
Hooker Furniture Corporation		193,279		4,601,973
				12,506,525
Internet & Direct Marketing Retail: 0.65%
Stamps.com Incorporated †		39,729		3,466,355
Leisure Products: 1.65%
Johnson Outdoors Incorporated Class A		66,181		4,275,293
Malibu Boats Incorporated Class A †		116,523		4,607,319
				8,882,612
Multiline Retail: 0.43%
Nordstrom Incorporated «		60,191		2,297,490
Specialty Retail: 2.48%
American Eagle Outfitters Incorporated		133,118		1,992,776
Dick’s Sporting Goods Incorporated		100,789		4,617,144
Shoe Carnival Incorporated «		139,908		4,966,734
The Michaels Companies Incorporated †«		211,224		1,727,812
				13,304,466
Textiles, Apparel & Luxury Goods: 1.74%
Carter’s Incorporated		48,797		5,041,218
Charles & Colvard Limited †		421,201		627,589
Rocky Brands Incorporated		132,080		3,682,390
				9,351,197
Consumer Staples: 1.76%
Food & Staples Retailing: 0.74%
Ingles Markets Incorporated Class A		89,141		3,961,426
Food Products: 0.49%
Hostess Brands Incorporated †		196,892		2,648,197
Household Products: 0.53%
Central Garden & Pet Company †		107,347		2,831,814

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

20  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Energy: 5.15%
Energy Equipment & Services: 1.27%
Helix Energy Solutions Group Incorporated †		436,847	$	3,625,830
Patterson-UTI Energy Incorporated		230,100		2,057,094
Tidewater Incorporated †		74,625		1,141,763
				6,824,687
Oil, Gas & Consumable Fuels: 3.88%
Callon Petroleum Company †«		514,514		1,877,976
Dorian LPG Limited †		31,000		444,850
PBF Energy Incorporated Class A		96,968		3,035,098
QEP Resources Incorporated		635,027		2,076,538
Southwestern Energy Company †«		993,627		1,808,401
Targa Resources Corporation		119,779		4,375,527
Teekay Tankers Ltd Class A †		226,546		4,281,722
W&T Offshore Incorporated †		683,503		2,925,393
				20,825,505
Financials: 25.49%
Banks: 14.93%
Ameris Bancorp		131,191		5,726,487
Banc of California Incorporated		113,583		1,744,635
Banner Corporation		93,450		5,105,174
Customers Bancorp Incorporated †		239,569		5,601,123
FB Financial Corporation		140,011		5,390,424
First Foundation Incorporated		192,253		3,151,027
First Interstate BancSystem Class A		128,464		5,408,334
Great Southern Bancorp Incorporated		79,888		4,875,565
Heritage Financial Corporation		182,798		5,041,569
Independent Bank Corporation		231,977		5,184,686
Midland States Bancorp Incorporated		194,619		5,464,902
OFG Bancorp		211,270		4,531,742
Orrstown Financial Services Incorporated		60,829		1,333,372
Popular Incorporated		37,793		2,090,331
Triumph Bancorp Incorporated †		97,028		3,479,424
Umpqua Holdings Corporation		312,215		5,110,960
Univest Financial Corporation		204,297		5,334,195
Western Alliance Bancorp		105,777		5,517,328
				80,091,278
Capital Markets: 1.56%
Blucora Incorporated †		55,012		1,294,982
Piper Jaffray Companies Incorporated		66,409		5,371,160
Sculptor Capital Management Incorporated		88,687		1,718,754
				8,384,896
Insurance: 2.53%
American Equity Investment Life Holding Company		123,879		3,681,684
FBL Financial Group Incorporated		57,532		3,312,117
Hallmark Financial Services Incorporated †		50,549		963,969
National General Holdings Corporation		98,544		2,098,002
State Auto Financial Corporation		106,908		3,504,444
				13,560,216

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

Wells Fargo Small Company Value Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Mortgage REITs: 3.49%
Invesco Mortgage Capital Incorporated		317,996	$	5,164,255
MFA Financial Incorporated		652,384		4,997,261
New York Mortgage Trust Incorporated		783,516		4,881,305
Redwood Trust Incorporated		228,330		3,694,379
				18,737,200
Thrifts & Mortgage Finance: 2.98%
Homestreet Incorporated †		174,416		5,567,359
OceanFirst Financial Corporation		199,958		4,794,993
Walker & Dunlop Incorporated		85,889		5,637,754
				16,000,106
Health Care: 7.61%
Health Care Equipment & Supplies: 1.42%
AngioDynamics Incorporated †		17,000		261,290
Fonar Corporation †		49,998		993,460
ICU Medical Incorporated †		11,091		2,079,341
Lantheus Holdings Incorporated †		81,747		1,708,512
Merit Medical Systems Incorporated †		91,225		2,554,300
				7,596,903
Health Care Providers & Services: 4.16%
American Renal Associates Holdings †		133,640		1,264,234
AMN Healthcare Services Incorporated †		58,569		3,483,098
Brookdale Senior Living Incorporated †		320,599		2,289,077
Hanger Incorporated †		205,631		5,387,532
LHC Group Incorporated †		27,697		3,694,780
Option Care Health Incorporated †		760,040		2,363,724
The Ensign Group Incorporated		88,741		3,854,022
				22,336,467
Pharmaceuticals: 2.03%
Akorn Incorporated †		471,659		1,721,555
ANI Pharmaceuticals Incorporated †		35,463		2,185,230
Lannett Company Incorporated †«		223,435		1,970,697
Prestige Consumer Healthcare Incorporated †		132,875		5,018,689
				10,896,171
Industrials: 21.25%
Aerospace & Defense: 0.81%
Ducommun Incorporated †		89,252		4,362,638
Air Freight & Logistics: 0.13%
Radiant Logistics Incorporated †		126,500		676,775
Building Products: 1.61%
CSW Industrials Incorporated		48,980		3,616,193
Patrick Industries Incorporated †		101,501		5,026,330
				8,642,523
Commercial Services & Supplies: 2.58%
ABM Industries Incorporated		93,845		3,565,171
Ennis Incorporated		178,024		3,674,415

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

22  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Commercial Services & Supplies (continued)
Healthcare Services Group Incorporated		86,055	$	2,164,283
Stericycle Incorporated †		70,603		4,435,280
				13,839,149
Construction & Engineering: 1.19%
Comfort Systems Incorporated		82,699		4,225,919
MYR Group Incorporated †		39,761		1,366,188
Sterling Construction Company Incorporated †		56,054		816,707
				6,408,814
Electrical Equipment: 1.71%
Encore Wire Corporation		85,078		4,963,451
Generac Holdings Incorporated †		42,627		4,198,760
				9,162,211
Machinery: 5.88%
Columbus McKinnon Corporation		130,030		5,341,632
Federal Signal Corporation		134,855		4,442,124
Hillenbrand Incorporated		135,531		4,285,490
Kadant Incorporated		42,459		4,135,507
Miller Industries Incorporated		115,604		4,236,887
Mueller Water Products Incorporated Class A		232,228		2,619,532
NN Incorporated		208,634		1,817,202
Spartan Motors Incorporated		264,058		4,687,030
				31,565,404
Marine: 0.89%
Seaspan Corporation «		405,198		4,761,077
Professional Services: 2.73%
Barrett Business Services Incorporated		35,770		3,160,637
CBIZ Incorporated †		138,626		3,723,494
Kelly Services Incorporated Class A		149,130		3,267,438
Korn/Ferry International		114,838		4,510,837
				14,662,406
Road & Rail: 0.55%
Arcbest Corporation		101,522		2,921,803
Trading Companies & Distributors: 3.17%
BMC Stock Holdings Incorporated †		150,856		4,466,846
CAI International Incorporated †		171,658		4,136,958
DXP Enterprises Incorporated †		128,560		4,953,417
Fly Leasing Limited ADR †		176,233		3,459,454
				17,016,675
Information Technology: 11.94%
Communications Equipment: 2.17%
Comtech Telecommunications Corporation		124,503		4,704,968
Inseego Corporation †«		262,128		1,664,513
Lumentum Holdings Incorporated †		71,400		5,259,324
				11,628,805

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

Wells Fargo Small Company Value Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Electronic Equipment, Instruments & Components: 3.34%
Eplus Incorporated †		24,951	$	2,085,155
Insight Enterprises Incorporated †		81,278		5,331,024
Methode Electronics Incorporated		61,153		2,275,503
Napco Security Technologies Incorporated †		45,179		1,411,844
PC Connection Incorporated		94,858		4,678,397
Vishay Precision Group †		62,446		2,148,767
				17,930,690
IT Services: 1.48%
Conduent Incorporated †		275,473		1,864,952
Hackett Group Incorporated		121,641		1,864,757
TTEC Holdings Incorporated		53,331		2,449,493
Verra Mobility Corporation †		119,452		1,788,196
				7,967,398
Semiconductors & Semiconductor Equipment: 3.04%
Diodes Incorporated †		110,036		5,077,061
FormFactor Incorporated †		201,433		4,661,160
Ichor Holdings Limited †		120,542		3,803,100
Onto Innovation Incorporated †		82,186		2,758,162
				16,299,483
Software: 1.42%
American Software Incorporated Class A		147,246		2,327,959
Nuance Communications Incorporated		296,211		5,311,063
				7,639,022
Technology Hardware, Storage & Peripherals: 0.49%
NCR Corporation †		79,733		2,617,634
Materials: 5.25%
Chemicals: 1.16%
Hawkins Incorporated		31,287		1,292,779
Stepan Company		50,773		4,919,904
				6,212,683
Construction Materials: 0.81%
Eagle Materials Incorporated		47,181		4,342,067
Containers & Packaging: 1.12%
Silgan Holdings Incorporated		120,555		3,714,300
UFP Technologies Incorporated †		49,549		2,296,596
				6,010,896
Metals & Mining: 1.99%
Kaiser Aluminum Corporation		50,272		5,508,806
Schnitzer Steel Industries Incorporated Class A		241,145		5,196,675
				10,705,481
Paper & Forest Products: 0.17%
PH Glatfelter Company		51,307		915,830

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

24  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

						Shares		Value
Real Estate: 4.80%
Equity REITs: 4.80%
Armada Hoffler Properties Incorporated							233,955	$	4,225,227
Global Medical REIT Incorporated							352,263		4,903,501
Independence Realty Trust Incorporated							261,681		3,909,514
One Liberty Properties Incorporated							143,616		3,922,153
Outfront Media Incorporated							161,216		4,027,176
PotlatchDeltic Corporation							109,861		4,771,263
									25,758,834
Utilities: 3.44%
Electric Utilities: 1.63%
Hawaiian Electric Industries Incorporated							61,964		2,705,968
IDACORP Incorporated							26,864		2,822,063
Otter Tail Corporation							65,802		3,234,826
									8,762,857
Gas Utilities: 0.89%
National Fuel Gas Company							44,070		1,984,031
Northwest Natural Holding Company							40,532		2,787,386
									4,771,417
Multi-Utilities: 0.61%
MDU Resources Group Incorporated							112,843		3,276,961
Water Utilities: 0.31%
Artesian Resources Corporation Class A							43,989		1,636,391
Total Common Stocks (Cost $479,023,240)									531,350,140
Exchange-Traded Funds: 0.51%
iShares Russell 2000 Index ETF							17,000		2,750,090
Total Exchange-Traded Funds (Cost $2,635,194)									2,750,090
				Expiration date
Warrants: 0.00%
Energy: 0.00%
Energy Equipment & Services: 0.00%
Parker Drilling Company †(a)					9-16-2024		8,457		0
Total Warrants (Cost $0)									0
	Yield
Short-Term Investments: 4.37%
Investment Companies: 4.37%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77	%				21,120,587		21,122,700
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56					2,339,432		2,339,432
Total Short-Term Investments (Cost $23,461,951)									23,462,132

Total Investments in securities (Cost $505,120,385)	103.90	%		557,562,362
Other assets and liabilities, net	(3.90	)		(20,948,679	)
Total net assets	100.00	%	$	536,613,683

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

Wells Fargo Small Company Value Portfolio  |  25

Portfolio of investments—November 30, 2019 (unaudited)

† Non-income-earning security

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		2,006,789		65,162,567		46,048,769		21,120,587	$	385	$	1	$	82,433	#	$	21,122,700
Wells Fargo Government Money Market Fund Select Class		718,186		20,669,479		19,048,233		2,339,432		0		0		9,839			2,339,432
									$	385	$	1	$	92,272		$	23,462,132		4.37	%

^#  Amount shown represents income before fees and rebates

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

26  |  Wells Fargo Small Company Value Portfolio

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities, (including $20,444,801 of security loaned), at value (cost $481,658,434)	$	534,100,230
Investments in affiliated securities, at value (cost $23,461,951)		23,462,132
Receivable for investments sold		1,227,327
Receivable for dividends		255,450
Receivable for securities lending income, net		23,577
Prepaid expenses and other assets		17,535
Total assets		559,086,251
Liabilities
Payable upon receipt of securities loaned		21,122,097
Payable for investments purchased		1,007,802
Advisory fee payable		327,230
Accrued expenses and other liabilities		15,439
Total liabilities		22,472,568
Total net assets	$	536,613,683

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

Wells Fargo Small Company Value Portfolio  |  27

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $2,332)	$	2,579,857
Income from affiliated securities		65,700
Total investment income		2,645,557
Expenses
Advisory fee		1,120,727
Custody and accounting fees		5,546
Professional fees		23,201
Shareholder report expenses		1,387
Trustees’ fees and expenses		11,643
Other fees and expenses		4,696
Total expenses		1,167,200
Less: Fee waivers and/or expense reimbursements		(129,714	)
Net expenses		1,037,486
Net investment income		1,608,071
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(3,847,004	)
Affiliated securities		385
Net realized losses on investments		(3,846,619	)
Net change in unrealized gains (losses) on
Unaffiliated securities		34,722,839
Affiliated securities		1
Net change in unrealized gains (losses) on investments		34,722,840
Net realized and unrealized gains (losses) on investments		30,876,221
Net increase in net assets resulting from operations	$	32,484,292

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

28  |  Wells Fargo Small Company Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment income	$	1,608,071		$	1,405,371
Net realized losses on investments		(3,846,619	)		(20,261,333	)
Net change in unrealized gains (losses) on investments		34,722,840			(10,952,752	)
Net increase (decrease) in net assets resulting from operations		32,484,292			(29,808,714	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		427,003,892			110,246,678
Withdrawals		(50,504,920	)		(112,205,990	)
Net increase (decrease) in net assets resulting from capital transactions		376,498,972			(1,959,312	)
Total increase (decrease) in net assets		408,983,264			(31,768,026	)
Net assets
Beginning of period		127,630,419			159,398,445
End of period	$	536,613,683		$	127,630,419

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

Wells Fargo Small Company Value Portfolio  |  29

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		12.12	%		(14.51	)%		20.10	%		19.44	%		(4.96	)%		7.29	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.86	%		0.85	%		0.84	%		0.85	%		0.84	%
Net expenses		0.74	%		0.75	%		0.84	%		0.84	%		0.85	%		0.84	%
Net investment income		1.15	%		0.80	%		0.87	%		0.72	%		0.62	%		0.89	%
Supplemental data
Portfolio turnover rate		35	%		168	%		144	%		110	%		72	%		54	%

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

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

30  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Security transactions and income recognition

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

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

Wells Fargo Small Company Value Portfolio  |  31

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $509,336,004 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	64,054,873
Gross unrealized losses		(15,828,515	)
Net unrealized gains	$	48,226,358

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

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

32  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	66,159,350	$	0	$	0	$	66,159,350
Consumer staples		9,441,437		0		0		9,441,437
Energy		27,650,192		0		0		27,650,192
Financials		136,773,696		0		0		136,773,696
Health care		40,829,541		0		0		40,829,541
Industrials		114,019,475		0		0		114,019,475
Information technology		64,083,032		0		0		64,083,032
Materials		28,186,957		0		0		28,186,957
Real estate		25,758,834		0		0		25,758,834
Utilities		18,447,626		0		0		18,447,626
Exchange-traded funds		2,750,090		0		0		2,750,090
Warrants
Energy		0		0		0		0
Short-term investments
Investment companies		23,462,132		0		0		23,462,132
Total assets	$	557,562,362	$	0	$	0	$	557,562,362

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

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.800%
Next $500 million	0.775
Next $1 billion	0.750
Next $1 billion	0.725
Next $1 billion	0.700
Over $4 billion	0.680

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at the following annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Wells Fargo Small Company Value Portfolio  |  33

Notes to financial statements (unaudited)

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2019 were $105,740,392 and $128,721,742, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between each Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	1,265,378	$	(1,265,378	)	$	0
Barclays Capital Inc.		2,833,415		(2,833,415	)		0
BNP Paribas Securities Corp.		1,323,260		(1,323,260	)		0
Citigroup Global Markets Inc.		1,989,900		(1,989,900	)		0
Deutsche Bank Securities Inc.		2,271,186		(2,271,186	)		0
JPMorgan Securities LLC		6,446,999		(6,446,999	)		0
Jefferies LLC		159,489		(159,489	)		0
Morgan Stanley & Co. LLC		3,792,078		(3,792,078	)		0
SG Americas Securities LLC		303,003		(303,003	)		0
UBS Securities LLC		60,093		(60,093	)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

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

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

34  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Portfolio invests a concentration of its portfolio in the financials sector. A Portfolio that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a Portfolio 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 Portfolio 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.

Wells Fargo Small Company Value Portfolio  |  35

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

36  |  Wells Fargo Small Company Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 150 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

Wells Fargo Small Company Value Fund  |  37

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

38  |  Wells Fargo Small Company Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Small Company Value Fund  |  39

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2020 Wells Fargo & Company. All rights reserved.

408964 01-19

SA286/SAR286 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo Core Bond Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo Core Bond Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	18
Wells Fargo Core Bond Portfolio
Portfolio of investments	21
Financial statements
Statement of assets and liabilities	43
Statement of operations	44
Statement of changes in net assets	45
Financial highlights	46
Notes to financial statements	47
Other information	52

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Save trees.

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Core Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Bond Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Core Bond Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Core Bond Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Thomas O’Connor CFA^®‡*

Jarad Vasquez

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (MBFAX)	10-31-2001		5.10		1.67		3.18		10.08		2.61		3.65		0.83		0.78
Class C (MBFCX)	10-31-2001		8.25		1.85		2.84		9.25		1.85		2.84		1.58		1.53
Class R (WTRRX)4	7-9-2010		–		–		–		9.74		2.34		3.35		1.08		1.03
Class R4 (MBFRX)5	11-30-2012		–		–		–		10.39		2.90		3.89		0.60		0.52
Class R6 (WTRIX)6	11-30-2012		–		–		–		10.56		3.04		4.02		0.45		0.37
Administrator Class (MNTRX)	6-30-1997		–		–		–		10.11		2.68		3.70		0.77		0.70
Institutional Class (MBFIX)	10-31-2001		–		–		–		10.51		2.99		3.99		0.50		0.42
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		10.79		3.08		3.59		–		–

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Fund is exposed to foreign investment risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

4  |  Wells Fargo Core Bond Fund

Please see footnotes on page 5.

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20198
U.S. Treasury Note, 2.75%, 5-31-2023	2.03
U.S. Treasury Bond, 3.13%, 8-15-2044	1.96
U.S. Treasury Bond, 3.13%, 2-15-2043	1.91
GNMA, 3.50%, 12-19-2049	1.71
U.S. Treasury Note, 1.63%, 2-15-2026	1.53
U.S. Treasury Note, 2.75%, 5-31-2023	1.37
FHLMC, 4.00%, 9-1-2049	1.19
U.S. Treasury Note, 2.75%, 7-31-2023	1.06
U.S. Treasury Note, 1.13%, 9-30-2021	1.06
U.S. Treasury Bond, 2.50%, 5-15-2046	1.03

Portfolio allocation as of November 30, 2019⁹

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

* Thomas O’Connor, CFA has announced his intention to retire from Wells Capital Management Incorporated on December 31, 2020. He will continue to serve as a portfolio manager of the Fund through that date.

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

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

³  The manager has contractually committed through September 30, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

⁴  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares.

⁵  Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares.

⁶  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.

⁷  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.

⁸  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹  Amounts represent the portfolio allocation of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Core Bond Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,035.34	$	3.97		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.10	$	3.94		0.78	%
Class C
Actual	$	1,000.00	$	1,031.72	$	7.77		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.35	$	7.72		1.53	%
Class R
Actual	$	1,000.00	$	1,033.86	$	5.24		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class R4
Actual	$	1,000.00	$	1,037.30	$	2.65		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.40	$	2.63		0.52	%
Class R6
Actual	$	1,000.00	$	1,037.32	$	1.88		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.15	$	1.87		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,035.60	$	3.56		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.50	$	3.54		0.70	%
Institutional Class
Actual	$	1,000.00	$	1,037.86	$	2.14		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%

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

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

6  |  Wells Fargo Core Bond Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 100.05%
Affiliated Master Portfolio: 100.05%
Wells Fargo Core Bond Portfolio	$	5,578,968,088
Total Investment Companies (Cost $5,475,404,367)		5,578,968,088

Total investments in securities (Cost $5,475,404,367)	100.05	%		5,578,968,088
Other assets and liabilities, net	(0.05	)		(2,819,604	)
Total net assets	100.00	%	$	5,576,148,484

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Interest allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Core Bond Portfolio		95	%		94	%	$	147,921,067	$	(13,414,693	)	$	75,926,856	$	1,248,339	$	5,578,968,088		100.05	%

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

Wells Fargo Core Bond Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $5,475,404,367)	$	5,578,968,088
Receivable for Fund shares sold		3,704,365
Receivable from manager		99,026
Prepaid expenses and other assets		58,870
Total assets		5,582,830,349
Liabilities
Payable for Fund shares redeemed		3,825,308
Dividends payable		1,866,268
Administration fees payable		295,379
Distribution fees payable		20,594
Trustees’ fees and expenses payable		2,370
Accrued expenses and other liabilities		671,946
Total liabilities		6,681,865
Total net assets	$	5,576,148,484
Net assets consist of
Paid-in capital	$	5,458,559,572
Total distributable earnings		117,588,912
Total net assets	$	5,576,148,484
Computation of net asset value and offering price per share
Net assets – Class A	$	303,885,908
Shares outstanding – Class A1		22,329,190
Net asset value per share – Class A		$13.61
Maximum offering price per share – Class A2		$14.25
Net assets – Class C	$	30,658,108
Shares outstanding – Class C1		2,274,717
Net asset value per share – Class C		$13.48
Net assets – Class R	$	4,660,953
Shares outstanding – Class R1		350,875
Net asset value per share – Class R		$13.28
Net assets – Class R4	$	5,180,830
Share outstanding – Class R41		390,166
Net asset value per share – Class R4		$13.28
Net assets – Class R6	$	2,538,896,251
Shares outstanding – Class R61		191,304,968
Net asset value per share – Class R6		$13.27
Net assets – Administrator Class	$	206,299,610
Shares outstanding – Administrator Class1		15,528,929
Net asset value per share – Administrator Class		$13.28
Net assets – Institutional Class	$	2,486,566,824
Shares outstanding – Institutional Class1		187,421,893
Net asset value per share – Institutional Class		$13.27

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

8  |  Wells Fargo Core Bond Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $36,825)	$	75,926,856
Affiliated income allocated from affiliated Master Portfolio		1,248,339
Expenses allocated from affiliated Master Portfolio		(9,514,721	)
Total investment income		67,660,474
Expenses
Management fee		1,345,087
Administration fees
Class A		241,920
Class C		26,290
Class R		5,171
Class R4		3,492
Class R6		376,735
Administrator Class		103,586
Institutional Class		965,228
Shareholder servicing fees
Class A		378,000
Class C		41,079
Class R		8,079
Class R4		4,365
Administrator Class		258,964
Distribution fees
Class C		123,003
Class R		8,022
Custody and accounting fees		92,068
Professional fees		17,661
Registration fees		118,631
Shareholder report expenses		162,779
Trustees’ fees and expenses		10,623
Other fees and expenses		51,114
Total expenses		4,341,897
Less: Fee waivers and/or expense reimbursements
Fund-level		(1,333,315	)
Class R4		(1,005	)
Class R6		(293,558	)
Administrator Class		(13,572	)
Institutional Class		(279,539	)
Net expenses		2,420,908
Net investment income		65,239,566
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		147,921,067
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(13,414,693	)
Net realized and unrealized gains (losses) on investments		134,506,374
Net increase in net assets resulting from operations	$	199,745,940

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

Wells Fargo Core Bond Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	65,239,566					$	149,517,912
Net realized gains (losses) on investments					147,921,067						(17,410,516	)
Net change in unrealized gains (losses) on investments					(13,414,693	)					182,530,737
Net increase in net assets resulting from operations					199,745,940						314,638,133
Distributions to shareholders from net investment income and net realized gains
Class A					(3,082,784	)					(7,707,522	)
Class C					(212,272	)					(731,013	)
Class R					(57,966	)					(258,514	)
Class R4					(102,010	)					(310,999	)
Class R6					(30,756,664	)					(65,026,382	)
Administrator Class					(2,193,765	)					(6,822,022	)
Institutional Class					(28,910,263	)					(68,704,939	)
Total distributions to shareholders					(65,315,724	)					(149,561,391	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,206,695			29,873,648			5,814,230			74,731,899
Class C		315,251			4,223,957			504,131			6,445,467
Class R		48,720			646,080			192,684			2,418,555
Class R4		73,065			963,092			232,839			2,916,548
Class R6		21,503,746			284,962,799			134,743,486			1,690,762,705
Administrator Class		1,733,944			22,928,523			7,054,319			87,991,112
Institutional Class		30,021,598			395,644,283			62,642,714			786,483,803
					739,242,382						2,651,750,089
Reinvestment of distributions
Class A		196,474			2,666,442			517,112			6,661,968
Class C		6,684			89,797			27,587			351,123
Class R		844			11,169			2,650			33,322
Class R4		7,673			101,551			24,725			310,703
Class R6		1,791,592			23,712,279			4,654,160			58,457,025
Administrator Class		160,841			2,130,235			528,027			6,640,587
Institutional Class		1,908,036			25,250,148			4,468,964			56,130,059
					53,961,621						128,584,787
Payment for shares redeemed
Class A		(2,840,153	)		(38,382,925	)		(8,462,820	)		(108,862,680	)
Class C		(670,751	)		(8,989,905	)		(1,664,172	)		(21,223,278	)
Class R		(359,638	)		(4,734,377	)		(508,524	)		(6,425,841	)
Class R4		(524,646	)		(6,955,963	)		(354,232	)		(4,433,486	)
Class R6		(26,148,288	)		(344,780,641	)		(53,758,496	)		(673,745,873	)
Administrator Class		(2,247,920	)		(29,703,310	)		(13,129,627	)		(165,688,347	)
Institutional Class		(25,559,152	)		(336,754,626	)		(150,751,229	)		(1,886,370,187	)
					(770,301,747	)					(2,866,749,692	)
Net increase (decrease) in net assets resulting from capital share transactions					22,902,256						(86,414,816	)
Total increase in net assets					157,332,472						78,661,926
Net assets
Beginning of period					5,418,816,012						5,340,154,086
End of period				$	5,576,148,484					$	5,418,816,012

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

10  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.28			$12.86			$13.22			$13.28			$13.16			$12.98
Net investment income		0.14			0.32			0.24			0.19	1		0.19	1		0.18
Net realized and unrealized gains (losses) on investments		0.33			0.42			(0.36	)		0.00			0.12			0.19
Total from investment operations		0.47			0.74			(0.12	)		0.19			0.31			0.37
Distributions to shareholders from
Net investment income		(0.14	)		(0.32	)		(0.24	)		(0.19	)		(0.19	)		(0.19	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.14	)		(0.32	)		(0.24	)		(0.25	)		(0.19	)		(0.19	)
Net asset value, end of period		$13.61			$13.28			$12.86			$13.22			$13.28			$13.16
Total return2		3.53	%		5.87	%		(0.96	)%		1.48	%		2.36	%		2.85	%
Ratios to average net assets (annualized)
Gross expenses3		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Net expenses3		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income3		2.04	%		2.50	%		1.79	%		1.40	%		1.43	%		1.39	%
Supplemental data
Portfolio turnover rate4		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$303,886			$302,246			$320,208			$360,276			$699,273			$506,043

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

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

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

Wells Fargo Core Bond Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.15			$12.74			$13.09			$13.15			$13.03			$12.86
Net investment income		0.09			0.23			0.14			0.09			0.09			0.09
Net realized and unrealized gains (losses) on investments		0.33			0.40			(0.35	)		0.00			0.12			0.17
Total from investment operations		0.42			0.63			(0.21	)		0.09			0.21			0.26
Distributions to shareholders from
Net investment income		(0.09	)		(0.22	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.09	)		(0.22	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)
Net asset value, end of period		$13.48			$13.15			$12.74			$13.09			$13.15			$13.03
Total return1		3.17	%		5.04	%		(1.65	)%		0.72	%		1.61	%		2.02	%
Ratios to average net assets (annualized)
Gross expenses2		1.57	%		1.58	%		1.58	%		1.58	%		1.58	%		1.58	%
Net expenses2		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income2		1.29	%		1.75	%		1.04	%		0.68	%		0.68	%		0.65	%
Supplemental data
Portfolio turnover rate3		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$30,658			$34,494			$47,843			$59,049			$66,612			$72,798

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

12  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.96			$12.55			$12.90			$12.97			$12.85			$12.67
Net investment income		0.12	1		0.28	1		0.20	1		0.15	1		0.15	1		0.15	1
Net realized and unrealized gains (losses) on investments		0.32			0.41			(0.35	)		(0.01	)		0.12			0.18
Total from investment operations		0.44			0.69			(0.15	)		0.14			0.27			0.33
Distributions to shareholders from
Net investment income		(0.12	)		(0.28	)		(0.20	)		(0.15	)		(0.15	)		(0.15	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.12	)		(0.28	)		(0.20	)		(0.21	)		(0.15	)		(0.15	)
Net asset value, end of period		$13.28			$12.96			$12.55			$12.90			$12.97			$12.85
Total return2		3.39	%		5.61	%		(1.19	)%		1.15	%		2.13	%		2.63	%
Ratios to average net assets (annualized)
Gross expenses3		1.07	%		1.07	%		1.08	%		1.08	%		1.08	%		1.08	%
Net expenses3		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income3		1.79	%		2.25	%		1.54	%		1.18	%		1.18	%		1.15	%
Supplemental data
Portfolio turnover rate4		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$4,661			$8,565			$12,230			$13,826			$17,985			$16,411

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

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

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

Wells Fargo Core Bond Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R4				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.95			$12.55			$12.89			$12.95			$12.83			$12.66
Net investment income		0.15	1		0.35			0.26	1		0.22			0.22			0.21
Net realized and unrealized gains (losses) on investments		0.33			0.40			(0.34	)		0.00			0.12			0.18
Total from investment operations		0.48			0.75			(0.08	)		0.22			0.34			0.39
Distributions to shareholders from
Net investment income		(0.15	)		(0.35	)		(0.26	)		(0.22	)		(0.22	)		(0.22	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.15	)		(0.35	)		(0.26	)		(0.28	)		(0.22	)		(0.22	)
Net asset value, end of period		$13.28			$12.95			$12.55			$12.89			$12.95			$12.83
Total return2		3.73	%		6.07	%		(0.61	)%		1.74	%		2.65	%		3.07	%
Ratios to average net assets (annualized)
Gross expenses3		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%		0.59	%
Net expenses3		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net investment income3		2.34	%		2.76	%		2.01	%		1.70	%		1.69	%		1.53	%
Supplemental data
Portfolio turnover rate4		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$5,181			$10,805			$11,680			$43,205			$41,272			$49,261

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

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

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

14  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.95			$12.54			$12.89			$12.95			$12.83			$12.66
Net investment income		0.16			0.37			0.28			0.24			0.24			0.23
Net realized and unrealized gains (losses) on investments		0.32			0.41			(0.35	)		0.00			0.12			0.17
Total from investment operations		0.48			0.78			(0.07	)		0.24			0.36			0.40
Distributions to shareholders from
Net investment income		(0.16	)		(0.37	)		(0.28	)		(0.24	)		(0.24	)		(0.23	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.16	)		(0.37	)		(0.28	)		(0.30	)		(0.24	)		(0.23	)
Net asset value, end of period		$13.27			$12.95			$12.54			$12.89			$12.95			$12.83
Total return1		3.73	%		6.31	%		(0.54	)%		1.90	%		2.81	%		3.23	%
Ratios to average net assets (annualized)
Gross expenses2		0.44	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net expenses2		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income2		2.45	%		2.92	%		2.24	%		1.87	%		1.84	%		1.76	%
Supplemental data
Portfolio turnover rate3		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$2,538,896			$2,513,644			$1,360,847			$797,896			$450,791			$726,165

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Core Bond Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.96			$12.56			$12.90			$12.97			$12.85			$12.67
Net investment income		0.14			0.33	1		0.24	1		0.21			0.19			0.19	1
Net realized and unrealized gains (losses) on investments		0.32			0.40			(0.34	)		(0.02	)		0.12			0.18
Total from investment operations		0.46			0.73			(0.10	)		0.19			0.31			0.37
Distributions to shareholders from
Net investment income		(0.14	)		(0.33	)		(0.24	)		(0.20	)		(0.19	)		(0.19	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.14	)		(0.33	)		(0.24	)		(0.26	)		(0.19	)		(0.19	)
Net asset value, end of period		$13.28			$12.96			$12.56			$12.90			$12.97			$12.85
Total return2		3.56	%		5.87	%		(0.79	)%		1.48	%		2.47	%		2.96	%
Ratios to average net assets (annualized)
Gross expenses3		0.76	%		0.76	%		0.77	%		0.77	%		0.77	%		0.77	%
Net expenses3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income3		2.11	%		2.58	%		1.86	%		1.50	%		1.51	%		1.47	%
Supplemental data
Portfolio turnover rate4		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$206,300			$205,825			$269,057			$373,042			$529,530			$487,981

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

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

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

16  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$12.94			$12.54			$12.88			$12.95			$12.83			$12.66
Net investment income		0.16			0.36			0.28			0.23			0.23			0.22
Net realized and unrealized gains (losses) on investments		0.33			0.40			(0.34	)		(0.01	)		0.12			0.18
Total from investment operations		0.49			0.76			(0.06	)		0.22			0.35			0.40
Distributions to shareholders from
Net investment income		(0.16	)		(0.36	)		(0.28	)		(0.23	)		(0.23	)		(0.23	)
Net realized gains		0.00			0.00			0.00			(0.06	)		0.00			0.00
Total distributions to shareholders		(0.16	)		(0.36	)		(0.28	)		(0.29	)		(0.23	)		(0.23	)
Net asset value, end of period		$13.27			$12.94			$12.54			$12.88			$12.95			$12.83
Total return1		3.79	%		6.18	%		(0.51	)%		1.77	%		2.76	%		3.17	%
Ratios to average net assets (annualized)
Gross expenses2		0.49	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses2		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income2		2.39	%		2.86	%		2.16	%		1.82	%		1.79	%		1.75	%
Supplemental data
Portfolio turnover rate3		306	%		577	%		542	%		614	%		667	%		586	%
Net assets, end of period (000s omitted)		$2,486,567			$2,343,238			$3,318,290			$3,166,348			$2,102,073			$1,360,398

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

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

Six months ended November 30, 2019 (unaudited)	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

Wells Fargo Core Bond Fund  |  17

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 Core Bond Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 94% of Wells Fargo Core Bond Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $5,477,388,908 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	101,579,180
Gross unrealized losses		0
Net unrealized gains	$	101,579,180

18  |  Wells Fargo Core Bond Fund

Notes to financial statements (unaudited)

As of May 31, 2019, the Fund had capital loss carryforwards which consisted of $66,843,700 in short-term capital losses and $63,431,926 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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation	$5,578,968,088

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10

Waivers and/or expense reimbursements

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

Wells Fargo Core Bond Fund  |  19

Notes to financial statements (unaudited)

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 1.03% for Class R shares, 0.52% for Class R4 shares, 0.37% for Class R6 shares, 0.70% Administrator Class shares, and 0.42% 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 November 30, 2019, Funds Distributor received $2,433 from the sale of Class A shares. Funds Distributor did not receive any contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 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. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$15,951,276,421	$1,946,336,202	$16,050,488,595	$1,746,684,236

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 November 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.

20  |  Wells Fargo Core Bond Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 36.10%
FHLMC (1 Month LIBOR +0.30%) ±		2.07	%		8-15-2040	$	7,041,945	$	6,994,069
FHLMC (1 Month LIBOR +0.35%) ±		2.12			12-15-2048		2,189,974		2,183,222
FHLMC		2.50			6-1-2028		3,240,453		3,278,473
FHLMC		2.50			6-1-2028		3,432,013		3,472,305
FHLMC (1 Month LIBOR +0.35%) ±		2.85			10-15-2037		6,022,624		5,978,469
FHLMC		3.00			5-1-2047		48,889		50,225
FHLMC		3.00			10-15-2047		19,158,094		19,626,132
FHLMC		3.00			6-15-2048		15,250,658		15,481,402
FHLMC		3.00			6-1-2049		4,517,508		4,590,987
FHLMC		3.00			12-1-2049		19,212,815		19,512,728
FHLMC		3.50			2-1-2048		3,417,495		3,573,317
FHLMC		3.50			8-1-2048		3,783,597		3,969,993
FHLMC		3.50			4-1-2049		6,862,366		7,220,427
FHLMC		3.50			7-1-2049		3,543,235		3,657,573
FHLMC		3.50			7-1-2049		7,897,489		8,309,575
FHLMC		3.50			8-1-2049		10,526,167		11,075,418
FHLMC		3.50			9-1-2049		2,588,735		2,667,116
FHLMC		3.50			9-1-2049		1,193,627		1,255,911
FHLMC		3.50			9-1-2049		11,605,550		12,211,132
FHLMC		3.50			11-1-2049		20,441,090		21,121,123
FHLMC		4.00			1-1-2035		216,308		232,513
FHLMC		4.00			1-1-2036		326,569		348,030
FHLMC		4.00			10-1-2036		2,103,039		2,236,066
FHLMC		4.00			3-1-2037		262,301		280,786
FHLMC		4.00			3-1-2037		282,412		303,528
FHLMC		4.00			3-1-2037		488,514		520,549
FHLMC		4.00			4-1-2037		2,098,584		2,236,206
FHLMC		4.00			4-1-2037		2,658,125		2,845,348
FHLMC		4.00			1-1-2048		1,855,049		1,989,719
FHLMC		4.00			3-1-2048		29,899,328		31,915,354
FHLMC		4.00			2-1-2049		27,201,921		28,216,708
FHLMC		4.00			7-1-2049		14,561,865		15,707,542
FHLMC		4.00			7-1-2049		44,531,038		47,505,434
FHLMC		4.00			9-1-2049		66,000,168		70,408,669
FHLMC		4.50			6-1-2039		252,026		280,113
FHLMC		4.50			7-1-2039		274,278		304,923
FHLMC		5.00			5-1-2048		10,974,983		12,090,533
FHLMC		6.50			4-1-2021		186		187
FHLMC Series 1590 Class IA (1 Month LIBOR +1.05%) ±		2.82			10-15-2023		10,528		10,672
FHLMC Series 1897 Class K		7.00			9-15-2026		382		420
FHLMC Series 1935 Class FL (1 Month LIBOR +0.70%) ±		2.47			2-15-2027		1,294		1,307
FHLMC Series 2423 Class MC		7.00			3-15-2032		8,983		10,364
FHLMC Series 264 Class 30		3.00			7-15-2042		15,963,561		16,426,383
FHLMC Series 4426 Class QC		1.75			7-15-2037		6,858,034		6,771,559
FHLMC Series 4705 Class A		4.50			9-15-2042		5,840,167		6,261,999
FHLMC Series 4763 Class CA		3.00			9-15-2038		1,737,585		1,791,589
FHLMC Series 4767 Class KA		3.00			3-15-2048		8,712,891		8,963,675
FHLMC Series 4786 Class DP		4.50			7-15-2042		4,051,292		4,123,464
FHLMC Series 4796 Class AK		3.00			5-15-2048		15,495,100		15,736,908
FHLMC Series 4897 Class F (1 Month LIBOR +0.40%) ±		2.17			7-15-2049		2,217,024		2,216,321
FNMA		1.50			1-25-2043		12,869,281		12,505,855
FNMA		1.50			4-25-2043		1,679,629		1,619,468
FNMA		1.70			8-25-2033		16,417,376		16,129,789
FNMA (1 Month LIBOR +0.25%) ±		1.96			11-25-2048		11,285,323		11,207,201
FNMA		2.00			6-25-2038		21,903,220		21,700,015
FNMA (1 Month LIBOR +0.35%) ±		2.06			5-25-2049		6,898,614		6,879,617

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

Wells Fargo Core Bond Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Month LIBOR +0.35%) ±		2.06	%		7-25-2049	$	3,072,083	$	3,059,495
FNMA (1 Month LIBOR +0.40%) ±‡		2.12			12-25-2049		10,172,031		10,138,654
FNMA (1 Month LIBOR +0.45%) ±		2.16			10-25-2046		14,098,390		14,088,299
FNMA (1 Month LIBOR +0.45%) ±		2.16			8-25-2049		15,938,599		15,897,364
FNMA (1 Month LIBOR +0.45%) ±		2.16			10-25-2049		4,381,559		4,373,352
FNMA (1 Month LIBOR +0.40%) ±		2.43			4-25-2059		4,126,267		4,122,146
FNMA		2.50			8-1-2031		4,784,907		4,832,614
FNMA %%		2.50			12-12-2049		60,800,000		60,187,250
FNMA (12 Month LIBOR +1.58%) ±		2.62			5-1-2045		4,102,566		4,170,884
FNMA (12 Month LIBOR +1.59%) ±		2.66			1-1-2046		19,503,677		19,839,135
FNMA (12 Month LIBOR +1.58%) ±		2.74			6-1-2045		5,335,804		5,439,314
FNMA (12 Month LIBOR +1.60%) ±		2.96			8-1-2047		3,496,998		3,551,495
FNMA		3.00			1-1-2043		7,992,739		8,224,213
FNMA		3.00			11-25-2043		4,232,543		4,310,992
FNMA		3.00			7-25-2049		7,846,062		8,193,187
FNMA		3.00			7-25-2049		6,121,360		6,360,483
FNMA		3.00			12-1-2049		54,299,000		55,085,866
FNMA %%		3.00			1-14-2050		15,600,000		15,807,419
FNMA (12 Month LIBOR +1.62%) ±		3.10			3-1-2047		4,549,504		4,639,049
FNMA		3.50			8-1-2048		7,003,776		7,384,415
FNMA		3.50			4-1-2049		26,423		27,758
FNMA		3.50			5-1-2049		1,862,651		1,924,831
FNMA		3.50			6-1-2049		2,306,920		2,391,740
FNMA		3.50			6-1-2049		40,318,641		42,422,477
FNMA		3.50			7-1-2049		39,413		41,403
FNMA		3.50			7-1-2049		181,523		191,096
FNMA		3.50			8-1-2049		2,740,707		2,883,730
FNMA		3.50			8-1-2049		93,853		98,698
FNMA		3.50			11-1-2049		22,217,359		22,956,485
FNMA %%		3.50			12-12-2049		44,800,000		45,986,500
FNMA %%		3.50			1-14-2050		16,100,000		16,526,856
FNMA		4.00			7-1-2033		3,128,307		3,294,723
FNMA		4.00			9-1-2033		5,414,568		5,661,664
FNMA		4.00			12-1-2036		379,977		404,740
FNMA		4.00			10-1-2037		2,682,030		2,848,081
FNMA		4.00			9-1-2045		1,313,195		1,434,595
FNMA		4.00			10-1-2046		728,404		767,206
FNMA		4.00			12-1-2046		938,953		994,668
FNMA		4.00			2-1-2047		6,712,896		7,223,435
FNMA		4.00			4-1-2047		764,858		835,393
FNMA		4.00			4-1-2047		787,189		819,506
FNMA		4.00			4-1-2047		949,405		1,012,404
FNMA		4.00			4-1-2047		3,570,238		3,820,908
FNMA		4.00			5-1-2047		4,242,928		4,540,827
FNMA		4.00			7-1-2047		2,916,635		3,094,324
FNMA		4.00			9-1-2047		3,540,898		3,749,990
FNMA		4.00			10-1-2047		777,924		845,043
FNMA		4.00			10-1-2047		754,961		815,586
FNMA		4.00			10-1-2047		2,703,527		2,862,481
FNMA		4.00			11-1-2047		28,393,552		29,747,601
FNMA		4.00			11-1-2047		452,710		479,327
FNMA		4.00			11-1-2047		864,316		914,911
FNMA		4.00			2-1-2048		4,438,660		4,750,070
FNMA		4.00			3-1-2048		20,535,122		22,268,830
FNMA		4.00			7-1-2048		29,888,965		31,838,694
FNMA		4.00			8-1-2048		42,771,206		44,598,383

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

22  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		9-1-2048	$	8,633,643	$	9,210,490
FNMA		4.00			10-1-2048		7,311,129		7,799,599
FNMA		4.00			11-1-2048		7,367,423		7,859,659
FNMA		4.00			1-1-2049		28,834,160		29,912,841
FNMA		4.00			3-1-2049		3,349,580		3,550,009
FNMA		4.00			4-1-2049		4,496,088		4,769,695
FNMA		4.00			4-1-2049		13,731,239		14,705,363
FNMA		4.00			5-1-2049		568,257		602,838
FNMA		4.00			5-1-2049		456,046		483,381
FNMA		4.00			5-1-2049		4,052,904		4,287,196
FNMA		4.00			6-1-2049		4,412,542		4,684,668
FNMA		4.00			6-1-2049		2,174,525		2,293,870
FNMA		4.00			7-1-2049		40,975,204		43,712,245
FNMA		4.00			10-1-2049		21,109,270		22,519,402
FNMA		4.50			5-1-2034		1,586,671		1,706,502
FNMA		4.50			6-1-2041		304,809		330,374
FNMA		4.50			3-1-2043		3,371,645		3,654,124
FNMA		4.50			3-1-2044		1,064,329		1,152,250
FNMA		4.50			10-1-2045		5,437,922		5,887,152
FNMA		4.50			2-1-2046		142,680		154,306
FNMA		4.50			3-1-2048		2,180,968		2,351,496
FNMA		4.50			4-1-2048		4,504,030		4,856,205
FNMA		4.50			5-1-2048		2,636,307		2,838,748
FNMA		4.50			10-1-2048		2,882,410		3,106,980
FNMA		4.50			2-1-2049		12,448,434		13,568,861
FNMA		4.50			3-1-2049		4,611,320		4,946,340
FNMA		4.50			4-1-2049		3,658,692		3,944,581
FNMA		4.50			5-1-2049		1,621,135		1,747,809
FNMA		4.50			6-1-2049		8,865,522		9,663,494
FNMA		4.50			7-1-2049		8,328,239		9,077,874
FNMA		4.50			7-1-2049		13,317,939		14,399,151
FNMA		4.50			8-1-2049		7,802,962		8,498,233
FNMA		5.00			7-1-2044		626,363		685,419
FNMA		5.00			6-1-2048		15,083,788		16,768,439
FNMA		5.00			9-1-2048		3,017,465		3,290,441
FNMA		5.00			10-1-2048		7,880,132		8,760,280
FNMA		5.00			10-1-2048		169,631		186,767
FNMA		5.00			1-1-2049		11,326,530		12,358,788
FNMA		5.00			2-1-2049		29,466,548		32,757,751
FNMA		5.00			6-1-2049		47,317,433		52,055,261
FNMA		5.00			8-1-2049		53,994,634		60,025,796
FNMA		5.00			8-1-2049		29,859,931		32,877,055
FNMA		5.50			12-1-2048		7,719,855		8,531,493
FNMA		5.50			6-1-2049		18,472,648		20,773,404
FNMA		6.00			4-1-2022		3,504		3,862
FNMA		6.00			2-1-2029		3,802		4,203
FNMA		6.00			3-1-2033		34,030		39,082
FNMA		6.00			11-1-2033		11,855		13,607
FNMA Series 1999-54 Class LH		6.50			11-25-2029		7,590		8,410
FNMA Series 2005-31 Class PB		5.50			4-25-2035		70,000		78,289
FNMA Series 2017-13 Class PA		3.00			8-25-2046		5,280,441		5,454,970
FNMA Series 2017-M7 Class A2 ±±		2.96			2-25-2027		2,108,000		2,211,890
FNMA Series 2018-14 Class KC		3.00			3-25-2048		5,432,283		5,580,569
FNMA Series 2018-15 Class AB		3.00			3-25-2048		1,919,465		1,978,236
FNMA Series 2018-45 Class GA		3.00			6-25-2048		13,422,952		13,574,437
FNMA Series 2018-8 Class KL		2.50			3-25-2047		6,997,992		7,017,683

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

Wells Fargo Core Bond Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2019-60 Class BF (1 Month LIBOR +0.45%) ±		2.16	%		10-25-2049	$	5,632,814	$	5,623,319
FNMA Series 414 Class A35		3.50			10-25-2042		14,012,727		14,819,239
GNMA %%		3.00			12-19-2049		55,500,000		57,043,594
GNMA %%		3.00			1-21-2050		57,300,000		58,847,100
GNMA		3.50			1-20-2048		6,207,719		6,517,008
GNMA		3.50			3-20-2049		7,744,191		7,892,499
GNMA %%		3.50			12-19-2049		98,400,000		101,676,826
GNMA		4.00			10-20-2047		1,867,082		1,979,007
GNMA		4.00			3-20-2048		2,152,772		2,252,668
GNMA		4.00			4-20-2048		3,264,410		3,414,888
GNMA		4.00			4-20-2048		2,750,167		2,885,345
GNMA		4.00			4-20-2048		1,828,384		1,924,856
GNMA		4.00			5-20-2049		3,220,433		3,430,188
GNMA		4.00			6-20-2049		9,330,149		9,696,236
GNMA		4.00			6-20-2049		10,854,062		11,561,378
GNMA		4.00			7-20-2049		7,738,848		8,244,932
GNMA		4.00			8-20-2049		25,352,678		26,437,859
GNMA		4.50			8-15-2047		1,792,484		1,935,688
GNMA		4.50			2-20-2049		11,441,722		12,429,070
GNMA		4.50			3-20-2049		6,112,792		6,557,994
GNMA		4.50			3-20-2049		1,459,695		1,566,783
GNMA		4.50			4-20-2049		3,175,841		3,408,084
GNMA		4.50			5-20-2049		3,963,678		4,139,342
GNMA		4.50			5-20-2049		2,770,955		2,975,050
GNMA		4.50			5-20-2049		2,526,913		2,714,373
GNMA		4.50			5-20-2049		1,894,336		2,034,717
GNMA		5.00			12-20-2039		208,193		226,877
GNMA		5.00			11-20-2045		369,141		405,104
GNMA		5.00			3-20-2048		22,896,370		24,448,948
GNMA		5.00			6-20-2048		36,956,643		39,271,733
GNMA		5.00			8-20-2048		11,689,392		12,404,703
GNMA		5.00			12-20-2048		15,517,013		16,378,937
GNMA		5.00			1-20-2049		8,804,497		9,724,339
GNMA		5.00			2-20-2049		3,545,803		3,826,958
GNMA		5.00			3-20-2049		3,032,900		3,269,663
GNMA		5.00			5-20-2049		548,290		580,925
GNMA		5.00			6-20-2049		3,878,729		4,108,058
GNMA		5.00			7-20-2049		6,799,773		7,207,751
GNMA		5.00			9-20-2049		2,454,238		2,595,272
GNMA Series 2012-141 Class WA ±±		4.53			11-16-2041		1,661,994		1,848,461
GNMA Series 2017-167 Class BQ		2.50			8-20-2044		7,976,446		8,042,569
GNMA Series 2019-132 Class NA		3.50			9-20-2049		13,329,065		13,771,181
GNMA Series 2019-20 Class JK		3.50			2-20-2049		20,361,371		21,200,345
Total Agency Securities (Cost $2,123,491,967)									2,145,420,736
Asset-Backed Securities: 10.03%
Avis Budget Rental Car Funding LLC Series 2017-1A Class A 144A		3.07			9-20-2023		1,620,000		1,652,053
Avis Budget Rental Car Funding LLC Series 2019-2A Class A 144A		3.35			9-22-2025		8,104,000		8,421,511
Avis Budget Rental Car Funding LLC Serries 2019-3A Class A1 144A		2.36			3-20-2026		12,005,000		11,957,239
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A±		3.36			11-26-2046		3,678,599		3,682,695
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13			12-26-2047		2,536,644		2,657,420
College Avenue Student Loan Trust Series 2019- A Class A2 144A		3.28			12-28-2048		2,467,903		2,467,515
Discover Card Execution Note Trust Series 2019-A3 Class A		1.89			10-15-2024		6,283,000		6,286,434
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62			8-15-2028		5,592,000		5,665,846
Ford Credit Auto Owner Trust Series 2017-2 Class A 144A		2.36			3-15-2029		13,970,000		14,082,999

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

24  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19	%		7-15-2031	$	14,175,000	$	14,752,129
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		6,304,000		6,567,475
Ford Credit Auto Owner Trust Series 2019-1 Class A 144A		3.52			7-15-2030		6,780,000		7,103,674
Ford Credit Auto Owner Trust Series 2019-C Class A4		1.93			4-15-2025		3,999,000		3,998,843
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67			9-25-2021		5,139,000		5,155,312
Hertz Vehicle Financing LLC Series 2016-2A Class A2 144A		2.95			3-25-2022		6,650,000		6,704,768
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65			7-25-2022		518,000		520,510
Hertz Vehicle Financing LLC Series 2017-1A Class A 144A		2.96			10-25-2021		4,777,000		4,805,547
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29			10-25-2023		4,967,000		5,088,775
Hertz Vehicle Financing LLC Series 2018-1A Class A 144A		3.29			2-25-2024		4,046,000		4,154,207
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65			6-27-2022		5,490,000		5,599,885
Hertz Vehicle Financing LLC Series 2018-3A Class A 144A		4.03			7-25-2024		5,685,000		5,985,291
Hertz Vehicle Financing LLC Series 2019-1A Class A 144A		3.71			3-25-2023		8,669,000		8,922,871
Hertz Vehicle Financing LLC Series 2019-2A Class A 144A		3.42			5-25-2025		8,251,000		8,538,481
Hertz Vehicle Financing LLC Series 2019-3A Class A 144A		2.67			12-26-2025		9,891,000		9,883,751
Navient Student Loan Trust Series 2014-1 Class A3 (1 Month LIBOR +0.51%) ±		2.22			6-25-2031		4,394,661		4,338,966
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A±		3.37			10-15-2031		6,169,000		6,258,755
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) 144A±		2.47			9-16-2024		515,401		515,467
Navient Student Loan Trust Series 2015-1 Class A2 (1 Month LIBOR +0.60%) ±		2.31			4-25-2040		13,319,100		13,095,187
Navient Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.70%) 144A±		2.41			2-25-2070		7,184,429		7,110,115
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) 144A±		2.56			6-25-2065		1,297,959		1,299,982
Navient Student Loan Trust Series 2016-5A Class A (1 Month LIBOR +1.25%) 144A±		2.96			6-25-2065		7,694,641		7,726,623
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A±		3.92			12-15-2045		2,410,819		2,487,367
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +0.77%) 144A±		2.48			9-25-2065		4,277,189		4,222,851
Navient Student Loan Trust Series 2017-5A Class A (1 Month LIBOR +0.80%) 144A±		2.51			7-26-2066		3,718,025		3,671,885
Navient Student Loan Trust Series 2018-A Class A2 144A		3.19			2-18-2042		2,233,000		2,260,454
Navient Student Loan Trust Series 2018-BA Class A2A 144A		3.61			12-15-2059		4,454,000		4,625,929
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52			6-16-2042		2,507,000		2,565,383
Navient Student Loan Trust Series 2018-DA Class A2A 144A		4.00			12-15-2059		10,280,000		10,692,429
Navient Student Loan Trust Series 2018-EA Class A2 144A		4.00			12-15-2059		6,822,000		7,127,570
Navient Student Loan Trust Series 2019 -D Class A2A 144A		3.01			12-15-2059		10,199,000		10,442,508
Navient Student Loan Trust Series 2019-3A Class A (1 Month LIBOR +0.83%) 144A±		2.54			7-25-2068		21,904,233		21,806,166
Navient Student Loan Trust Series 2019-4A Class A2 (1 Month LIBOR +0.81%) 144A±		2.90			7-25-2068		10,562,000		10,532,437
Navient Student Loan Trust Series 2019-A Class A2A 144A		3.42			1-15-2043		12,133,000		12,561,544
Navient Student Loan Trust Series 2019-BA Class A2A 144A		3.39			12-15-2059		8,228,000		8,540,370
Navient Student Loan Trust Series 2019-CA Class A2 144A		3.13			2-15-2068		12,682,000		12,873,182
Navient Student Loan Trust Series 2019-FA Class A2 144A		2.60			8-15-2068		12,057,000		12,067,532
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		2.10			1-25-2037		7,335,762		7,182,347
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		2.12			10-27-2036		2,636,775		2,564,262
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		2.05			10-25-2033		22,209,215		21,637,341
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		2.26			3-23-2037		21,463,355		20,908,972

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

Wells Fargo Core Bond Portfolio  |  25

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		2.28	%		12-24-2035	$	16,400,846	$	16,119,079
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		2.34			3-22-2032		3,814,341		3,674,102
Nelnet Student Loan Trust Series 2012-2A Class A (1 Month LIBOR +0.80%) 144A±		2.51			12-26-2033		2,735,168		2,725,279
Nelnet Student Loan Trust Series 2012-4A Class A (1 Month LIBOR +0.70%) 144A±		2.41			9-27-2038		5,050,377		5,012,010
Nelnet Student Loan Trust Series 2013-1A Class A (1 Month LIBOR +0.60%) 144A±		2.31			6-25-2041		3,924,059		3,843,225
Nelnet Student Loan Trust Series 2014-1A Class A (1 Month LIBOR +0.57%) 144A±		2.28			9-25-2041		2,058,705		2,028,298
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		2.51			9-25-2065		7,148,773		7,157,847
Santander Revolving Auto Loan Trust Series 2019-A Class A 144A		2.51			1-26-2032		19,197,000		19,168,101
SLC Student Loan Trust Series 2005-2 Class A4 (3 Month LIBOR +0.16%) ±		2.28			12-15-2039		4,742,000		4,484,823
SLC Student Loan Trust Series 2007-1 Class A5 (3 Month LIBOR +0.09%) ±		2.00			2-15-2068		4,159,000		3,867,834
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A±		2.87			12-15-2032		3,501,373		3,409,819
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.60%) 144A±		2.54			10-25-2029		12,249,000		12,184,287
SLM Student Loan Trust Series 2005-3 Class A6 (3 Month LIBOR +0.15%) ±		2.09			4-25-2040		5,328,000		5,068,897
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		2.00			7-25-2022		10,295,990		10,020,291
SLM Student Loan Trust Series 2008-1 Class A4A (3 Month LIBOR +1.60%) ±		3.72			12-15-2032		3,716,866		3,776,332
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		2.11			3-25-2025		1,688,769		1,631,823
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		2.66			9-25-2028		12,033,822		11,854,616
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		2.41			1-25-2029		10,438,130		10,199,548
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		2.46			5-26-2026		2,737,857		2,719,474
SMB Private Education Loan Trust Series 2015-A Class A2B (1 Month LIBOR +1.00%) 144A±		2.77			6-15-2027		2,915,356		2,921,672
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		526,604		530,498
SMB Private Education Loan Trust Series 2015-C Class A2B (1 Month LIBOR +1.40%) 144A±		3.17			7-15-2027		1,580,323		1,593,959
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		7,788,613		7,834,036
SMB Private Education Loan Trust Series 2016-A Class A2B (1 Month LIBOR +1.50%) 144A±		3.27			5-15-2031		10,241,487		10,356,874
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		3,721,855		3,720,502
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		3.22			2-17-2032		10,249,220		10,356,975
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A±		2.87			9-15-2034		4,009,575		4,028,846
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		2.67			9-15-2034		2,988,544		2,994,458
SMB Private Education Loan Trust Series 2017-B Class A2A 144A		2.82			10-15-2035		3,626,823		3,656,852
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) 144A±		2.52			10-15-2035		7,314,002		7,309,835
SMB Private Education Loan Trust Series 2018-C Class A2A 144A		3.63			11-15-2035		4,055,000		4,227,651
SMB Private Education Loan Trust Series 2019-A Class A2A 144A		3.44			7-15-2036		16,387,000		16,842,367
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		2.23			2-25-2028		3,916		3,906
World Financial Network Credit Card Master Trust Series 2018-B Class A		3.46			7-15-2025		2,883,000		2,952,164
World Financial Network Credit Card Master Trust Series 2019-A Class A		3.14			12-15-2025		1,651,000		1,687,061
World Financial Network Credit Card Master Trust Series 2019-C Class A		2.21			7-15-2026		11,894,000		11,928,984
Total Asset-Backed Securities (Cost $590,722,358)									595,663,180

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

26  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 20.79%
Communication Services: 1.94%
Diversified Telecommunication Services: 0.91%
AT&T Incorporated		3.00	%		2-15-2022	$	3,116,000	$	3,178,089
AT&T Incorporated		3.00			6-30-2022		1,894,000		1,931,524
AT&T Incorporated		3.40			5-15-2025		3,986,000		4,160,082
AT&T Incorporated		3.80			2-15-2027		1,589,000		1,689,451
AT&T Incorporated		3.90			3-11-2024		1,898,000		2,009,246
AT&T Incorporated		4.30			2-15-2030		1,386,000		1,523,645
AT&T Incorporated		4.35			3-1-2029		34,000		37,511
AT&T Incorporated		4.50			3-9-2048		986,000		1,073,182
AT&T Incorporated		4.85			3-1-2039		1,956,000		2,225,699
AT&T Incorporated		5.15			2-15-2050		4,385,000		5,224,297
AT&T Incorporated		5.25			3-1-2037		1,166,000		1,388,830
AT&T Incorporated		5.35			12-15-2043		978,000		1,164,066
AT&T Incorporated		5.38			10-15-2041		1,565,000		1,824,799
AT&T Incorporated		5.45			3-1-2047		1,410,000		1,722,601
AT&T Incorporated		5.70			3-1-2057		1,166,000		1,480,447
Verizon Communications Incorporated		4.02			12-3-2029		2,152,000		2,403,628
Verizon Communications Incorporated		4.13			8-15-2046		4,730,000		5,358,780
Verizon Communications Incorporated		4.27			1-15-2036		872,000		994,511
Verizon Communications Incorporated		4.33			9-21-2028		3,432,000		3,892,601
Verizon Communications Incorporated		4.40			11-1-2034		4,247,000		4,929,093
Verizon Communications Incorporated		4.52			9-15-2048		967,000		1,162,972
Verizon Communications Incorporated		4.67			3-15-2055		520,000		650,050
Verizon Communications Incorporated		5.01			4-15-2049		967,000		1,243,227
Verizon Communications Incorporated		5.50			3-16-2047		1,885,000		2,560,767
									53,829,098
Entertainment: 0.18%
The Walt Disney Company		1.75			8-30-2024		5,958,000		5,891,585
The Walt Disney Company		2.00			9-1-2029		3,970,000		3,862,612
The Walt Disney Company		2.75			9-1-2049		901,000		866,656
									10,620,853
Media: 0.85%
Charter Communications Operating LLC		4.46			7-23-2022		1,916,000		2,009,704
Charter Communications Operating LLC		4.80			3-1-2050		5,346,000		5,569,914
Charter Communications Operating LLC		5.38			5-1-2047		1,696,000		1,887,997
Comcast Corporation		2.65			2-1-2030		7,744,000		7,793,407
Comcast Corporation		3.45			10-1-2021		4,923,000		5,059,315
Comcast Corporation		3.45			2-1-2050		2,592,000		2,657,938
Comcast Corporation		3.70			4-15-2024		3,921,000		4,168,576
Comcast Corporation		3.95			10-15-2025		3,546,000		3,868,213
Comcast Corporation		4.00			3-1-2048		2,975,000		3,325,202
Comcast Corporation		4.15			10-15-2028		1,997,000		2,251,388
Comcast Corporation		4.60			10-15-2038		4,964,000		5,952,579
Comcast Corporation		4.70			10-15-2048		994,000		1,233,512
Comcast Corporation		4.95			10-15-2058		1,484,000		1,937,004
Discovery Incorporated		5.30			5-15-2049		1,046,000		1,206,881
Time Warner Cable Incorporated		6.55			5-1-2037		1,386,000		1,692,750
									50,614,380

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

Wells Fargo Core Bond Portfolio  |  27

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Discretionary: 0.57%
Automobiles: 0.06%
General Motors Company		5.95	%		4-1-2049	$	3,228,000	$	3,522,625
Hotels, Restaurants & Leisure: 0.30%
GLP Capital LP / GLP Financing II Incorporated		4.00			1-15-2030		3,798,000		3,832,543
GLP Capital LP / GLP Financing II Incorporated		5.30			1-15-2029		2,054,000		2,268,325
McDonald’s Corporation		2.63			9-1-2029		6,048,000		6,045,052
McDonald’s Corporation		4.45			9-1-2048		2,348,000		2,737,371
Starbucks Corporation		3.75			12-1-2047		2,755,000		2,846,857
Starbucks Corporation		3.80			8-15-2025		211,000		227,137
									17,957,285
Specialty Retail: 0.21%
Home Depot Incorporated		4.50			12-6-2048		1,932,000		2,419,536
Lowe’s Companies Incorporated		3.65			4-5-2029		9,333,000		10,003,385
									12,422,921
Consumer Staples: 1.94%
Beverages: 0.80%
Anheuser-Busch InBev Company		3.65			2-1-2026		2,950,000		3,163,823
Anheuser-Busch InBev Company		4.90			2-1-2046		8,428,000		10,110,564
Anheuser-Busch InBev Worldwide Incorporated		4.60			4-15-2048		799,000		926,521
Anheuser-Busch InBev Worldwide Incorporated		4.70			2-1-2036		2,148,000		2,496,798
Anheuser-Busch InBev Worldwide Incorporated		4.15			1-23-2025		6,162,000		6,706,386
Anheuser-Busch InBev Worldwide Incorporated		4.90			1-23-2031		3,489,000		4,175,200
Anheuser-Busch InBev Worldwide Incorporated		5.55			1-23-2049		2,568,000		3,404,080
Constellation Brands Incorporated		3.15			8-1-2029		7,434,000		7,509,532
Constellation Brands Incorporated		3.20			2-15-2023		986,000		1,013,148
Constellation Brands Incorporated		3.50			5-9-2027		1,410,000		1,477,874
Constellation Brands Incorporated		3.60			2-15-2028		3,114,000		3,305,805
Constellation Brands Incorporated		3.70			12-6-2026		1,663,000		1,777,809
Constellation Brands Incorporated		4.40			11-15-2025		301,000		330,123
Constellation Brands Incorporated		5.25			11-15-2048		986,000		1,215,153
									47,612,816
Food & Staples Retailing: 0.54%
Costco Wholesale Corporation		3.00			5-18-2027		6,708,000		7,103,170
Walmart Incorporated		2.38			9-24-2029		4,785,000		4,809,992
Walmart Incorporated		2.95			9-24-2049		3,481,000		3,494,139
Walmart Incorporated		3.55			6-26-2025		5,143,000		5,537,214
Walmart Incorporated		3.70			6-26-2028		9,206,000		10,177,363
Walmart Incorporated		4.05			6-29-2048		1,003,000		1,200,178
									32,322,056
Food Products: 0.17%
Hershey Company		2.05			11-15-2024		4,141,000		4,147,020
Kraft Heinz Foods Company		2.80			7-2-2020		793,000		795,671
Kraft Heinz Foods Company		3.00			6-1-2026		2,951,000		2,939,889
Kraft Heinz Foods Company		4.38			6-1-2046		1,973,000		1,920,526
									9,803,106

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

28  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Personal Products: 0.13%
Estee Lauder Company		2.38	%		12-1-2029	$	2,897,000	$	2,891,872
Estee Lauder Company		3.13			12-1-2049		4,629,000		4,670,391
									7,562,263
Tobacco: 0.30%
Altria Group Incorporated		4.80			2-14-2029		4,213,000		4,657,924
Altria Group Incorporated		5.95			2-14-2049		1,027,000		1,235,410
BAT Capital Corporation		3.22			9-6-2026		2,127,000		2,129,794
BAT Capital Corporation		3.22			8-15-2024		3,097,000		3,151,829
BAT Capital Corporation		3.46			9-6-2029		2,136,000		2,119,577
BAT Capital Corporation		3.56			8-15-2027		2,127,000		2,166,845
BAT Capital Corporation		4.54			8-15-2047		621,000		604,643
Reynolds American Incorporated		5.85			8-15-2045		1,541,000		1,741,700
									17,807,722
Energy: 1.70%
Energy Equipment & Services: 0.09%
National Oilwell Varco Incorporated		3.60			12-1-2029		5,372,000		5,240,066
Oil, Gas & Consumable Fuels: 1.61%
Amerada Finance Corporation		7.13			3-15-2033		717,000		899,833
BP Capital Markets America Incorporated		3.80			9-21-2025		3,937,000		4,246,734
BP Capital Markets America Incorporated		3.94			9-21-2028		4,255,000		4,687,601
Cimarex Energy Company		4.38			3-15-2029		6,431,000		6,676,443
Devon Energy Corporation		5.60			7-15-2041		3,236,000		3,932,107
Energy Transfer Operating Partners LP		5.50			6-1-2027		2,486,000		2,747,501
Energy Transfer Operating Partners LP		5.88			1-15-2024		3,798,000		4,182,249
Energy Transfer Operating Partners LP		6.13			12-15-2045		2,168,000		2,443,932
Enterprise Products Operating LLC		3.13			7-31-2029		4,622,000		4,704,890
Enterprise Products Operating LLC		4.20			1-31-2050		3,750,000		4,010,749
Enterprise Products Operating LLC		4.80			2-1-2049		1,190,000		1,377,842
Hess Corporation		3.50			7-15-2024		856,000		876,306
Hess Corporation		5.80			4-1-2047		358,000		424,486
Hess Corporation		6.00			1-15-2040		2,918,000		3,370,691
Kinder Morgan Energy Partners LP		7.30			8-15-2033		310,000		410,767
Marathon Oil Corporation		6.60			10-1-2037		520,000		641,066
Marathon Petroleum Corporation		3.63			9-15-2024		5,339,000		5,594,800
Marathon Petroleum Corporation		4.50			4-1-2048		1,932,000		2,037,494
Marathon Petroleum Corporation		4.75			12-15-2023		1,621,000		1,754,802
MPLX LP 144A		3.50			12-1-2022		2,271,000		2,324,389
MPLX LP 144A		5.20			12-1-2047		2,819,000		2,934,669
MPLX LP		5.50			2-15-2049		2,656,000		2,912,558
Noble Energy Incorporated		3.25			10-15-2029		3,252,000		3,220,826
Noble Energy Incorporated		4.20			10-15-2049		1,516,000		1,464,275
Noble Energy Incorporated		4.95			8-15-2047		3,423,000		3,646,524
Noble Energy Incorporated		5.05			11-15-2044		2,837,000		3,017,847
Occidental Petroleum Corporation		4.85			3-15-2021		1,781,000		1,835,726
Occidental Petroleum Corporation		7.50			5-1-2031		1,029,000		1,342,521
Plains All American Pipeline LP		3.55			12-15-2029		6,309,000		6,082,839
Plains All American Pipeline LP		4.90			2-15-2045		3,709,000		3,585,731
Sunoco Logistics Partner LP		5.30			4-1-2044		3,644,000		3,763,157
Sunoco Logistics Partner LP		5.35			5-15-2045		265,000		274,016
Sunoco Logistics Partner LP		5.40			10-1-2047		970,000		1,020,922

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

Wells Fargo Core Bond Portfolio  |  29

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners LP		5.50	%		8-15-2048	$	2,062,000	$	1,752,677
Williams Companies Incorporated		3.90			1-15-2025		1,426,000		1,485,779
									95,684,749
Financials: 4.21%
Banks: 2.68%
Bank of America Corporation (3 Month LIBOR +0.87%) ±		2.46			10-22-2025		17,696,000		17,747,462
Bank of America Corporation (3 Month LIBOR +1.09%) ±		3.09			10-1-2025		9,667,000		9,960,487
Bank of America Corporation (3 Month LIBOR +0.81%) ±		3.37			1-23-2026		4,997,000		5,214,545
Bank of America Corporation (3 Month LIBOR +1.04%) ±		3.42			12-20-2028		13,841,000		14,511,540
Bank of America Corporation (3 Month LIBOR +1.06%) ±		3.56			4-23-2027		6,211,000		6,552,386
Bank of America Corporation (3 Month LIBOR +1.31%) ±		4.27			7-23-2029		10,197,000		11,347,244
Bank of America Corporation (3 Month LIBOR +1.52%) ±		4.33			3-15-2050		1,679,000		2,019,705
BB&T Corporation		2.50			8-1-2024		11,974,000		12,078,531
Citibank NA (3 Month LIBOR +0.60%) ±		2.84			5-20-2022		11,828,000		11,950,017
Citigroup Incorporated (United States Secured Overnight Financing Rate +0.87%) ±		2.31			11-4-2022		6,896,000		6,908,567
Citigroup Incorporated (United States Secured Overnight Financing Rate +1.42%) ±		2.98			11-5-2030		5,779,000		5,839,971
Citigroup Incorporated (3 Month LIBOR +1.34%) ±		3.98			3-20-2030		3,921,000		4,272,031
JPMorgan Chase & Company (United States Secured Overnight Financing Rate +1.16%) ±		2.30			10-15-2025		8,942,000		8,919,433
JPMorgan Chase & Company (United States Secured Overnight Financing Rate +1.51%) ±		2.74			10-15-2030		12,765,000		12,737,092
JPMorgan Chase & Company		2.95			10-1-2026		3,660,000		3,773,272
JPMorgan Chase & Company (3 Month LIBOR +1.16%) ±		3.22			3-1-2025		1,149,000		1,188,059
JPMorgan Chase & Company (3 Month LIBOR +0.73%) ±		3.56			4-23-2024		1,989,000		2,071,824
JPMorgan Chase & Company (3 Month LIBOR +1.16%) ±		3.70			5-6-2030		994,000		1,069,646
JPMorgan Chase & Company (3 Month LIBOR +0.89%) ±		3.80			7-23-2024		994,000		1,045,187
JPMorgan Chase & Company (3 Month LIBOR +1.36%) ±		3.88			7-24-2038		2,967,000		3,263,381
JPMorgan Chase & Company (3 Month LIBOR +1.22%) ±		3.90			1-23-2049		3,660,000		4,138,372
JPMorgan Chase & Company (3 Month LIBOR +1.12%) ±		4.01			4-23-2029		2,600,000		2,850,673
JPMorgan Chase & Company (3 Month LIBOR +1.00%) ±		4.02			12-5-2024		1,932,000		2,054,662
KeyCorp		2.55			10-1-2029		7,581,000		7,417,180
									158,931,267
Capital Markets: 0.64%
Morgan Stanley		2.63			11-17-2021		7,931,000		8,015,361
Morgan Stanley (3 Month LIBOR +1.46%) ±		3.97			7-22-2038		964,000		1,062,338
Morgan Stanley (3 Month LIBOR +1.43%) ±		4.46			4-22-2039		1,867,000		2,173,402
PPL Capital Funding Incorporated		3.10			5-15-2026		4,328,000		4,409,840
PPL Capital Funding Incorporated		3.40			6-1-2023		585,000		601,536
PPL Capital Funding Incorporated		4.00			9-15-2047		707,000		734,662
PPL Capital Funding Incorporated		4.70			6-1-2043		587,000		666,421
PPL Capital Funding Incorporated		5.00			3-15-2044		2,718,000		3,193,039
State Street Corporation (United States Secured Overnight Financing Rate +0.94%) ±		2.35			11-1-2025		7,523,000		7,543,271
The Charles Schwab Corporation		3.25			5-22-2029		8,868,000		9,338,994
									37,738,864
Consumer Finance: 0.37%
Caterpillar Financial Services Corporation		2.15			11-8-2024		5,372,000		5,372,721
Ford Motor Credit Company LLC		4.06			11-1-2024		5,942,000		5,970,688
Ford Motor Credit Company LLC		4.75			1-15-2043		9,756,000		8,483,239

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

30  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
General Motors Financial Company Incorporated		5.40	%		4-1-2048	$	1,483,000	$	1,505,055
Hyundai Capital America Company 144A		3.50			11-2-2026		796,000		801,171
									22,132,874
Insurance: 0.52%
American International Group Incorporated		4.20			4-1-2028		3,040,000		3,348,231
American International Group Incorporated		4.25			3-15-2029		1,981,000		2,194,791
American International Group Incorporated		4.50			7-16-2044		1,671,000		1,913,630
Liberty Mutual Group Incorporated 144A		3.95			10-15-2050		439,000		447,536
Liberty Mutual Group Incorporated 144A		4.57			2-1-2029		5,526,000		6,224,603
Lincoln National Corporation		3.05			1-15-2030		6,611,000		6,650,734
Nationwide Financial Services Incorporated 144A		3.90			11-30-2049		4,975,000		5,088,629
Prudential Financial Incorporated		3.70			3-13-2051		1,247,000		1,295,719
Prudential Financial Incorporated		4.35			2-25-2050		3,415,000		3,953,038
									31,116,911
Health Care: 3.72%
Biotechnology: 0.97%
AbbVie Incorporated 144A		2.30			11-21-2022		17,884,000		17,913,487
AbbVie Incorporated		2.50			5-14-2020		7,540,000		7,552,555
AbbVie Incorporated 144A		2.60			11-21-2024		15,783,000		15,854,417
AbbVie Incorporated 144A		2.95			11-21-2026		3,231,000		3,263,015
AbbVie Incorporated 144A		3.20			11-21-2029		6,522,000		6,621,503
AbbVie Incorporated 144A		4.05			11-21-2039		1,208,000		1,258,990
AbbVie Incorporated 144A		4.25			11-21-2049		3,282,000		3,447,202
Gilead Sciences Incorporated		3.65			3-1-2026		1,997,000		2,145,945
									58,057,114
Health Care Equipment & Supplies: 0.84%
Abbott Laboratories		3.75			11-30-2026		3,595,000		3,941,750
Abbott Laboratories		4.90			11-30-2046		5,525,000		7,324,352
Becton Dickinson & Company		2.40			6-5-2020		6,602,000		6,613,789
Becton Dickinson & Company		3.36			6-6-2024		2,225,000		2,314,436
Becton Dickinson & Company		3.70			6-6-2027		2,168,000		2,320,817
Becton Dickinson & Company		3.73			12-15-2024		5,257,000		5,564,614
Becton Dickinson & Company		4.69			12-15-2044		2,453,000		2,893,328
Boston Scientific Corporation		3.75			3-1-2026		3,244,000		3,493,388
Boston Scientific Corporation		4.00			3-1-2029		4,345,000		4,838,031
Boston Scientific Corporation		4.70			3-1-2049		3,136,000		3,840,844
Danaher Corporation		3.35			9-15-2025		4,084,000		4,305,856
Edwards Lifesciences Corporation		4.30			6-15-2028		2,106,000		2,370,692
									49,821,897
Health Care Providers & Services: 1.05%
Aetna Incorporated		3.88			8-15-2047		1,589,000		1,601,103
Cigna Corporation		3.75			7-15-2023		5,502,000		5,750,402
Cigna Corporation		3.40			9-17-2021		4,459,000		4,556,295
Cigna Corporation 144A		3.40			3-1-2027		5,200,000		5,398,181
Cigna Corporation		4.38			10-15-2028		2,348,000		2,604,714
Cigna Corporation		4.80			8-15-2038		431,000		498,452
Cigna Corporation		4.90			12-15-2048		2,531,000		2,996,444
CVS Health Corporation		3.00			8-15-2026		2,193,000		2,244,703
CVS Health Corporation		2.63			8-15-2024		2,633,000		2,654,045
CVS Health Corporation		3.70			3-9-2023		2,013,000		2,094,583

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

Wells Fargo Core Bond Portfolio  |  31

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
CVS Health Corporation		4.00	%		12-5-2023	$	2,951,000	$	3,119,638
CVS Health Corporation		4.10			3-25-2025		4,361,000		4,684,857
CVS Health Corporation		4.78			3-25-2038		2,152,000		2,447,859
CVS Health Corporation		5.05			3-25-2048		561,000		663,376
UnitedHealth Group Incorporated		2.38			8-15-2024		5,510,000		5,559,809
UnitedHealth Group Incorporated		2.88			8-15-2029		5,502,000		5,664,998
UnitedHealth Group Incorporated		3.50			8-15-2039		3,158,000		3,345,149
UnitedHealth Group Incorporated		3.70			12-15-2025		2,193,000		2,368,745
UnitedHealth Group Incorporated		3.70			8-15-2049		1,544,000		1,656,266
UnitedHealth Group Incorporated		3.88			8-15-2059		2,193,000		2,358,008
									62,267,627
Pharmaceuticals: 0.86%
Bristol-Myers Squibb Company 144A		2.60			5-16-2022		8,583,000		8,727,626
Bristol-Myers Squibb Company 144A		2.75			2-15-2023		7,170,000		7,308,155
Bristol-Myers Squibb Company 144A		2.88			2-19-2021		1,987,000		2,007,948
Bristol-Myers Squibb Company 144A		2.90			7-26-2024		4,679,000		4,824,204
Bristol-Myers Squibb Company 144A		3.20			6-15-2026		4,100,000		4,308,187
Bristol-Myers Squibb Company 144A		3.40			7-26-2029		5,013,000		5,383,750
Bristol-Myers Squibb Company 144A		3.90			2-20-2028		1,068,000		1,169,382
Bristol-Myers Squibb Company 144A		4.13			6-15-2039		496,000		572,769
Bristol-Myers Squibb Company 144A		4.25			10-26-2049		3,562,000		4,227,768
Bristol-Myers Squibb Company 144A		4.35			11-15-2047		985,000		1,163,313
Merck & Company Incorporated		3.40			3-7-2029		3,505,000		3,809,063
Merck & Company Incorporated		3.70			2-10-2045		1,409,000		1,583,821
Merck & Company Incorporated		4.00			3-7-2049		1,263,000		1,503,280
Pfizer Incorporated		2.80			3-11-2022		1,948,000		1,988,754
Pfizer Incorporated		3.00			12-15-2026		1,019,000		1,076,847
Pfizer Incorporated		4.10			9-15-2038		1,117,000		1,301,520
									50,956,387
Industrials: 1.82%
Aerospace & Defense: 1.24%
Lockheed Martin Corporation		4.07			12-15-2042		2,070,000		2,385,942
Lockheed Martin Corporation		4.09			9-15-2052		1,647,000		1,936,501
Northrop Grumman Corporation		2.55			10-15-2022		6,407,000		6,495,227
Northrop Grumman Corporation		2.93			1-15-2025		284,000		291,663
Northrop Grumman Corporation		3.25			8-1-2023		5,910,000		6,146,102
Northrop Grumman Corporation		3.25			1-15-2028		715,000		745,675
The Boeing Company		2.70			2-1-2027		5,486,000		5,578,733
The Boeing Company		2.70			5-1-2022		4,296,000		4,368,698
The Boeing Company		2.95			2-1-2030		3,629,000		3,739,311
The Boeing Company		3.10			5-1-2026		5,494,000		5,719,652
The Boeing Company		3.50			3-1-2039		2,111,000		2,205,541
The Boeing Company		3.75			2-1-2050		764,000		825,085
The Boeing Company		3.90			5-1-2049		2,657,000		2,949,460
United Technologies Corporation		2.80			5-4-2024		2,725,000		2,801,991
United Technologies Corporation		3.10			6-1-2022		3,701,000		3,799,076
United Technologies Corporation		3.65			8-16-2023		10,996,000		11,587,952
United Technologies Corporation		3.95			8-16-2025		2,853,000		3,101,797
United Technologies Corporation		4.13			11-16-2028		1,744,000		1,963,573
United Technologies Corporation		4.45			11-16-2038		2,649,000		3,157,827
United Technologies Corporation		4.63			11-16-2048		2,885,000		3,611,605
									73,411,411

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

32  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Industrial Conglomerates: 0.08%
General Electric Company		2.70	%		10-9-2022	$	977,000	$	984,859
General Electric Company		3.10			1-9-2023		707,000		721,876
General Electric Company		5.88			1-14-2038		2,453,000		3,005,347
									4,712,082
Machinery: 0.12%
Caterpillar Incorporated		2.60			9-19-2029		3,375,000		3,412,194
Caterpillar Incorporated		3.25			9-19-2049		3,766,000		3,846,217
									7,258,411
Road & Rail: 0.33%
Burlington Northern Santa Fe LLC		3.55			2-15-2050		3,369,000		3,592,719
Burlington Northern Santa Fe LLC		4.90			4-1-2044		1,117,000		1,397,715
CSX Corporation		4.30			3-1-2048		262,000		302,699
CSX Corporation		2.40			2-15-2030		2,380,000		2,326,548
CSX Corporation		3.35			9-15-2049		4,035,000		3,974,919
CSX Corporation		4.75			11-15-2048		1,410,000		1,732,179
Union Pacific Corporation		2.95			3-1-2022		3,586,000		3,664,079
Union Pacific Corporation		3.15			3-1-2024		1,712,000		1,782,139
Union Pacific Corporation		4.30			3-1-2049		528,000		613,521
									19,386,518
Transportation Infrastructure: 0.05%
Crowley Conro LLC		4.18			8-15-2043		2,849,280		3,228,750
Information Technology: 1.87%
IT Services: 0.40%
Fiserv Incorporated		3.20			7-1-2026		3,481,000		3,605,373
Fiserv Incorporated		3.50			7-1-2029		3,627,000		3,808,734
Fiserv Incorporated		4.20			10-1-2028		341,000		376,601
Fiserv Incorporated		4.40			7-1-2049		1,842,000		2,051,032
Global Payments Incorporated		3.20			8-15-2029		2,331,000		2,366,660
Global Payments Incorporated		4.15			8-15-2049		1,256,000		1,313,113
IBM Corporation		3.30			5-15-2026		3,193,000		3,359,827
IBM Corporation		4.15			5-15-2039		1,468,000		1,663,038
IBM Corporation		4.25			5-15-2049		1,977,000		2,270,423
Mastercard Incorporated		2.95			6-1-2029		3,031,000		3,183,353
									23,998,154
Semiconductors & Semiconductor Equipment: 0.43%
Broadcom Incorporated		3.88			1-15-2027		4,907,000		5,009,215
Broadcom Incorporated 144A		4.25			4-15-2026		7,597,000		7,958,212
Broadcom Incorporated 144A		4.75			4-15-2029		1,418,000		1,516,354
Intel Corporation		2.45			11-15-2029		6,286,000		6,294,383
Intel Corporation		3.25			11-15-2049		2,093,000		2,119,172
Micron Technology Incorporated «		4.66			2-15-2030		2,722,000		2,889,111
									25,786,447
Software: 0.42%
Microsoft Corporation		3.70			8-8-2046		986,000		1,126,344
Microsoft Corporation		4.00			2-12-2055		2,608,000		3,096,410
Microsoft Corporation		4.10			2-6-2037		3,252,000		3,843,859
Microsoft Corporation		4.25			2-6-2047		2,625,000		3,252,723
Microsoft Corporation		4.50			2-6-2057		2,396,000		3,115,361

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

Wells Fargo Core Bond Portfolio  |  33

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Software (continued)
Oracle Corporation		2.63	%		2-15-2023	$	2,682,000	$	2,733,540
Oracle Corporation		2.95			11-15-2024		1,435,000		1,489,587
Oracle Corporation		3.80			11-15-2037		1,467,000		1,612,991
Oracle Corporation		4.00			11-15-2047		4,206,000		4,707,321
									24,978,136
Technology Hardware, Storage & Peripherals: 0.62%
Apple Incorporated		1.80			9-11-2024		5,412,000		5,367,466
Apple Incorporated		2.05			9-11-2026		6,496,000		6,421,581
Apple Incorporated		2.20			9-11-2029		9,805,000		9,666,353
Apple Incorporated		2.95			9-11-2049		4,002,000		3,890,107
Apple Incorporated		3.20			5-13-2025		1,198,000		1,263,255
Apple Incorporated		3.20			5-11-2027		7,426,000		7,878,410
Apple Incorporated		4.25			2-9-2047		1,777,000		2,118,686
									36,605,858
Materials: 0.43%
Chemicals: 0.17%
Dow Chemical Company		4.25			10-1-2034		1,369,000		1,466,313
Huntsman International LLC		4.50			5-1-2029		2,519,000		2,662,491
Huntsman International LLC		5.13			11-15-2022		1,638,000		1,747,347
Mosaic Company		4.05			11-15-2027		2,282,000		2,378,589
Mosaic Company		5.63			11-15-2043		1,427,000		1,649,184
									9,903,924
Containers & Packaging: 0.05%
Packaging Corporation of America		3.00			12-15-2029		3,271,000		3,297,423
Metals & Mining: 0.21%
Barrick Gold Finance Company LLC		5.70			5-30-2041		4,043,000		5,087,161
Barrick North America Finance LLC		5.75			5-1-2043		946,000		1,222,579
Newmont Mining Corporation		3.50			3-15-2022		2,861,000		2,939,512
Southern Copper Corporation		3.88			4-23-2025		1,103,000		1,153,987
Steel Dynamics Incorporated		4.13			9-15-2025		2,079,000		2,120,580
									12,523,819
Real Estate: 0.83%
Equity REITs: 0.79%
DDR Corporation		4.63			7-15-2022		1,728,000		1,802,408
Equinix Incorporated		2.63			11-18-2024		5,706,000		5,705,544
Equinix Incorporated		2.90			11-18-2026		5,706,000		5,699,153
Equinix Incorporated		3.20			11-18-2029		5,249,000		5,261,703
Mid-America Apartments LP		3.60			6-1-2027		1,378,000		1,467,481
Mid-America Apartments LP		3.75			6-15-2024		4,850,000		5,107,853
Mid-America Apartments LP		3.95			3-15-2029		2,037,000		2,236,729
Mid-America Apartments LP		4.00			11-15-2025		2,486,000		2,677,358
Mid-America Apartments LP		4.30			10-15-2023		2,079,000		2,211,538
Regency Centers LP		2.95			9-15-2029		4,410,000		4,436,215
Store Capital Corporation		4.50			3-15-2028		7,638,000		8,348,685
Store Capital Corporation		4.63			3-15-2029		1,886,000		2,094,791
									47,049,458
Real Estate Management & Development: 0.04%
Spirit Realty LP		3.40			1-15-2030		2,445,000		2,452,944

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

34  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Utilities: 1.76%
Electric Utilities: 1.27%
Alabama Power Company		3.45	%		10-1-2049	$	4,964,000	$	5,123,915
Consolidated Edison Company of New York		3.88			6-15-2047		1,810,000		1,986,499
Consolidated Edison Company of New York		4.13			5-15-2049		572,000		656,010
Duke Energy Corporation		1.80			9-1-2021		4,279,000		4,265,243
Duke Energy Indiana Incorporated		3.75			5-15-2046		970,000		1,052,302
Edison International		4.13			3-15-2028		1,312,000		1,326,435
Edison International		5.75			6-15-2027		2,062,000		2,265,745
Eversource Energy		3.15			1-15-2025		994,000		1,028,434
FirstEnergy Corporation		3.90			7-15-2027		3,849,000		4,125,358
FirstEnergy Corporation		2.85			7-15-2022		994,000		1,009,333
FirstEnergy Corporation		4.25			3-15-2023		5,152,000		5,429,285
FirstEnergy Corporation		4.85			7-15-2047		1,810,000		2,147,061
ITC Holdings Corporation		2.70			11-15-2022		4,084,000		4,132,802
Jersey Central Power & Light Company 144A		4.30			1-15-2026		1,777,000		1,938,799
Metropolitan Edison Company 144A		4.30			1-15-2029		3,203,000		3,604,643
Mid-Atlantic Interstate Transmission LLC 144A		4.10			5-15-2028		4,047,000		4,457,938
Mississippi Power Company		3.95			3-30-2028		4,980,000		5,412,760
Mississippi Power Company		4.25			3-15-2042		2,991,000		3,247,081
NiSource Finance Corporation		4.80			2-15-2044		2,511,000		2,949,447
South Carolina Edison Company		3.70			8-1-2025		2,348,000		2,495,787
South Carolina Edison Company		4.13			3-1-2048		3,913,000		4,188,862
Southern California Edison Company		4.00			4-1-2047		1,859,000		1,954,363
Southern California Edison Company		4.65			10-1-2043		970,000		1,101,080
Southern California Edison Company		5.55			1-15-2037		571,000		687,591
Southern California Edison Company		5.95			2-1-2038		1,103,000		1,394,183
Southern California Edison Company		6.00			1-15-2034		293,000		360,437
Southern Callifornia Edison Company «		2.85			8-1-2029		2,062,000		2,077,548
Virginia Electric & Power Company %%		3.30			12-1-2049		4,814,000		4,872,787
									75,291,728
Multi-Utilities: 0.49%
Black Hills Corporation		3.05			10-15-2029		5,420,000		5,425,660
Black Hills Corporation		3.88			10-15-2049		1,826,000		1,857,907
CenterPoint Energy Incorporated		2.50			9-1-2022		406,000		408,609
Centerpoint Energy Incorporated		2.50			9-1-2024		4,418,000		4,416,761
CenterPoint Energy Incorporated		4.10			9-1-2047		2,928,000		3,135,758
CenterPoint Energy Incorporated		4.25			11-1-2028		2,951,000		3,208,014
Dominion Resources Incorporated		2.00			8-15-2021		2,853,000		2,847,936
DTE Energy Company		2.53			10-1-2024		4,499,000		4,499,547
Nextera Energy Capital Company		3.15			4-1-2024		856,000		885,147
NiSource Incorporated		2.95			9-1-2029		2,820,000		2,821,059
									29,506,398
Total Corporate Bonds and Notes (Cost $1,180,707,686)									1,235,414,342
Foreign Corporate Bonds and Notes: 0.04%
Energy: 0.04%
Oil, Gas & Consumable Fuels: 0.04%
EnCana Corporation		6.63			8-15-2037	CAD	1,834,000		2,175,851
Total Foreign Corporate Bonds and Notes (Cost $2,195,037)									2,175,851

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

Wells Fargo Core Bond Portfolio  |  35

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 0.51%
California: 0.15%
GO Revenue: 0.15%
California Build America Bonds		7.60	%		11-1-2040	$	830,000	$	1,381,643
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		4,690,000		7,769,313
									9,150,956
Illinois: 0.01%
GO Revenue: 0.01%
Illinois Taxable Pension «		5.10			6-1-2033		680,000		731,870
Nevada: 0.09%
Airport Revenue: 0.09%
Clark County NV Airport Authority Build America Bonds Series C		6.82			7-1-2045		3,365,000		5,444,065
New York: 0.12%
Airport Revenue: 0.12%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		5,505,000		6,862,643
Ohio: 0.04%
Education Revenue: 0.04%
Ohio State University General Receipts Taxable Bonds Series A		4.80			6-1-2111		1,957,000		2,593,612
Texas: 0.10%
Transportation Revenue: 0.10%
North Texas Tollway Authority		6.72			1-1-2049		3,609,000		5,797,173
Total Municipal Obligations (Cost $22,729,425)									30,580,319
Non-Agency Mortgage-Backed Securities: 5.85%
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±±		3.63			3-25-2049		3,071,812		3,104,356
Barclays Commercial Mortgage Trust Series 2018-C2 Class A5		4.31			12-15-2051		7,313,000		8,261,924
Barclays Commercial Mortgage Trust Series 2019-C5 Class A4		3.06			11-15-2052		4,209,000		4,367,865
Benchmark Mortgage Trust Series 2018-B1 Class ASB ±±		3.60			1-15-2051		1,620,000		1,718,674
Benchmark Mortgage Trust Series 2019-B13 Class A4		2.95			8-15-2057		2,740,000		2,821,898
Benchmark Mortgage Trust Series 2019-B14 Class A5		3.05			12-15-2061		1,996,000		2,072,446
Bunker Hill Loan Depositary Trust Series 2019-1 Class A1 144A		3.61			10-26-2048		2,125,131		2,149,955
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A		2.88			7-25-2049		5,861,863		5,880,850
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A%%		2.72			11-25-2059		6,854,000		6,850,716
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44			8-10-2049		846,485		841,211
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62			8-10-2049		3,720,000		3,780,151
CD Commercial Mortgage Trust Series 2017-CD4 Class A4 ±±		3.51			5-10-2050		2,986,000		3,194,587
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,197,334
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33			11-13-2050		5,323,000		5,585,241
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79			1-10-2048		903,040		900,714
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96			6-15-2050		563,302		562,198
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		2,098,707
Citigroup Commercial Mortgage Trust Series 2016- P5 Class A1		1.41			10-10-2049		773,690		770,316
Citigroup Commercial Mortgage Trust Series 2019-GC43 Class A4		3.04			11-10-2052		5,239,000		5,427,337
Colt Funding LLC Series 2019-1 Class A1 144A±±		3.71			3-25-2049		2,862,988		2,882,419
Colt Funding LLC Series 2019-2 Class A1 144A±±		3.34			5-25-2049		5,229,894		5,240,495
Colt Funding LLC Series 2019-4 Class A1 144A±±		2.58			11-25-2049		6,162,860		6,158,427
Commercial Mortgage Pass-Through Certificate Series 2013-CR9 Class A4 ±±		4.37			7-10-2045		5,723,302		6,090,326

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

36  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97	%		10-10-2049	$	2,071,000	$	2,124,407
Commercial Mortgage Pass-Through Certificate Series 2018-COR3 Class A3		4.23			5-10-2051		6,454,000		7,216,115
Commercial Mortgage Pass-Through Certificate Series 2019-GC44 Class A5 %%		3.10			8-15-2057		3,122,000		3,212,135
Commercial Real Estate Products & Resources Estate Series 2016-C4 Class ASB		3.09			5-10-2058		2,871,000		2,953,048
Credit Suisse Mortgage Trust Series 2016-NSXR Class A4 ±±		3.79			12-15-2049		8,835,000		9,514,915
CSAIL Commercial Mortgage Trust Series 2015-C2 Class A4		3.50			6-15-2057		2,953,000		3,107,226
CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4		3.72			8-15-2048		3,721,000		3,960,385
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		4,102,200		4,404,001
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53			11-15-2048		865,000		901,683
CSAIL Commercial Mortgage Trust Series 2019-C17 Class A5		3.02			9-15-2052		3,480,000		3,585,026
CSAIL Commercial Mortgage Trust Series 2019-C18 Class A4 %%		2.97			12-15-2052		2,083,000		2,133,067
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,292,410
Ford Credit Floorplan Master Trust Series 2019-3 Class A2 (1 Month LIBOR +0.60%) ±		2.37			9-15-2024		9,410,000		9,435,245
Ford Credit Floorplan Master Trust Series 2019-4 Class A		2.44			9-15-2026		4,190,000		4,219,853
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		2,366,514		2,376,034
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		180,568		180,969
GS Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,738,083		1,814,029
GS Mortgage Securities Trust Series 2015-GC28 Class A5		3.40			2-10-2048		1,355,000		1,424,988
GS Mortgage Securities Trust Series 2015-GC34 Class A4		3.51			10-10-2048		3,317,000		3,517,932
GS Mortgage Securities Trust Series 2017-GS6 Class A3		3.43			5-10-2050		4,851,364		5,164,042
GS Mortgage Securities Trust Series 2017-GSJ7 Class A4		3.43			8-10-2050		5,235,286		5,578,423
GS Mortgage Securities Trust Series 2019-GSA1 Class A4		3.05			11-10-2052		2,934,000		3,029,314
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		6,446,036		6,783,861
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,555,508
JPMDB Commercial Mortgage Securities Series 2015-C33 Class A4		3.77			12-15-2048		1,554,714		1,669,264
JPMDB Commercial Mortgage Securities Series 2017-C5 Class A5		3.69			3-15-2050		1,683,000		1,816,141
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49			3-15-2050		861,000		903,797
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15			6-15-2051		2,714,000		2,957,535
JPMDB Commercial Mortgage Securities Series 2019-COR6 Class A4		3.06			11-13-2052		4,163,000		4,303,861
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		808,279		808,275
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		10,965,000		11,232,312
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP2 Class A1		1.32			8-15-2049		1,398,472		1,390,436
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP5 Class ASB		3.55			3-15-2050		6,129,000		6,449,077
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP6 Class ASB		3.28			7-15-2050		2,343,000		2,446,441
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013 -C10 Class A4 ±±		4.22			7-15-2046		532,000		565,559
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C125 Class ASB		3.38			10-15-2048		2,306,000		2,393,422
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4		3.25			2-15-2048		800,041		834,792
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4		3.75			12-15-2047		754,000		810,123
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73			9-15-2049		9,888,000		10,071,271
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45			8-15-2049		1,612,576		1,603,222
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61			8-15-2049		2,119,000		2,143,448
Morgan Stanley Capital I Trust Series 2019-L3 Class A4		3.13			11-15-2029		2,498,000		2,599,764
New Residential Mortgage Loan Trust Series 2019-NQM2 Class A1 144A±±		3.60			4-25-2049		3,127,693		3,165,346

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

Wells Fargo Core Bond Portfolio  |  37

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A±±		2.49	%		9-25-2059	$	4,773,370	$	4,766,184
SG Capital Partners Series 2019-3 Class A1 144A±±		2.70			9-25-2059		6,065,480		6,064,127
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		2,521,282		2,536,164
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A±		2.66			1-25-2039		435,674		437,050
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A±		2.56			7-25-2039		857,080		858,391
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A±		2.41			3-26-2040		897,284		898,253
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65			9-25-2040		634,285		636,691
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A±		2.21			11-26-2040		638,967		638,169
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		9,979,000		10,115,195
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A		2.95			2-25-2042		3,098,000		3,137,771
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34			8-25-2047		8,978,000		9,192,594
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A±±		2.61			8-25-2049		5,558,954		5,534,926
Verizon Owner Trust Series 2019-C Class A1A		1.94			4-22-2024		16,140,000		16,127,041
Verus Securitization Trust Series 2019 -3 Class A1 144A±±		2.69			11-25-2059		3,096,000		3,092,961
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.40			12-25-2059		4,535,956		4,580,490
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.84			2-25-2059		2,464,579		2,491,892
Verus Securitization Trust Series 2019-2 Class A1 144A±±		2.91			7-25-2059		5,128,541		5,156,905
Verus Securitization Trust Series 2019-2 Class A1 144A±±		3.21			5-25-2059		11,065,648		11,145,967
Verus Securitization Trust Series 2019-3 Class A1 144A		2.78			7-25-2059		11,448,041		11,482,065
Verus Securitization Trust Series 2019-4 Class A1 144A		2.64			11-25-2059		14,531,298		14,534,413
Visio Trust Series 2019-1 Class A1 144A±±		3.57			6-25-2054		2,596,221		2,624,094
Total Non-Agency Mortgage-Backed Securities (Cost $343,034,428)									347,658,192
U.S. Treasury Securities: 24.29%
U.S. Treasury Bond		2.25			8-15-2046		7,157,000		7,211,516
U.S. Treasury Bond		2.25			8-15-2049		12,083,000		12,189,198
U.S. Treasury Bond		2.38			11-15-2049		19,472,000		20,181,663
U.S. Treasury Bond		2.50			5-15-2046		57,797,000		61,163,224
U.S. Treasury Bond		2.88			5-15-2049		20,482,000		23,429,488
U.S. Treasury Bond		3.00			11-15-2044		51,782,000		59,729,323
U.S. Treasury Bond		3.13			2-15-2043		96,878,000		113,426,730
U.S. Treasury Bond		3.13			8-15-2044		99,165,000		116,693,188
U.S. Treasury Note		2.38			4-30-2026		38,836,000		40,381,855
U.S. Treasury Note ##		1.13			9-30-2021		63,831,000		63,212,637
U.S. Treasury Note		1.25			3-31-2021		6,897,000		6,856,588
U.S. Treasury Note		1.38			8-31-2020		9,504,000		9,481,725
U.S. Treasury Note		1.38			10-15-2022		30,306,000		30,098,830
U.S. Treasury Note %%		1.50			11-30-2021		9,749,000		9,724,628
U.S. Treasury Note %%		1.50			11-30-2024		36,844,000		36,618,043
U.S. Treasury Note ##		1.63			11-15-2022		60,697,000		60,715,968
U.S. Treasury Note ##		1.63			2-15-2026		91,335,000		90,874,757
U.S. Treasury Note		1.63			5-15-2026		32,521,000		32,343,151
U.S. Treasury Note		1.63			9-30-2026		2,815,000		2,796,197
U.S. Treasury Note		1.63			10-31-2026		9,323,000		9,257,812
U.S. Treasury Note		1.75			11-15-2029		22,863,000		22,804,056
U.S. Treasury Note		2.13			5-15-2022		9,861,000		9,978,099
U.S. Treasury Note		2.25			11-15-2024		31,084,000		31,967,951
U.S. Treasury Note		2.25			11-15-2025		2,294,000		2,364,971
U.S. Treasury Note		2.38			2-29-2024		4,110,000		4,233,461
U.S. Treasury Note		2.50			6-30-2020		5,281,000		5,305,961
U.S. Treasury Note		2.50			1-15-2022		32,183,000		32,756,260
U.S. Treasury Note		2.63			11-15-2020		4,403,000		4,440,838

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

38  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.63	%		6-15-2021	$	13,667,000	$	13,859,726
U.S. Treasury Note		2.63			7-15-2021		44,084,000		44,743,538
U.S. Treasury Note		2.63			2-28-2023		32,241,000		33,256,088
U.S. Treasury Note		2.63			1-31-2026		27,096,000		28,545,001
U.S. Treasury Note ##		2.75			4-30-2023		116,082,000		120,394,265
U.S. Treasury Note ##		2.75			5-31-2023		78,520,000		81,510,508
U.S. Treasury Note ##		2.75			7-31-2023		60,810,000		63,221,022
U.S. Treasury Note		2.75			8-31-2023		56,969,000		59,281,140
U.S. Treasury Note		2.88			11-15-2021		38,347,000		39,241,264
U.S. Treasury Note		2.88			11-30-2025		3,568,000		3,806,053
U.S. Treasury Note		3.00			10-31-2025		33,111,000		35,528,362
Total U.S. Treasury Securities (Cost $1,429,921,509)									1,443,625,085
Yankee Corporate Bonds and Notes: 5.38%
Communication Services: 0.29%
Wireless Telecommunication Services: 0.29%
Rogers Communications Incorporated		3.70			11-15-2049		4,385,000		4,490,721
Telefonica SA		5.52			3-1-2049		4,071,000		5,050,474
Vodafone Group plc		4.25			9-17-2050		7,629,000		7,912,771
									17,453,966
Consumer Staples: 0.24%
Food Products: 0.24%
Danone SA 144A		2.95			11-2-2026		13,958,000		14,382,557
Energy: 1.08%
Energy Equipment & Services: 0.07%
Schlumberger Limited 144A		2.65			11-20-2022		3,970,000		4,032,776
Oil, Gas & Consumable Fuels: 1.01%
Ecopetrol SA		5.88			5-28-2045		1,916,000		2,193,820
Enbridge Incorporated		2.90			7-15-2022		4,206,000		4,271,341
Enbridge Incorporated		2.50			1-15-2025		10,476,000		10,484,657
Enbridge Incorporated		3.13			11-15-2029		6,455,000		6,503,679
EnCana Corporation		6.50			2-1-2038		2,030,000		2,381,092
Equinor ASA		3.25			11-18-2049		2,887,000		2,965,696
Petroleos Mexicanos Company		2.38			4-15-2025		1,995,950		2,016,931
Petroleos Mexicanos Company		2.46			12-15-2025		5,242,250		5,178,739
Petroleos Mexicanos Company		6.35			2-12-2048		10,326,000		9,702,619
Petroleos Mexicanos Company		6.50			3-13-2027		1,235,000		1,288,852
Petroleos Mexicanos Company		6.75			9-21-2047		4,217,000		4,145,227
Total SA		2.43			1-10-2025		4,488,000		4,544,677
Total SA		2.83			1-10-2030		4,589,000		4,721,310
									60,398,640
Financials: 3.02%
Banks: 2.23%
Banco Santander SA		2.71			6-27-2024		5,200,000		5,251,761
Banco Santander SA		3.31			6-27-2029		3,200,000		3,299,677
Banque Federative du Credit Mutuel SA 144A		2.38			11-21-2024		4,946,000		4,933,233
BNP Paribas SA (3 Month LIBOR +1.11%) 144A±		2.82			11-19-2025		12,838,000		12,896,247
BNP Paribas SA 144A		4.40			8-14-2028		1,424,000		1,582,309
BPCE SA 144A		2.70			10-1-2029		7,929,000		7,884,398

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

Wells Fargo Core Bond Portfolio  |  39

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Banks (continued)
Commonwealth Bank of Australia (5 Year Treasury Constant Maturity +2.05%) 144A±		3.61	%		9-12-2034	$	4,083,000	$	4,106,834
Commonwealth Bank of Australia 144A		3.74			9-12-2039		1,893,000		1,894,145
Credit Agricole SA (London) 144A		2.38			1-22-2025		7,605,000		7,578,934
Danske Bank A/S (3 Month LIBOR +1.25%) 144A±		3.00			9-20-2022		10,252,000		10,318,984
Danske Bank A/S (3 Month LIBOR +1.59%) 144A±		3.24			12-20-2025		9,709,000		9,786,623
HSBC Holdings plc (3 Month LIBOR +1.14%) ±		2.63			11-7-2025		7,456,000		7,428,744
HSBC Holdings plc (3 Month LIBOR +1.21%) ±		3.80			3-11-2025		5,492,000		5,739,675
HSBC Holdings plc (3 Month LIBOR +1.61%) ±		3.97			5-22-2030		2,730,000		2,918,950
HSBC Holdings plc (3 Month LIBOR +1.55%) ±		4.04			3-13-2028		1,828,000		1,944,194
Mitsubishi UFJ Financial Group Incorporated (3 Month LIBOR +0.84%) ±		2.72			7-16-2023		5,213,000		5,265,539
Mizuho Financial Group (3 Month LIBOR +1.13%) ±		3.15			7-16-2030		3,142,000		3,212,062
Royal Bank of Canada		2.25			11-1-2024		8,697,000		8,662,549
Societe Generale 144A		2.63			10-16-2024		4,594,000		4,562,968
Sumitomo Mitsui Financial Group		2.70			7-16-2024		9,999,000		10,105,339
Sumitomo Mitsui Financial Group		3.04			7-16-2029		10,184,000		10,409,920
Westpac Banking Corporation (5 Year Treasury Constant Maturity +2.00%) ±		4.11			7-24-2034		2,388,000		2,475,389
									132,258,474
Capital Markets: 0.08%
MDGH GMTN BV 144A		2.88			11-7-2029		4,734,000		4,734,511
Consumer Finance: 0.09%
UBS Group AG (3 Month LIBOR +1.47%) 144A±		3.13			8-13-2030		5,420,000		5,504,662
Diversified Financial Services: 0.62%
DH Europe Finance II		2.05			11-15-2022		3,236,000		3,235,374
DH Europe Finance II		2.20			11-15-2024		5,543,000		5,530,478
DH Europe Finance II		2.60			11-15-2029		2,177,000		2,186,239
DH Europe Finance II		3.40			11-15-2049		3,244,000		3,338,031
GE Capital International Funding Company		4.42			11-15-2035		8,713,000		9,374,925
General Electric Capital International Funding Company		2.34			11-15-2020		1,337,000		1,335,650
Shell International Finance BV		2.00			11-7-2024		9,847,000		9,796,028
Shell International Finance BV		3.13			11-7-2049		1,973,000		1,962,940
									36,759,665
Information Technology: 0.09%
Semiconductors & Semiconductor Equipment: 0.09%
NXP BV 144A		3.88			6-18-2026		4,964,000		5,208,500
Materials: 0.25%
Chemicals: 0.02%
Yara International ASA 144A		4.75			6-1-2028		1,223,000		1,338,620
Metals & Mining: 0.14%
Barrick Gold Corporation		3.85			4-1-2022		416,000		429,430
Minera Mexico SA 144A		4.50			1-26-2050		1,889,000		1,855,943
Teck Resources Limited		6.25			7-15-2041		5,396,000		6,073,961
									8,359,334
Paper & Forest Products: 0.09%
Celulosa Arauco y Constitucion SA 144A		4.20			1-29-2030		2,496,000		2,464,800
Celulosa Arauco y Constitucion SA 144A		5.15			1-29-2050		2,859,000		2,784,666
									5,249,466

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

40  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Real Estate: 0.05%
Equity REITs: 0.05%
Trust F/1401 144A		6.39	%		1-15-2050	$	2,674,000	$	2,844,468
Utilities: 0.36%
Electric Utilities: 0.36%
Electricite de France SA 144A		5.60			1-27-2040		1,418,000		1,768,988
Enel Finance International SA 144A		2.88			5-25-2022		3,119,000		3,150,995
Enel Finance International SA 144A		3.50			4-6-2028		1,826,000		1,866,524
Enel Finance International SA 144A		4.63			9-14-2025		6,468,000		7,010,270
Enel Finance International SA 144A		4.75			5-25-2047		1,926,000		2,167,768
Enel Finance International SA 144A		4.88			6-14-2029		1,939,000		2,195,396
Enel Finance International SA 144A		6.00			10-7-2039		2,535,000		3,173,171
									21,333,112
Total Yankee Corporate Bonds and Notes (Cost $312,537,032)									319,858,751
Yankee Government Bonds: 0.61%
Abu Dhabi Government International 144A		2.13			9-30-2024		3,158,000		3,142,210
Abu Dhabi Government International 144A		2.50			9-30-2029		2,874,000		2,856,210
Abu Dhabi Government International 144A		3.13			9-30-2049		2,531,000		2,465,700
Japan Bank for International Cooperation		1.75			10-17-2024		5,528,000		5,458,054
Republic of Paraguay 144A		5.40			3-30-2050		2,940,000		3,289,860
United Mexican States		4.50			4-22-2029		13,839,000		15,167,544
United Mexican States		4.50			1-31-2050		200,000		211,570
United Mexican States		4.60			2-10-2048		3,448,000		3,715,254
Total Yankee Government Bonds (Cost $34,203,663)									36,306,402
	Yield					Shares
Short-Term Investments: 3.64%
Investment Companies: 3.64%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77					35,020,555		35,024,057
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56					181,239,898		181,239,898
Total Short-Term Investments (Cost $216,263,955)									216,263,955

Total investments in securities (Cost $6,255,807,060)	107.24	%		6,372,966,813
Other assets and liabilities, net	(7.24	)		(430,270,805	)
Total net assets	100.00	%	$	5,942,696,008

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

‡ Security is valued using significant unobservable inputs.

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

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

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

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

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

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

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

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

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

Wells Fargo Core Bond Portfolio  |  41

Portfolio of investments—November 30, 2019 (unaudited)

Abbreviations:

CAD Canadian dollar

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains			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		2,778,863		99,900,277		67,658,585		35,020,555	$	(451	)	$	0	$	53,502	#	$	35,024,057
Wells Fargo Government Money Market Fund Select Class		117,422,859		2,093,806,750		2,029,989,711		181,239,898		0			0		1,319,573			181,239,898
									$	(451	)	$	0	$	1,373,075		$	216,263,955		3.64	%

^#  Amount shown represents income before fees and rebates.

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

42  |  Wells Fargo Core Bond Portfolio

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $34,313,866 of securities loaned), at value (cost $6,039,543,105)	$	6,156,702,858
Investments in affiliated securities, at value (cost $216,263,955)		216,263,955
Cash		837,936
Receivable for investments sold		512,962,426
Receivable for interest		27,871,572
Receivable for securities lending income, net		2,150
Prepaid expenses and other assets		198,980
Total assets		6,914,839,877
Liabilities
Payable upon receipt of securities loaned		35,019,117
Payable for investments purchased		934,673,045
Cash collateral due to broker		670,000
Advisory fee payable		1,705,608
Accrued expenses and other liabilities		76,099
Total liabilities		972,143,869
Total net assets	$	5,942,696,008

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

Wells Fargo Core Bond Portfolio  |  43

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Interest (net of foreign withholding taxes of $39,485)	$	81,080,803
Income from affiliated securities		1,333,109
Total investment income		82,413,912
Expenses
Advisory fee		9,971,336
Custody and accounting fees		124,228
Professional fees		38,988
Shareholder report expenses		2,022
Trustees’ fees and expenses		11,345
Other fees and expenses		11,463
Net expenses		10,159,382
Net investment income		72,254,530
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		158,010,347
Affiliated securities		(451	)
Net realized gains on investments		158,009,896
Net change in unrealized gains (losses) on investments		(13,901,454	)
Net realized and unrealized gains (losses) on investments		144,108,442
Net increase in net assets resulting from operations	$	216,362,972

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

44  |  Wells Fargo Core Bond Portfolio

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment income	$	72,254,530		$	166,921,454
Net realized gains (losses) on investments		158,009,896			(17,686,402	)
Net change in unrealized gains (losses) on investments		(13,901,454	)		194,869,104
Net increase in net assets resulting from operations		216,362,972			344,104,156
Capital transactions
Transactions in investors’ beneficial interests
Contributions		285,066,588			697,097,878
Withdrawals		(384,478,484	)		(888,699,376	)
Net decrease in net assets resulting from capital transactions		(99,411,896	)		(191,601,498	)
Total increase in net assets		116,951,076			152,502,658
Net assets
Beginning of period		5,825,744,932			5,673,242,274
End of period	$	5,942,696,008		$	5,825,744,932

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

Wells Fargo Core Bond Portfolio  |  45

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		3.76	%		6.30	%		(0.53	)%		1.89	%		2.78	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%		0.37	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.47	%		2.93	%		2.23	%		1.87	%		1.86	%		1.82	%
Supplemental data
Portfolio turnover rate		306	%		577	%		542	%		614	%		667	%		586	%

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

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

46  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

Wells Fargo Core Bond Portfolio  |  47

Notes to financial statements (unaudited)

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

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

Security transactions and income recognition

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

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

Federal and other taxes

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

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

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $6,261,152,235 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	124,152,113
Gross unrealized losses		(12,337,535	)
Net unrealized gains	$	111,814,578

3. FAIR VALUATION MEASUREMENTS

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

∎ Level 1 – quoted prices in active markets for identical securities

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

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

48  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	2,135,282,082	$	10,138,654	$	2,145,420,736
Asset-backed securities		0		595,663,180		0		595,663,180
Corporate bonds and notes		0		1,235,414,342		0		1,235,414,342
Foreign corporate bonds and notes		0		2,175,851		0		2,175,851
Municipal obligations		0		30,580,319		0		30,580,319
Non-agency mortgage-back securities		0		347,658,192		0		347,658,192
U.S. Treasury securities		1,443,625,085		0		0		1,443,625,085
Yankee corporate bonds and notes		0		319,858,751		0		319,858,751
Yankee government bonds		0		36,306,402		0		36,306,402
Short-term investments
Investment companies		216,263,955		0		0		216,263,955
Total assets	$	1,659,889,040	$	4,702,939,119	$	10,138,654	$	6,372,966,813

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

For the six months ended November 30, 2019, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.34% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Wells Fargo Core Bond Portfolio  |  49

Notes to financial statements (unaudited)

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$16,991,240,176	$2,073,230,066	$17,096,920,614	$1,860,561,537

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Barclays Capital Inc.	$	1,806,121	$	(1,806,121	)	$	0
Citigroup Global Markets Inc.	$	2,645,742	$	(2,645,742	)	$	0
ING Financial Markets LLC	$	29,862,003	$	(29,862,003	)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

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

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

8. INDEMNIFICATION

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

50  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Portfolio adopted the change in accounting policy which did not have a material impact to the Portfolio’s financial statements.

Wells Fargo Core Bond Portfolio  |  51

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

52  |  Wells Fargo Core Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 150 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

Wells Fargo Core Bond Fund  |  53

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

54  |  Wells Fargo Core Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

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

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Core Bond Fund  |  55

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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

© 2020 Wells Fargo & Company. All rights reserved.

408965 01-19

SA287/SAR287 11-19

Semi-Annual Report

November 30, 2019

Wells Fargo Real Return 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Wells Fargo Real Return Fund
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Wells Fargo Real Return Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	30
Statement of operations	31
Statement of changes in net assets	32
Financial highlights	33
Notes to financial statements	34
Other information	40

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The views expressed and any forward-looking statements are as of November 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

Wells Fargo Real Return Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Real Return Fund for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

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 and emerging markets, excluding 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 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Wells Fargo Real Return Fund

Letter to shareholders (unaudited)

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Wells Fargo Real Return Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Michael Bradshaw, CFA^®‡

Christian L. Chan, CFA^®‡

Jay N. Mueller, CFA^®‡

Garth B. Newport, CFA^®‡

Michael Schueller, CFA^®‡*

Average annual total returns (%) as of November 30, 2019

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (IPBAX)	2-28-2003		2.83		1.53		2.33		7.68		2.47		2.80		1.17		0.78
Class C (IPBCX)	2-28-2003		6.02		1.72		2.07		7.02		1.72		2.07		1.92		1.53
Class R6 (IPBJX)4	10-31-2016		–		–		–		8.18		2.83		3.13		0.79		0.40
Administrator Class (IPBIX)	2-28-2003		–		–		–		7.95		2.71		3.07		1.11		0.60
Institutional Class (IPBNX)5	10-31-2016		–		–		–		8.13		2.80		3.12		0.84		0.45
Bloomberg Barclays U.S. TIPS Index6	–		–		–		–		8.61		2.31		3.09		–		–
CPI7	–		–		–		–		2.05		1.72		1.75		–		–

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 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility.

Please see footnotes on page 5.

4  |  Wells Fargo Real Return Fund

Performance highlights (unaudited)

Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to mortgage- and asset-backed securities risk and small company securities risk. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Consult the Fund’s prospectus for additional information on these and other risks.

Ten largest holdings (%) as of November 30, 20198
TIPS, 0.38%, 7-15-2025	3.42
TIPS, 0.13%, 1-15-2022	3.32
TIPS, 0.25%, 1-15-2025	3.32
TIPS, 0.38%, 7-15-2023	3.21
TIPS, 0.63%, 1-15-2026	3.04
TIPS, 0.13%, 1-15-2023	2.95
TIPS, 0.63%, 7-15-2021	2.59
TIPS, 0.63%, 1-15-2024	2.55
TIPS, 0.13%, 7-15-2024	2.53
TIPS, 2.38%, 1-15-2025	2.46

Portfolio allocation as of November 30, 2019⁹

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

* Mr. Schueller became a portfolio manager of the Fund on January 15, 2020.

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

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

³  The manager has contractually committed through September 30, 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) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. 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.

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

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁷  The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.

⁸  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹  Amounts represent the portfolio allocation of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Real Return Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,031.78	$	3.96		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.10	$	3.94		0.78	%
Class C
Actual	$	1,000.00	$	1,028.11	$	7.76		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.35	$	7.72		1.53	%
Class R6
Actual	$	1,000.00	$	1,034.44	$	2.03		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.00	$	2.02		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,032.61	$	3.05		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00	$	3.03		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,033.14	$	2.29		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75	$	2.28		0.45	%

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

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

6  |  Wells Fargo Real Return Fund

Portfolio of investments—November 30, 2019 (unaudited)

	Value
Investment Companies: 99.69%
Affiliated Master Portfolio: 99.69%
Wells Fargo Real Return Portfolio	$	61,933,397
Total Investment Companies (Cost $59,484,858)		61,933,397

Total investments in securities (Cost $59,484,858)	99.69	%		61,933,397
Other assets and liabilities, net	0.31			191,660
Total net assets	100.00	%	$	62,125,057

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Real Return Portfolio		32	%		34	%	$	(202,536	)	$	1,466,437	$	733,991	$	115,425	$	6,452	$	61,933,397		99.69	%

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

Wells Fargo Real Return Fund  |  7

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $59,484,858)	$	61,933,397
Receivable for Fund shares sold		81,503
Receivable from manager		36,623
Prepaid expenses and other assets		130,354
Total assets		62,181,877
Liabilities
Payable for Fund shares redeemed		32,648
Administration fees payable		4,908
Distribution fee payable		1,272
Custodian and accounting fees payable		6,864
Shareholder servicing fees payable		6,762
Professional fees payable		2,033
Trustees’ fees and expenses payable		2,333
Total liabilities		56,820
Total net assets	$	62,125,057
Net assets consist of
Paid-in capital	$	60,744,060
Total distributable earnings		1,380,997
Total net assets	$	62,125,057
Computation of net asset value and offering price per share
Net assets – Class A	$	16,379,587
Shares outstanding – Class A1		1,625,830
Net asset value per share – Class A		$10.07
Maximum offering price per share – Class A2		$10.54
Net assets – Class C	$	1,983,458
Shares outstanding – Class C1		200,034
Net asset value per share – Class C		$9.92
Net assets – Class R6	$	17,401,547
Shares outstanding – Class R61		1,709,575
Net asset value per share – Class R6		$10.18
Net assets – Administrator Class	$	14,782,479
Shares outstanding – Administrator Class1		1,445,844
Net asset value per share – Administrator Class		$10.22
Net assets – Institutional Class	$	11,577,986
Shares outstanding – Institutional Class1		1,137,018
Net asset value per share – Institutional Class		$10.18

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

8  |  Wells Fargo Real Return Fund

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolio	$	733,991
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,271)		115,425
Affiliated income allocated from affiliated Master Portfolio		6,452
Expenses allocated from affiliated Master Portfolio		(135,149	)
Waivers allocated from affiliated Master Portfolio		18,742
Total investment income		739,461
Expenses
Management fee		14,989
Administration fees
Class A		13,452
Class C		1,814
Class R6		2,433
Administrator Class		6,561
Institutional Class		4,612
Shareholder servicing fees
Class A		21,019
Class C		2,835
Administrator Class		16,403
Distribution fee
Class C		8,501
Custody and accounting fees		2,009
Professional fees		17,949
Registration fees		99,725
Shareholder report expenses		34,569
Trustees’ fees and expenses		10,623
Other fees and expenses		7,679
Total expenses		265,173
Less: Fee waivers and/or expense reimbursements
Fund-level		(132,229	)
Class A		(34,471	)
Class C		(4,649	)
Class R6		(2,433	)
Administrator Class		(22,964	)
Institutional Class		(4,612	)
Net expenses		63,815
Net investment income		675,646
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(202,536	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		1,466,437
Net realized and unrealized gains (losses) on investments		1,263,901
Net increase in net assets resulting from operations	$	1,939,547

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

Wells Fargo Real Return Fund  |  9

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	675,646					$	1,389,934
Net realized losses on investments					(202,536	)					(830,409	)
Net change in unrealized gains (losses) on investments					1,466,437						806,875
Net increase in net assets resulting from operations					1,939,547						1,366,400
Distributions to shareholders from net investment income and net realized gains
Class A					(224,571	)					(509,589	)
Class C					(21,657	)					(59,497	)
Class R6					(247,886	)					(321,376	)
Administrator Class					(167,898	)					(396,758	)
Institutional Class					(173,478	)					(349,231	)
Total distributions to shareholders					(835,490	)					(1,636,451	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		222,699			2,243,905			536,260			5,211,071
Class C		38,560			383,380			115,162			1,107,921
Class R6		326,513			3,311,933			315,330			3,110,483
Administrator Class		433,191			4,442,756			418,320			4,128,845
Institutional Class		315,813			3,217,449			733,768			7,248,113
					13,599,423						20,806,433
Reinvestment of distributions
Class A		15,841			159,756			36,976			359,276
Class C		1,894			18,797			5,600			53,596
Class R6		13,396			136,460			13,831			135,701
Administrator Class		16,213			165,903			40,010			394,108
Institutional Class		16,985			173,101			35,503			348,182
					654,017						1,290,863
Payment for shares redeemed
Class A		(404,208	)		(4,055,191	)		(1,429,739	)		(13,815,687	)
Class C		(102,695	)		(1,017,713	)		(219,827	)		(2,105,292	)
Class R6		(67,574	)		(686,408	)		(71,175	)		(700,914	)
Administrator Class		(356,025	)		(3,637,154	)		(1,441,193	)		(14,228,082	)
Institutional Class		(305,865	)		(3,117,790	)		(874,093	)		(8,536,165	)
					(12,514,256	)					(39,386,140	)
Net increase (decrease) in net assets resulting from capital share transactions					1,739,184						(17,288,844	)
Total increase (decrease) in net assets					2,843,241						(17,558,895	)
Net assets
Beginning of period					59,281,816						76,840,711
End of period				$	62,125,057					$	59,281,816

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

10  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.89			$9.87			$9.96			$9.95			$10.07			$10.11
Net investment income		0.09			0.15			0.21			0.19	1		0.10	1		0.05	1
Net realized and unrealized gains (losses) on investments		0.22			0.09			(0.09	)		0.03			(0.01	)		0.07
Total from investment operations		0.31			0.24			0.12			0.22			0.09			0.12
Distributions to shareholders from
Net investment income		(0.13	)		(0.19	)		(0.21	)		(0.20	)		(0.07	)		(0.08	)
Net realized gains		0.00			(0.03	)		0.00			(0.01	)		(0.14	)		(0.08	)
Total distributions to shareholders		(0.13	)		(0.22	)		(0.21	)		(0.21	)		(0.21	)		(0.16	)
Net asset value, end of period		$10.07			$9.89			$9.87			$9.96			$9.95			$10.07
Total return2		3.18	%		2.56	%		1.25	%		2.23	%		1.01	%		1.24	%
Ratios to average net assets (annualized)
Gross expenses3		1.42	%		1.16	%		1.04	%		1.11	%		1.20	%		1.31	%
Net expenses3		0.78	%		0.77	%		0.80	%		0.85	%		0.85	%		0.85	%
Net investment income3		2.10	%		1.95	%		2.15	%		1.92	%		0.98	%		0.47	%
Supplemental data
Portfolio turnover rate4		11	%		39	%		29	%		25	%		29	%		57	%
Net assets, end of period (000s omitted)		$16,380			$17,716			$26,133			$29,678			$18,938			$12,977

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%

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

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

Wells Fargo Real Return Fund  |  11

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.73			$9.73			$9.82			$9.77			$9.92			$10.00
Net investment income (loss)		0.07	1		0.10	1		0.03			0.04			0.03	1		(0.03	)1
Net realized and unrealized gains (losses) on investments		0.21			0.07			0.02			0.10			(0.02	)		0.08
Total from investment operations		0.28			0.17			0.05			0.14			0.01			0.05
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.14	)		(0.08	)		(0.02	)		(0.05	)
Net realized gains		0.00			(0.03	)		0.00			(0.01	)		(0.14	)		(0.08	)
Total distributions to shareholders		(0.09	)		(0.17	)		(0.14	)		(0.09	)		(0.16	)		(0.13	)
Net asset value, end of period		$9.92			$9.73			$9.73			$9.82			$9.77			$9.92
Total return2		2.81	%		1.79	%		0.53	%		1.44	%		0.21	%		0.46	%
Ratios to average net assets (annualized)
Gross expenses3		2.17	%		1.91	%		1.79	%		1.86	%		1.95	%		2.06	%
Net expenses3		1.53	%		1.52	%		1.56	%		1.60	%		1.60	%		1.60	%
Net investment income (loss)3		1.40	%		1.08	%		1.39	%		1.23	%		0.30	%		(0.33	)%
Supplemental data
Portfolio turnover rate4		11	%		39	%		29	%		25	%		29	%		57	%
Net assets, end of period (000s omitted)		$1,983			$2,553			$3,517			$4,580			$5,654			$7,471

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%

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

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

12  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended November 30, 2019 (unaudited)			Year ended May 31
CLASS R6				2019			2018			20171
Net asset value, beginning of period		$9.99			$9.96			$10.05			$10.17
Net investment income		0.12			0.23	2		0.22			0.10
Net realized and unrealized gains (losses) on investments		0.22			0.06			(0.06	)		(0.07	)
Total from investment operations		0.34			0.29			0.16			0.03
Distributions to shareholders from
Net investment income		(0.15	)		(0.23	)		(0.25	)		(0.14	)
Net realized gains		0.00			(0.03	)		0.00			(0.01	)
Total distributions to shareholders		(0.15	)		(0.26	)		(0.25	)		(0.15	)
Net asset value, end of period		$10.18			$9.99			$9.96			$10.05
Total return3		3.44	%		2.99	%		1.63	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses4		1.05	%		0.82	%		0.66	%		0.69	%
Net expenses4		0.40	%		0.39	%		0.42	%		0.47	%
Net investment income4		2.40	%		2.34	%		2.52	%		1.32	%
Supplemental data
Portfolio turnover rate5		11	%		39	%		29	%		25	%
Net assets, end of period (000s omitted)		$17,402			$14,358			$11,750			$7,438

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

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

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

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

Wells Fargo Real Return Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.03			$9.99			$10.06			$10.03			$10.15			$10.17
Net investment income		0.09			0.21	1		0.24	1		0.22	1		0.13	1		0.10	1
Net realized and unrealized gains (losses) on investments		0.24			0.06			(0.09	)		0.02			(0.02	)		0.06
Total from investment operations		0.33			0.27			0.15			0.24			0.11			0.16
Distributions to shareholders from
Net investment income		(0.14	)		(0.20	)		(0.22	)		(0.20	)		(0.09	)		(0.10	)
Net realized gains		0.00			(0.03	)		0.00			(0.01	)		(0.14	)		(0.08	)
Total distributions to shareholders		(0.14	)		(0.23	)		(0.22	)		(0.21	)		(0.23	)		(0.18	)
Net asset value, end of period		$10.22			$10.03			$9.99			$10.06			$10.03			$10.15
Total return2		3.26	%		2.78	%		1.50	%		2.46	%		1.21	%		1.56	%
Ratios to average net assets (annualized)
Gross expenses3		1.36	%		1.10	%		0.97	%		1.04	%		1.13	%		1.27	%
Net expenses3		0.60	%		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income3		2.28	%		2.15	%		2.39	%		2.20	%		1.30	%		0.99	%
Supplemental data
Portfolio turnover rate4		11	%		39	%		29	%		25	%		29	%		57	%
Net assets, end of period (000s omitted)		$14,782			$13,562			$23,331			$26,100			$20,607			$10,679

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2019 (unaudited)	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%

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

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

14  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2019			2018			20171
Net asset value, beginning of period		$9.99			$9.97			$10.06			$10.17
Net investment income		0.12			0.22			0.24			0.14
Net realized and unrealized gains (losses) on investments		0.22			0.05			(0.08	)		(0.10	)
Total from investment operations		0.34			0.27			0.16			0.04
Distributions to shareholders from
Net investment income		(0.15	)		(0.22	)		(0.25	)		(0.14	)
Net realized gains		0.00			(0.03	)		0.00			(0.01	)
Total distributions to shareholders		(0.15	)		(0.25	)		(0.25	)		(0.15	)
Net asset value, end of period		$10.18			$9.99			$9.97			$10.06
Total return2		3.31	%		2.84	%		1.57	%		0.41	%
Ratios to average net assets (annualized)
Gross expenses3		1.09	%		0.84	%		0.71	%		0.76	%
Net expenses3		0.45	%		0.44	%		0.47	%		0.52	%
Net investment income3		2.41	%		2.20	%		2.62	%		2.24	%
Supplemental data
Portfolio turnover rate4		11	%		39	%		29	%		25	%
Net assets, end of period (000s omitted)		$11,578			$11,094			$12,110			$5,229

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

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

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

Six months ended November 30, 2019 (unaudited)	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

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

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

Wells Fargo Real Return Fund  |  15

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 Real Return Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2019 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2019, the Fund owned 34% of Wells Fargo Real Return Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investment transactions, income and expenses

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

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.

16  |  Wells Fargo Real Return Fund

Notes to financial statements (unaudited)

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $59,561,314 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,372,083
Gross unrealized losses		0
Net unrealized gains	$	2,372,083

As of May 31, 2019, the Fund had capital loss carryforwards which consisted of $229,298 in short-term capital losses and $95,581 in long-term capital losses.

As of May 31, 2019, the Fund had current year deferred post-October capital losses consisting of $426,109 in short-term losses and $148,632 in long-term losses which were recognized on the first day of the current fiscal year.

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2019, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term		$61,933,397

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Administration fees

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

Wells Fargo Real Return Fund  |  17

Notes to financial statements (unaudited)

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A, Class C	0.16%
Class R6	0.03
Administrator Class	0.10
Institutional Class	0.08

Waivers and/or expense reimbursements

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. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.40% for Class R6 shares, 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. 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 November 30, 2019, Funds Distributor received $62 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,292,246	$5,533,490	$4,352,906	$4,778,214

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.

18  |  Wells Fargo Real Return Fund

Notes to financial statements (unaudited)

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING 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.

Wells Fargo Real Return Fund  |  19

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Common Stocks: 13.92%
Consumer Staples: 3.62%
Beverages: 0.90%
Molson Coors Brewing Company Class B		6,762	$	341,346
The Coca-Cola Company		24,028		1,283,095
				1,624,441
Food & Staples Retailing: 0.80%
Costco Wholesale Corporation		1,702		510,277
Walmart Incorporated		7,800		928,902
				1,439,179
Food Products: 0.37%
Mondelez International Incorporated Class A		9,542		501,337
Tyson Foods Incorporated Class A		1,809		162,611
				663,948
Household Products: 1.23%
Church & Dwight Company Incorporated		6,726		472,434
The Clorox Company		1,577		233,759
The Procter & Gamble Company		12,312		1,502,803
				2,208,996
Tobacco: 0.32%
Philip Morris International Incorporated		6,967		577,773
Energy: 2.39%
Energy Equipment & Services: 0.14%
Schlumberger Limited		7,133		258,215
Oil, Gas & Consumable Fuels: 2.25%
BP plc		26,651		997,280
Chevron Corporation		9,865		1,155,487
Cimarex Energy Company		6,042		277,751
EOG Resources Incorporated		8,279		586,981
Noble Energy Incorporated		17,693		367,307
Phillips 66		5,773		662,279
				4,047,085
Financials: 0.11%
Mortgage REITs: 0.11%
AGNC Investment Corporation		11,241		194,694
Materials: 3.05%
Chemicals: 1.10%
Axalta Coating Systems Limited †		12,168		346,423
Dow Incorporated		6,357		339,273
Ecolab Incorporated		1,222		228,111
Linde plc		3,212		662,347
The Sherwin-Williams Company		679		395,945
				1,972,099
Construction Materials: 0.20%
Martin Marietta Materials Incorporated		1,377		369,587

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

20  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Shares		Value
Containers & Packaging: 0.16%
Crown Holdings Incorporated †		3,895	$	295,631
Metals & Mining: 1.59%
Agnico-Eagle Mines Limited «		3,700		220,520
Alamos Gold Incorporated Class A		6,000		34,013
AngloGold Ashanti Limited ADR		2,500		47,600
B2Gold Corporation		22,000		80,825
Barrick Gold Corporation		11,556		194,141
Detour Gold Corporation †		7,000		127,742
Endeavour Mining Corporation †		3,700		70,334
Evolution Mining Limited		21,000		55,539
Franco-Nevada Corporation		1,400		137,555
Gold Fields Limited ADR		10,000		53,500
Kinross Gold Corporation †		25,000		108,221
Kirkland Lake Gold Limited		3,100		129,947
MAG Silver Corporation †		5,500		58,921
Newcrest Mining Limited		6,800		141,481
Newmont Goldcorp Corporation		5,840		224,256
Northern Star Resources Limited		11,500		74,597
Pan American Silver Corporation		2,500		48,125
Pretium Resources Incorporated †		1,800		17,549
Royal Gold Incorporated		3,994		468,376
SSR Mining Incorporated †		3,900		61,074
Steel Dynamics Incorporated		8,099		273,179
Torex Gold Resources Incorporated †		6,000		90,070
Wheaton Precious Metals Corporation		4,900		135,457
				2,853,022
Real Estate: 4.75%
Equity REITs: 4.75%
Alexandria Real Estate Equities Incorporated		2,635		428,240
American Tower Corporation		3,919		838,784
Camden Property Trust		2,439		272,070
CoreSite Realty Corporation		2,287		259,323
Equinix Incorporated		1,644		931,901
Equity Residential		3,982		338,868
Four Corners Property Trust Incorporated		11,599		328,484
Healthcare Realty Trust Incorporated		11,439		379,660
Healthcare Trust of America Incorporated Class A		5,953		180,674
Host Hotels & Resorts Incorporated		8,056		140,899
Hudson Pacific Properties Incorporated		7,456		266,925
Invitation Homes Incorporated		12,292		375,275
Mid-America Apartment Communities Incorporated		2,503		340,683
Prologis Incorporated		8,131		744,393
Public Storage Incorporated		1,623		341,934
Retail Opportunity Investment Corporation		19,413		354,093
SBA Communications Corporation		2,229		527,092
Simon Property Group Incorporated		3,467		524,245
Sun Communities Incorporated		3,141		517,354
VICI Properties Incorporated		18,047		446,302
				8,537,199
Total Common Stocks (Cost $20,879,008)				25,041,869

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

Wells Fargo Real Return Portfolio  |  21

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 12.80%
Communication Services: 1.24%
Diversified Telecommunication Services: 0.21%
CenturyLink Incorporated		5.63	%		4-1-2020	$	260,000	$	262,623
Level 3 Financing Incorporated		5.38			1-15-2024		125,000		127,031
									389,654
Entertainment: 0.35%
Netflix Incorporated		5.38			2-1-2021		600,000		620,520
Media: 0.53%
CSC Holdings LLC		6.75			11-15-2021		125,000		134,531
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		650,000		663,000
TEGNA Incorporated		5.13			7-15-2020		158,000		158,395
									955,926
Wireless Telecommunication Services: 0.15%
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		87,500		88,266
T-Mobile USA Incorporated		4.00			4-15-2022		175,000		180,250
									268,516
Consumer Discretionary: 2.26%
Auto Components: 0.07%
Cooper Tire & Rubber Company		8.00			12-15-2019		120,000		120,072
Distributors: 0.21%
LKQ Corporation		4.75			5-15-2023		370,000		376,013
Hotels, Restaurants & Leisure: 0.41%
MGM Resorts International		6.63			12-15-2021		200,000		217,700
MGM Resorts International		7.75			3-15-2022		130,000		145,763
NCL Corporation Limited 144A		4.75			12-15-2021		373,000		377,663
									741,126
Household Durables: 0.68%
Lennar Corporation		6.63			5-1-2020		305,000		310,338
Newell Brands Incorporated		3.85			4-1-2023		267,000		275,392
Pulte Group Incorporated		4.25			3-1-2021		400,000		407,500
Toll Brothers Finance Corporation		5.88			2-15-2022		225,000		238,500
									1,231,730
Specialty Retail: 0.89%
Gap Incorporated		5.95			4-12-2021		310,000		321,837
Group 1 Automotive Incorporated		5.00			6-1-2022		395,000		399,938
L Brands Incorporated		6.63			4-1-2021		365,000		383,250
Penske Auto Group Incorporated		3.75			8-15-2020		385,000		386,444
Penske Auto Group Incorporated		5.75			10-1-2022		110,000		111,196
									1,602,665
Consumer Staples: 0.21%
Personal Products: 0.21%
Edgewell Personal Care Company		4.70			5-19-2021		380,000		388,930

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

22  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Energy: 1.97%
Oil, Gas & Consumable Fuels: 1.97%
Antero Resources Corporation		5.38	%		11-1-2021	$	190,000	$	175,513
Archrock Partners LP		6.00			10-1-2022		240,000		240,600
Buckeye Partners LP		4.88			2-1-2021		180,000		182,526
Crestwood Midstream Partners LP		6.25			4-1-2023		210,000		210,525
DCP Midstream Operating LP 144A		5.35			3-15-2020		445,000		446,669
NuStar Logistics LP		4.80			9-1-2020		210,000		211,509
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		405,000		410,672
Rose Rock Midstream LP		5.63			11-15-2023		310,000		317,750
Sabine Pass Liquefaction LLC		6.25			3-15-2022		250,000		268,821
Southern Star Central Corporation 144A		5.13			7-15-2022		375,000		378,750
Tallgrass Energy Partners LP 144A		4.75			10-1-2023		360,000		347,400
Targa Resources Partners LP		4.25			11-15-2023		345,000		348,019
									3,538,754
Financials: 0.99%
Banks: 0.18%
CIT Group Incorporated		5.00			8-15-2022		305,000		324,612
Consumer Finance: 0.81%
Ford Motor Credit Company LLC		3.34			3-18-2021		170,000		170,899
Ford Motor Credit Company LLC		5.60			1-7-2022		160,000		168,176
Ford Motor Credit Company LLC		8.13			1-15-2020		175,000		176,238
Navient Corporation		5.00			10-26-2020		400,000		408,000
Springleaf Finance Corporation		7.75			10-1-2021		485,000		529,863
									1,453,176
Health Care: 1.28%
Health Care Providers & Services: 1.28%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		312,000		313,560
Centene Corporation		4.75			5-15-2022		435,000		443,700
Centene Corporation 144A %%		4.75			1-15-2025		130,000		135,054
HCA Incorporated		7.50			2-15-2022		150,000		166,125
HealthSouth Corporation		5.13			3-15-2023		290,000		296,163
Magellan Health Incorporated		4.90			9-22-2024		180,000		181,800
MEDNAX Incorporated 144A		5.25			12-1-2023		235,000		240,288
Molina Healthcare Incorporated		5.38			11-15-2022		400,000		423,000
Universal Health Services Incorporated 144A		4.75			8-1-2022		105,000		106,116
									2,305,806
Industrials: 1.79%
Aerospace & Defense: 0.45%
Alcoa Incorporated		6.15			8-15-2020		350,000		359,065
Moog Incorporated 144A		5.25			12-1-2022		445,000		450,563
									809,628
Airlines: 0.56%
American Airlines Group Company 144A		5.00			6-1-2022		605,000		632,104
United Continental Holdings Incorporated		4.25			10-1-2022		360,000		371,250
									1,003,354
Commercial Services & Supplies: 0.20%
ADT Corporation		6.25			10-15-2021		350,000		371,000

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

Wells Fargo Real Return Portfolio  |  23

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Construction & Engineering: 0.09%
Great Lakes Dredge & Dock Company		8.00	%		5-15-2022	$	155,000	$	164,506
Industrial Conglomerates: 0.09%
General Electric Company		5.55			5-4-2020		165,000		167,261
Trading Companies & Distributors: 0.40%
Aircastle Limited		5.13			3-15-2021		275,000		284,145
Fortress Transportation & Infrastructure Investors LLC 144A		6.75			3-15-2022		415,000		430,563
									714,708
Information Technology: 0.72%
Electronic Equipment, Instruments & Components: 0.21%
Anixter International Incorporated		5.13			10-1-2021		350,000		366,100
Software: 0.22%
Symantec Corporation		4.20			9-15-2020		395,000		398,863
Technology Hardware, Storage & Peripherals: 0.29%
EMC Corporation		2.65			6-1-2020		525,000		524,344
Materials: 1.13%
Chemicals: 0.17%
Chemours Company		6.63			5-15-2023		305,000		300,425
Containers & Packaging: 0.47%
Berry Global Incorporated		5.50			5-15-2022		70,000		70,963
Owens-Brockway Glass Container Incorporated 144A		5.00			1-15-2022		350,000		362,250
Reynolds Group Holdings		5.75			10-15-2020		416,716		417,216
									850,429
Metals & Mining: 0.49%
Freeport-McMoRan Copper & Gold Incorporated		3.55			3-1-2022		520,000		522,600
Steel Dynamics Incorporated		5.13			10-1-2021		351,000		352,404
									875,004
Real Estate: 0.62%
Equity REITs: 0.29%
CoreCivic Incorporated		4.13			4-1-2020		455,000		455,228
SBA Communications Corporation		4.00			10-1-2022		60,000		61,125
VEREIT Operating Partnership LP		4.13			6-1-2021		10,000		10,246
									526,599
Real Estate Management & Development: 0.33%
Realogy Group LLC 144A		5.25			12-1-2021		70,000		70,525
Washington Prime Group Incorporated		3.85			4-1-2020		515,000		513,713
									584,238
Utilities: 0.59%
Electric Utilities: 0.20%
DPL Incorporated		7.25			10-15-2021		245,000		254,800
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		100,000		102,732
									357,532

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

24  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Independent Power & Renewable Electricity Producers: 0.39%
TerraForm Power Operating LLC 144A		4.25	%		1-31-2023	$	500,000	$	508,543
The AES Corporation		4.50			3-15-2023		185,000		189,625
									698,168
Total Corporate Bonds and Notes (Cost $22,873,644)									23,029,659
Loans: 4.12%
Communication Services: 1.19%
Diversified Telecommunication Services: 0.05%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		3.95			3-1-2027		87,348		87,281
Entertainment: 0.08%
Live Nation Entertainment (1 Month LIBOR +1.75%) ±		3.56			10-17-2026		136,842		137,355
Media: 0.82%
Charter Communications Operating LLC (1 Month LIBOR +1.75%) ±		3.45			4-30-2025		577,755		580,245
CSC Holdings LLC (2 Month LIBOR +2.50%) ±		4.33			4-15-2027		371,618		371,710
Diamond Sports Group LLC / Diamond Sports Finance Company (1 Month LIBOR +3.25%) ±		4.96			8-24-2026		350,000		348,796
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.27			1-31-2028		175,000		175,025
									1,475,776
Wireless Telecommunication Services: 0.24%
SBA Senior Finance II LLC (1 Month LIBOR +1.75%) ±		3.46			4-11-2025		432,981		432,890
Consumer Discretionary: 0.26%
Auto Components: 0.10%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		3.54			3-29-2026		30,776		30,980
Belron Finance US LLC (3 Month LIBOR +2.25%) ±		4.14			11-7-2024		157,200		157,593
									188,573
Hotels, Restaurants & Leisure: 0.12%
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		3.45			5-30-2025		217,800		218,678
Specialty Retail: 0.04%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±%%<‡		3.96			7-5-2024		64,273		63,630
Consumer Staples: 0.08%
Food Products: 0.08%
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		3.70			1-26-2024		138,654		139,099
Energy: 0.13%
Oil, Gas & Consumable Fuels: 0.13%
Buckeye Partners LP (1 Month LIBOR +2.75%) ±%%<		4.53			11-1-2026		230,000		231,725
Financials: 0.38%
Consumer Finance: 0.21%
TransUnion LLC (1 Month LIBOR +1.75%) ±		3.45			11-16-2026		375,250		375,393

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  25

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 0.17%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		3.85	%		10-6-2023	$	166,667	$	167,173
LPL Holdings Incorporated (1 Month LIBOR +1.75%) ±		3.45			11-12-2026		140,303		140,594
									307,767
Health Care: 0.23%
Health Care Providers & Services: 0.23%
HCA Incorporated (1 Month LIBOR +1.75%) ±		3.45			3-18-2026		368,948		370,147
Select Medical Corporation (6 Month LIBOR +2.50%) ±		4.58			3-6-2025		49,278		49,032
									419,179
Industrials: 1.03%
Airlines: 0.24%
United Airlines Incorporated (1 Month LIBOR +1.75%) ±		3.45			4-1-2024		68,250		68,449
WestJet Airlines Limited %%<		0.00			8-7-2026		360,000		361,850
									430,299
Building Products: 0.18%
Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ±%%<‡		4.00			7-31-2026		325,000		326,830
Commercial Services & Supplies: 0.38%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		3.85			11-10-2023		177,610		177,892
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		3.45			3-28-2024		106,844		107,066
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		3.45			3-11-2025		364,323		364,931
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±		4.00			9-19-2026		39,165		39,361
									689,250
Machinery: 0.13%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		4.60			1-31-2024		40,966		41,120
RBS Global Incorporated (1 Month LIBOR +1.75%) ±		3.47			8-21-2024		181,250		181,622
									222,742
Road & Rail: 0.10%
Genesee & Wyoming Incorporated %%<		0.00			11-6-2026		180,000		181,190
Information Technology: 0.46%
Electronic Equipment, Instruments & Components: 0.18%
CDW LLC (1 Month LIBOR +1.75%) ±		3.46			10-13-2026		196,947		198,260
Dell International LLC (1 Month LIBOR +2.00%) ±		3.71			9-19-2025		38,952		39,154
Sensata Technologies BV (2 Month LIBOR +1.75%) ±		3.59			9-20-2026		87,509		88,038
									325,452
Semiconductors & Semiconductor Equipment: 0.17%
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ±		3.70			9-19-2026		315,000		316,150
Software : 0.11%
SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±		3.95			4-16-2025		118,337		118,892
SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±		3.95			4-16-2025		77,032		77,393
									196,285

The accompanying notes are an integral part of these financial statements.

26  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Materials: 0.27%
Chemicals: 0.27%
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		3.70	%		3-31-2024	$	492,292	$	489,353
Real Estate: 0.09%
Equity REITs: 0.09%
MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±		3.70			3-21-2025		161,026		161,361
Total Loans (Cost $7,425,828)									7,416,258
U.S. Treasury Securities: 65.06%
TIPS		0.13			4-15-2021		2,085,430		2,070,785
TIPS		0.13			1-15-2022		6,029,442		5,992,183
TIPS		0.13			7-15-2022		2,958,778		2,953,032
TIPS		0.13			1-15-2023		5,350,500		5,316,387
TIPS		0.13			7-15-2024		4,574,068		4,570,474
TIPS		0.13			7-15-2026		3,636,588		3,632,074
TIPS		0.25			1-15-2025		5,978,481		5,991,771
TIPS		0.25			7-15-2029		1,736,522		1,750,537
TIPS		0.38			7-15-2023		5,753,762		5,799,224
TIPS		0.38			7-15-2025		6,084,886		6,162,389
TIPS		0.38			1-15-2027		3,162,187		3,200,111
TIPS		0.38			7-15-2027		1,532,460		1,558,050
TIPS		0.50			1-15-2028		3,325,739		3,404,889
TIPS		0.63			7-15-2021		4,636,585		4,666,622
TIPS		0.63			4-15-2023		4,083,076		4,122,022
TIPS		0.63			1-15-2024		4,522,685		4,592,596
TIPS		0.63			1-15-2026		5,343,468		5,480,239
TIPS		0.63			2-15-2043		2,049,291		2,108,543
TIPS		0.75			7-15-2028		2,265,679		2,378,425
TIPS		0.75			2-15-2042		2,766,891		2,921,609
TIPS		0.75			2-15-2045		2,409,696		2,543,962
TIPS		0.88			1-15-2029		879,584		933,204
TIPS		0.88			2-15-2047		1,068,978		1,165,553
TIPS		1.00			2-15-2046		2,524,858		2,826,820
TIPS		1.00			2-15-2048		1,192,185		1,342,794
TIPS		1.00			2-15-2049		709,150		803,517
TIPS		1.38			2-15-2044		2,236,431		2,683,645
TIPS		1.75			1-15-2028		2,347,024		2,632,781
TIPS		2.00			1-15-2026		2,910,690		3,223,464
TIPS		2.13			2-15-2040		1,235,447		1,634,848
TIPS		2.13			2-15-2041		1,576,959		2,106,601
TIPS		2.38			1-15-2025		3,997,881		4,432,744
TIPS		2.38			1-15-2027		2,158,074		2,487,302
TIPS		2.50			1-15-2029		2,260,251		2,723,444
TIPS		3.38			4-15-2032		911,314		1,252,411
TIPS		3.63			4-15-2028		1,833,539		2,346,203
TIPS		3.88			4-15-2029		2,405,264		3,211,422
Total U.S. Treasury Securities (Cost $112,760,036)									117,022,677
Yankee Corporate Bonds and Notes: 1.81%
Communication Services: 0.46%
Media: 0.46%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		425,000		425,531
Videotron Limited		5.00			7-15-2022		375,000		394,219
									819,750

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  27

Portfolio of investments—November 30, 2019 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Discretionary: 0.20%
Automobiles: 0.05%
Fiat Chrysler Automobiles NV		4.50	%		4-15-2020	$	100,000	$	100,625
Hotels, Restaurants & Leisure: 0.15%
International Game Technology plc 144A		6.25			2-15-2022		250,000		263,750
Health Care: 0.62%
Pharmaceuticals: 0.62%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		430,000		441,288
Teva Pharmaceutical Finance BV		2.20			7-21-2021		620,000		599,385
Teva Pharmaceutical Finance BV		3.65			11-10-2021		70,000		68,569
									1,109,242
Information Technology: 0.10%
Communications Equipment: 0.10%
Nokia OYJ		3.38			6-12-2022		180,000		182,016
Materials: 0.43%
Chemicals: 0.23%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		400,000		424,840
Metals & Mining: 0.20%
FMG Resources Proprietary Limited 144A		4.75			5-15-2022		345,000		353,625
Total Yankee Corporate Bonds and Notes (Cost $3,231,336)									3,253,848
	Yield
Short-Term Investments: 2.55%
Investment Companies: 2.55%
Securities Lending Cash Investments LLC (l)(r)(u)		1.77					101,119		101,129
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.56					4,478,730		4,478,730
Total Short-Term Investments (Cost $4,579,866)									4,579,859

Total investments in securities (Cost $171,749,718)	100.26	%		180,344,170
Other assets and liabilities, net	(0.26	)		(470,784	)
Total net assets	100.00	%	$	179,873,386

† 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.

%% The security is purchased on a when-issued basis.

± Variable rate investment. The rate shown is the rate in effect at period end.

‡ Security is valued using significant unobservable inputs.

< All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

## All or a portion of this security is segregated for when-issued and/or unfunded loans.

Abbreviations:

ADR American depositary receipt

LIBOR London Interbank Offered Rate

TIPS Treasury inflation-protected securities

REIT Real estate investment trust

The accompanying notes are an integral part of these financial statements.

28  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2019 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		14		3-31-2020	$	3,020,519		$	3,018,203		$	0	$	(2,316	)
Short
U.S. Ultra Bond		(8)		3-20-2020		(1,501,234	)		(1,501,750	)		0		(516	)
10-Year Ultra Futures		(3)		3-20-2020		(427,260	)		(426,656	)		604		0
5-Year U.S. Treasury Notes		(21)		3-31-2020		(2,498,471	)		(2,498,344	)		127		0
10-Year U.S. Treasury Notes		(10)		3-20-2020		(1,295,463	)		(1,293,594	)		1,869		0
											$	2,600	$	(2,832	)

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		2,372,629		2,271,510		101,119	$	(7	)	$	(7	)	$	1,122	#	$	101,129
Wells Fargo Government Money Market Fund Select Class		2,121,643		21,009,244		18,652,157		4,478,730		0			0			18,955			4,478,730
									$	(7	)	$	(7	)	$	20,077		$	4,579,859		2.55	%

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  29

Statement of assets and liabilities—November 30, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $98,753 of securities loaned), at value (cost $167,169,852)	$	175,764,311
Investments in affiliated securities, at value (cost $4,579,866)		4,579,859
Cash		9,852
Cash segregated for futures contracts		82,188
Foreign currency, at value (cost $595)		590
Receivable for investments sold		100,666
Receivable for dividends and interest		687,626
Receivable for securities lending income, net		121
Prepaid expenses and other assets		8,604
Total assets		181,233,817
Liabilities
Payable upon receipt of securities loaned		101,150
Payable for investments purchased		1,208,112
Payable for daily variation margin on open futures contracts		139
Advisory fee payable		51,030
Total liabilities		1,360,431
Total net assets	$	179,873,386

The accompanying notes are an integral part of these financial statements.

30  |  Wells Fargo Real Return Portfolio

Statement of operations—six months ended November 30, 2019 (unaudited)

Investment income
Interest	$	2,283,124
Dividends (net of foreign withholding taxes of $3,899)		347,383
Income from affiliated securities		19,252
Total investment income		2,649,759
Expenses
Advisory fee		360,141
Custody and accounting fees		7,144
Professional fees		23,285
Shareholder report expenses		713
Trustees’ fees and expenses		11,715
Other fees and expenses		4,264
Total expenses		407,262
Less: Fee waivers and/or expense reimbursements
Fund-level		(56,471	)
Net expenses		350,791
Net investment income		2,298,968
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities		(458,147	)
Affiliated securities		(7	)
Futures contracts		(140,831	)
Net realized losses on investments		(598,985	)
Net change in unrealized gains (losses) on
Unaffiliated securities		4,486,152
Affiliated securities		(7	)
Futures contracts		37,945
Net change in unrealized gains (losses) on investments		4,524,090
Net realized and unrealized gains (losses) on investments		3,925,105
Net increase in net assets resulting from operations	$	6,224,073

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  31

Statement of changes in net assets

	Six months ended November 30, 2019 (unaudited)			Year ended May 31, 2019
Operations
Net investment income	$	2,298,968		$	4,635,632
Net realized losses on investments		(598,985	)		(2,945,442	)
Net change in unrealized gains (losses) on investments		4,524,090			3,096,994
Net increase in net assets resulting from operations		6,224,073			4,787,184
Capital transactions
Transactions in investors’ beneficial interests
Contributions		12,259,273			110,886,812
Withdrawals		(21,348,251	)		(78,081,410	)
Net increase (decrease) in net assets resulting from capital transactions		(9,088,978	)		32,805,402
Total increase (decrease) in net assets		(2,864,905	)		37,592,586
Net assets
Beginning of period		182,738,291			145,145,705
End of period	$	179,873,386		$	182,738,291

The accompanying notes are an integral part of these financial statements.

32  |  Wells Fargo Real Return Portfolio

Financial highlights

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Total return1		3.44	%		2.99	%		1.67	%		2.65	%		1.29	%		1.50	%
Ratios to average net assets (annualized)
Gross expenses		0.45	%		0.45	%		0.48	%		0.52	%		0.56	%		0.57	%
Net expenses		0.39	%		0.40	%		0.41	%		0.44	%		0.44	%		0.44	%
Net investment income		2.55	%		2.29	%		2.40	%		2.36	%		1.45	%		0.89	%
Supplemental data
Portfolio turnover rate		11	%		39	%		29	%		25	%		29	%		57	%

¹  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  33

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Real Return Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2019, such fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities

34  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Participation notes

The Portfolio may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Portfolio has no rights against the issuer of the underlying foreign security and participation notes expose the Portfolio to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund 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.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures

Wells Fargo Real Return Portfolio  |  35

Notes to financial statements (unaudited)

contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All interest, dividends, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether interest, dividends and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes was $172,031,003 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	9,825,138
Gross unrealized losses		(1,512,203	)
Net unrealized gains	$	8,312,935

36  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	6,514,337	$	0	$	0	$	6,514,337
Energy		4,305,300		0		0		4,305,300
Financials		194,694		0		0		194,694
Materials		5,490,339		0		0		5,490,339
Real estate		8,537,199		0		0		8,537,199
Corporate bonds and notes		0		23,029,659		0		23,029,659
Loans		0		6,984,678		431,580		7,416,258
U.S. Treasury securities		117,022,677		0		0		117,022,677
Yankee corporate bonds and notes		0		3,253,848		0		3,253,848
Short-term investments
Investment companies		4,579,859		0		0		4,579,859
		146,644,405		33,268,185		431,580		180,344,170
Futures contracts		2,600		0		0		2,600
Total assets	$	146,647,005	$	33,268,185	$	431,580	$	180,346,770
Liabilities
Futures contracts	$	2,832	$	0	$	0	$	2,832
Total liabilities	$	2,832	$	0	$	0	$	2,832

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2019, the Portfolio had no material transfers into/out of Level 3.

Wells Fargo Real Return Portfolio  |  37

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2019, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio had $252,500 and $0 in interfund purchases and sales, respectively, during the six months ended November 30, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$3,753,076	$16,070,936	$12,642,161	$13,877,385

As of November 30, 2019, the Portfolio had unfunded term loan commitments of $1,071,956.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and 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 increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which 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 and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. 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.

38  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2019, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Deutsche Bank Securities Inc.	$98,753	$(98,753)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2019, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of its portfolio. The Portfolio had an average notional amount of $3,625,832 in long futures contracts and $5,638,650 in short futures contracts during the six months ended November 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.

8. BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2019, there were no borrowings by the Portfolio under the agreement.

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 Portfolio and, therefore, cannot be estimated.

10. 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 and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Portfolio adopted the change in accounting policy which did not have a material impact to the Portfolio’s financial statements.

Wells Fargo Real Return Portfolio  |  39

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 proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

40  |  Wells Fargo Real Return 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 150 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

Wells Fargo Real Return Fund  |  41

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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

42  |  Wells Fargo Real Return Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wfam.com.

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

Wells Fargo Real Return Fund  |  43

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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

© 2020 Wells Fargo & Company. All rights reserved.

408966 01-19

SA288/SAR288 11-19

Semi-Annual Report

November 30, 2019

Multi-Asset Funds

∎ Wells Fargo WealthBuilder Conservative Allocation Fund

∎ Wells Fargo WealthBuilder Equity Fund

∎ Wells Fargo WealthBuilder Growth Allocation Fund

∎ Wells Fargo WealthBuilder Growth Balanced Fund

∎ Wells Fargo WealthBuilder Moderate Balanced Fund

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.

Contents

Letter to shareholders	2
Performance highlights
Wells Fargo WealthBuilder Conservative Allocation Fund	4
Wells Fargo WealthBuilder Equity Fund	6
Wells Fargo WealthBuilder Growth Allocation Fund	8
Wells Fargo WealthBuilder Growth Balanced Fund	10
Wells Fargo WealthBuilder Moderate Balanced Fund	12
Fund expenses	14
Portfolio of investments
Wells Fargo WealthBuilder Conservative Allocation Fund	16
Wells Fargo WealthBuilder Equity Fund	20
Wells Fargo WealthBuilder Growth Allocation Fund	24
Wells Fargo WealthBuilder Growth Balanced Fund	28
Wells Fargo WealthBuilder Moderate Balanced Fund	32
Financial statements
Statements of assets and liabilities	36
Statements of operations	38
Statements of changes in net assets	40
Financial highlights	46
Notes to financial statements	56
Other information	67

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The views expressed and any forward-looking statements are as of November 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

Multi-Asset Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Sentiment turned and U.S. equity markets gained during June and July.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo WealthBuilder Funds for the six-month period that ended November 30, 2019. U.S. stock and global bond investors generally saw markets affected by slowing global economic growth, international trade tensions, and simmering geopolitical tensions.

Overall, fixed income had modest gains, while domestic U.S. stocks outperformed foreign equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.26% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² advanced 8.70%. The MSCI EM Index (Net)³ gained 5.87%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.81%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 1.97%, the Bloomberg Barclays Municipal Bond Index⁶ gained 2.39%, and the ICE BofA U.S. High Yield Index⁷ returned 4.23%.

Sentiment improved after a volatile start to the year.

After a choppy start to 2019, affected by political uncertainties, slowing European economic growth, and global trade tensions, investors regrouped halfway through the year. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. In the U.S., the Federal Reserve (Fed) cut the federal funds rate by 0.25% in July.

But after President Trump backed off of tariff threats against Mexico and China, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices tumbled in late July 2019. Bond prices gained as Treasury yields fell to multi-year lows and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many

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 and emerging markets, excluding the U.S. 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 the equity market performance of emerging markets. 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 BofA 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.

2  |  Multi-Asset Funds

Letter to shareholders (unaudited)

feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. U.S. manufacturing data disappointed investors. The U.S. House of Representatives began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult in the face of tariffs and trade restrictions. So, while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets. The initial estimate of U.S. third-quarter gross domestic product growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to an all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November 2019 despite ongoing geopolitical risks. Although U.S.-China trade tensions didn’t abate, neither did the tariff war escalate. Hopes for a trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. Throughout the month, central bank actions were on hold. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformed non-U.S. stocks overall. The S&P 500 Index ended November on track for its best calendar-year performance since 2013. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

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

“ Equity markets continued to rally in November despite ongoing geopolitical risks.”

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.

Multi-Asset Funds  |  3

Performance highlights (unaudited)

Wells Fargo WealthBuilder Conservative Allocation Fund

Investment objective

The Fund seeks current income with a secondary emphasis on capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡ , FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡ , CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WCAFX)3	2-10-2017		2.96		1.72		3.09		9.24		2.94		3.70		1.17		1.13
Class C (WCCFX)4	9-30-2004		7.21		2.45		3.46		8.21		2.45		3.46		1.92		1.88
Institutional Class (WCYFX)5	7-31-2018		–		–		–		9.51		3.00		3.73		0.84		0.80
WealthBuilder Conservative Allocation Blended Index6	–		–		–		–		11.75		4.30		5.16		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		10.79		3.08		3.59		–		–
MSCI ACWI ex USA Index (Net)8	–		–		–		–		11.20		3.85		4.74		–		–
Russell 3000® Index9	–		–		–		–		15.49		10.61		13.41		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo WealthBuilder Conservative Allocation Fund (continued)

Ten largest holdings (%) as of November 30, 201910
Wells Fargo Core Bond Portfolio	23.85
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	18.62
Wells Fargo Strategic Income Fund Institutional Class	13.42
Wells Fargo Global Investment Grade Credit Fund Class R6	5.62
iShares Core U.S. Aggregate Bond ETF	5.60
Wells Fargo Disciplined Large Cap Portfolio	4.68
Wells Fargo Real Return Portfolio	4.47
Wells Fargo Factor Enhanced Large Cap Portfolio	4.14
Wells Fargo Alternative Risk Premia Fund Class R6	3.98
Wells Fargo Factor Enhanced International Portfolio	2.49

Allocation (%) as of November 30, 2019
	Neutral allocation		Effective allocation11
Bonds Funds		75		80
Stocks Funds		20		20
Alternative Investment Funds		5		6
Effective Cash		0		(6)

^‡ 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 0.38% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. 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 for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Conservative Allocation Blended Index is composed 80% of the Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Russell 3000^® Index, and 6% of the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index.

⁷  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.

⁸  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 and emerging markets, excluding the U.S. 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.

⁹  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

¹⁰  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹¹  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Multi-Asset Funds  |  5

Performance highlights (unaudited)

Wells Fargo WealthBuilder Equity Fund

Investment objective

The Fund seeks long-term capital appreciation with no emphasis on income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WEAFX)3	2-10-2017		5.12		5.79		8.64		11.54		7.05		9.29		1.10		1.09
Class C (WEACX)4	10-1-1997		9.64		6.59		9.05		10.64		6.59		9.05		1.85		1.84
Institutional Class (WEAYX)5	7-31-2018		–		–		–		11.90		7.15		9.34		0.77		0.76
WealthBuilder Equity Blended Index6	–		–		–		–		14.25		8.60		10.81		–		–
MSCI ACWI ex USA Index (Net)7	–		–		–		–		11.20		3.85		4.74		–		–
Russell 3000® Index8	–		–		–		–		15.49		10.61		13.41		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo WealthBuilder Equity Fund (continued)

Ten largest holdings (%) as of November 30, 20199
Wells Fargo Disciplined Large Cap Portfolio	23.25
Wells Fargo Factor Enhanced Large Cap Portfolio	20.53
Wells Fargo Factor Enhanced International Portfolio	12.33
Wells Fargo Factor Enhanced Emerging Markets Portfolio	4.89
Dodge & Cox International Stock Fund	4.52
Wells Fargo Large Cap Growth Fund Class R6	4.15
Wells Fargo Endeavor Select Fund Class R6	4.14
Wells Fargo Factor Enhanced Small Cap Portfolio	4.13
Wells Fargo Emerging Growth Portfolio	3.24
iShares Core S&P 500 Index ETF	2.98

Allocation (%) as of November 30, 2019
	Neutral allocation		Effective allocation10
U.S. Large Cap Stock Funds		60		60
International Stock Funds		30		30
U.S. Small Cap Stock Funds		10		10
Alternative Investment Funds		0		2
Effective Cash		0		(2)

^‡  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 0.34% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. 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 for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Equity Blended Index is composed 70% of the Russell 3000^® Index and 30% of the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index.

⁷  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁹  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Multi-Asset Funds  |  7

Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Allocation Fund

Investment objective

The Fund seeks capital appreciation with a secondary emphasis on current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WGAFX)3	2-10-2017		4.07		4.88		7.71		10.41		6.13		8.35		1.13		1.11
Class C (WGCFX)4	9-30-2004		8.73		5.73		8.14		9.73		5.73		8.14		1.88		1.86
Institutional Class (WGAYX)5	7-31-2018		–		–		–		10.84		6.20		8.38		0.80		0.78
WealthBuilder Growth Allocation Blended Index6	–		–		–		–		13.83		7.61		9.50		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		10.79		3.08		3.59		–		–
MSCI ACWI ex USA Index (Net)8	–		–		–		–		11.20		3.85		4.74		–		–
Russell 3000® Index9	–		–		–		–		15.49		10.61		13.41		–		–

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.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 9.

8  |  Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Allocation Fund (continued)

Ten largest holdings (%) as of November 30, 201910
Wells Fargo Disciplined Large Cap Portfolio	18.70
Wells Fargo Factor Enhanced Large Cap Portfolio	16.53
Wells Fargo Factor Enhanced International Portfolio	9.91
Wells Fargo Core Bond Portfolio	4.71
Wells Fargo Factor Enhanced Emerging Markets Portfolio	3.92
Wells Fargo Alternative Risk Premia Fund Class R6	3.88
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	3.68
Dodge & Cox International Stock Fund	3.63
Wells Fargo Large Cap Growth Fund Class R6	3.36
Wells Fargo Endeavor Select Fund Class R6	3.35

Allocation (%) as of November 30, 2019
	Neutral allocation		Effective allocation11
Stock Funds		80		80
Bond Funds		15		20
Alternative Investment Funds		5		6
Effective Cash		0		(6)

^‡  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 0.36% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. 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 for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Allocation Blended Index is composed 56% of the Russell 3000^® Index, 24% of the MSCI ACWI ex USA Index (Net), and 20% of the Bloomberg Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

⁷  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.

⁸  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 and emerging markets, excluding the U.S. 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.

⁹  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

¹⁰  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹¹  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Multi-Asset Funds  |  9

Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Balanced Fund

Investment objective

The Fund seeks a combination of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WGBAX)3	2-10-2017		3.75		3.99		6.68		10.08		5.23		7.31		1.13		1.13
Class C (WGBFX)4	10-1-1997		8.31		4.79		7.09		9.31		4.79		7.09		1.88		1.88
Institutional Class (WGBIX)5	7-31-2018		–		–		–		10.49		5.31		7.35		0.80		0.80
WealthBuilder Growth Balanced Blended Index6	–		–		–		–		13.27		6.56		8.11		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		10.79		3.08		3.59		–		–
MSCI ACWI ex USA Index (Net)8	–		–		–		–		11.20		3.85		4.74		–		–
Russell 3000® Index9	–		–		–		–		15.49		10.61		13.41		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 11.

10  |  Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201910
Wells Fargo Disciplined Large Cap Portfolio	14.05
Wells Fargo Factor Enhanced Large Cap Portfolio	12.41
Wells Fargo Core Bond Portfolio	10.99
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	8.56
Wells Fargo Factor Enhanced International Portfolio	7.46
Wells Fargo Strategic Income Fund Institutional Class	6.23
Wells Fargo Alternative Risk Premia Fund Class R6	3.94
Wells Fargo Factor Enhanced Emerging Markets Portfolio	2.95
Dodge & Cox International Stock Fund	2.73
Wells Fargo Global Investment Grade Credit Fund Class R6	2.61

Allocation (%) as of November 30, 2019
	Neutral allocation		Effective allocation11
Stocks Funds		60		60
Bonds Funds		35		40
Alternative Investment Funds		5		6
Effective Cash		0		(6)

^‡  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 0.38% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. 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 for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Balanced Blended Index is composed 42% of the Russell 3000^® Index, 40% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 18% of the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index.

⁷  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.

⁸  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 and emerging markets, excluding the U.S. 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.

⁹  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

¹⁰  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹¹  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Multi-Asset Funds  |  11

Performance highlights (unaudited)

Wells Fargo WealthBuilder Moderate Balanced Fund

Investment objective

The Fund seeks a combination of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WMBGX)3	2-10-2017		3.19		2.92		4.83		9.48		4.14		5.45		1.10		1.09
Class C (WMBFX)4	9-30-2004		7.80		3.72		5.24		8.80		3.72		5.24		1.85		1.84
Institutional Class (WMBZX)5	7-31-2018		–		–		–		9.87		4.24		5.50		0.77		0.76
WealthBuilder Moderate Balanced Blended Index6	–		–		–		–		12.58		5.46		6.67		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		10.79		3.08		3.59		–		–
MSCI ACWI ex USA Index (Net)8	–		–		–		–		11.20		3.85		4.74		–		–
Russell 3000® Index9	–		–		–		–		15.49		10.61		13.41		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage-and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 13.

12  |  Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo WealthBuilder Moderate Balanced Fund (continued)

Ten largest holdings (%) as of November 30, 201910
Wells Fargo Core Bond Portfolio	17.46
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	13.63
Wells Fargo Strategic Income Fund Institutional Class	9.84
Wells Fargo Disciplined Large Cap Portfolio	9.35
Wells Fargo Factor Enhanced Large Cap Portfolio	8.26
Wells Fargo Factor Enhanced International Portfolio	4.97
iShares Core U.S. Aggregate Bond ETF	4.10
Wells Fargo Global Investment Grade Credit Fund Class R6	4.08
Wells Fargo Alternative Risk Premia Fund Class R6	3.96
Wells Fargo Real Return Portfolio	3.27

Allocation (%) as of November 30, 2019
	Neutral allocation		Effective allocation11
Bond Funds		55		60
Stock Funds		40		40
Alternative Investment Funds		5		6
Effective Cash		0		(6)

^‡  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 0.34% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. 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 for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. The WealthBuilder Moderate Balanced Blended Index is composed 60% of the Bloomberg Barclays U.S. Aggregate Bond Index, 28% of the Russell 3000^® Index, and 12% of the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index.

⁷  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.

⁸  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 and emerging markets, excluding the U.S. 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.

⁹  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

¹⁰  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹¹  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Multi-Asset Funds  |  13

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2019 to November 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.

WealthBuilder Conservative Allocation Fund	Beginning account value 6-1-2019		Ending account value 11-30-2019		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,045.00	$	3.83		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Class C
Actual	$	1,000.00	$	1,040.03	$	7.65		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,046.81	$	2.15		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%
WealthBuilder Equity Fund
Class A
Actual	$	1,000.00	$	1,115.01	$	3.97		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Class C
Actual	$	1,000.00	$	1,111.04	$	7.92		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,117.22	$	2.22		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%

¹  Amounts do not reflect expenses allocated from affiliated Master Portfolios in which the Funds invest.

² Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

14  |  Multi-Asset Funds

Fund expenses (unaudited)

WealthBuilder Growth Allocation Fund	Beginning account value 6-1-2019		Ending account value 11-30-2019		Expenses paid during the  period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,091.62	$	3.92		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Class C
Actual	$	1,000.00	$	1,089.13	$	7.83		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,093.34	$	2.20		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%
WealthBuilder Growth Balanced Fund
Class A
Actual	$	1,000.00	$	1,077.32	$	3.89		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Class C
Actual	$	1,000.00	$	1,073.42	$	7.78		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,078.97	$	2.18		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%
WealthBuilder Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	1,059.75	$	3.86		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Class C
Actual	$	1,000.00	$	1,056.89	$	7.71		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.57		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,060.83	$	2.16		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%

¹  Amounts do not reflect expenses allocated from affiliated Master Portfolios in which the Funds invest.

² Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

Multi-Asset Funds  |  15

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER CONSERVATIVE ALLOCATION FUND

				Shares		Value
Exchange-Traded Funds: 7.66%
Consumer Staples Select Sector SPDR Fund					23,582	$	1,462,084
iShares Core U.S. Aggregate Bond ETF					120,556		13,605,950
SPDR Gold Shares †					25,746		3,549,344
Total Exchange-Traded Funds (Cost $18,387,060)							18,617,378
Investment Companies: 91.75%
Affiliated Master Portfolios: 62.56%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							45,254,800
Wells Fargo Core Bond Portfolio							57,971,403
Wells Fargo Disciplined Large Cap Portfolio							11,385,501
Wells Fargo Emerging Growth Portfolio							1,587,229
Wells Fargo Factor Enhanced Emerging Markets Portfolio							2,388,081
Wells Fargo Factor Enhanced International Portfolio							6,046,474
Wells Fargo Factor Enhanced Large Cap Portfolio							10,057,689
Wells Fargo Factor Enhanced Small Cap Portfolio							2,025,617
Wells Fargo High Yield Corporate Bond Portfolio							3,611,587
Wells Fargo Real Return Portfolio							10,860,725
Wells Fargo Small Company Value Portfolio							897,351
							152,086,457
Alternative Investment Funds: 4.97%
The Arbitrage Fund Class I					177,774		2,412,388
Wells Fargo Alternative Risk Premia Fund Class R6 †(l)					982,540		9,678,023
							12,090,411
Bond Funds: 20.54%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					1,277,217		13,653,453
Wells Fargo High Yield Bond Fund Institutional Class (l)					1,093,363		3,640,899
Wells Fargo Strategic Income Fund Institutional Class (l)					3,420,660		32,633,096
							49,927,448
Stock Funds: 3.68%
DFA International Small Cap Value Portfolio Institutional Class					47,213		891,853
Dodge & Cox International Stock Fund					51,252		2,212,017
T. Rowe Price International Discovery Fund Institutional Class					13,574		897,788
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					33,139		880,514
Wells Fargo Endeavor Select Fund Class R6 †(l)					199,244		2,028,299
Wells Fargo Large Cap Growth Fund Class R6 (l)					42,720		2,030,075
							8,940,546
Total Investment Companies (Cost $217,095,314)							223,044,862
	Yield
Short-Term Investments: 0.81%
Investment Companies: 0.42%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56	%		1,027,753		1,027,753

The accompanying notes are an integral part of these financial statements.

16  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER CONSERVATIVE ALLOCATION FUND

	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.39%
U.S. Treasury Bill (z)#		1.38	%		12-24-2019	$	942,000	$	941,089
Total Short-Term Investments (Cost $1,968,886)									1,968,842

Total investments in securities (Cost $237,451,260)	100.22	%		243,631,082
Other assets and liabilities, net	(0.22	)		(526,509	)
Total net assets	100.00	%	$	243,104,573

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
E-Mini Russell 2000 Index		10		12-20-2019	$	780,133		$	811,900		$	31,767	$	0
MSCI EAFE Index		10		12-20-2019		975,396			988,650			13,254		0
MSCI Emerging Markets Index		8		12-20-2019		416,766			415,200			0		(1,566	)
S&P 500 E-Mini Index		40		12-20-2019		6,116,602			6,287,400			170,798		0
MSCI Singapore Index		45		12-30-2019		1,221,556			1,211,868			0		(9,688	)
10-Year U.S. Treasury Notes		85		3-20-2020		11,011,066			10,995,547			0		(15,519	)
Short
Euro FX Futures		(90)		12-16-2019		(12,497,813	)		(12,405,375	)		92,438		0
Hang Seng Index		(7)		12-30-2019		(1,212,504	)		(1,177,352	)		35,152		0
											$	343,409	$	(26,773	)

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  17

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER CONSERVATIVE ALLOCATION FUND

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net realized gains (losses) on capital gain distributions from affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		982,540	$	435		$	0	$	15,075		$	0	$	9,678,023		3.98	%
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		1,277,217		19,236			0		198,408			206,701		13,653,453
Wells Fargo High Yield Bond Fund Institutional Class		1,093,363		(14,612	)		0		153,026			110,624		3,640,899
Wells Fargo Strategic Income Fund Institutional Class		3,420,660		15,611			0		453,183			590,390		32,633,096
														49,927,448		20.54
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		33,139		39,001			0		74,017			0		880,514
Wells Fargo Endeavor Select Fund Class R6 †		199,244		642,753			0		116,169			0		2,028,299
Wells Fargo Large Cap Growth Fund Class R6		42,720		30,406			0		196,548			0		2,030,075
														4,938,888		2.03
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,027,753		0			0		0			10,585		1,027,753		0.42
Affiliated securities no longer held at end of period				(485,063	)		79,749		(12,236	)		2,426
			$	247,767		$	79,749	$	1,194,190		$	920,726	$	65,572,112		26.97	%

For the six months ended November 30, 2019, investment activity in affiliates of the Fund was as follows:

	Shares, beginning of period		Shares purchased			Shares sold		Shares, end of period
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		0		1,061,184			78,644		982,540
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		0		1,437,655			160,438		1,277,217
Wells Fargo High Yield Bond Fund Institutional Class		1,172,624		48,742			128,003		1,093,363
Wells Fargo Strategic Income Fund Institutional Class		3,643,713		113,013			336,066		3,420,660
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		40,832		2,570			10,263		33,139
Wells Fargo Endeavor Select Fund Class R6 †		0		211,678			12,434		199,244
Wells Fargo Endeavor Select Fund Institutional Class †*		252,589		16,573			269,162		0
Wells Fargo Large Cap Growth Fund Class R6		51,334		3,638			12,252		42,720
Wells Fargo Small Cap Value Fund Class R6 †*		69,476		11,552			81,028		0
Wells Fargo Small Company Value Fund Class R6 *		0		34,000	**		34,000		0
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		799,593		11,050,621			10,822,461		1,027,753

† Non-income-earning security

* No longer held at the end of the period.

** Amount includes 33,690 shares from Wells Fargo Small Cap Value Fund which merged into Wells Fargo Small Company Value Fund at the close of business on September 20, 2019 and became shares of Wells Fargo Small Company Value Fund.

The accompanying notes are an integral part of these financial statements.

18  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER CONSERVATIVE ALLOCATION FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		4.65	%		6.90	%	$	108,020		$	387,922		$	417,007	$	0	$	6,572	$	45,254,800
Wells Fargo Core Bond Portfolio		1.05			0.98			1,609,346			(99,088	)		822,263		0		13,527		57,971,403
Wells Fargo Disciplined Large Cap Portfolio		3.95			3.97			48,035			1,583,662			0		128,504		755		11,385,501
Wells Fargo Emerging Growth Portfolio		0.21			0.19			39,341			101,636			0		843		1,038		1,587,229
Wells Fargo Factor Enhanced Emerging Markets Portfolio		1.08			1.00			(47,153	)		92,893			160		46,303		675		2,388,081
Wells Fargo Factor Enhanced International Portfolio		0.99			0.91			(31,165	)		523,179			187		73,433		1,552		6,046,474
Wells Fargo Factor Enhanced Large Cap Portfolio		0.98			0.90			373,772			889,658			525		117,339		3,133		10,057,689
Wells Fargo Factor Enhanced Small Cap Portfolio		0.81			0.76			657			218,057			128		18,758		811		2,025,617
Wells Fargo High Yield Corporate Bond Portfolio		8.64			6.48			(41,947	)		110,167			136,207		0		848		3,611,587
Wells Fargo Real Return Portfolio		6.29			6.04			(37,211	)		282,925			138,159		21,483		1,193		10,860,725
Wells Fargo Small Company Value Portfolio		0.00			0.17			(1,942	)		52,757			0		2,802		89		897,351
Wells Fargo U.S. REIT Portfolio *		5.84			0.00			9,947			70,585			0		16,153		13		0
							$	2,029,700		$	4,214,353		$	1,514,636	$	425,618	$	30,206	$	152,086,457		62.56	%

* No longer held at the end of the period.

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  19

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER EQUITY FUND

						Shares		Value
Exchange-Traded Funds: 10.37%
Consumer Staples Select Sector SPDR Fund							192,855	$	11,957,010
iShares Core S&P 500 Index ETF							37,852		11,963,503
iShares Core S&P Small-Cap ETF							36,439		2,981,075
SPDR Gold Shares †							42,375		5,841,818
Vanguard FTSE Developed Markets ETF							154,956		6,658,459
Vanguard FTSE Emerging Markets ETF							51,791		2,178,329
Total Exchange-Traded Funds (Cost $38,293,357)									41,580,194
Investment Companies: 88.46%
Affiliated Master Portfolios: 70.21%
Wells Fargo Disciplined Large Cap Portfolio									93,221,838
Wells Fargo Emerging Growth Portfolio									13,000,754
Wells Fargo Factor Enhanced Emerging Markets Portfolio									19,594,804
Wells Fargo Factor Enhanced International Portfolio									49,460,937
Wells Fargo Factor Enhanced Large Cap Portfolio									82,336,903
Wells Fargo Factor Enhanced Small Cap Portfolio									16,569,448
Wells Fargo Small Company Value Portfolio									7,341,334
									281,526,018
Stock Funds: 18.25%
DFA International Small Cap Value Portfolio Institutional Class							385,780		7,287,378
Dodge & Cox International Stock Fund							419,672		18,113,052
T. Rowe Price International Discovery Fund Institutional Class							111,072		7,346,298
Wells Fargo Emerging Markets Equity Fund Class R6 (l)							271,613		7,216,769
Wells Fargo Endeavor Select Fund Class R6 †(l)							1,631,749		16,611,208
Wells Fargo Large Cap Growth Fund Class R6 (l)							349,915		16,627,971
									73,202,676
Total Investment Companies (Cost $317,441,456)									354,728,694
	Yield
Short-Term Investments: 1.27%
Investment Companies: 0.51%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56	%				2,054,503		2,054,503
				Maturity date		Principal
U.S. Treasury Securities: 0.76%
U.S. Treasury Bill (z)#		1.38			12-24-2019	$	3,031,000		3,028,069
Total Short-Term Investments (Cost $5,082,725)									5,082,572

Total investments in securities (Cost $360,817,538)	100.10	%		401,391,460
Other assets and liabilities, net	(0.10	)		(388,746	)
Total net assets	100.00	%	$	401,002,714

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

The accompanying notes are an integral part of these financial statements.

20  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER EQUITY FUND

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
E-Mini Russell 2000 Index		81		12-20-2019	$	6,326,912		$	6,576,390		$	249,478	$	0
MSCI EAFE Index		89		12-20-2019		8,670,838			8,798,985			128,147		0
MSCI Emerging Markets Index		64		12-20-2019		3,334,185			3,321,600			0		(12,585	)
S&P 500 E-Mini Index		172		12-20-2019		25,982,179			27,035,821			1,053,642		0
MSCI Singapore Index		219		12-30-2019		5,944,902			5,897,755			0		(47,147	)
Short
Euro FX Futures		(150)		12-16-2019		(20,829,709	)		(20,675,625	)		154,084		0
Hang Seng Index		(35)		12-30-2019		(6,062,522	)		(5,886,763	)		175,759		0
											$	1,761,110	$	(59,732	)

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  21

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER EQUITY FUND

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net realized gains (losses) on capital gain distributions from affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6	$	271,613	$	317,447		$	0	$	573,741		$	0	$	7,216,769
Wells Fargo Endeavor Select Fund Class R6 †		1,631,749		703,799			0		1,763,569			0		16,611,208
Wells Fargo Large Cap Growth Fund		349,915		53,646			0		(1,898,317	)		0		16,627,971
														40,455,948		10.09	%
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,054,503		0			0		0			24,555		2,054,503		0.51
Affiliated securities no longer held at end of period				(2,472,722	)		636,134		5,729,409			52,909
			$	(1,397,830	)	$	636,134	$	6,168,402		$	77,464	$	42,510,451		10.60	%

For the six months ended November 30, 2019, investment activity in affiliates of the Fund was as follows:    

	Shares, beginning of period		Shares purchased			Shares sold		Shares, end of period
Investment Companies
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		328,988		66,431			123,806		271,613
Wells Fargo Endeavor Select Fund Class R6 †		0		1,774,295			142,546		1,631,749
Wells Fargo Endeavor Select Fund Institutional Class †*		2,032,274		255,579			2,287,853		0
Wells Fargo Large Cap Growth Fund		417,126		93,108			160,319		349,915
Wells Fargo Small Cap Value Fund Class R6 *		566,720		105,923			672,643		0
Wells Fargo Small Company Value Fund Class R6 *		0		281,086	**		281,086		0
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,277,831		67,146,381			67,369,709		2,054,503

† Non-income-earning security

* No longer held at the end of the period.

** Amount includes 280,709 shares from Wells Fargo Small Cap Value Fund which merged into Wells Fargo Small Company Value Fund at the close of business on September 20, 2019 and became shares of Wells Fargo Small Company Value Fund.

The accompanying notes are an integral part of these financial statements.

22  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER EQUITY FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Disciplined Large Cap Portfolio		32.30	%		32.47	%	$	382,218		$	13,133,345		$	0	$	1,050,370	$	4,889	$	93,221,838
Wells Fargo Emerging Growth Portfolio		1.70			1.53			322,759			842,558			0		6,915		8,362		13,000,754
Wells Fargo Factor Enhanced Emerging Markets Portfolio		8.69			8.19			(387,075	)		773,050			1,033		378,740		5,806		19,594,804
Wells Fargo Factor Enhanced International Portfolio		7.99			7.41			(262,020	)		4,352,493			1,293		598,972		12,994		49,460,937
Wells Fargo Factor Enhanced Large Cap Portfolio		7.92			7.36			3,047,236			7,432,443			3,721		956,078		26,337		82,336,903
Wells Fargo Factor Enhanced Small Cap Portfolio		6.68			6.19			6,350			1,790,003			857		153,049		6,859		16,569,448
Wells Fargo Small Company Value Portfolio		0.00			1.37			(16,777	)		(798,233	)		0		22,972		623		7,341,334
							$	3,092,691		$	27,525,659		$	6,904	$	3,167,096	$	65,870	$	281,526,018		70.21	%

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  23

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH ALLOCATION FUND

				Shares		Value
Exchange-Traded Funds: 9.37%
Consumer Staples Select Sector SPDR Fund					110,214	$	6,833,268
iShares Core S&P 500 Index ETF					19,094		6,034,850
iShares Core S&P Small-Cap ETF					21,028		1,720,301
iShares Core U.S. Aggregate Bond ETF					27,879		3,146,424
SPDR Gold Shares †					29,825		4,111,675
Vanguard FTSE Developed Markets ETF					89,226		3,834,041
Vanguard FTSE Emerging Markets ETF					29,865		1,256,122
Total Exchange-Traded Funds (Cost $25,126,302)							26,936,681
Investment Companies: 89.71%
Affiliated Master Portfolios: 66.08%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							10,581,872
Wells Fargo Core Bond Portfolio							13,549,204
Wells Fargo Disciplined Large Cap Portfolio							53,748,609
Wells Fargo Emerging Growth Portfolio							7,603,992
Wells Fargo Factor Enhanced Emerging Markets Portfolio							11,261,312
Wells Fargo Factor Enhanced International Portfolio							28,476,404
Wells Fargo Factor Enhanced Large Cap Portfolio							47,501,895
Wells Fargo Factor Enhanced Small Cap Portfolio							9,582,939
Wells Fargo High Yield Corporate Bond Portfolio							849,239
Wells Fargo Real Return Portfolio							2,538,805
Wells Fargo Small Company Value Portfolio							4,229,852
							189,924,123
Alternative Investment Funds: 4.86%
The Arbitrage Fund Class I					208,123		2,824,223
Wells Fargo Alternative Risk Premia Fund Class R6 †(l)					1,131,008		11,140,427
							13,964,650
Bond Funds: 4.06%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					296,219		3,166,581
Wells Fargo High Yield Bond Fund Institutional Class (l)					256,422		853,886
Wells Fargo Strategic Income Fund Institutional Class (l)					801,291		7,644,313
							11,664,780
Stock Funds: 14.71%
DFA International Small Cap Value Portfolio Institutional Class					221,935		4,192,347
Dodge & Cox International Stock Fund					241,414		10,419,422
T. Rowe Price International Discovery Fund Institutional Class					64,002		4,233,065
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					156,536		4,159,174
Wells Fargo Endeavor Select Fund Class R6 †(l)					945,246		9,622,602
Wells Fargo Large Cap Growth Fund Class R6 (l)					203,159		9,654,125
							42,280,735
Total Investment Companies (Cost $237,357,607)							257,834,288
	Yield
Short-Term Investments: 1.05%
Investment Companies: 0.29%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56	%		852,291		852,291

The accompanying notes are an integral part of these financial statements.

24  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH ALLOCATION FUND

	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.76%
U.S. Treasury Bill (z)#		1.41	%		12-24-2019	$	2,178,000	$	2,175,894
Total Short-Term Investments (Cost $3,028,248)									3,028,185

Total investments in securities (Cost $265,512,157)	100.13	%		287,799,154
Other assets and liabilities, net	(0.13	)		(376,395	)
Total net assets	100.00	%	$	287,422,759

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
E-Mini Russell 2000 Index		46		12-20-2019	$	3,590,483		$	3,734,740		$	144,257	$	0
MSCI EAFE Index		50		12-20-2019		4,868,676			4,943,250			74,574		0
MSCI Emerging Markets Index		36		12-20-2019		1,874,656			1,868,400			0		(6,256	)
S&P 500 E-Mini Index		103		12-20-2019		15,642,558			16,190,055			547,497		0
MSCI Singapore Index		158		12-30-2019		4,289,016			4,255,001			0		(34,015	)
10-Year U.S. Treasury Notes		100		3-20-2020		12,954,195			12,935,937			0		(18,258	)
Short
Euro FX Futures		(106)		12-16-2019		(14,719,661	)		(14,610,775	)		108,886		0
Hang Sang Index		(25)		12-30-2019		(4,330,373	)		(4,204,830	)		125,543		0
											$	1,000,757	$	(58,529	)

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  25

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH ALLOCATION FUND

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net realized gains (losses) on capital gain distributions from affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		1,131,008	$	4,801		$	0	$	12,691	$	0	$	11,140,427		3.88	%
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		296,219		9,476			0		42,646		47,832		3,166,581
Wells Fargo High Yield Bond Fund Institutional Class		256,422		(8,972	)		0		40,414		25,538		853,886
Wells Fargo Strategic Income Fund Institutional Class		801,291		4,196			0		98,809		135,691		7,644,313
													11,664,780		4.06
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		156,536		158,197			0		355,203		0		4,159,174
Wells Fargo Endeavor Select Fund Class R6 †		945,246		8,964			0		557,714		0		9,622,602
Wells Fargo Large Cap Growth Fund Class R6		203,159		348,108			0		691,840		0		9,654,125
													23,435,901		8.15
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		852,291		0			0		0		10,649		852,291		0.29
Affiliated securities no longer held at end of period				(1,407,803	)		361,732		2,035,945		18,789
			$	(883,033	)	$	361,732	$	3,835,262	$	238,499	$	47,093,399		16.38	%

For the six months ended November 30, 2019, investment activity in affiliates of the Fund was as follows:    

	Shares, beginning of period		Shares purchased			Shares sold		Shares, end of period
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		0		1,374,368			243,360		1,131,008
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		0		373,150			76,931		296,219
Wells Fargo High Yield Bond Fund Institutional Class		267,234		63,353			74,165		256,422
Wells Fargo Strategic Income Fund Institutional Class		825,704		185,853			210,266		801,291
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		189,463		22,418			55,345		156,536
Wells Fargo Endeavor Select Fund Class R6 †		0		976,194			30,948		945,246
Wells Fargo Endeavor Select Fund Institutional Class †*		1,166,335		181,153			1,347,488		0
Wells Fargo Large Cap Growth Fund Class R6		237,810		30,891			65,542		203,159
Wells Fargo Small Cap Value Fund Class R6 †*		324,257		40,798			365,055		0
Wells Fargo Small Company Value Fund Class R6 *		0		157,786	**		157,786		0
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		615,530		34,208,061			33,971,300		852,291

† Non-income-earning security

* No longer held at the end of the period.

** Amount includes 157,103 shares from Wells Fargo Small Cap Value Fund which merged into Wells Fargo Small Company Value Fund at the close of business on September 20, 2019 and became shares of Wells Fargo Small Company Value Fund.

The accompanying notes are an integral part of these financial statements.

26  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH ALLOCATION FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		1.05	%		1.61	%	$	24,676		$	93,839		$	95,987	$	0	$	1,525	$	10,581,872
Wells Fargo Core Bond Portfolio		0.24			0.23			368,432			(14,013	)		188,537		0		3,108		13,549,204
Wells Fargo Disciplined Large Cap Portfolio		18.38			18.72			223,158			7,281,345			0		599,496		3,517		53,748,609
Wells Fargo Emerging Growth Portfolio		0.97			0.90			185,144			454,575			0		3,931		4,842		7,603,992
Wells Fargo Factor Enhanced Emerging Markets Portfolio		5.01			4.71			(221,386	)		393,680			737		215,227		3,123		11,261,312
Wells Fargo Factor Enhanced International Portfolio		4.58			4.27			(148,482	)		2,379,877			868		341,858		7,223		28,476,404
Wells Fargo Factor Enhanced Large Cap Portfolio		4.52			4.24			1,734,017			4,071,309			2,439		544,054		14,615		47,501,895
Wells Fargo Factor Enhanced Small Cap Portfolio		3.81			3.58			3,786			984,788			596		87,289		3,779		9,582,939
Wells Fargo High Yield Corporate Bond Portfolio		1.79			1.52			(9,192	)		22,476			30,796		0		193		849,239
Wells Fargo Real Return Portfolio		1.42			1.41			(8,322	)		65,214			31,660		4,912		271		2,538,805
Wells Fargo Small Company Value Portfolio		0.00			0.79			(8,805	)		244,694			0		13,099		415		4,229,852
Wells Fargo U.S. REIT Portfolio*		6.67			0.00			11,420			79,580			0		18,539		15		0
							$	2,154,446		$	16,057,364		$	351,620	$	1,828,405	$	42,626	$	189,924,123		66.08	%

* No longer held at the end of the period.

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  27

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH BALANCED FUND

				Shares		Value
Exchange-Traded Funds: 8.83%
Consumer Staples Select Sector SPDR Fund					165,050	$	10,233,100
iShares Core S&P 500 Index ETF					21,588		6,823,103
iShares Core S&P Small-Cap ETF					31,198		2,552,308
iShares Core U.S. Aggregate Bond ETF					130,713		14,752,269
SPDR Gold Shares †					59,630		8,220,592
Vanguard FTSE Developed Markets ETF					132,798		5,706,330
Vanguard FTSE Emerging Markets ETF					44,319		1,864,057
Total Exchange-Traded Funds (Cost $47,633,471)							50,151,759
Investment Companies: 90.26%
Affiliated Master Portfolios: 64.75%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							48,642,100
Wells Fargo Core Bond Portfolio							62,400,421
Wells Fargo Disciplined Large Cap Portfolio							79,777,116
Wells Fargo Emerging Growth Portfolio							11,144,697
Wells Fargo Factor Enhanced Emerging Markets Portfolio							16,743,201
Wells Fargo Factor Enhanced International Portfolio							42,386,937
Wells Fargo Factor Enhanced Large Cap Portfolio							70,499,340
Wells Fargo Factor Enhanced Small Cap Portfolio							14,188,365
Wells Fargo High Yield Corporate Bond Portfolio							3,915,925
Wells Fargo Real Return Portfolio							11,744,347
Wells Fargo Small Company Value Portfolio							6,282,945
							367,725,394
Alternative Investment Funds: 4.92%
The Arbitrage Fund Class I					413,635		5,613,036
Wells Fargo Alternative Risk Premia Fund Class R6 †(l)					2,269,171		22,351,334
							27,964,370
Bond Funds: 9.55%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					1,387,469		14,832,039
Wells Fargo High Yield Bond Fund Institutional Class (l)					1,200,660		3,998,199
Wells Fargo Strategic Income Fund Institutional Class (l)					3,711,398		35,406,741
							54,236,979
Stock Funds: 11.04%
DFA International Small Cap Value Portfolio Institutional Class					330,574		6,244,544
Dodge & Cox International Stock Fund					359,361		15,510,020
T. Rowe Price International Discovery Fund Institutional Class					95,198		6,296,364
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					232,511		6,177,821
Wells Fargo Endeavor Select Fund Class R6 †(l)					1,398,438		14,236,101
Wells Fargo Large Cap Growth Fund Class R6 (l)					299,801		14,246,544
							62,711,394
Total Investment Companies (Cost $481,814,185)							512,638,137
	Yield
Short-Term Investments: 1.09%
Investment Companies: 0.42%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56	%		2,367,285		2,367,285

The accompanying notes are an integral part of these financial statements.

28  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH BALANCED FUND

	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.67%
U.S. Treasury Bill (z)#		1.37	%		12-24-2019	$	3,841,000	$	3,837,285
Total Short-Term Investments (Cost $6,204,786)									6,204,570

Total investments in securities (Cost $535,652,442)	100.18	%		568,994,466
Other assets and liabilities, net	(0.18	)		(1,022,449	)
Total net assets	100.00	%	$	567,972,017

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
E-Mini Russell 2000 Index		68		12-20-2019	$	5,307,032		$	5,520,920		$	213,888	$	0
MSCI EAFE Index		74		12-20-2019		7,205,556			7,316,010			110,454		0
MSCI Emerging Markets Index		53		12-20-2019		2,761,286			2,750,700			0		(10,586	)
S&P 500 E-Mini Index		167		12-20-2019		25,374,217			26,249,895			875,678		0
MSCI Singapore Index		314		12-30-2019		8,523,742			8,456,142			0		(67,600	)
10-Year U.S. Treasury Notes		198		3-20-2020		25,649,265			25,613,156			0		(36,109	)
Short
Euro FX Futures		(213)		12-16-2019		(29,578,186	)		(29,359,387	)		218,799		0
Hang Seng Index		(50)		12-30-2019		(8,660,745	)		(8,409,660	)		251,085		0
											$	1,669,904	$	(114,295	)

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  29

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH BALANCED FUND

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net realized gains (losses) on capital gain distributions from affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		2,269,171	$	10,288		$	0	$	30,189	$	0	$	22,351,334		3.94	%
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		1,387,469		37,531			0		207,078		223,843		14,832,039
Wells Fargo High Yield Bond Fund Institutional Class		1,200,660		(22,839	)		0		172,505		120,063		3,998,199
Wells Fargo Strategic Income Fund Institutional Class		3,711,398		11,104			0		489,186		639,229		35,406,741
													54,236,979		9.55
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		232,511		253,799			0		523,701		0		6,177,821
Wells Fargo Endeavor Select Fund Class R6 †		1,398,438		3,076,951			0		825,320		0		14,236,101
Wells Fargo Large Cap Growth Fund Class R6		299,801		62,144			0		1,519,422		0		14,246,544
													34,660,466		6.10
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,367,285		0			0		0		26,126		2,367,285		0.42
Affiliated securities no longer held at end of period				(4,679,209	)		546,533		2,606,940		23,772
			$	(1,250,231	)	$	546,533	$	6,374,341	$	1,033,033	$	113,616,064		20.01	%

For the six months ended November 30, 2019, investment activity in affiliates of the Fund was as follows:

	Shares, beginning of period		Shares purchased			Shares sold		Shares, end of period
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		0		2,610,633			341,462		2,269,171
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		0		1,657,655			270,186		1,387,469
Wells Fargo High Yield Bond Fund Institutional Class		1,280,953		102,137			182,430		1,200,660
Wells Fargo Strategic Income Fund Institutional Class		3,972,769		282,859			544,230		3,711,398
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		285,791		21,502			74,782		232,511
Wells Fargo Endeavor Select Fund Class R6 †		0		1,463,266			64,828		1,398,438
Wells Fargo Endeavor Select Fund Institutional Class †*		1,795,342		199,962			1,995,304		0
Wells Fargo Large Cap Growth Fund Class R6		363,032		29,779			93,010		299,801
Wells Fargo Small Cap Value Fund Class R6 †*		492,391		48,687			541,078		0
Wells Fargo Small Company Value Fund Class R6 *		0		235,752	**		235,752		0
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,225,222		39,207,047			39,064,984		2,367,285

† Non-income-earning security

* No longer held at the end of the period.

** Amount includes 235,259 shares from Wells Fargo Small Cap Value Fund which merged into Wells Fargo Small Company Value Fund at the close of business on September 20, 2019 and became shares of Wells Fargo Small Company Value Fund.

The accompanying notes are an integral part of these financial statements.

30  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER GROWTH BALANCED FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		5.07	%		7.42	%	$	115,672		$	439,272		$	448,185	$	0	$	7,089	$	48,642,100
Wells Fargo Core Bond Portfolio		1.15			1.05			1,736,091			(66,572	)		885,322		0		14,587		62,400,421
Wells Fargo Disciplined Large Cap Portfolio		28.04			27.78			324,242			11,079,286			0		901,302		5,292		79,777,116
Wells Fargo Emerging Growth Portfolio		1.47			1.31			279,159			692,906			0		5,883		7,272		11,144,697
Wells Fargo Factor Enhanced Emerging Markets Portfolio		7.55			7.00			(331,485	)		606,735			955		324,839		4,696		16,743,201
Wells Fargo Factor Enhanced International Portfolio		7.02			6.35			(222,170	)		3,630,635			919		514,611		10,891		42,386,937
Wells Fargo Factor Enhanced Large Cap Portfolio		6.93			6.30			2,626,512			6,220,485			3,044		823,082		22,013		70,499,340
Wells Fargo Factor Enhanced Small Cap Portfolio		5.78			5.30			4,202			1,504,662			769		131,292		5,689		14,188,365
Wells Fargo High Yield Corporate Bond Portfolio		8.90			7.02			(44,659	)		114,257			146,866		0		924		3,915,925
Wells Fargo Real Return Portfolio		6.86			6.53			(39,053	)		309,259			149,411		23,145		1,284		11,744,347
Wells Fargo Small Company Value Portfolio		0.00			1.17			(13,375	)		366,333			0		19,579		620		6,282,945
Wells Fargo U.S. REIT Portfolio*		13.80			0.00			23,206			164,647			0		37,650		31		0
							$	4,458,342		$	25,061,905		$	1,635,471	$	2,781,383	$	80,388	$	367,725,394		64.75	%

* No longer held at the end of the period.

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  31

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER MODERATE BALANCED FUND

				Shares		Value
Exchange-Traded Funds: 8.26%
Consumer Staples Select Sector SPDR Fund					78,635	$	4,875,370
iShares Core S&P 500 Index ETF					3,852		1,217,463
iShares Core S&P Small-Cap ETF					14,842		1,214,224
iShares Core U.S. Aggregate Bond ETF					147,574		16,655,203
SPDR Gold Shares †					43,342		5,975,128
Vanguard FTSE Developed Markets ETF					63,335		2,721,505
Vanguard FTSE Emerging Markets ETF					21,269		894,574
Total Exchange-Traded Funds (Cost $32,493,632)							33,553,467
Investment Companies: 91.03%
Affiliated Master Portfolios: 63.71%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							55,319,915
Wells Fargo Core Bond Portfolio							70,864,817
Wells Fargo Disciplined Large Cap Portfolio							37,946,314
Wells Fargo Emerging Growth Portfolio							5,250,432
Wells Fargo Factor Enhanced Emerging Markets Portfolio							8,034,729
Wells Fargo Factor Enhanced International Portfolio							20,177,997
Wells Fargo Factor Enhanced Large Cap Portfolio							33,523,044
Wells Fargo Factor Enhanced Small Cap Portfolio							6,736,577
Wells Fargo High Yield Corporate Bond Portfolio							4,436,062
Wells Fargo Real Return Portfolio							13,276,258
Wells Fargo Small Company Value Portfolio							2,991,842
							258,557,987
Alternative Investment Funds: 4.95%
The Arbitrage Fund Class I					296,335		4,021,265
Wells Fargo Alternative Risk Premia Fund Class R6 †(l)					1,630,911		16,064,475
							20,085,740
Bond Funds: 15.01%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					1,547,599		16,543,830
Wells Fargo High Yield Bond Fund Institutional Class (l)					1,337,273		4,453,118
Wells Fargo Strategic Income Fund Institutional Class (l)					4,185,734		39,931,903
							60,928,851
Stock Funds: 7.36%
DFA International Small Cap Value Portfolio Institutional Class					158,353		2,991,292
Dodge & Cox International Stock Fund					172,146		7,429,833
T. Rowe Price International Discovery Fund Institutional Class					45,317		2,997,246
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					111,557		2,964,064
Wells Fargo Endeavor Select Fund Class R6 †(l)					662,809		6,747,393
Wells Fargo Large Cap Growth Fund Class R6 (l)					141,876		6,741,963
							29,871,791
Total Investment Companies (Cost $353,395,741)							369,444,369
	Yield
Short-Term Investments: 0.81%
Investment Companies: 0.27%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.56	%		1,111,082		1,111,082

The accompanying notes are an integral part of these financial statements.

32  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER MODERATE BALANCED FUND

	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.54%
U.S. Treasury Bill (z)#		1.37	%		12-24-2019	$	2,170,000	$	2,167,901
Total Short-Term Investments (Cost $3,279,104)									3,278,983

Total investments in securities (Cost $389,168,477)	100.10	%		406,276,819
Other assets and liabilities, net	(0.10	)		(416,343	)
Total net assets	100.00	%	$	405,860,476

† Non-income-earning security

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
E-Mini Russell 2000 Index		32		12-20-2019	$	2,498,670		$	2,598,080		$	99,410	$	0
MSCI EAFE Index		35		12-20-2019		3,408,143			3,460,275			52,132		0
MSCI Emerging Markets Index		25		12-20-2019		1,302,322			1,297,500			0		(4,822	)
S&P 500 E-Mini Index		94		12-20-2019		14,386,891			14,775,390			388,499		0
MSCI Singapore Index		150		12-30-2019		4,071,851			4,039,558			0		(32,293	)
10-Year U.S. Treasury Notes		141		3-20-2020		18,265,415			18,239,672			0		(25,743	)
Short
Euro FX Futures		(153)		12-16-2019		(21,246,303	)		(21,089,138	)		157,165		0
Hang Sang Index		(24)		12-30-2019		(4,157,158	)		(4,036,637	)		120,521		0
											$	817,727	$	(62,858	)

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  33

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER MODERATE BALANCED FUND

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net realized gains (losses) on capital gain distributions from affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		1,630,911	$	2,462		$	0	$	25,850	$	0	$	16,064,475		3.96	%
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		1,547,599		35,279			0		240,935		248,859		16,543,830
Wells Fargo High Yield Bond Fund Institutional Class		1,337,273		(21,953	)		0		192,882		136,395		4,453,118
Wells Fargo Strategic Income Fund Institutional Class		4,185,734		21,771			0		557,906		728,857		39,931,903
													60,928,851		15.01
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		111,557		127,780			0		248,674		0		2,964,064
Wells Fargo Endeavor Select Fund Class R6 †		662,809		1,701,372			0		388,192		0		6,747,393
Wells Fargo Large Cap Growth Fund Class R6		141,876		18,400			0		743,800		2,910		6,741,963
													16,453,420		4.06
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,111,082		0			0		0		10,730		1,111,082		0.27
Affiliated securities no longer held at end of period				(2,171,040	)		269,535		957,020		12,151
			$	(285,929	)	$	269,535	$	3,355,259	$	1,139,902	$	94,557,828		23.30	%

For the six months ended November 30, 2019, investment activity in affiliates of the Fund was as follows:

	Shares, beginning of period		Shares purchased			Shares sold		Shares, end of period
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6 †		0		1,741,147			110,236		1,630,911
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		0		1,736,211			188,612		1,547,599
Wells Fargo High Yield Bond Fund Institutional Class		1,463,296		58,835			184,858		1,337,273
Wells Fargo Strategic Income Fund Institutional Class		4,541,647		111,824			467,737		4,185,734
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		137,771		1,963			28,177		111,557
Wells Fargo Endeavor Select Fund Class R6 †		0		686,259			23,450		662,809
Wells Fargo Endeavor Select Fund Institutional Class †*		871,727		7,853			879,580		0
Wells Fargo Large Cap Growth Fund Class R6		175,467		1,595			35,186		141,876
Wells Fargo Small Cap Value Fund Class R6 †*		237,364		24,483			261,847		0
Wells Fargo Small Company Value Fund Class R6 *		0		115,504	**		115,504		0
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		884,814		16,200,211			15,973,943		1,111,082

† Non-income-earning security

* No longer held at the end of the period.

** Amount includes 115,504 shares from Wells Fargo Small Cap Value Fund which merged into Wells Fargo Small Company Value Fund at the close of business on September 20, 2019 and became shares of Wells Fargo Small Company Value Fund.

The accompanying notes are an integral part of these financial statements.

34  |  Multi-Asset Funds

Portfolio of investments—November 30, 2019 (unaudited)

WELLS FARGO WEALTHBUILDER MODERATE BALANCED FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		5.80	%		8.44	%	$	132,550		$	494,513		$	512,396	$	0	$	8,082	$	55,319,915
Wells Fargo Core Bond Portfolio		1.31			1.19			1,990,043			(94,449	)		1,015,300		0		15,054		70,864,817
Wells Fargo Disciplined Large Cap Portfolio		13.55			13.22			155,899			5,357,522			0		428,570		2,556		37,946,314
Wells Fargo Emerging Growth Portfolio		0.71			0.62			133,069			338,429			0		2,831		3,508		5,250,432
Wells Fargo Factor Enhanced Emerging Markets Portfolio		3.66			3.36			(159,985	)		300,325			300		156,990		2,510		8,034,729
Wells Fargo Factor Enhanced International Portfolio		3.40			3.02			(107,133	)		1,766,447			208		248,585		5,684		20,177,997
Wells Fargo Factor Enhanced Large Cap Portfolio		3.36			2.99			1,269,806			3,018,863			1,007		397,412		11,398		33,523,044
Wells Fargo Factor Enhanced Small Cap Portfolio		2.79			2.52			2,325			725,995			247		63,347		2,930		6,736,577
Wells Fargo High Yield Corporate Bond Portfolio		10.80			7.95			(51,851	)		136,147			168,350		0		1,050		4,436,062
Wells Fargo Real Return Portfolio		7.84			7.38			(45,108	)		352,834			170,900		26,459		1,467		13,276,258
Wells Fargo Small Company Value Portfolio		0.00			0.56			(6,820	)		177,439			0		9,478		299		2,991,842
Wells Fargo U.S. REIT Portfolio *		10.09			0.00			16,896			120,605			0		27,368		23		0
							$	3,329,691		$	12,694,670		$	1,868,708	$	1,361,040	$	54,561	$	258,557,987		63.71	%

* No longer held at the end of the period

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  35

Statements of assets and liabilities—November 30, 2019 (unaudited)

	WealthBuilder Conservative Allocation Fund		WealthBuilder Equity Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	152,086,457	$	281,526,018
Investments in unaffiliated Underlying Funds and securities, at value (see cost below)		25,972,513		77,354,991
Investments in affiliated Underlying Funds, at value (see cost below)		65,572,112		42,510,451
Cash		36,324		185,990
Receivable for investments sold		34,467		136,745
Receivable for Fund shares sold		30,550		25,700
Receivable for dividends		60,658		12,334
Prepaid expenses and other assets		66,647		67,810
Total assets		243,859,728		401,820,039
Liabilities
Payable for Fund shares redeemed		394,370		145,790
Payable for daily variation margin on open futures contracts		39,870		162,655
Management fee payable		41,925		78,753
Administration fees payable		43,372		71,017
Distribution fee payable		143,224		223,509
Custodian and accounting fees payable		40,861		47,438
Shareholder servicing fees payable		51,533		84,304
Accrued expenses and other liabilities		0		3,859
Total liabilities		755,155		817,325
Total net assets	$	243,104,573	$	401,002,714
Net assets consist of
Paid-in capital	$	234,293,674	$	347,594,067
Total distributable earnings		8,810,899		53,408,647
Total net assets	$	243,104,573	$	401,002,714
Computation of net asset value and offering price per share
Net assets – Class A	$	17,735,487	$	46,159,222
Shares outstanding – Class A1		1,747,906		2,505,401
Net asset value per share – Class A		$10.15		$18.42
Maximum offering price per share – Class A2		$10.77		$19.54
Net assets – Class C	$	224,534,211	$	352,991,846
Shares outstanding – Class C1		22,155,582		19,380,643
Net asset value per share – Class C		$10.13		$18.21
Net assets – Institutional Class	$	834,875	$	1,851,646
Shares outstanding – Institutional Class1		82,441		100,167
Net asset value per share – Institutional Class		$10.13		$18.49
Investments in affiliated Master Portfolios, at cost	$	148,478,132	$	256,195,992
Investments in unaffiliated Underlying Funds and securities, at cost	$	24,613,095	$	67,105,262
Investments in affiliated Underlying Funds, at cost	$	64,360,033	$	37,516,284

¹  Each Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

36  |  Multi-Asset Funds

Statements of assets and liabilities—November 30, 2019 (unaudited)

WealthBuilder Growth Allocation Fund		WealthBuilder Growth Balanced Fund		WealthBuilder Moderate Balanced Fund
$	189,924,123	$	367,725,394	$	258,557,987
	50,781,632		87,653,008		53,161,004
	47,093,399		113,616,064		94,557,828
	100,086		166,089		89,813
	12,905		101,907		63,961
	71,464		81,793		80,073
	14,126		66,275		80,003
	115,295		13,445		107,836
	288,113,030		569,423,975		406,698,505
	241,282		573,313		257,644
	94,672		121,853		75,978
	53,068		115,143		80,540
	50,930		100,998		72,355
	165,969		330,287		236,709
	19,520		56,154		17,795
	60,513		120,063		85,848
	4,317		34,147		11,160
	690,271		1,451,958		838,029
$	287,422,759	$	567,972,017	$	405,860,476
$	256,725,152	$	517,670,296	$	377,278,731
	30,697,607		50,301,721		28,581,745
$	287,422,759	$	567,972,017	$	405,860,476
$	24,705,156	$	46,835,390	$	32,781,253
	1,955,617		3,733,923		3,031,832
	$12.63		$12.54		$10.81
	$13.40		$13.31		$11.47
$	261,834,586	$	519,787,410	$	370,722,461
	20,405,528		40,863,892		33,582,249
	$12.83		$12.72		$11.04
$	883,017	$	1,349,217	$	2,356,762
	69,807		107,303		217,743
	$12.65		$12.57		$10.82
$	175,219,706	$	346,702,694	$	248,100,778
$	44,899,376	$	78,402,783	$	48,618,098
$	45,393,075	$	110,546,965	$	92,449,601

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  37

Statements of operations—six months ended November 30, 2019 (unaudited)

	WealthBuilder Conservative Allocation Fund			WealthBuilder Equity Fund
Investment income
Interest allocated from affiliated Master Portfolios*	$	1,514,636		$	6,904
Dividends from affiliated Underlying Funds		920,726			77,464
Dividends from unaffiliated Underlying Funds		567,592			409,387
Dividends allocated from affiliated Master Portfolios**		425,618			3,167,096
Affiliated income allocated from affiliated Master Portfolios		30,206			65,870
Interest		7,003			15,335
Expenses allocated from affiliated Master Portfolios		(200,731	)		(400,364	)
Waivers allocated from affiliated Master Portfolios		12,828			34,049
Total investment income		3,277,878			3,375,741
Expenses
Management fee		310,724			506,440
Administration fees
Class A		18,039			47,036
Class C		242,311			376,771
Institutional Class		407			992
Shareholder servicing fees
Class A		21,475			55,996
Class C		288,466			448,536
Distribution fee
Class C		865,105			1,344,597
Custody and accounting fees		34,744			27,546
Professional fees		16,442			16,999
Registration fees		27,546			26,204
Shareholder report expenses		15,232			22,323
Trustees’ fees and expenses		5,594			10,249
Other fees and expenses		6,017			6,750
Total expenses		1,852,102			2,890,439
Less: Fee waivers and/or expense reimbursements
Fund-level		(55,911	)		(32,376	)
Net expenses		1,796,191			2,858,063
Net investment income		1,481,687			517,678
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		2,029,700			3,092,691
Unaffiliated Underlying Funds		386,444			(317,160	)
Affiliated Underlying Funds		247,767			(1,397,830	)
Futures contracts		(562,999	)		(647,075	)
Capital gain distributions from affiliated Underlying Funds		79,749			636,134
Net realized gains on investments		2,180,661			1,366,760
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		4,214,353			27,525,659
Unaffiliated Underlying Funds		1,180,514			5,919,889
Affiliated Underlying Funds		1,194,190			6,168,402
Futures contracts		(148,865	)		1,307,530
Net change in unrealized gains (losses) on investments		6,440,192			40,921,480
Net realized and unrealized gains (losses) on investments		8,620,853			42,288,240
Net increase in net assets resulting from operations	$	10,102,540		$	42,805,918
*Net of foreign withholding taxes allocated from affiliated Master Portfolios in the amount of		$277			$0
**Net of foreign withholding taxes allocated from affiliated Master Portfolios in the amount of		$14,839			$114,976

The accompanying notes are an integral part of these financial statements.

38  |  Multi-Asset Funds

Statements of operations—six months ended November 30, 2019 (unaudited)

WealthBuilder Growth Allocation Fund			WealthBuilder Growth Balanced Fund			WealthBuilder Moderate Balanced Fund
$	351,620		$	1,635,471		$	1,868,708
	238,499			1,033,033			1,139,902
	389,200			964,157			834,652
	1,828,405			2,781,383			1,361,040
	42,626			80,388			54,561
	10,921			21,113			12,150
	(261,726	)		(504,927	)		(351,919	)
	21,857			39,153			25,013
	2,621,402			6,049,771			4,944,107
	359,453			721,277			521,858
	25,404			49,409			34,832
	275,704			555,241			401,243
	515			757			1,415
	30,243			58,820			41,467
	328,220			661,001			477,671
	984,049			1,982,526			1,432,773
	29,115			40,779			28,611
	16,191			16,193			16,442
	24,119			33,978			25,558
	21,256			38,131			25,360
	6,091			6,091			10,000
	4,725			8,032			8,669
	2,105,085			4,172,235			3,025,899
	(43,721	)		(27,672	)		(31,249	)
	2,061,364			4,144,563			2,994,650
	560,038			1,905,208			1,949,457
	2,154,446			4,458,342			3,329,691
	(325,260	)		(383,170	)		374,396
	(883,033	)		(1,250,231	)		(285,929	)
	(1,302,659	)		(2,150,720	)		(1,194,464	)
	361,732			546,533			269,535
	5,226			1,220,754			2,493,229
	16,057,364			25,061,905			12,694,670
	3,919,356			6,375,827			3,108,623
	3,835,262			6,374,341			3,355,259
	348,337			359,534			(63,469	)
	24,160,319			38,171,607			19,095,083
	24,165,545			39,392,361			21,588,312
$	24,725,583		$	41,297,569		$	23,537,769
	$73			$311			$351
	$67,976			$102,692			$49,807

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  39

Statements of changes in net assets

	WealthBuilder Conservative Allocation Fund
	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	1,481,687					$	4,080,869
Net realized gains (losses) on investments					2,180,661						(1,566,995	)
Net change in unrealized gains (losses) on investments					6,440,192						5,111,778
Net increase in net assets resulting from operations					10,102,540						7,625,652
Distributions to shareholders from net investment income and net realized gains
Class A					(189,892	)					(740,750	)
Class C					(1,655,684	)					(13,613,959	)
Institutional Class					(7,612	)					(19,276	)1
Total distributions to shareholders					(1,853,188	)					(14,373,985	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		259,923			2,608,254			1,700,659			16,886,758
Class C		398,245			3,998,296			1,017,500			9,885,420
Institutional Class		116,423			1,159,040			164,577	1		1,588,897	1
					7,765,590						28,361,075
Reinvestment of distributions
Class A		18,873			189,601			77,627			739,314
Class C		163,931			1,644,496			1,428,610			13,593,433
Institutional Class		728			7,300			1,871	1		17,747	1
					1,841,397						14,350,494
Payment for shares redeemed
Class A		(184,767	)		(1,855,860	)		(575,232	)		(5,636,147	)
Class C		(2,586,157	)		(25,937,537	)		(10,033,613	)		(99,336,835	)
Institutional Class		(78,990	)		(787,302	)		(122,168	)1		(1,191,536	)1
					(28,580,699	)					(106,164,518	)
Net decrease in net assets resulting from capital share transactions					(18,973,712	)					(63,452,949	)
Total decrease in net assets					(10,724,360	)					(70,201,282	)
Net assets
Beginning of period					253,828,933						324,030,215
End of period				$	243,104,573					$	253,828,933

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

40  |  Multi-Asset Funds

Statements of changes in net assets

	WealthBuilder Equity Fund
	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	517,678					$	1,652,557
Net realized gains (losses) on investments					1,366,760						(712,896	)
Net change in unrealized gains (losses) on investments					40,921,480						(14,986,965	)
Net increase (decrease) in net assets resulting from operations					42,805,918						(14,047,304	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(6,781,481	)
Class C					0						(65,563,410	)
Institutional Class					0						(167,781	)1
Total distributions to shareholders					0						(72,512,672	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		154,336			2,677,578			2,426,481			48,555,252
Class C		161,974			2,809,173			945,150			17,736,143
Institutional Class		80,911			1,416,006			178,964	1		3,217,616	1
					6,902,757						69,509,011
Reinvestment of distributions
Class A		0			0			422,258			6,777,270
Class C		0			0			4,131,618			65,508,147
Institutional Class		0			0			10,174	1		163,731	1
					0						72,449,148
Payment for shares redeemed
Class A		(227,137	)		(4,011,871	)		(464,860	)		(8,044,037	)
Class C		(2,490,516	)		(43,382,726	)		(7,536,636	)		(141,072,542	)
Institutional Class		(51,542	)		(907,947	)		(118,340	)1		(1,982,012	)1
					(48,302,544	)					(151,098,591	)
Net decrease in net assets resulting from capital share transactions					(41,399,787	)					(9,140,432	)
Total increase (decrease) in net assets					1,406,131						(95,700,408	)
Net assets
Beginning of period					399,596,583						495,296,991
End of period				$	401,002,714					$	399,596,583

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  41

Statements of changes in net assets

	WealthBuilder Growth Allocation Fund
	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	560,038					$	1,893,837
Net realized gains on investments					5,226						2,081,536
Net change in unrealized gains (losses) on investments					24,160,319						(7,510,599	)
Net increase (decrease) in net assets resulting from operations					24,725,583						(3,535,226	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(3,138,679	)
Class C					0						(42,918,189	)
Institutional Class					0						(61,181	)1
Total distributions to shareholders					0						(46,118,049	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		146,318			1,775,744			2,036,222			27,117,968
Class C		380,626			4,711,314			847,865			10,888,924
Institutional Class		140,131			1,704,840			265,048	1		3,276,689	1
					8,191,898						41,283,581
Reinvestment of distributions
Class A		0			0			279,666			3,134,820
Class C		0			0			3,772,440			42,874,982
Institutional Class		0			0			5,132	1		57,371	1
					0						46,067,173
Payment for shares redeemed
Class A		(215,242	)		(2,609,520	)		(436,105	)		(5,180,494	)
Class C		(2,196,978	)		(27,139,532	)		(7,662,224	)		(100,301,573	)
Institutional Class		(130,722	)		(1,586,939	)		(209,782	)1		(2,567,803	)1
					(31,335,991	)					(108,049,870	)
Net decrease in net assets resulting from capital share transactions					(23,144,093	)					(20,699,116	)
Total increase (decrease) in net assets					1,581,490						(70,352,391	)
Net assets
Beginning of period					285,841,269						356,193,660
End of period				$	287,422,759					$	285,841,269

¹ For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

42  |  Multi-Asset Funds

Statements of changes in net assets

	WealthBuilder Growth Balanced Fund
	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	1,905,208					$	5,810,457
Net realized gains on investments					1,220,754						2,633,923
Net change in unrealized gains (losses) on investments					38,171,607						(6,982,520	)
Net increase in net assets resulting from operations					41,297,569						1,461,860
Distributions to shareholders from net investment income and net realized gains
Class A					0						(5,344,460	)
Class C					0						(69,709,208	)
Institutional Class					0						(77,211	)1
Total distributions to shareholders					0						(75,130,879	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		240,203			2,902,665			4,148,800			54,057,256
Class C		364,583			4,494,812			1,419,289			17,942,360
Institutional Class		188,387			2,298,348			336,006	1		4,026,264	1
					9,695,825						76,025,880
Reinvestment of distributions
Class A		0			0			474,395			5,341,393
Class C		0			0			6,102,231			69,643,294
Institutional Class		0			0			6,601	1		74,079	1
					0						75,058,766
Payment for shares redeemed
Class A		(489,581	)		(5,954,344	)		(868,338	)		(10,442,394	)
Class C		(5,008,315	)		(61,763,871	)		(16,626,587	)		(212,253,060	)
Institutional Class		(172,635	)		(2,101,968	)		(251,056	)1		(2,984,069	)1
					(69,820,183	)					(225,679,523	)
Net decrease in net assets resulting from capital share transactions					(60,124,358	)					(74,594,877	)
Total decrease in net assets					(18,826,789	)					(148,263,896	)
Net assets
Beginning of period					586,798,806						735,062,702
End of period				$	567,972,017					$	586,798,806

¹  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  43

Statements of changes in net assets

	WealthBuilder Moderate Balanced Fund
	Six months ended November 30, 2019 (unaudited)						Year ended May 31, 2019
Operations
Net investment income				$	1,949,457					$	5,712,499
Net realized gains (losses) on investments					2,493,229						(271,218	)
Net change in unrealized gains (losses) on investments					19,095,083						1,545,191
Net increase in net assets resulting from operations					23,537,769						6,986,472
Distributions to shareholders from net investment income and net realized gains
Class A					(316,947	)					(2,146,382	)
Class C					(1,963,155	)					(30,232,848	)
Institutional Class					(30,511	)					(74,178	)1
Total distributions to shareholders					(2,310,613	)					(32,453,408	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		246,071			2,610,445			3,677,957			39,561,183
Class C		275,254			2,979,037			1,228,264			13,112,373
Institutional Class		233,787			2,491,098			569,268	1		5,892,542	1
					8,080,580						58,566,098
Reinvestment of distributions
Class A		29,822			316,708			214,360			2,144,579
Class C		180,780			1,961,476			2,974,197			30,204,676
Institutional Class		2,846			30,228			7,289	1		72,276	1
					2,308,412						32,421,531
Payment for shares redeemed
Class A		(555,880	)		(5,897,033	)		(829,255	)		(8,576,195	)
Class C		(4,328,513	)		(46,913,079	)		(17,126,410	)		(185,476,591	)
Institutional Class		(195,063	)		(2,074,208	)		(400,384	)1		(4,155,113	)1
					(54,884,320	)					(198,207,899	)
Net decrease in net assets resulting from capital share transactions					(44,495,328	)					(107,220,270	)
Total decrease in net assets					(23,268,172	)					(132,687,206	)
Net assets
Beginning of period					429,128,648						561,815,854
End of period				$	405,860,476					$	429,128,648

¹ For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

44  |  Multi-Asset Funds

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Financial highlights

	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Conservative Allocation Fund
Class A
Six months ended November 30, 2019 (unaudited)	$	9.82		0.09			0.35			(0.11	)		0.00		$	10.15
Year ended May 31, 2019	$	10.05		0.18			0.18			(0.19	)		(0.40	)	$	9.82
Year ended May 31, 2018	$	10.52		0.20			0.02			(0.19	)		(0.50	)	$	10.05
Year ended May 31, 20174	$	10.34		0.04			0.18			(0.04	)		0.00		$	10.52
Class C5
Six months ended November 30, 2019 (unaudited)	$	9.81		0.06			0.33			(0.07	)		0.00		$	10.13
Year ended May 31, 2019	$	10.06		0.14	6		0.13			(0.12	)		(0.40	)	$	9.81
Year ended May 31, 2018	$	10.51		0.11			0.04			(0.10	)		(0.50	)	$	10.06
Year ended May 31, 2017	$	10.33		0.07			0.38			(0.10	)		(0.17	)	$	10.51
Year ended May 31, 2016	$	10.82		0.07			(0.20	)		(0.08	)		(0.28	)	$	10.33
Year ended May 31, 2015	$	10.92		0.04			0.15			(0.05	)		(0.24	)	$	10.82
Institutional Class
Six months ended November 30, 2019 (unaudited)	$	9.80		0.08			0.38			(0.13	)		0.00		$	10.13
Year ended May 31, 20197	$	10.15		0.15			0.12			(0.22	)		(0.40	)	$	9.80

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30,  2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Class A		0.15	%		0.16	%		0.13	%		0.11	%4		N/A			N/A
Class C5		0.15	%		0.16	%		0.13	%		0.11	%		0.11	%		0.11	%
Institutional Class		0.15	%		0.16	%7		N/A			N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁵  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁶  Calculated based upon average shares outstanding

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

46  |  Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	1.87	%		0.80	%		0.75	%		4.50	%		105	%	$	17,735
	2.15	%		0.79	%		0.75	%		3.84	%		183	%	$	16,242
	1.81	%		0.77	%		0.75	%		2.05	%		192	%	$	4,532
	1.34	%		0.76	%		0.75	%		2.14	%		175	%	$	4,468
	1.14	%		1.54	%		1.50	%		4.00	%		105	%	$	224,534
	1.41	%		1.54	%		1.50	%		2.89	%		183	%	$	237,153
	1.05	%		1.52	%		1.50	%		1.37	%		192	%	$	319,498
	0.72	%		1.50	%		1.50	%		4.42	%		175	%	$	425,400
	0.68	%		1.51	%		1.50	%		(1.11	)%		198	%	$	523,832
	0.34	%		1.55	%		1.50	%		1.75	%		169	%	$	545,059
	2.18	%		0.47	%		0.42	%		4.68	%		105	%	$	835
	1.61	%		0.46	%		0.42	%		2.95	%		183	%	$	434

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  47

Financial highlights

	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Equity Fund
Class A
Six months ended November 30, 2019 (unaudited)	$	16.52		0.08			1.82			0.00			0.00		$	18.42
Year ended May 31, 2019	$	20.55		0.17	4		(0.81	)		(0.26	)		(3.13	)	$	16.52
Year ended May 31, 2018	$	21.41		0.10			2.59			0.00			(3.55	)	$	20.55
Year ended May 31, 20175	$	20.15		(0.02	)4		1.28			0.00			0.00		$	21.41
Class C6
Six months ended November 30, 2019 (unaudited)	$	16.39		0.02			1.80			0.00			0.00		$	18.21
Year ended May 31, 2019	$	20.33		0.06			(0.82	)		(0.05	)		(3.13	)	$	16.39
Year ended May 31, 2018	$	21.36		(0.02	)4		2.54			0.00			(3.55	)	$	20.33
Year ended May 31, 2017	$	18.25		(0.07	)		3.19			0.00			(0.01	)	$	21.36
Year ended May 31, 2016	$	19.44		(0.08	)		(1.11	)		0.00			0.00		$	18.25
Year ended May 31, 2015	$	18.07		(0.08	)		1.45			0.00			0.00		$	19.44
Institutional Class
Six months ended November 30, 2019 (unaudited)	$	16.55		0.13			1.81			0.00			0.00		$	18.49
Year ended May 31, 20197	$	21.08		0.14			(1.26	)		(0.28	)		(3.13	)	$	16.55

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Class A		0.18	%		0.18	%		0.12	%		0.12	%5		N/A			N/A
Class C6		0.18	%		0.18	%		0.12	%		0.12	%		0.12	%		0.12	%
Institutional Class		0.18	%		0.18	%7		N/A			N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

48  |  Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)			Gross expenses1			Net expenses1
	0.91	%		0.77	%		0.75	%		11.50	%		34	%	$	46,159
	0.97	%		0.76	%		0.75	%		(2.35	)%		78	%	$	42,588
	0.75	%		0.75	%		0.75	%		12.61	%		63	%	$	3,993
	(0.30	)%		0.75	%		0.75	%		6.25	%		30	%	$	1,669
	0.17	%		1.52	%		1.50	%		11.10	%		34	%	$	352,992
	0.32	%		1.51	%		1.50	%		(3.16	)%		78	%	$	355,837
	(0.10	)%		1.50	%		1.50	%		11.80	%		63	%	$	491,304
	(0.37	)%		1.50	%		1.50	%		17.07	%		30	%	$	532,454
	(0.46	)%		1.51	%		1.50	%		(6.12	)%		27	%	$	423,109
	(0.44	)%		1.55	%		1.50	%		7.58	%		27	%	$	452,296
	1.22	%		0.44	%		0.42	%		11.72	%		34	%	$	1,852
	0.49	%		0.43	%		0.42	%		(4.54	)%		78	%	$	1,172

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  49

Financial highlights

	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Growth Allocation Fund
Class A
Six months ended November 30, 2019 (unaudited)	$	11.57		0.07			1.00			0.00			0.00		$	12.63
Year ended May 31, 2019	$	13.88		0.14	4		(0.30	)		(0.23	)		(1.92	)	$	11.57
Year ended May 31, 2018	$	14.60		0.12			1.39			(0.30	)		(1.93	)	$	13.88
Year ended May 31, 20175	$	13.92		0.01	4		0.67			0.00			0.00		$	14.60
Class C6
Six months ended November 30, 2019 (unaudited)	$	11.78		0.02			1.03			0.00			0.00		$	12.83
Year ended May 31, 2019	$	14.02		0.08			(0.33	)		(0.07	)		(1.92	)	$	11.78
Year ended May 31, 2018	$	14.58		0.04			1.34			(0.01	)		(1.93	)	$	14.02
Year ended May 31, 2017	$	13.39		(0.01	)4		1.84			0.00			(0.64	)	$	14.58
Year ended May 31, 2016	$	14.92		(0.01	)		(0.71	)		(0.04	)		(0.77	)	$	13.39
Year ended May 31, 2015	$	14.78		(0.02	)		0.89			(0.12	)		(0.61	)	$	14.92
Institutional Class
Six months ended November 30, 2019 (unaudited)	$	11.57		0.09			0.99			0.00			0.00		$	12.65
Year ended May 31, 20197	$	14.20		0.18			(0.65	)		(0.24	)		(1.92	)	$	11.57

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Class A		0.17	%		0.17	%		0.12	%		0.11	%5		N/A			N/A
Class C6		0.17	%		0.17	%		0.12	%		0.11	%		0.11	%		0.11	%
Institutional Class		0.16	%		0.17	%7		N/A			N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

50  |  Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)			Gross expenses1			Net expenses1
	1.07	%		0.78	%		0.75	%		9.16	%		51	%	$	24,705
	1.20	%		0.78	%		0.75	%		(0.38	)%		97	%	$	23,420
	1.07	%		0.78	%		0.75	%		10.33	%		93	%	$	2,009
	0.16	%		0.76	%		0.75	%		4.89	%		58	%	$	357
	0.32	%		1.53	%		1.50	%		8.91	%		51	%	$	261,835
	0.56	%		1.52	%		1.50	%		(1.12	)%		97	%	$	261,722
	0.26	%		1.51	%		1.50	%		9.45	%		93	%	$	354,185
	(0.06	)%		1.51	%		1.50	%		14.05	%		58	%	$	402,997
	(0.06	)%		1.51	%		1.50	%		(4.79	)%		59	%	$	429,628
	(0.20	)%		1.55	%		1.50	%		6.14	%		53	%	$	451,139
	1.37	%		0.45	%		0.42	%		9.33	%		51	%	$	883
	1.84	%		0.45	%		0.42	%		(2.47	)%		97	%	$	699

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  51

Financial highlights

	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Growth Balanced Fund
Class A
Six months ended November 30, 2019 (unaudited)	$	11.64		0.08			0.82			0.00			0.00		$	12.54
Year ended May 31, 2019	$	13.27		0.18	4		(0.14	)		(0.23	)		(1.44	)	$	11.64
Year ended May 31, 2018	$	14.24		0.19	4		0.89			(0.42	)		(1.63	)	$	13.27
Year ended May 31, 20175	$	13.68		0.01			0.55			0.00			0.00		$	14.24
Class C6
Six months ended November 30, 2019 (unaudited)	$	11.85		0.05			0.82			0.00			0.00		$	12.72
Year ended May 31, 2019	$	13.40		0.11			(0.14	)		(0.08	)		(1.44	)	$	11.85
Year ended May 31, 2018	$	14.21		0.09			0.87			(0.14	)		(1.63	)	$	13.40
Year ended May 31, 2017	$	13.29		0.05			1.40			0.00			(0.53	)	$	14.21
Year ended May 31, 2016	$	14.52		0.03			(0.53	)		(0.06	)		(0.67	)	$	13.29
Year ended May 31, 2015	$	14.42		0.01			0.67			(0.10	)		(0.48	)	$	14.52
Institutional Class
Six months ended November 30, 2019 (unaudited)	$	11.65		0.11			0.81			0.00			0.00		$	12.57
Year ended May 31, 20197	$	13.52		0.15			(0.33	)		(0.25	)		(1.44	)	$	11.65

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Class A		0.16	%		0.17	%		0.12	%		0.11	%5		N/A			N/A
Class C6		0.16	%		0.17	%		0.12	%		0.11	%		0.11	%		0.11	%
Institutional Class		0.16	%		0.16	%7		N/A			N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

52  |  Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	1.34	%		0.76	%		0.75	%		7.73	%		68	%	$	46,835
	1.51	%		0.76	%		0.75	%		1.02	%		126	%	$	46,380
	1.33	%		0.75	%		0.75	%		7.51	%		129	%	$	3,031
	0.54	%		0.74	%		0.74	%		4.09	%		102	%	$	1,464
	0.60	%		1.51	%		1.50	%		7.34	%		68	%	$	519,787
	0.84	%		1.50	%		1.50	%		0.31	%		126	%	$	539,352
	0.56	%		1.50	%		1.50	%		6.65	%		129	%	$	732,031
	0.30	%		1.49	%		1.49	%		11.14	%		102	%	$	867,751
	0.26	%		1.49	%		1.49	%		(3.39	)%		100	%	$	966,932
	0.06	%		1.54	%		1.50	%		4.89	%		89	%	$	1,018,411
	1.67	%		0.43	%		0.42	%		7.90	%		68	%	$	1,349
	1.38	%		0.43	%		0.42	%		(0.62	)%		126	%	$	1,067

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  53

Financial highlights

	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Moderate Balanced Fund
Class A
Six months ended November 30, 2019 (unaudited)	$	10.30		0.08			0.53			(0.10	)		0.00		$	10.81
Year ended May 31, 2019	$	10.90		0.19	4		0.03			(0.18	)		(0.64	)	$	10.30
Year ended May 31, 2018	$	11.83		0.18	4		0.40			(0.50	)		(1.01	)	$	10.90
Year ended May 31, 20175	$	11.56		0.07			0.28			(0.08	)		0.00		$	11.83
Class C6
Six months ended November 30, 2019 (unaudited)	$	10.50		0.05			0.55			(0.06	)		0.00		$	11.04
Year ended May 31, 2019	$	11.10		0.12	4		0.02			(0.10	)		(0.64	)	$	10.50
Year ended May 31, 2018	$	11.83		0.09			0.41			(0.22	)		(1.01	)	$	11.10
Year ended May 31, 2017	$	11.40		0.06			0.80			(0.08	)		(0.35	)	$	11.83
Year ended May 31, 2016	$	12.19		0.05			(0.30	)		(0.07	)		(0.47	)	$	11.40
Year ended May 31, 2015	$	12.21		0.03			0.39			(0.07	)		(0.37	)	$	12.19
Institutional Class
Six months ended November 30, 2019 (unaudited)	$	10.32		0.09			0.54			(0.13	)		0.00		$	10.82
Year ended May 31, 20197	$	11.06		0.14			(0.04	)		(0.20	)		(0.64	)	$	10.32

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30, 2019 (unaudited)			Year ended May 31
				2019			2018			2017			2016			2015
Class A		0.16	%		0.16	%		0.13	%		0.11	%5		N/A			N/A
Class C6		0.16	%		0.17	%		0.13	%		0.11	%		0.11	%		0.11	%
Institutional Class		0.16	%		0.16	%7		N/A			N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

54  |  Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	1.62	%		0.76	%		0.75	%		5.97	%		86	%	$	32,781
	1.81	%		0.76	%		0.75	%		2.40	%		155	%	$	34,104
	1.58	%		0.75	%		0.75	%		4.87	%		161	%	$	2,712
	1.03	%		0.74	%		0.74	%		3.06	%		136	%	$	800
	0.87	%		1.51	%		1.50	%		5.69	%		86	%	$	370,722
	1.13	%		1.51	%		1.50	%		1.58	%		155	%	$	393,207
	0.81	%		1.50	%		1.50	%		4.11	%		161	%	$	559,104
	0.52	%		1.49	%		1.49	%		7.75	%		136	%	$	707,284
	0.48	%		1.49	%		1.49	%		(2.02	)%		150	%	$	833,218
	0.21	%		1.55	%		1.50	%		3.44	%		129	%	$	893,175
	1.96	%		0.44	%		0.42	%		6.08	%		86	%	$	2,357
	1.37	%		0.43	%		0.42	%		1.28	%		155	%	$	1,817

The accompanying notes are an integral part of these financial statements.

Multi-Asset Funds  |  55

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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo WealthBuilder Conservative Allocation Fund (“WealthBuilder Conservative Allocation Fund”), Wells Fargo WealthBuilder Equity Fund (“WealthBuilder Equity Fund”), Wells Fargo WealthBuilder Growth Allocation Fund (“WealthBuilder Growth Allocation Fund”), Wells Fargo WealthBuilder Growth Balanced Fund (“WealthBuilder Growth Balanced Fund”) and Wells Fargo WealthBuilder Moderate Balanced Fund (“WealthBuilder Moderate Balanced Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund is a fund-of-funds that may invest in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. Each Fund may also invest directly in securities. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated mutual funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and each Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the affiliated mutual funds or by contacting the servicing agent of the unaffiliated mutual funds. The financial statements of the affiliated Master Portfolios are available by visiting the SEC website at sec.gov and are filed with the SEC under Wells Fargo Master Trust. The financial statements for all other Underlying Funds are also publicly available on the SEC website at sec.gov.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.

Investments in underlying mutual funds are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Funds’ Valuation Procedures.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

56  |  Multi-Asset Funds

Notes to financial statements (unaudited)

Futures contracts

Each Fund is subject to interest rate risk, equity price risk, and foreign currency risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

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.

Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s income, in addition to expenses and realized and unrealized gains and losses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date for each Fund as follows:

	Net investment income		Net realized gains
WealthBuilder Conservative Allocation Fund		Monthly		Annually
WealthBuilder Equity Fund		Annually		Annually
WealthBuilder Growth Allocation Fund		Annually		Annually
WealthBuilder Growth Balanced Fund		Annually		Annually
WealthBuilder Moderate Balanced Fund		Quarterly		Annually

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Multi-Asset Funds  |  57

Notes to financial statements (unaudited)

As of November 30, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains
WealthBuilder Conservative Allocation Fund	$	236,659,105	$	10,297,123	$	(3,008,510	)	$	7,288,613
WealthBuilder Equity Fund		344,203,471		65,127,001		(6,237,634	)		58,889,367
WealthBuilder Growth Allocation Fund		257,942,529		152,306,658		(121,507,805	)		30,798,853
WealthBuilder Growth Balanced Fund		523,305,865		53,063,227		(5,819,017	)		47,244,210
WealthBuilder Moderate Balanced Fund		383,396,188		201,818,039		(178,182,539	)		23,635,500

As of May 31, 2019, WealthBuilder Conservative Allocation Fund had capital loss carryforwards which consisted of $756,938 in short-term capital losses.

At May 31, 2019, current year deferred post-October capital losses and late-year ordinary losses which were recognized on the first day of the current fiscal year were as follows:

	Deferred post-October capital losses					Late-year ordinary  losses deferred
	Short-term			Long-term
WealthBuilder Equity Fund	$	(7,816,764	)	$	5,585,661	$	(1,351,065	)
WealthBuilder Growth Allocation Fund		(3,958,981	)		3,407,391		(94,718	)
WealthBuilder Growth Balanced Fund		(5,236,106	)		4,982,014		0
WealthBuilder Moderate Balanced Fund		(1,776,270	)		0		0

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level 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 each Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

58  |  Multi-Asset Funds

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of November 30, 2019:

WealthBuilder Conservative Allocation Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	18,617,378	$	0	$	0	$	18,617,378
Investment companies		70,958,405		0		0		70,958,405
Short-term investments
Investment companies		1,027,753		0		0		1,027,753
U.S. Treasury securities		941,089		0		0		941,089
Investments measured at net asset value*								152,086,457
		91,544,625		0		0		243,631,082
Futures contracts		343,409		0		0		343,409
Total assets	$	91,888,034	$	0	$	0	$	243,974,491
Liabilities
Futures contracts	$	26,773	$	0	$	0	$	26,773
Total liabilities	$	26,773	$	0	$	0	$	26,773

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $152,086,457. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

WealthBuilder Equity Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	41,580,194	$	0	$	0	$	41,580,194
Investment companies		73,202,676		0		0		73,202,676
Short-term investments
Investment companies		2,054,503		0		0		2,054,503
U.S. Treasury securities		3,028,069		0		0		3,028,069
Investments measured at net asset value*								281,526,018
		119,865,442		0		0		401,391,460
Futures contracts		1,761,110		0		0		1,761,110
Total assets	$	121,626,552	$	0	$	0	$	403,152,570
Liabilities
Futures contracts	$	59,732	$	0	$	0	$	59,732
Total liabilities	$	59,732	$	0	$	0	$	59,732

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $281,526,018. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Multi-Asset Funds  |  59

Notes to financial statements (unaudited)

WealthBuilder Growth Allocation Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	26,936,681	$	0	$	0	$	26,936,681
Investment companies		67,910,165		0		0		67,910,165
Short-term investments
Investment companies		852,291		0		0		852,291
U.S. Treasury securities		2,175,894		0		0		2,175,894
Investments measured at net asset value*								189,924,123
		97,875,031		0		0		287,799,154
Futures contracts		1,000,757		0		0		1,000,757
Total assets	$	98,875,788	$	0	$	0	$	288,799,911
Liabilities
Futures contracts	$	58,529	$	0	$	0	$	58,529
Total liabilities	$	58,529	$	0	$	0	$	58,529

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $189,924,123. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

WealthBuilder Growth Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	50,151,759	$	0	$	0	$	50,151,759
Investment companies		144,912,743		0		0		144,912,743
Short-term investments
Investment companies		2,367,285		0		0		2,367,285
U.S. Treasury securities		3,837,285		0		0		3,837,285
Investments measured at net asset value*								367,725,394
		201,269,072		0		0		568,994,466
Futures contracts		1,669,904		0		0		1,669,904
Total assets	$	202,938,976	$	0	$	0	$	570,664,370
Liabilities
Futures contracts	$	114,295	$	0	$	0	$	114,295
Total liabilities	$	114,295	$	0	$	0	$	114,295

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $367,725,394. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

60  |  Multi-Asset Funds

Notes to financial statements (unaudited)

WealthBuilder Moderate Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	33,553,467	$	0	$	0	$	33,553,467
Investment companies		110,886,382		0		0		110,886,382
Short-term investments
Investment companies		1,111,082		0		0		1,111,082
U.S. Treasury securities		2,167,901		0		0		2,167,901
Investments measured at net asset value*								258,557,987
		147,718,832		0		0		406,276,819
Futures contracts		817,727		0		0		817,727
Total assets	$	148,536,559	$	0	$	0	$	407,094,546
Liabilities
Futures contracts	$	62,858	$	0	$	0	$	62,858
Total liabilities	$	62,858	$	0	$	0	$	62,858

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $258,557,987. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following each Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2019, the Funds did not have any transfers into/out of Level 3.

The investment objective of each affiliated Master Portfolio is as follows:

Affiliated Master Portfolio	Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	Seeks to replicate the total return of the Bloomberg Barclays US ex-Corporate Index, before fees and expenses
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Wells Fargo Disciplined Large Cap Portfolio	Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation
Wells Fargo Factor Enhanced Emerging Markets Portfolio	Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index, before fees and expenses
Wells Fargo Factor Enhanced International Portfolio	Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio	Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio	Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio	Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation

Multi-Asset Funds  |  61

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion	0.250%
Next $4 billion	0.225
Next $5 billion	0.190
Over $10 billion	0.180

For the six months ended November 30, 2019, the management fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive an annual subadvisory fee of 0.15% of each Fund’s average daily net assets.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A, Class C	0.21%
Institutional Class	0.13

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of a Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. 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 September 30, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares, and 0.42% for Institutional Class shares. Acquired fund fees and expenses (including net expenses from affiliated Master Portfolios) are excluded from the expense caps. 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 Funds pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2019, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.

62  |  Multi-Asset Funds

Notes to financial statements (unaudited)

	Front-end sales charges Class  A		Contingent deferred sales charges Class C
WealthBuilder Conservative Allocation Fund	$	1,271	$	804
WealthBuilder Equity Fund		2,134		1,469
WealthBuilder Growth Allocation Fund		2,920		724
WealthBuilder Growth Balanced Fund		2,183		4,231
WealthBuilder Moderate Balanced Fund		1,469		1,278

No contingent deferred sales charges were incurred by Class A shares of each Fund for the six months ended November 30, 2019.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Funds seek to achieve their investment objectives by investing some of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales in Underlying Funds and unaffiliated securities in which the Funds invest are actual aggregate purchases and sales of those investments.

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2019 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
WealthBuilder Conservative Allocation Fund	$	180,378,645	$	82,765,931	$	178,793,205	$	105,189,641
WealthBuilder Equity Fund		0		132,286,006		0		165,669,628
WealthBuilder Growth Allocation Fund		42,160,035		100,898,537		41,789,167		121,584,928
WealthBuilder Growth Balanced Fund		194,138,376		195,276,571		192,439,359		243,564,946
WealthBuilder Moderate Balanced Fund		220,496,640		136,379,921		218,558,582		175,587,963

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2019, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

	Average notional balance
	Long futures		Short futures
WealthBuilder Conservative Allocation Fund	$	19,063,619	$	14,112,263
WealthBuilder Equity Fund		27,514,672		18,088,086
WealthBuilder Growth Allocation Fund		28,815,976		17,986,120
WealthBuilder Growth Balanced Fund		53,657,115		35,685,919
WealthBuilder Moderate Balanced Fund		35,125,174		24,506,668

Multi-Asset Funds  |  63

Notes to financial statements (unaudited)

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined following tables.

The fair value of derivative instruments as of November 30, 2019 was as follows for WealthBuilder Conservative Allocation Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	250,971	*	Unrealized losses on futures contracts	$	11,254	*
Foreign currency risk	Unrealized gains on futures contracts		92,438	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		15,519	*
		$	343,409			$	26,773

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2019 was as follows:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(569,432	)	$	(26,368	)
Interest rate risk		(529,366	)		(15,519	)
Foreign currency risk		535,799			(106,978	)
	$	(562,999	)	$	(148,865	)

The fair value of derivative instruments as of November 30, 2019 was as follows for WealthBuilder Equity Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	1,607,026	*	Unrealized losses on futures contracts	$	59,732	*
Foreign currency risk	Unrealized gains on futures contracts		154,084	*	Unrealized losses on futures contracts		0	*
		$	1,761,110			$	59,732

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2019 was as follows:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(1,520,228	)	$	1,474,918
Foreign currency risk		873,153			(167,388	)
	$	(647,075	)	$	1,307,530

64  |  Multi-Asset Funds

Notes to financial statements (unaudited)

The fair value of derivative instruments as of November 30, 2019 was as follows for WealthBuilder Growth Allocation Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	891,872	*	Unrealized losses on futures contracts	$	40,271	*
Foreign currency risk	Unrealized gains on futures contracts		108,886	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		18,258	*
		$	1,000,757			$	58,529

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2019 was as follows:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(1,318,325	)	$	486,350
Interest rate risk		(603,688	)		(18,258	)
Foreign currency risk		619,354			(119,755	)
	$	(1,302,659	)	$	348,337

The fair value of derivative instruments as of November 30, 2019 was as follows for WealthBuilder Growth Balanced Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	1,451,105	*	Unrealized losses on futures contracts	$	78,186	*
Foreign currency risk	Unrealized gains on futures contracts		218,799	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		36,109	*
		$	1,669,904			$	114,295

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2019 was as follows:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(2,187,916	)	$	642,721
Interest rate risk		(1,219,708	)		(36,109	)
Foreign currency risk		1,256,904			(247,078	)
	$	(2,150,720	)	$	359,534

Multi-Asset Funds  |  65

Notes to financial statements (unaudited)

The fair value of derivative instruments as of November 30, 2019 was as follows for WealthBuilder Moderate Balanced Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	660,562	*	Unrealized losses on futures contracts	$	37,115	*
Foreign currency risk	Unrealized gains on futures contracts		157,165	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		25,743	*
		$	817,727			$	62,858

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2019 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2019 was as follows:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(1,217,448	)	$	145,492
Interest rate risk		(889,080	)		(25,743	)
Foreign currency risk		912,064			(183,218	)
	$	(1,194,464	)	$	(63,469	)

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 Funds 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 month ended November 30, 2019, there were no borrowings by the Funds under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds 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.

66  |  Multi-Asset Funds

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Multi-Asset Funds  |  67

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 150 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

68  |  Multi-Asset Funds

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Chair, 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 Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 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.

Multi-Asset Funds  |  69

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.
Michelle Rhee4 (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy5 (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex.

²  The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wfam.com.

³  Pamela Wheelock was re-appointed to the Board effective January 1, 2020.

⁴  Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁵  Catherine Kennedy became Secretary effective October 22, 2019.

70  |  Multi-Asset Funds

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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 Funds’ 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 Wells Fargo Funds. 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 Funds’ 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

© 2020 Wells Fargo & Company. All rights reserved.

408967 01-19

SWBP/SAR102 11-19

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 half-year 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:	January 27, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 27, 2020
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	January 27, 2020
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 27, 2020

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo International Value Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund, Wells Fargo WealthBuilder Conservative Allocation Fund, Wells Fargo WealthBuilder Growth Allocation Fund, Wells Fargo WealthBuilder Growth Balanced Fund, Wells Fargo WealthBuilder Moderate Balanced Fund, and Wells Fargo WealthBuilder Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2020

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, and Wells Fargo Real Return Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2020

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo International Value Fund, Wells Fargo WealthBuilder Conservative Allocation Fund, Wells Fargo WealthBuilder Growth Allocation Fund, Wells Fargo WealthBuilder Growth Balanced Fund, Wells Fargo WealthBuilder Moderate Balanced Fund, and Wells Fargo WealthBuilder Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2020

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2020

By:
	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2020

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2020

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT