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: September 30

Registrant is making a filing for 12 of its series:

Wells Fargo Diversified Capital Builder Fund, Wells Fargo Diversified Income Builder Fund, Wells Fargo Index Asset Allocation Fund, Wells Fargo International Bond Fund, Wells Fargo Strategic Income Fund, Wells Fargo Global Investment Grade Credit Fund, Wells Fargo C&B Mid Cap Value Fund, Wells Fargo Common Stock Fund, Wells Fargo Discovery Fund, Wells Fargo Enterprise Fund, Wells Fargo Opportunity Fund, and Wells Fargo Special Mid Cap Value Fund.

Date of reporting period:             March 31, 2020

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

March 31, 2020

Wells Fargo

Diversified Capital Builder Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	25
Appendix I	29
Appendix II	30

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The views expressed and any forward-looking statements are as of March 31, 2020, 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 Capital Builder Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Capital Builder Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Diversified Capital Builder Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month- end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Capital Builder Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Robert Junkin

Margaret Patel

Average annual total returns (%) as of March 31, 2020¹

		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 (EKBAX)	1-20-1998		-13.81		4.10		8.25		-8.53		5.34		8.90		1.12		1.12
Class C (EKBCX)	1-22-1998		-10.25		4.53		8.07		-9.25		4.53		8.07		1.87		1.87
Administrator Class (EKBDX)4	7-30-2010		–		–		–		-8.46		5.44		9.09		1.04		1.04
Institutional Class (EKBYX)	1-26-1998		–		–		–		-8.30		5.68		9.31		0.79		0.78
Diversified Capital Builder Blended Index5	–		–		–		–		-7.76		5.41		9.24		–		–
ICE BofA U.S. Cash Pay High Yield Index6	–		–		–		–		-7.40		2.68		5.49		–		–
Russell 1000® Index7	–		–		–		–		-8.03		6.22		10.39		–		–

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Diversified Capital Builder Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20208
Adobe Incorporated	4.45
Bristol-Myers Squibb Company	3.99
Broadcom Incorporated	3.98
Leidos Holdings Incorporated	3.59
Akamai Technologies Incorporated	3.48
Vistra Energy Corporation	2.77
Crown Castle International Corporation	2.74
Atmos Energy Corporation	2.72
L3Harris Technologies Incorporated	2.62
Amphenol Corporation Class A	2.44

Portfolio composition as of March 31, 2020⁹

¹  Historical performance prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Diversified Capital Builder Fund.

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 January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.13% for Class A, 1.88% for Class C, 1.05% for Administrator Class, and 0.78% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁶  The ICE BofA U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2020. ICE Data Indices, LLC. All rights reserved.

⁷  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁸  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Diversified Capital Builder 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	860.71	$	5.12		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.50	$	5.55		1.10	%
Class C
Actual	$	1,000.00	$	856.97	$	8.63		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.70	$	9.37		1.86	%
Administrator Class
Actual	$	1,000.00	$	861.25	$	4.79		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Institutional Class
Actual	$	1,000.00	$	861.25	$	3.63		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.10	$	3.94		0.78	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Diversified Capital Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 85.22%
Communication Services: 0.52%
Interactive Media & Services: 0.52%
Alphabet Incorporated Class A †		4,000	$	4,647,800
Consumer Discretionary: 0.63%
Specialty Retail: 0.63%
The Home Depot Incorporated		30,000		5,601,300
Consumer Staples: 0.32%
Food Products: 0.32%
Lamb Weston Holdings Incorporated		50,001		2,855,057
Energy: 0.38%
Oil, Gas & Consumable Fuels: 0.38%
ONEOK Incorporated		155,000		3,380,550
Health Care: 17.85%
Biotechnology: 3.42%
AbbVie Incorporated		120,000		9,142,800
Amgen Incorporated		55,000		11,150,150
Neurocrine Biosciences Incorporated †		50,000		4,327,500
Vertex Pharmaceuticals Incorporated †		25,000		5,948,750
				30,569,200
Health Care Equipment & Supplies: 3.64%
Abbott Laboratories		50,000		3,945,500
Becton Dickinson & Company		40,000		9,190,800
Danaher Corporation		140,000		19,377,400
ElectroCore LLC †		30,000		28,500
				32,542,200
Health Care Providers & Services: 1.37%
Anthem Incorporated		50,000		11,352,000
HCA Healthcare Incorporated		10,000		898,500
				12,250,500
Life Sciences Tools & Services: 4.19%
Bio-Rad Laboratories Incorporated Class A †		15,000		5,258,400
Illumina Incorporated †		2,000		546,240
IQVIA Holdings Incorporated †		110,000		11,864,600
Thermo Fisher Scientific Incorporated		70,000		19,852,000
				37,521,240
Pharmaceuticals: 5.23%
Bristol-Myers Squibb Company		640,000		35,673,600
Horizon Therapeutics plc †		100,000		2,962,000
Merck KGaA ADR		400,000		8,160,000
				46,795,600
Industrials: 11.33%
Aerospace & Defense: 5.58%
Curtiss-Wright Corporation		152,100		14,055,561
Huntington Ingalls Industries Incorporated		50,000		9,110,500

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

Wells Fargo Diversified Capital Builder Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Aerospace & Defense (continued)
L3Harris Technologies Incorporated		130,000	$	23,415,600
Lockheed Martin Corporation		10,000		3,389,500
				49,971,161
Electrical Equipment: 1.33%
AMETEK Incorporated		165,000		11,883,300
Industrial Conglomerates: 0.47%
Honeywell International Incorporated		20,000		2,675,800
Roper Technologies Incorporated		5,000		1,559,050
				4,234,850
Machinery: 3.95%
Crane Company		100,000		4,918,000
IDEX Corporation		120,000		16,573,200
John Bean Technologies Corporation		160,000		11,883,200
Oshkosh Corporation		30,000		1,929,900
				35,304,300
Information Technology: 33.99%
Communications Equipment: 1.23%
Cisco Systems Incorporated		280,000		11,006,800
Electronic Equipment, Instruments & Components: 3.86%
Amphenol Corporation Class A		300,000		21,864,000
FLIR Systems Incorporated		345,000		11,002,050
MTS Systems Corporation		75,000		1,687,500
				34,553,550
IT Services: 8.98%
Akamai Technologies Incorporated †		340,000		31,106,600
Fiserv Incorporated †		155,000		14,723,450
Leidos Holdings Incorporated		350,000		32,077,500
MasterCard Incorporated Class A		10,000		2,415,600
				80,323,150
Semiconductors & Semiconductor Equipment: 5.06%
Advanced Micro Devices Incorporated †		300,000		13,644,000
Analog Devices Incorporated		20,000		1,793,000
Microchip Technology Incorporated		235,000		15,933,000
Micron Technology Incorporated †		35,000		1,472,100
Texas Instruments Incorporated		70,000		6,995,100
Xilinx Incorporated		70,000		5,455,800
				45,293,000
Software: 14.39%
Adobe Incorporated †		125,000		39,780,000
ANSYS Incorporated †		45,000		10,461,150
Broadcom Incorporated		150,000		35,565,000
Nutanix Incorporated Class A †		50,000		790,000
Palo Alto Networks Incorporated †		55,000		9,017,800
Salesforce.com Incorporated †		80,000		11,518,400
ServiceNow Incorporated †		37,000		10,603,460
Synopsys Incorporated †		85,000		10,947,150
				128,682,960

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

8  |  Wells Fargo Diversified Capital Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

						Shares		Value
Technology Hardware, Storage & Peripherals: 0.47%
Pure Storage Incorporated Class A †							175,000	$	2,152,500
Western Digital Corporation							50,000		2,081,000
									4,233,500
Materials: 6.49%
Chemicals: 4.73%
Celanese Corporation Series A							75,000		5,504,250
Eastman Chemical Company							80,000		3,726,400
Huntsman Corporation							630,000		9,090,900
LyondellBasell Industries NV Class A							280,000		13,896,400
The Sherwin-Williams Company							17,000		7,811,840
Tronox Holdings plc Class A							150,000		747,000
Westlake Chemical Corporation							40,000		1,526,800
									42,303,590
Containers & Packaging: 1.76%
AptarGroup Incorporated							76,500		7,614,810
Berry Global Group Incorporated †							240,000		8,090,400
									15,705,210
Real Estate: 2.95%
Equity REITs: 2.95%
Crown Castle International Corporation							170,000		24,548,000
Saul Centers Incorporated							57,168		1,871,680
									26,419,680
Utilities: 10.76%
Electric Utilities: 2.15%
American Electric Power Company Incorporated							240,000		19,195,200
Gas Utilities: 2.72%
Atmos Energy Corporation							245,297		24,340,821
Independent Power & Renewable Electricity Producers: 2.77%
Vistra Energy Corporation							1,550,000		24,738,000
Multi-Utilities: 3.12%
CMS Energy Corporation							200,000		11,750,000
DTE Energy Company							160,000		15,195,200
NiSource Incorporated							40,000		998,800
									27,944,000
Total Common Stocks (Cost $765,592,271)									762,296,519
	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 11.85%
Communication Services: 0.04%
Media: 0.04%
McGraw-Hill Global Education Holdings LLC 144A		7.88	%		5-15-2024	$	500,000	$	372,500

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

Wells Fargo Diversified Capital Builder Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Discretionary: 0.29%
Household Durables: 0.29%
Installed Building Company 144A		5.75	%		2-1-2028	$	2,700,000	$	2,571,750
Health Care: 2.61%
Health Care Providers & Services: 1.61%
Davita Incorporated		5.00			5-1-2025		7,000,000		6,990,830
Davita Incorporated		5.13			7-15-2024		1,000,000		997,000
West Street Merger Subordinate Bond Incorporated 144A		6.38			9-1-2025		7,400,000		6,450,580
									14,438,410
Pharmaceuticals: 1.00%
Bausch Health Companies Incorporated 144A		5.25			1-30-2030		8,500,000		7,947,500
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		1,000,000		970,000
									8,917,500
Industrials: 2.68%
Aerospace & Defense: 0.91%
TransDigm Group Incorporated		6.38			6-15-2026		7,000,000		6,702,500
TransDigm Group Incorporated		6.50			5-15-2025		1,500,000		1,425,000
									8,127,500
Commercial Services & Supplies: 0.16%
ACCO Brands Corporation 144A		5.25			12-15-2024		1,500,000		1,440,000
Electrical Equipment: 0.11%
Resideo Funding Incorporated 144A		6.13			11-1-2026		1,112,000		970,220
Machinery: 1.12%
SPX FLOW Incorporated 144A		5.88			8-15-2026		10,500,000		10,080,000
Trading Companies & Distributors: 0.38%
WESCO Distribution Incorporated		5.38			6-15-2024		4,000,000		3,400,000
Information Technology: 4.24%
Communications Equipment: 0.62%
CommScope Incorporated 144A		5.50			6-15-2024		6,000,000		5,541,000
Electronic Equipment, Instruments & Components: 1.68%
MTS Systems Corporation 144A		5.75			8-15-2027		4,000,000		3,710,000
TTM Technologies Incorporated 144A		5.63			10-1-2025		13,505,000		11,344,200
									15,054,200
IT Services: 1.07%
Gartner Incorporated 144A		5.13			4-1-2025		9,779,000		9,558,972
Software: 0.42%
Citrix Systems Incorporated		3.30			3-1-2030		4,000,000		3,721,029
Technology Hardware, Storage & Peripherals: 0.45%
Western Digital Corporation		4.75			2-15-2026		4,000,000		4,066,000

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

10  |  Wells Fargo Diversified Capital Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Materials: 1.76%
Chemicals: 1.54%
Koppers Incorporated 144A		6.00	%		2-15-2025	$	8,190,000	$	6,552,000
Olin Corporation		5.50			8-15-2022		1,000,000		920,000
Platform Specialty Products Corporation 144A		5.88			12-1-2025		3,000,000		2,940,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		3,240,000		1,474,200
Valvoline Incorporated		4.38			8-15-2025		2,000,000		1,905,000
									13,791,200
Containers & Packaging: 0.22%
Berry Global Incorporated 144A		4.50			2-15-2026		2,000,000		1,947,400
Real Estate: 0.23%
Equity REITs: 0.23%
Iron Mountain Incorporated 144A		5.38			6-1-2026		2,000,000		2,020,000
Total Corporate Bonds and Notes (Cost $115,869,709)									106,017,681
Yankee Corporate Bonds and Notes: 2.27%
Financials: 0.50%
Diversified Financial Services: 0.50%
Tronox Finance plc 144A		5.75			10-1-2025		5,000,000		4,462,500
Information Technology: 1.77%
Technology Hardware, Storage & Peripherals: 1.77%
Seagate HDD		4.75			6-1-2023		9,500,000		9,513,259
Seagate HDD		4.88			6-1-2027		6,396,000		6,339,692
									15,852,951
Total Yankee Corporate Bonds and Notes (Cost $20,089,224)									20,315,451
	Yield					Shares
Short-Term Investments: 0.48%
Investment Companies: 0.48%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35					4,278,374		4,278,374
Total Short-Term Investments (Cost $4,278,374)									4,278,374

Total investments in securities (Cost $905,829,578)	99.82	%		892,908,025
Other assets and liabilities, net	0.18			1,630,329
Total net assets	100.00	%	$	894,538,354

† Non-income-earning security

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Wells Fargo Diversified Capital Builder Fund  |  11

Portfolio of investments—March 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		5,714,900		112,023,203		(117,738,103	)		0	$	353	$	0	$	93,929	#	$	0
Wells Fargo Government Money Market Fund Select Class		5,712,610		84,862,009		(86,296,245	)		4,278,374		0		0		18,649			4,278,374
										$	353	$	0	$	112,578		$	4,278,374		0.48	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

12  |  Wells Fargo Diversified Capital Builder Fund

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $901,551,204)	$	888,629,651
Investments in affiliated securities, at value (cost $4,278,374)		4,278,374
Receivable for Fund shares sold		907,366
Receivable for dividends and interest		2,704,292
Receivable for securities lending income, net		1,794
Prepaid expenses and other assets		288,960
Total assets		896,810,437
Liabilities
Payable for Fund shares redeemed		1,383,003
Management fee payable		491,457
Administration fees payable		145,768
Distribution fee payable		69,317
Shareholder servicing fees payable		135,792
Trustees’ fees and expenses payable		4,086
Accrued expenses and other liabilities		42,660
Total liabilities		2,272,083
Total net assets	$	894,538,354
Net assets consist of
Paid-in capital	$	886,559,832
Total distributable earnings		7,978,522
Total net assets	$	894,538,354
Computation of net asset value and offering price per share
Net assets – Class A	$	502,898,573
Shares outstanding – Class A1		57,354,894
Net asset value per share – Class A		$8.77
Maximum offering price per share – Class A2		$9.31
Net assets – Class C	$	104,845,986
Shares outstanding – Class C1		11,982,118
Net asset value per share – Class C		$8.75
Net assets – Administrator Class	$	7,920,493
Shares outstanding – Administrator Class1		902,420
Net asset value per share – Administrator Class		$8.78
Net assets – Institutional Class	$	278,873,302
Shares outstanding – Institutional Class1		32,044,947
Net asset value per share – Institutional Class		$8.70

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Diversified Capital Builder Fund  |  13

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends	$	8,384,011
Interest		4,284,438
Income from affiliated securities		54,338
Total investment income		12,722,787
Expenses
Management fee		3,440,789
Administration fees
Class A		647,578
Class C		129,605
Administrator Class		6,122
Institutional Class		238,266
Shareholder servicing fees
Class A		770,927
Class C		154,291
Administrator Class		11,772
Distribution fee
Class C		462,770
Custody and accounting fees		24,568
Professional fees		23,118
Registration fees		50,137
Shareholder report expenses		50,137
Trustees’ fees and expenses		11,029
Other fees and expenses		16,626
Total expenses		6,037,735
Less: Fee waivers and/or expense reimbursements
Fund-level		(1,567	)
Class A		(13,304	)
Class C		(123	)
Institutional Class		(2,922	)
Net expenses		6,019,819
Net investment income		6,702,968
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		20,422,209
Affiliated securities		353
Net realized gains on investments		20,422,562
Net change in unrealized gains (losses) on investments		(178,043,849	)
Net realized and unrealized gains (losses) on investments		(157,621,287	)
Net decrease in net assets resulting from operations	$	(150,918,319	)

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

14  |  Wells Fargo Diversified Capital Builder Fund

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	6,702,968					$	14,574,587
Net realized gains on investments					20,422,562						53,801,908
Net change in unrealized gains (losses) on investments					(178,043,849	)					(8,891,274	)
Net increase (decrease) in net assets resulting from operations					(150,918,319	)					59,485,221
Distributions to shareholders from net investment income and net realized gains
Class A					(30,018,166	)					(36,253,338	)
Class C					(5,538,911	)					(7,460,798	)
Administrator Class					(462,042	)					(764,433	)
Institutional Class					(18,661,794	)					(21,977,654	)
Total distributions to shareholders					(54,680,913	)					(66,456,223	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,554,890			27,379,120			9,391,056			93,260,195
Class C		2,129,955			22,530,830			4,595,019			46,061,402
Administrator Class		81,347			809,613			227,726			2,281,752
Institutional Class		5,078,381			53,107,403			15,448,752			154,786,786
					103,826,966						296,390,135
Reinvestment of distributions
Class A		2,785,650			28,776,009			3,667,392			34,796,863
Class C		515,200			5,333,207			774,676			7,255,587
Administrator Class		44,443			459,039			79,989			758,159
Institutional Class		1,680,563			17,231,291			2,124,090			20,080,474
					51,799,546						62,891,083
Payment for shares redeemed
Class A		(5,514,488	)		(55,602,805	)		(8,342,798	)		(83,876,599	)
Class C		(1,729,103	)		(17,385,054	)		(6,420,901	)		(63,323,374	)
Administrator Class		(128,553	)		(1,317,779	)		(671,418	)		(7,048,173	)
Institutional Class		(8,485,719	)		(84,812,226	)		(13,982,283	)		(140,897,557	)
					(159,117,864	)					(295,145,703	)
Net increase (decrease) in net assets resulting from capital share transactions					(3,491,352	)					64,135,515
Total increase (decrease) in net assets					(209,090,584	)					57,164,513
Net assets
Beginning of period					1,103,628,938						1,046,464,425
End of period				$	894,538,354					$	1,103,628,938

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

Wells Fargo Diversified Capital Builder Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.71			$10.88			$10.30			$9.96			$9.12			$9.31
Net investment income		0.06			0.14			0.10			0.14	1		0.17			0.11
Net realized and unrealized gains (losses) on investments		(1.47	)		0.37			1.06			1.12			1.71			(0.20	)
Total from investment operations		(1.41	)		0.51			1.16			1.26			1.88			(0.09	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.09	)		(0.14	)		(0.15	)		(0.10	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00
Total distributions to shareholders		(0.53	)		(0.68	)		(0.58	)		(0.92	)		(1.04	)		(0.10	)
Net asset value, end of period		$8.77			$10.71			$10.88			$10.30			$9.96			$9.12
Total return2		(13.93	)%		5.60	%		11.72	%		13.62	%		22.85	%		(1.05	)%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.12	%		1.11	%		1.12	%		1.14	%		1.19	%
Net expenses		1.10	%		1.12	%		1.11	%		1.12	%		1.14	%		1.19	%
Net investment income		1.18	%		1.38	%		0.96	%		1.43	%		1.77	%		1.17	%
Supplemental data
Portfolio turnover rate		17	%		61	%		31	%		54	%		73	%		69	%
Net assets, end of period (000s omitted)		$502,899			$616,346			$574,760			$551,272			$467,503			$402,303

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Diversified Capital Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.69			$10.86			$10.28			$9.96			$9.12			$9.32
Net investment income		0.02			0.06			0.02			0.08			0.10			0.05
Net realized and unrealized gains (losses) on investments		(1.47	)		0.37			1.06			1.11			1.72			(0.22	)
Total from investment operations		(1.45	)		0.43			1.08			1.19			1.82			(0.17	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.06	)		(0.01	)		(0.09	)		(0.09	)		(0.03	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00
Total distributions to shareholders		(0.49	)		(0.60	)		(0.50	)		(0.87	)		(0.98	)		(0.03	)
Net asset value, end of period		$8.75			$10.69			$10.86			$10.28			$9.96			$9.12
Total return1		(14.30	)%		4.81	%		10.88	%		12.85	%		21.96	%		(1.88	)%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.87	%		1.87	%		1.87	%		1.89	%		1.94	%
Net expenses		1.86	%		1.87	%		1.87	%		1.87	%		1.89	%		1.94	%
Net investment income		0.43	%		0.65	%		0.21	%		0.65	%		1.03	%		0.41	%
Supplemental data
Portfolio turnover rate		17	%		61	%		31	%		54	%		73	%		69	%
Net assets, end of period (000s omitted)		$104,846			$118,297			$131,601			$117,346			$67,630			$53,373

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

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

Wells Fargo Diversified Capital Builder Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.72			$10.89			$10.32			$9.97			$9.12			$9.32
Net investment income		0.07			0.15	1		0.11	1		0.16	1		0.18	1		0.14	1
Net realized and unrealized gains (losses) on investments		(1.48	)		0.37			1.06			1.12			1.73			(0.22	)
Total from investment operations		(1.41	)		0.52			1.17			1.28			1.91			(0.08	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.15	)		(0.11	)		(0.15	)		(0.17	)		(0.12	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00
Total distributions to shareholders		(0.53	)		(0.69	)		(0.60	)		(0.93	)		(1.06	)		(0.12	)
Net asset value, end of period		$8.78			$10.72			$10.89			$10.32			$9.97			$9.12
Total return2		(13.88	)%		5.67	%		11.73	%		13.75	%		23.14	%		(0.92	)%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.04	%		1.03	%		1.04	%		1.06	%		1.05	%
Net expenses		1.03	%		1.04	%		1.03	%		1.04	%		1.03	%		0.95	%
Net investment income		1.26	%		1.47	%		1.04	%		1.58	%		1.89	%		1.41	%
Supplemental data
Portfolio turnover rate		17	%		61	%		31	%		54	%		73	%		69	%
Net assets, end of period (000s omitted)		$7,920			$9,708			$13,821			$10,225			$21,398			$7,898

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Diversified Capital Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.64			$10.81			$10.25			$9.90			$9.07			$9.27
Net investment income		0.08			0.18			0.14			0.19			0.20			0.15
Net realized and unrealized gains (losses) on investments		(1.48	)		0.36			1.05			1.11			1.71			(0.21	)
Total from investment operations		(1.40	)		0.54			1.19			1.30			1.91			(0.06	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.17	)		(0.14	)		(0.17	)		(0.19	)		(0.14	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)		0.00
Total distributions to shareholders		(0.54	)		(0.71	)		(0.63	)		(0.95	)		(1.08	)		(0.14	)
Net asset value, end of period		$8.70			$10.64			$10.81			$10.25			$9.90			$9.07
Total return1		(13.87	)%		5.98	%		12.04	%		14.11	%		23.28	%		(0.75	)%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.79	%		0.79	%		0.79	%		0.81	%		0.79	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.77	%
Net investment income		1.49	%		1.73	%		1.30	%		1.71	%		2.14	%		1.58	%
Supplemental data
Portfolio turnover rate		17	%		61	%		31	%		54	%		73	%		69	%
Net assets, end of period (000s omitted)		$278,873			$359,278			$326,283			$262,754			$122,769			$97,251

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 Diversified Capital Builder Fund  |  19

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In 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 Fund or pay the Fund the market value of the loaned securities. The Fund 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.

20  |  Wells Fargo Diversified Capital Builder Fund

Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $905,751,406 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	111,294,933
Gross unrealized losses		(124,138,314	)
Net unrealized losses	$	(12,843,381	)

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.

Wells Fargo Diversified Capital Builder Fund  |  21

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communications services	$	4,647,800	$	0	$	0	$	4,647,800
Consumer discretionary		5,601,300		0		0		5,601,300
Consumer staples		2,855,057		0		0		2,855,057
Energy		3,380,550		0		0		3,380,550
Health care		159,678,740		0		0		159,678,740
Industrials		101,393,611		0		0		101,393,611
Information technology		304,092,960		0		0		304,092,960
Materials		58,008,800		0		0		58,008,800
Real estate		26,419,680		0		0		26,419,680
Utilities		96,218,021		0		0		96,218,021
Corporate bonds and notes		0		106,017,681		0		106,017,681
Yankee corporate bonds and notes		0		20,315,451		0		20,315,451
Short-term investments
Investment companies		4,278,374		0		0		4,278,374
Total assets	$	766,574,893	$	126,333,132	$	0	$	892,908,025

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.62% of the Fund’s average daily net assets.

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

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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%
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. Funds Management has committed through January 31, 2021 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, 1.05% for Administrator Class shares, and 0.78% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to January 31, 2020, the Fund’s expenses were capped at 1.20% for Class A shares, 1.95% for Class C shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $42,875 from the sale of Class A shares and $956 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $2,070,000 and $0 in interfund purchases and sales, respectively, during the six months ended March 31, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $189,718,614 and $237,802,371, 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

Wells Fargo Diversified Capital Builder Fund  |  23

Notes to financial statements (unaudited)

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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, the Fund did not have any securities on loan.

7. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium 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 Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

24  |  Wells Fargo Diversified Capital Builder Fund

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the 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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Diversified Capital Builder Fund  |  25

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 147 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

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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 Diversified Capital Builder Fund  |  27

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 Rhee (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 Kennedy (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 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

28  |  Wells Fargo Diversified Capital Builder Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Diversified Capital Builder Fund  |  29

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder
is responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

30  |  Wells Fargo Diversified Capital Builder Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Diversified Capital Builder Fund  |  31

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.

PAR-0420-06220 05-20

SA225/SAR225 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo

Diversified Income Builder Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	24
Statement of operations	25
Statement of changes in net assets	26
Financial highlights	27
Notes to financial statements	32
Other information	40
Appendix I	44
Appendix II	45

Reduce clutter.

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 March 31, 2020, 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 Income Builder Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Income Builder Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Diversified Income Builder Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Income Builder Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Margaret Patel

Average annual total returns (%) as of March 31, 2020¹

		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 (EKSAX)	4-14-1987		-14.10		1.39		5.15		-8.81		2.62		5.78		1.06		0.86
Class C (EKSCX)	2-1-1993		-10.32		1.89		5.00		-9.32		1.89		5.00		1.81		1.61
Class R6 (EKSRX)4	7-31-2018		–		–		–		-8.32		3.02		6.17		0.63		0.43
Administrator Class (EKSDX)5	7-30-2010		–		–		–		-8.77		2.72		5.93		0.98		0.78
Institutional Class (EKSYX)	1-13-1997		–		–		–		-8.54		2.99		6.15		0.73		0.53
Diversified Income Builder Blended Index6	–		–		–		–		-4.47		4.37		7.16		–		–
ICE BofA U.S. Cash Pay High Yield Index7	–		–		–		–		-7.40		2.68		5.49		–		–
Russell 1000® Index8	–		–		–		–		-8.03		6.22		10.39		–		–

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Diversified Income Builder Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20209
TTM Technologies Incorporated, 5.63%, 10-1-2025	2.30
Valvoline Incorporated, 4.38%, 8-15-2025	2.05
Iron Mountain Incorporated, 4.88%, 9-15-2027	1.93
Installed Building Company, 5.75%, 2-1-2028	1.92
Tronox Finance plc, 5.75%, 10-1-2025	1.78
Koppers Incorporated, 6.00%, 2-15-2025	1.74
HCA Incorporated, 5.38%, 2-1-2025	1.60
Davita Incorporated, 5.00%, 5-1-2025	1.49
AMN Healthcare Incorporated, 5.13%, 10-1-2024	1.49
Lamb Weston Holdings Incorporated, 4.63%, 11-1-2024	1.47

Portfolio composition as of March 31, 2020¹⁰

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

¹  Historical performance prior to July 12, 2010, is based on the Fund’s predecessor, Evergreen Diversified Income Builder Fund.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.85% for Class A, 1.60% for Class C, 0.42% for Class R6, 0.77% for Administrator Class, and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

⁶  Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and 15% of the Bloomberg Barclays U.S. Aggregate Bond Index.

The MSCI ACWI is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets.

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.

Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000^® Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000^® Index. You cannot invest directly in an index.

⁷  The ICE BofA U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the noninvestment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2020. ICE Data Indices, LLC. All rights reserved.

⁸  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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

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

Wells Fargo Diversified Income Builder 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	886.97	$	4.01		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Class C
Actual	$	1,000.00	$	885.36	$	7.54		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.00	$	8.07		1.60	%
Class R6
Actual	$	1,000.00	$	889.21	$	1.98		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.90	$	2.12		0.42	%
Administrator Class
Actual	$	1,000.00	$	887.88	$	3.63		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.15	$	3.89		0.77	%
Institutional Class
Actual	$	1,000.00	$	889.04	$	2.46		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.40	$	2.63		0.52	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 1.19%
Avis Budget Rental Car Funding Series 2019-2A Class C 144A		4.24	%		9-22-2025	$	2,000,000	$	1,910,144
Chesapeake Funding II LLC Series 2018-1A Class D 144A		3.92			4-15-2030		1,980,000		1,997,993
Hertz Vehicle Financing LLC Series 2019-1A Class B 144A		4.10			3-25-2023		1,380,000		1,227,783
Santander Retail Auto Lease Trust Series 2019-A Class D 144A		3.66			5-20-2024		2,000,000		2,030,422
Total Asset-Backed Securities (Cost $7,393,026)									7,166,342
						Shares
Common Stocks: 24.10%
Communication Services: 1.00%
Diversified Telecommunication Services: 0.49%
AT&T Incorporated #							43,274		1,261,437
Hellenic Telecommunications Organization SA							16,547		200,029
PT Telekomunikasi Indonesia Persero Tbk							1,382,100		268,427
Verizon Communications Incorporated #							23,364		1,255,348
									2,985,241
Entertainment: 0.03%
NetEase Incorporated ADR							621		199,316
Media: 0.10%
Naspers Limited							2,879		409,147
RTL Group SA							4,958		166,033
									575,180
Wireless Telecommunication Services: 0.38%
Advanced Info Service PCL							31,200		192,596
China Mobile Limited							73,500		550,830
KDDI Corporation							40,416		1,193,831
Mobile TeleSystems PJSC ADR							19,017		144,529
SK Telecom Company Limited							1,470		213,806
									2,295,592
Consumer Discretionary: 1.15%
Automobiles: 0.25%
Geely Automobile Holdings Limited							79,000		114,647
General Motors Company #							28,578		593,851
Guangzhou Automobile Group Company Limited H Shares							138,000		137,269
Hero Honda Motors Limited							6,954		146,639
Peugeot SA							41,487		540,131
									1,532,537
Hotels, Restaurants & Leisure: 0.02%
Sands China Limited							32,800		119,329
Household Durables: 0.44%
Coway Company Limited							2,154		101,892
Haier Smart Home Company Limited Class A							126,299		254,029
Hangzhou Robam Appliances Company Limited							36,699		145,781
Man Wah Holdings Limited							233,600		126,630
Midea Group Company Limited Class A							43,999		297,744
Persimmon plc							42,426		1,002,893

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

Wells Fargo Diversified Income Builder Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Household Durables (continued)
Pulte Group Incorporated #		19,692	$	439,525
Suzhou Gold Mantis Construction Decoration Company Limited		243,500		278,232
				2,646,726
Internet & Direct Marketing Retail: 0.10%
eBay Incorporated		19,632		590,138
Multiline Retail: 0.11%
Target Corporation #		7,344		682,772
Specialty Retail: 0.21%
China Yongda Automobile Service Holding Company		195,000		156,978
Petrobras Distribuidora SA		32,400		96,712
The TJX Companies Incorporated #		21,283		1,017,540
				1,271,230
Textiles, Apparel & Luxury Goods: 0.02%
Topsports International Holdings Limited		125,000		129,559
Consumer Staples: 1.01%
Food & Staples Retailing: 0.20%
Walmart de Mexico SAB de CV		77,500		182,589
Walmart Incorporated #		7,184		816,246
X5 Retail Group NV GDR		7,102		189,765
				1,188,600
Food Products: 0.58%
Dali Foods Group Company Limited 144A		239,500		166,100
Lamb Weston Holdings Incorporated		20,000		1,142,000
Nestle SA		13,390		1,370,705
Tingyi Holding Corporation		146,000		237,372
Uni-President China Holdings Limited		156,000		150,773
Uni-President Enterprises Corporation		59,000		127,701
WH Group Limited 144A		325,000		299,978
				3,494,629
Household Products: 0.19%
Kimberly-Clark de Mexico SAB de CV Class A		46,796		71,133
The Procter & Gamble Company #		9,851		1,083,610
				1,154,743
Personal Products: 0.04%
Hengan International Group Company Limited		37,600		280,841
Energy: 2.42%
Energy Equipment & Services: 0.01%
USA Compression Partners LP		8,558		48,438
Oil, Gas & Consumable Fuels: 2.41%
Alliance Resource Partners LP		17,805		55,196
Bharat Petroleum Corporation Limited		75,519		316,050
Black Stone Minerals LP		28,979		135,622
BP Midstream Partners LP		8,281		77,096
Calumet Specialty Products LP †		10,777		11,316
Canadian Natural Resources Limited		27,734		379,364

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

8  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Capital Product Partners LP		2,430	$	17,788
Cheniere Energy Partners LP		7,266		196,255
CNOOC Limited		522,297		542,757
CNX Midstream Partners LP		7,326		59,341
ConocoPhillips #		16,500		508,200
Consol Coal Resources LP		911		5,193
Crestwood Equity Partners LP		8,539		36,120
CrossAmerica Partners LP		1,854		14,943
DCP Midstream LP		15,561		63,333
Delek Logistics Partners LP		1,526		13,887
Dorchester Minerals LP		5,060		47,109
Enable Midstream Partners LP		9,826		25,253
Energy Transfer Equity LP		400,529		1,842,433
Enterprise Products Partners		258,123		3,691,159
Enviva Partners LP		3,660		97,795
EQT Midstream Partners LP		14,277		168,469
Gazprom PAO ADR		22,213		100,730
Genesis Energy LP		19,156		75,092
Global Partners LP		4,842		42,706
Golar LNG Partners LP		8,355		28,073
Green Plains Partners LP		1,970		13,081
Hindustan Petroleum Corporation Limited		88,872		222,837
Holly Energy Partners LP		7,875		110,486
KNOT Offshore Partners LP		3,804		38,801
Lukoil PJSC ADR		2,200		129,650
Magellan Midstream Partners LP		39,675		1,447,741
MPLX LP		66,183		769,046
Natural Resource Partners LP		1,405		17,141
NGL Energy Partners LP		22,241		57,827
Noble Midstream Partners LP		5,799		20,297
NuStar Energy LP		17,038		146,356
Oasis Midstream Partners LP		1,879		9,301
ONEOK Incorporated		24,000		523,440
PBF Logistics LP		4,747		32,090
PetroChina Company Limited H Shares		348,000		126,129
Phillips 66 Partners LP		9,865		359,382
Plains All American Pipeline LP		75,878		400,636
Shell Midstream Partners LP		22,288		222,434
Sprague Resources LP		1,737		22,720
Summit Midstream Partners LP		7,185		4,383
Sunoco LP		9,343		146,125
TC Pipelines LP		9,413		258,669
USD Partners LP		1,696		4,884
Valero Energy Corporation #		17,489		793,301
Western Midstream Partners LP		34,623		112,179
				14,540,216
Financials: 2.61%
Banks: 1.05%
Banco de Brasil SA		68,584		368,124
Bangkok Bank PCL		36,100		111,808
Bank of the Philippine Islands		91,310		111,083
BNP Paribas SA		14,238		415,682
China Construction Bank H Shares		995,000		808,782
China Merchants Bank Company Limited H Shares		49,500		221,452
CIMB Group Holdings Bhd		154,838		128,848

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

Wells Fargo Diversified Income Builder Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Banks (continued)
Citigroup Incorporated #		16,731	$	704,710
Credicorp Limited		711		101,723
CTBC Financial Holding Company Limited		397,000		233,769
Industrial & Commercial Bank of China Limited H Shares		904,000		616,689
ING Groep NV		76,141		390,154
JPMorgan Chase & Company #		11,947		1,075,588
KB Financial Group Incorporated		7,635		214,727
National Commercial Bank		23,347		215,204
PT Bank Rakyat Indonesia Tbk		777,600		142,616
Qatar National Bank		31,155		142,370
RHB Capital Bhd		112,100		121,976
Sberbank PJSC of Russia ADR		13,753		129,551
Standard Bank Group Limited		18,048		103,291
				6,358,147
Capital Markets: 0.64%
Ares Capital Corporation #		87,753		945,977
B3 Brasil Bolsa Balcao SA		26,700		184,471
Banco BTG Pactual SA		17,600		112,589
BlackRock Incorporated		1,357		597,039
Hercules Capital Incorporated #		44,924		343,219
Intermediate Capital Group		75,428		832,511
Morgan Stanley #		20,452		695,368
NH Investment & Securities Company Limited		21,994		160,958
				3,872,132
Diversified Financial Services: 0.10%
ORIX Corporation		47,800		570,286
Insurance: 0.77%
China Life Insurance Company H Shares		95,000		183,450
Chubb Limited		20,000		2,233,800
Legal & General Group plc		238,128		562,625
PICC Property & Casualty Company Limited H Shares		150,000		143,637
Ping An Insurance Group Company H Shares		138,400		1,351,650
Powszechny Zaklad Ubezpieczen SA		20,586		154,642
				4,629,804
Mortgage REITs: 0.05%
New Residential Investment Corporation #		55,640		278,756
Health Care: 3.15%
Biotechnology: 0.50%
AbbVie Incorporated #		15,318		1,167,078
Amgen Incorporated #		4,100		831,193
Gilead Sciences Incorporated #		13,546		1,012,699
				3,010,970
Health Care Equipment & Supplies: 0.79%
Abbott Laboratories		25,000		1,972,750
Becton Dickinson & Company		8,000		1,838,160
Danaher Corporation		7,000		968,870
				4,779,780

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

10  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care Providers & Services: 0.46%
CVS Health Corporation #		14,209	$	843,020
HCA Healthcare Incorporated #		7,023		631,017
Sinopharm Group Company Limited H Shares		88,800		196,754
UnitedHealth Group Incorporated #		4,477		1,116,474
				2,787,265
Life Sciences Tools & Services: 0.24%
Thermo Fisher Scientific Incorporated		5,000		1,418,000
Pharmaceuticals: 1.16%
Astellas Pharma Incorporated		73,762		1,136,478
Bristol-Myers Squibb Company #		30,589		1,705,031
Johnson & Johnson #		7,282		954,889
Novartis AG		13,842		1,141,948
Roche Holding AG		3,767		1,212,002
Sanofi SA		9,632		833,888
				6,984,236
Industrials: 2.11%
Aerospace & Defense: 0.63%
Curtiss-Wright Corporation		12,647		1,168,709
Huntington Ingalls Industries Incorporated		8,000		1,457,680
Raytheon Company		9,000		1,180,350
				3,806,739
Construction & Engineering: 0.25%
Bouygues SA		28,961		840,482
China Communications Services Corporation Limited H Shares		370,000		266,050
China State Construction Engineering Corporation Limited Class A		233,800		171,929
China State Construction International Holdings		292,000		214,143
				1,492,604
Electrical Equipment: 0.35%
AMETEK Incorporated		15,000		1,080,300
Nari Technology Company Limited		79,400		217,946
Schneider Electric SE		9,987		844,130
				2,142,376
Industrial Conglomerates: 0.14%
Honeywell International Incorporated #		5,025		672,295
The Bidvest Group Limited		20,558		167,602
				839,897
Machinery: 0.52%
IDEX Corporation		9,000		1,242,990
John Bean Technologies Corporation		20,000		1,485,400
Weichai Power Company Limited H Shares		115,000		183,183
Zhengzhou Yutong Bus Company Limited Class A		107,100		204,758
				3,116,331
Trading Companies & Distributors: 0.18%
Itochu Corporation		52,753		1,091,703

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

Wells Fargo Diversified Income Builder Fund  |  11

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Transportation Infrastructure: 0.04%
China Merchants Port Holdings Company Limited		204,000	$	231,745
Information Technology: 6.46%
Communications Equipment: 0.38%
Accton Technology Corporation		26,000		139,115
Cisco Systems Incorporated #		55,380		2,176,988
				2,316,103
Electronic Equipment, Instruments & Components: 0.88%
Amphenol Corporation Class A		25,000		1,822,000
Corning Incorporated		80,000		1,643,200
Delta Electronics Incorporated		34,000		134,566
FLIR Systems Incorporated		22,000		701,580
Hon Hai Precision Industry Company Limited		57,600		132,611
Keysight Technologies Incorporated †#		8,609		720,401
Largan Precision Company Limited		970		122,481
				5,276,839
IT Services: 1.17%
Amdocs Limited #		12,418		682,617
Infosys Limited ADR		48,386		397,249
International Business Machines Corporation #		8,814		977,737
Leidos Holdings Incorporated #		39,057		3,579,574
Tech Mahindra Limited		45,536		339,195
Visa Incorporated Class A #		6,523		1,050,986
				7,027,358
Semiconductors & Semiconductor Equipment: 1.72%
ASE Technology Holding Company Limited		66,000		127,843
ASM Pacific Technology		18,400		170,611
Broadcom Incorporated		10,000		2,371,000
Cypress Semiconductor Corporation		100,000		2,332,000
KLA-Tencor Corporation #		5,350		769,009
Mediatek Incorporated		11,600		124,505
Microchip Technology Incorporated		9,000		610,200
SK Hynix Incorporated		5,780		390,751
Taiwan Semiconductor Manufacturing Company Limited		145,000		1,305,335
Taiwan Semiconductor Manufacturing Company Limited ADR #		14,500		692,955
Texas Instruments Incorporated #		15,089		1,507,844
				10,402,053
Software: 1.24%
Adobe Incorporated †		7,000		2,227,680
Microsoft Corporation #		15,307		2,414,067
SAP SE		8,180		913,280
Synopsys Incorporated †		15,000		1,931,850
				7,486,877
Technology Hardware, Storage & Peripherals: 1.07%
Apple Incorporated #		6,280		1,596,941
Lenovo Group Limited		2,241,494		1,187,414
Quanta Computer Incorporated		127,000		251,478
Samsung Electronics Company Limited		34,476		1,340,478
Samsung Electronics Company Limited GDR 144A		1,122		1,109,812

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

12  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corporation		20,000	$	832,400
Wiwynn Corporation		6,400		147,157
				6,465,680
Materials: 1.00%
Chemicals: 0.33%
Celanese Corporation Series A		6,000		440,340
Ciner Resources LP		857		8,879
CVR Partners LP		12,987		13,377
LyondellBasell Industries NV Class A		24,125		1,197,324
Sociedad Quimica Minera de Chile		5,791		130,587
Wanhua Chemical Group Company Limited Class A		22,100		127,326
Westlake Chemical Partners LP		3,362		49,690
				1,967,523
Metals & Mining: 0.64%
Barrick Gold Corporation		50,357		925,341
Fortescue Metals Group Limited		187,370		1,148,245
Kumba Iron Ore Limited		16,077		250,685
Magnitogorsk Iron & Steel Works PJSC		262,100		125,862
Polymetal International plc		17,684		302,669
Rio Tinto plc		15,107		692,539
Southern Copper Corporation		6,321		177,999
Vale SA		30,100		250,365
				3,873,705
Paper & Forest Products: 0.03%
Mondi plc		8,291		139,916
Pope Resources LP		560		48,042
				187,958
Real Estate: 1.35%
Equity REITs: 1.00%
Crown Castle International Corporation		20,000		2,888,000
Embassy Office Parks REIT		39,800		183,931
Fibra Uno Administracion SAB de CV		154,916		121,595
Gaming and Leisure Properties Incorporated #		38,730		1,073,208
Life Storage Incorporated #		6,512		615,710
Saul Centers Incorporated		35,000		1,145,900
				6,028,344
Real Estate Management & Development: 0.35%
China Merchants Shekou Industrial Zone Holdings Company Limited Class A		70,300		161,929
China Overseas Land & Investment Limited		73,400		225,039
China Resources Land Limited		71,350		291,214
China Vanke Company Limited Class A		66,694		238,685
Logan Property Holdings Company Limited		662,442		1,007,696
Shimao Property Holding Limited		47,000		162,884
				2,087,447

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

Wells Fargo Diversified Income Builder Fund  |  13

Portfolio of investments—March 31, 2020 (unaudited)

						Shares		Value
Utilities: 1.84%
Electric Utilities: 0.48%
American Electric Power Company Incorporated							34,000	$	2,719,320
Red Eléctrica de Espana SA							10,658		191,519
									2,910,839
Gas Utilities: 0.49%
Atmos Energy Corporation							20,000		1,984,600
ENN Energy Holdings Limited							13,400		129,809
Gail India Limited							150,025		150,610
Infraestructura Energetica Nova SAB de CV							68,000		208,708
Kunlun Energy Company Limited							236,000		136,387
Mahanagar Gas Limited							14,905		161,340
Suburban Propane Partners LP							10,782		152,457
									2,923,911
Independent Power & Renewable Electricity Producers: 0.13%
Drax Group plc							239,949		453,790
Vistra Energy Corporation							20,000		319,200
									772,990
Multi-Utilities: 0.72%
CMS Energy Corporation							37,000		2,173,750
DTE Energy Company							16,000		1,519,520
Engie SA							65,775		673,565
									4,366,835
Water Utilities: 0.02%
Beijing Enterprises Water Group Limited							326,000		126,386
Total Common Stocks (Cost $167,716,671)									145,366,706
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 53.40%
Communication Services: 0.20%
Media: 0.20%
McGraw-Hill Global Education Holdings LLC 144A		7.88	%		5-15-2024	$	1,598,000		1,190,510
Consumer Discretionary: 4.77%
Auto Components: 1.77%
Dana Holding Corporation		5.50			12-15-2024		3,925,000		3,424,602
Speedway Motors Incorporated 144A		4.88			11-1-2027		3,000,000		2,700,000
Tenneco Incorporated		5.00			7-15-2026		7,250,000		4,549,375
									10,673,977
Hotels, Restaurants & Leisure: 0.40%
1929 Fieldhouse LLC / West Ward Street Development Corporation 144A		5.25			6-1-2020		2,410,000		2,419,272
Household Durables: 1.92%
Installed Building Company 144A		5.75			2-1-2028		12,140,000		11,563,350
Specialty Retail: 0.68%
Group 1 Automotive Incorporated		5.00			6-1-2022		4,453,000		4,096,760

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

14  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Staples: 2.32%
Food Products: 2.32%
Lamb Weston Holdings Incorporated 144A		4.63	%		11-1-2024	$	9,000,000	$	8,865,000
Post Holdings Incorporated 144A		5.00			8-15-2026		5,000,000		5,145,750
									14,010,750
Energy: 1.41%
Oil, Gas & Consumable Fuels: 1.41%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		9,500,000		8,503,677
Financials: 0.79%
Banks: 0.56%
Allied Irish Banks plc (5 Year EUR Swap +7.34%) ±		7.38			12-29-2049		1,500,000		1,605,463
Citigroup Incorporated (U.S. SOFR +3.23%) ±(s)		4.70			1-30-2025		1,000,000		865,000
JPMorgan Chase & Company (U.S. SOFR +3.13%) ±(s)		4.60			2-1-2025		1,000,000		875,200
									3,345,663
Diversified Financial Services: 0.23%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2030		2,000,000		1,402,323
Health Care: 14.47%
Health Care Equipment & Supplies: 2.77%
Hologic Incorporated 144A		4.38			10-15-2025		7,000,000		6,932,030
Teleflex Incorporated		4.63			11-15-2027		1,984,000		1,981,818
Teleflex Incorporated		4.88			6-1-2026		8,000,000		7,800,000
									16,713,848
Health Care Providers & Services: 7.94%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		9,335,000		8,961,600
Centene Corporation 144A		3.38			2-15-2030		3,000,000		2,790,000
Centene Corporation 144A		4.63			12-15-2029		7,000,000		7,035,000
Davita Incorporated		5.00			5-1-2025		9,000,000		8,988,210
HCA Incorporated		5.38			2-1-2025		9,500,000		9,666,155
HealthSouth Corporation		5.13			3-15-2023		2,000,000		1,980,000
Montefiore Obligated Group		4.29			9-1-2050		1,670,000		1,437,934
St. Joseph’s Hospital & Medical Center		3.93			7-1-2022		2,000,000		2,058,741
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		5,700,000		4,968,690
									47,886,330
Health Care Technology: 0.85%
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		5,000,000		5,100,000
Life Sciences Tools & Services: 1.34%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		5,075,000		5,176,500
Charles River Laboratories Incorporated 144A		4.25			5-1-2028		3,000,000		2,891,700
									8,068,200
Pharmaceuticals: 1.57%
Bausch Health Companies Incorporated 144A		5.25			1-30-2030		1,550,000		1,449,250
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		8,300,000		8,051,000
									9,500,250

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

Wells Fargo Diversified Income Builder Fund  |  15

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Industrials: 8.97%
Aerospace & Defense: 1.50%
Moog Incorporated 144A		4.25	%		12-15-2027	$	700,000	$	631,750
TransDigm Group Incorporated		6.38			6-15-2026		8,800,000		8,426,000
									9,057,750
Commercial Services & Supplies: 2.41%
ACCO Brands Corporation 144A		5.25			12-15-2024		5,000,000		4,800,000
Clean Harbors Incorporated 144A		5.13			7-15-2029		2,000,000		1,860,000
Northern Light Health		5.02			7-1-2036		1,000,000		1,019,519
South Nassau Communities Hospital Incorporated		4.65			8-1-2048		2,000,000		1,925,164
Stericycle Incorporated 144A		5.38			7-15-2024		5,000,000		4,950,000
									14,554,683
Construction & Engineering: 0.30%
Aecom Company		5.13			3-15-2027		2,000,000		1,800,000
Electrical Equipment: 0.43%
Resideo Funding Incorporated 144A		6.13			11-1-2026		3,000,000		2,617,500
Machinery: 3.06%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,077,625
HD Supply Incorporated 144A		5.38			10-15-2026		8,100,000		7,874,172
SPX FLOW Incorporated 144A		5.63			8-15-2024		4,500,000		4,365,000
SPX FLOW Incorporated 144A		5.88			8-15-2026		5,328,000		5,114,880
									18,431,677
Trading Companies & Distributors: 1.27%
WESCO Distribution Incorporated		5.38			6-15-2024		8,974,000		7,627,900
Information Technology: 6.30%
Communications Equipment: 0.94%
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		6,500,000		5,638,750
Electronic Equipment, Instruments & Components: 3.62%
Anixter International Incorporated		5.13			10-1-2021		3,000,000		3,020,280
MTS Systems Corporation 144A		5.75			8-15-2027		5,340,000		4,952,850
TTM Technologies Incorporated 144A		5.63			10-1-2025		16,495,000		13,855,800
									21,828,930
IT Services: 0.32%
Gartner Incorporated 144A		5.13			4-1-2025		2,000,000		1,955,000
Technology Hardware, Storage & Peripherals: 1.42%
Diebold Nixdorf Incorporated		8.50			4-15-2024		8,500,000		5,525,085
Western Digital Corporation		4.75			2-15-2026		3,000,000		3,049,500
									8,574,585
Materials: 9.69%
Chemicals: 6.47%
Koppers Incorporated 144A		6.00			2-15-2025		13,150,000		10,520,000
Olin Corporation		5.13			9-15-2027		5,000,000		4,467,825
Olin Corporation		5.50			8-15-2022		5,500,000		5,060,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		6,117,000		2,783,235

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

16  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Scotts Miracle-Gro Company		5.25	%		12-15-2026	$	4,000,000	$	3,800,000
Valvoline Incorporated		4.38			8-15-2025		13,000,000		12,382,500
									39,013,560
Containers & Packaging: 2.88%
Ball Corporation		4.00			11-15-2023		1,000,000		1,007,500
Ball Corporation		5.00			3-15-2022		2,500,000		2,573,300
Berry Global Incorporated		5.13			7-15-2023		6,500,000		6,514,300
Sealed Air Corporation 144A		5.25			4-1-2023		4,650,000		4,773,737
Sealed Air Corporation 144A		5.50			9-15-2025		2,500,000		2,531,275
									17,400,112
Metals & Mining: 0.34%
Commercial Metals Company		4.88			5-15-2023		2,150,000		2,026,375
Real Estate: 4.48%
Equity REITs: 4.48%
Equinix Incorporated		5.38			5-15-2027		5,000,000		4,988,900
Iron Mountain Incorporated 144A		4.88			9-15-2027		12,000,000		11,640,000
Sabra Health Care LP/Sabra Capital Corporation		3.90			10-15-2029		4,175,000		3,734,988
SBA Communications Corporation 144A		3.88			2-15-2027		6,650,000		6,666,625
									27,030,513
Total Corporate Bonds and Notes (Cost $351,258,394)									322,032,245
Foreign Corporate Bonds and Notes: 2.31%
Financials: 2.31%
Banks: 2.31%
ABN AMRO Bank NV (5 Year EUR Swap +3.90%) ±(s)		4.75			9-22-2027	EUR	3,000,000		2,779,307
Banco Santander SA (5 Year EUR Swap +4.53%) ±(s)		4.38			1-14-2026	EUR	3,000,000		2,465,913
Bankia SA (5 Year EUR Swap +6.22%) ±(s)		6.38			9-19-2023	EUR	3,000,000		2,580,242
Cooperatieve Rabobank UA (5 Year EUR Swap +6.70%) ±		6.63			12-29-2049	EUR	2,800,000		2,941,433
Governor & Company of The Bank of Ireland (5 Year EUR Swap +6.96%) ±		7.38			12-29-2049	EUR	3,000,000		3,174,180
Total Foreign Corporate Bonds and Notes (Cost $16,842,271)									13,941,075
Municipal Obligations: 5.03%
California: 0.51%
Education Revenue: 0.36%
California School Finance Authority Charter School 144A		4.25			7-1-2025	$	935,000		906,052
California School Finance Authority Charter School 144A		5.00			6-15-2031		1,350,000		1,253,934
									2,159,986
Health Revenue: 0.15%
California Municipal Finance Authority Series 2019B 144A		4.25			11-1-2023		900,000		887,958
									3,047,944
Colorado: 0.38%
Health Revenue: 0.38%
Denver CO Health & Hospital Authority Series B		4.65			12-1-2023		1,205,000		1,262,286
Denver CO Health & Hospital Authority Series B		4.90			12-1-2024		250,000		262,780

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

Wells Fargo Diversified Income Builder Fund  |  17

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Revenue (continued)
Denver CO Health & Hospital Authority Series B		5.00	%		12-1-2025	$	275,000	$	289,765
Denver CO Health & Hospital Authority Series B		5.15			12-1-2026		445,000		468,300
									2,283,131
Florida: 0.26%
Education Revenue: 0.26%
Capital Trust Agency Renaissance Charter School Project Series B 144A		5.63			6-15-2023		590,000		603,930
Florida HEFAR Jacksonville University Project Series A2 144A		5.43			6-1-2027		1,000,000		991,140
									1,595,070
Georgia: 0.08%
Health Revenue: 0.08%
Cobb County Development Authority Presbyterian Village Austell Project Series 2019B 144A		5.75			12-1-2028		500,000		478,485
Guam: 0.11%
Airport Revenue: 0.11%
Guam Port Authority Series C		3.78			7-1-2021		635,000		645,224
Illinois: 0.51%
Miscellaneous Revenue: 0.51%
Chicago IL Board of Education Taxable Build America Bonds Series E		6.04			12-1-2029		1,255,000		1,252,402
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		1,825,000		1,806,276
									3,058,678
Indiana: 0.08%
Health Revenue: 0.08%
Knox County IN Good Samaritian Hospital Project Industry Economic Development Series B		5.90			4-1-2034		480,000		453,125
Iowa: 0.18%
GO Revenue: 0.18%
Coralville IA Series C		5.00			5-1-2030		1,200,000		1,103,592
Louisiana: 0.16%
Health Revenue: 0.16%
Louisiana Local Government Environmental Facilities and Community Development Authority		5.75			1-1-2029		1,000,000		980,340
Michigan: 0.50%
Miscellaneous Revenue: 0.50%
Wayne County MI Recovery Zone Economic Development Build America Bonds		10.00			12-1-2040		3,000,000		3,043,770
New Jersey: 0.36%
Education Revenue: 0.18%
New Jersey Educational Facilities Authority Georgian Court University Series H		4.25			7-1-2028		1,000,000		1,047,760
Utilities Revenue: 0.18%
Newark NJ Redevelopment Area Public Service Electric & Gas Project 144A		4.49			12-1-2047		1,000,000		1,104,810
									2,152,570

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

18  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
New York: 0.22%
Education Revenue: 0.09%
Yonkers Economic Development Corporation Series 2019B		4.50	%		10-15-2024	$	545,000	$	527,020
Health Revenue: 0.05%
Jefferson County NY Civic Facility Development Corporation Refunding Bond Series B Samaritan Medical Center Obligated Group		4.25			11-1-2028		305,000		318,591
Utilities Revenue: 0.08%
New York Energy Research & Development Authority Green Bond Series A		4.81			4-1-2034		500,000		500,150
									1,345,761
Ohio: 0.13%
Tobacco Revenue: 0.13%
Buckeye OH Tobacco Settlement Financing Authority ¤		0.00			6-1-2057		7,000,000		772,310
Oklahoma: 0.31%
Health Revenue: 0.09%
Oklahoma Development Finance Authority		5.45			8-15-2028		500,000		578,710
Miscellaneous Revenue: 0.22%
Woodward County OK Educational Facilities Authority Mooreland Public Schools Project Series B		4.63			9-15-2025		1,310,000		1,321,332
									1,900,042
Pennsylvania: 0.33%
Housing Revenue: 0.33%
Philadelphia PA IDA MFHR University Square Apartments Low Income Housing Project 144A		5.00			12-1-2020		2,000,000		2,003,500
Tennessee: 0.15%
Tax Revenue: 0.15%
Bristol TN Industrial Development Board The Pinnacle Project Series A 144A		5.13			12-1-2042		1,000,000		876,580
Texas: 0.08%
Education Revenue: 0.08%
Clifton TX Higher Education Finance Corporation International Leadership		6.13			8-15-2023		500,000		500,085
Virginia: 0.34%
Tax Revenue: 0.34%
Mosaic District VA CDA Series A-T		7.25			3-1-2036		2,000,000		2,050,700
Wisconsin: 0.34%
Education Revenue: 0.34%
PFA Burrell College of Osteopathic Medicine Project 144A		5.13			6-1-2028		1,360,000		1,506,758
Public Finance Authority WI Educational Facility Ikaho College 144A		6.75			6-1-2031		500,000		556,050
									2,062,808
Total Municipal Obligations (Cost $30,698,967)									30,353,715
Non-Agency Mortgage-Backed Securities: 1.97%
AFN LLC Series 2019-1A Class A2 144A		4.46			5-20-2049		1,000,000		630,865
Aqua Finance Trust Series 2019-A Class A 144A		3.14			7-16-2040		508,299		506,239

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

Wells Fargo Diversified Income Builder Fund  |  19

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
BCC Funding Corporation Series 2019-1A Class D 144A		3.94	%		7-20-2027	$	450,000	$	436,473
Capital Automotive Real Estate Services Series 1A Class A6 144A		3.81			2-15-2050		500,000		465,000
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class B		3.77			2-10-2048		2,524,616		2,424,231
CLI Funding LLC Series 2018-1A Class A 144A		4.03			4-18-2043		598,340		568,374
CLI Funding LLC Series 2019-1A Class A 144A		3.71			5-18-2044		918,773		854,066
CLI Funding LLC Series 2019-1A Class B 144A		4.64			5-18-2044		503,494		477,180
Conn Funding II LP Series A Class A 144A		3.40			10-16-2023		407,065		395,419
Driven Brands Funding LLC Series 2019-2A Class A2 144A		3.98			10-20-2049		798,000		737,384
JPMorgan Mortgage Trust Series 2019-2 Class A3 144A±±		4.00			8-25-2049		693,286		703,725
Longtrain Leasing III LLC Series 2015-1A Class A2 144A		4.06			1-15-2045		980,190		905,894
Mosaic Solar Loans LLC Series 2019-2A Class A 144A		2.88			9-20-2040		270,321		260,607
Sequoia Mortgage Trust Series 2018-6 Class A19 144A±±		4.00			7-25-2048		960,367		973,868
SoFi Consumer Loan Program Trust Series 2019-2 Class C 144A		3.46			4-25-2028		2,000,000		1,542,110
Total Non-Agency Mortgage-Backed Securities (Cost $13,165,233)									11,881,435
	Dividend yield					Shares
Preferred Stocks: 0.15%
Energy: 0.02%
Oil, Gas & Consumable Fuels: 0.02%
Petroleo Brasil SP ADR		7.09					20,934		112,834
Financials: 0.05%
Banks: 0.05%
Banco Bradesco SA		11.25					29,040		116,080
Itaúsa Investimentos Itaú SA		6.21					103,700		175,025
									291,105
Information Technology: 0.06%
Technology Hardware, Storage & Peripherals: 0.06%
Samsung Electronics Company Limited		2.79					10,946		356,704
Materials: 0.02%
Metals & Mining: 0.02%
Gerdau SA		18.63					62,200		120,304
Total Preferred Stocks (Cost $1,255,786)									880,947
	Interest rate					Principal
Yankee Corporate Bonds and Notes: 9.06%
Financials: 7.88%
Banks: 5.03%
Barclays plc (5 Year USD Swap +4.84%) ±(s)		7.75			9-15-2023	$	2,160,000		1,894,320
BNP Paribas SA (5 Year USD Swap +6.31%) ±		7.63			12-29-2049		4,000,000		3,905,000
Credit Agricole SA (5 Year USD Swap +4.90%) 144A±		7.88			12-29-2049		1,750,000		1,688,750
Credit Agricole SA (5 Year USD Swap +6.19%) 144A±		8.13			12-29-2049		1,750,000		1,802,500
Danske Bank AS (7 Year Treasury Constant Maturity +4.13%) ±(s)		7.00			6-26-2025		2,300,000		1,932,000
DNB Bank ASA (5 Year USD Swap +5.08%) ±		6.50			12-29-2049		3,690,000		3,312,690
HSBC Holdings plc (USD ICE Swap Rate 11:00am NY 5Y +4.37%) ±		6.38			12-29-2049		3,690,000		3,450,150

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

20  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Banks (continued)
ING Groep NV (USD ICE Swap Rate 11:00am NY 5Y +4.20%) ±(s)		6.75	%		4-16-2024	$	3,800,000	$	3,258,500
Lloyds Banking Group plc (5 Year USD Swap +4.76%) ±		7.50			4-30-2049		3,665,000		3,147,136
Skandinaviska Enskilda Banken AB (5 Year Treasury Constant Maturity +3.46%) ±(s)		5.13			5-13-2025		2,000,000		1,723,000
Societe Generale SA (USD ICE Swap Rate 11:00am NY 5Y +5.87%) 144A±		8.00			12-29-2049		3,535,000		3,234,525
Standard Chartered plc (5 Year USD Swap +5.72%) 144A±		7.75			12-29-2049		1,000,000		982,500
									30,331,071
Capital Markets: 0.54%
Credit Suisse Group AG (5 Year USD Swap +4.60%) 144A±		7.50			12-29-2049		3,395,000		3,267,688
Diversified Financial Services: 2.31%
Tronox Finance plc 144A		5.75			10-1-2025		12,000,000		10,710,000
UBS Group Funding Switzerland AG (5 Year USD Swap +4.87%) ±		7.00			12-29-2049		3,330,000		3,208,455
									13,918,455
Industrials: 0.61%
Electrical Equipment: 0.61%
Sensata Technologies BV 144A		5.63			11-1-2024		3,750,000		3,656,250
Information Technology: 0.57%
Technology Hardware, Storage & Peripherals: 0.57%
Seagate HDD		4.88			6-1-2027		3,500,000		3,469,175
Total Yankee Corporate Bonds and Notes (Cost $60,119,293)									54,642,639
	Yield					Shares
Short-Term Investments: 1.53%
Investment Companies: 0.95%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35					5,744,946		5,744,946
						Principal
U.S. Treasury Securities: 0.58%
U.S. Treasury Bill (z)#		0.40			6-11-2020	$	3,498,000		3,497,205
Total Short-Term Investments (Cost $9,240,126)									9,242,151

Total investments in securities (Cost $657,689,767)	98.74	%	595,507,255
Other assets and liabilities, net	1.26		7,626,584
Total net assets	100.00	%	$603,133,839

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 segregated as collateral for investments in derivative instruments.

† Non-income-earning security

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

(s) Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.

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

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

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

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

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

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

Wells Fargo Diversified Income Builder Fund  |  21

Portfolio of investments—March 31, 2020 (unaudited)

Abbreviations:

ADR American depositary receipt

CDA Community Development Authority

EUR Euro

GDR Global depositary receipt

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDA Industrial Development Authority

MFHR Multifamily housing revenue

PFA Public Finance Authority

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
NASDAQ 100 E-Mini Index		190		6-19-2020	$	26,879,188		$	29,587,750		$	2,708,562	$	0
S&P 500 E-Mini Index		46		6-19-2020		5,453,749			5,910,310			456,561		0
Short
Russell 2000 E-Mini Index		(302)		6-19-2020		(15,105,366	)		(17,328,760	)		0		(2,223,394	)
											$	3,165,123	$	(2,223,394	)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
25,953,010 USD	23,900,000 EUR	Citibank	6-30-2020	$	0	$	(493,760	)
1,444,000 EUR	1,566,364 USD	Citibank	6-30-2020		31,508		0
				$	31,508	$	(493,760	)

Written Options

Description	Counterparty		Number of contracts			Notional amount			Exercise price		Expiration date		Value
Call
iShares MSCI EAFE ETF		Morgan Stanley		(158	)	$	(1,003,300	)	$	63.50		4-3-2020	$	(1	)
iShares MSCI Emerging Markets ETF		Morgan Stanley		(3,723	)		(14,892,000	)		40.00		4-3-2020		(332	)
iShares MSCI Emerging Markets ETF		Morgan Stanley		(293	)		(1,157,350	)		39.50		4-3-2020		(57	)
Russell 2000 Index		Morgan Stanley		(35	)		(4,917,500	)		1,405.00		4-3-2020		(8	)
S&P 100 Index		Morgan Stanley		(29	)		(3,813,500	)		1,315.00		4-3-2020		(1,116	)
SPDR Euro STOXX 50 ETF		Morgan Stanley		(791	)		(2,728,950	)		34.50		4-3-2020		(11	)
iShares MSCI Emerging Markets ETF		Morgan Stanley		(850	)		(3,272,500	)		38.50		4-9-2020		(2,655	)
iShares MSCI Emerging Markets ETF		Morgan Stanley		(2,141	)		(8,992,200	)		42.00		4-9-2020		(118	)
S&P 100 Index		Morgan Stanley		(72	)		(9,000,000	)		1,250.00		4-9-2020		(79,200	)
Dow Jones Industrial Average		Morgan Stanley		(7	)		(150,500	)		215.00		4-17-2020		(10,780	)
iShares MSCI Emerging Markets ETF		Morgan Stanley		(693	)		(2,356,200	)		34.00		4-17-2020		(99,792	)
S&P 500 Index		Morgan Stanley		(13	)		(3,243,500	)		2,495.00		4-17-2020		(213,764	)
													$	(407,834	)

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

22  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—March 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		19,875,845		107,656,270		(121,787,169	)		5,744,946	$	0	$	0	$	226,860	$	5,744,946		0.95	%

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

Wells Fargo Diversified Income Builder Fund  |  23

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $651,944,821)	$	589,762,309
Investments in affiliated securities, at value (cost $5,744,946)		5,744,946
Cash		2,235,675
Cash at broker segregated for futures contracts		640,000
Receivable for investments sold		1,928,951
Receivable for Fund shares sold		2,007,568
Receivable for dividends and interest		7,107,223
Unrealized gains on forward foreign currency contracts		31,508
Prepaid expenses and other assets		293,654
Total assets		609,751,834
Liabilities
Payable for investments purchased		1,371,921
Payable for Fund shares redeemed		1,101,079
Payable for daily variation margin on open futures contracts		253,070
Overdraft due to custodian bank, foreign currency, at value (cost $2,431,532)		2,431,726
Written options, at value (premiums received $1,223,092)		407,834
Unrealized losses on forward foreign currency contracts		493,760
Cash collateral due to broker for forward foreign currency contracts		190,000
Management fee payable		187,644
Administration fees payable		96,006
Distribution fee payable		80,894
Trustees’ fees and expenses payable		4,061
Total liabilities		6,617,995
Total net assets	$	603,133,839
Net assets consist of
Paid-in capital	$	693,912,010
Total distributable loss		(90,778,171	)
Total net assets	$	603,133,839
Computation of net asset value and offering price per share
Net assets – Class A	$	209,021,531
Shares outstanding – Class A1		39,572,199
Net asset value per share – Class A		$5.28
Maximum offering price per share – Class A2		$5.60
Net assets – Class C	$	119,467,473
Shares outstanding – Class C1		22,560,404
Net asset value per share – Class C		$5.30
Net assets – Class R6	$	2,574,303
Shares outstanding – Class R61		499,906
Net asset value per share – Class R6		$5.15
Net assets – Administrator Class	$	9,255,101
Shares outstanding – Administrator Class1		1,796,799
Net asset value per share – Administrator Class		$5.15
Net assets – Institutional Class	$	262,815,431
Shares outstanding – Institutional Class1		51,027,187
Net asset value per share – Institutional Class		$5.15

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.

24  |  Wells Fargo Diversified Income Builder Fund

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Interest	$	12,704,208
Dividends (net of foreign withholding taxes of $88,628)		3,389,801
Income from affiliated securities		226,860
Total investment income		16,320,869
Expenses
Management fee		1,969,573
Administration fees
Class A		267,496
Class C		147,185
Class R6		235
Administrator Class		7,300
Institutional Class		207,201
Shareholder servicing fees
Class A		318,447
Class C		175,220
Administrator Class		14,039
Distribution fee
Class C		525,646
Custody and accounting fees		18,349
Professional fees		32,722
Registration fees		50,137
Shareholder report expenses		50,137
Trustees’ fees and expenses		11,029
Interest expense		259
Other fees and expenses		9,340
Total expenses		3,804,315
Less: Fee waivers and/or expense reimbursements
Fund-level		(729,967	)
Net expenses		3,074,348
Net investment income		13,246,521
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(6,134,431	)
Futures contracts		(4,387,826	)
Forward foreign currency contracts		958,152
Written options		1,201,531
Net realized losses on investments		(8,362,574	)
Net change in unrealized gains (losses) on
Unaffiliated securities		(89,261,575	)
Futures contracts		843,038
Forward foreign currency contracts		(381,476	)
Written options		815,258
Net change in unrealized gains (losses) on investments		(87,984,755	)
Net realized and unrealized gains (losses) on investments		(96,347,329	)
Net decrease in net assets resulting from operations	$	(83,100,808	)

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

Wells Fargo Diversified Income Builder Fund  |  25

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	13,246,521					$	25,931,305
Net realized losses on investments					(8,362,574	)					(23,328,410	)
Net change in unrealized gains (losses) on investments					(87,984,755	)					22,911,044
Net increase (decrease) in net assets resulting from operations					(83,100,808	)					25,513,939
Distributions to shareholders from net investment income and net realized gains
Class A					(4,475,198	)					(19,291,628	)
Class C					(1,924,707	)					(11,757,683	)
Class R6					(33,417	)					(2,192	)
Administrator Class					(207,916	)					(2,015,528	)
Institutional Class					(6,248,451	)					(26,837,985	)
Total distributions to shareholders					(12,889,689	)					(59,905,016	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		5,708,789			34,764,733			15,741,839			94,086,277
Class C		3,026,697			18,368,376			6,522,568			38,947,259
Class R6		493,921			2,911,613			0			0
Administrator Class		240,825			1,411,812			729,093			4,244,341
Institutional Class		10,092,624			59,645,030			22,831,336			132,583,652
					117,101,564						269,861,529
Reinvestment of distributions
Class A		704,850			4,209,699			3,135,334			18,209,570
Class C		288,346			1,728,869			1,853,575			10,728,732
Class R6		5,769			32,940			0			0
Administrator Class		29,488			171,793			322,489			1,815,085
Institutional Class		871,373			5,066,788			3,849,831			21,832,218
					11,210,089						52,585,605
Payment for shares redeemed
Class A		(8,393,950	)		(48,915,411	)		(13,852,338	)		(82,279,885	)
Class C		(3,933,863	)		(23,083,595	)		(11,490,423	)		(68,292,199	)
Class R6		(3,836	)		(20,256	)		0			0
Administrator Class		(490,050	)		(2,866,937	)		(4,353,482	)		(24,635,205	)
Institutional Class		(12,752,090	)		(70,728,809	)		(28,099,288	)		(162,899,174	)
					(145,615,008	)					(338,106,463	)
Net decrease in net assets resulting from capital share transactions					(17,303,355	)					(15,659,329	)
Total decrease in net assets					(113,293,852	)					(50,050,406	)
Net assets
Beginning of period					716,427,691						766,478,097
End of period				$	603,133,839					$	716,427,691

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

26  |  Wells Fargo Diversified Income Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$6.06			$6.33			$6.42			$6.13			$5.71			$6.37
Net investment income		0.11	1		0.22			0.21			0.20			0.20			0.21
Net realized and unrealized gains (losses) on investments		(0.78	)		0.02			(0.01	)		0.35			0.64			(0.31	)
Total from investment operations		(0.67	)		0.24			0.20			0.55			0.84			(0.10	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.23	)		(0.19	)		(0.22	)		(0.21	)		(0.21	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)
Total distributions to shareholders		(0.11	)		(0.51	)		(0.29	)		(0.26	)		(0.42	)		(0.56	)
Net asset value, end of period		$5.28			$6.06			$6.33			$6.42			$6.13			$5.71
Total return1		(11.30	)%		4.51	%		3.23	%		9.16	%		15.39	%		(1.92	)%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.05	%		1.04	%		1.05	%		1.08	%		1.11	%
Net expenses		0.85	%		0.85	%		0.90	%		1.05	%		1.08	%		1.08	%
Net investment income		3.74	%		3.75	%		3.34	%		3.29	%		3.55	%		3.38	%
Supplemental data
Portfolio turnover rate		19	%		43	%		50	%		29	%		38	%		63	%
Net assets, end of period (000s omitted)		$209,022			$251,673			$231,176			$220,977			$154,496			$127,242

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

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

Wells Fargo Diversified Income Builder Fund  |  27

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$6.07			$6.34			$6.44			$6.14			$5.72			$6.39
Net investment income		0.09			0.18			0.17			0.16			0.16	1		0.16	1
Net realized and unrealized gains (losses) on investments		(0.78	)		0.02			(0.02	)		0.35			0.63			(0.32	)
Total from investment operations		(0.69	)		0.20			0.15			0.51			0.79			(0.16	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.19	)		(0.15	)		(0.17	)		(0.16	)		(0.16	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)
Total distributions to shareholders		(0.08	)		(0.47	)		(0.25	)		(0.21	)		(0.37	)		(0.51	)
Net asset value, end of period		$5.30			$6.07			$6.34			$6.44			$6.14			$5.72
Total return2		(11.46	)%		3.71	%		2.32	%		8.51	%		14.51	%		(2.81	)%
Ratios to average net assets (annualized)
Gross expenses		1.80	%		1.80	%		1.79	%		1.80	%		1.83	%		1.86	%
Net expenses		1.60	%		1.60	%		1.65	%		1.80	%		1.83	%		1.83	%
Net investment income		2.99	%		2.99	%		2.59	%		2.54	%		2.80	%		2.62	%
Supplemental data
Portfolio turnover rate		19	%		43	%		50	%		29	%		38	%		63	%
Net assets, end of period (000s omitted)		$119,467			$140,722			$166,750			$165,513			$129,856			$110,457

¹  Calculated based upon average shares outstanding

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

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

28  |  Wells Fargo Diversified Income Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R6				2019			20181
Net asset value, beginning of period		$5.91			$6.18			$6.17
Net investment income		0.12	1		0.24	2		0.02	2
Net realized and unrealized gains (losses) on investments		(0.76	)		0.03			0.02
Total from investment operations		(0.64	)		0.27			0.04
Distributions to shareholders from
Net investment income		(0.12	)		(0.26	)		(0.03	)
Net realized gains		0.00			(0.28	)		0.00
Total distributions to shareholders		(0.12	)		(0.54	)		(0.03	)
Net asset value, end of period		$5.15			$5.91			$6.18
Total return3		(11.08	)%		5.07	%		0.71	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.61	%		0.64	%
Net expenses		0.42	%		0.42	%		0.41	%
Net investment income		4.19	%		4.17	%		2.31	%
Supplemental data
Portfolio turnover rate		19	%		43	%		50	%
Net assets, end of period (000s omitted)		$2,574			$24			$25

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Diversified Income Builder Fund  |  29

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$5.91			$6.19			$6.29			$6.00			$5.60			$6.25
Net investment income		0.11			0.22	1		0.21	1		0.21	1		0.21	1		0.21	1
Net realized and unrealized gains (losses) on investments		(0.76	)		0.02			(0.01	)		0.34			0.61			(0.30	)
Total from investment operations		(0.65	)		0.24			0.20			0.55			0.82			(0.09	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.24	)		(0.20	)		(0.22	)		(0.21	)		(0.21	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)
Total distributions to shareholders		(0.11	)		(0.52	)		(0.30	)		(0.26	)		(0.42	)		(0.56	)
Net asset value, end of period		$5.15			$5.91			$6.19			$6.29			$6.00			$5.60
Total return2		(11.21	)%		4.52	%		3.21	%		9.45	%		15.45	%		(1.69	)%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.97	%		0.96	%		0.97	%		1.00	%		0.97	%
Net expenses		0.77	%		0.77	%		0.81	%		0.90	%		0.90	%		0.90	%
Net investment income		3.81	%		3.77	%		3.40	%		3.51	%		3.72	%		3.56	%
Supplemental data
Portfolio turnover rate		19	%		43	%		50	%		29	%		38	%		63	%
Net assets, end of period (000s omitted)		$9,255			$11,916			$32,938			$41,975			$70,051			$31,367

¹  Calculated based upon average shares outstanding

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

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

30  |  Wells Fargo Diversified Income Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$5.91			$6.19			$6.28			$6.00			$5.59			$6.25
Net investment income		0.12			0.24			0.23			0.24			0.23			0.24
Net realized and unrealized gains (losses) on investments		(0.76	)		0.01			(0.01	)		0.31			0.61			(0.32	)
Total from investment operations		(0.64	)		0.25			0.22			0.55			0.84			(0.08	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.25	)		(0.21	)		(0.23	)		(0.22	)		(0.23	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)		(0.35	)
Total distributions to shareholders		(0.12	)		(0.53	)		(0.31	)		(0.27	)		(0.43	)		(0.58	)
Net asset value, end of period		$5.15			$5.91			$6.19			$6.28			$6.00			$5.59
Total return1		(11.10	)%		4.80	%		3.62	%		9.49	%		15.88	%		(1.65	)%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.72	%		0.71	%		0.72	%		0.75	%		0.71	%
Net expenses		0.52	%		0.52	%		0.57	%		0.71	%		0.71	%		0.69	%
Net investment income		4.07	%		4.07	%		3.67	%		3.60	%		3.92	%		3.76	%
Supplemental data
Portfolio turnover rate		19	%		43	%		50	%		29	%		38	%		63	%
Net assets, end of period (000s omitted)		$262,815			$312,093			$335,589			$315,413			$124,116			$77,558

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 Diversified Income Builder Fund  |  31

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Equity securities, options, 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.

Forward foreign currency contracts are recorded at the forward rate 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”).

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.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2020, such fair value pricing was used in pricing certain foreign securities.

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

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

Foreign currency translation

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

32  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements (unaudited)

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

Forward foreign currency contracts

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

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 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.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. Premiums paid are included in the Statement of Assets and Liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Wells Fargo Diversified Income Builder Fund  |  33

Notes to financial statements (unaudited)

Security transactions and income recognition

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

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.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $657,984,919 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	21,412,233
Gross unrealized losses		(83,818,254	)
Net unrealized losses	$	(62,406,021	)

As of September 30, 2019, the Fund had capital loss carryforwards which consisted of $8,937,939 in short-term capital losses and $15,236,081 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

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)

34  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	7,166,342	$	0	$	7,166,342
Common stocks
Communication services		2,860,630		3,194,699		0		6,055,329
Consumer discretionary		3,420,538		3,551,753		0		6,972,291
Consumer staples		3,295,578		2,823,235		0		6,118,813
Energy		13,150,501		1,438,153		0		14,588,654
Financials		7,641,364		8,067,761		0		15,709,125
Health care		14,459,181		4,521,070		0		18,980,251
Industrials		8,287,724		4,433,671		0		12,721,395
Information technology		31,038,278		7,936,632		0		38,974,910
Materials		3,241,944		2,787,242		0		6,029,186
Real estate		5,844,413		2,271,378		0		8,115,791
Utilities		9,077,555		2,023,406		0		11,100,961
Corporate bonds and notes		0		322,032,245		0		322,032,245
Foreign corporate bonds and notes		0		13,941,075		0		13,941,075
Municipal obligations		0		30,353,715		0		30,353,715
Non-agency mortgage-backed securities		0		11,881,435		0		11,881,435
Preferred stocks
Energy		112,834		0		0		112,834
Financials		291,105		0		0		291,105
Information technology		0		356,704		0		356,704
Materials		120,304		0		0		120,304
Yankee corporate bonds and notes		0		54,642,639		0		54,642,639
Short-term investments						0
Investment companies		5,744,946		0		0		5,744,946
U.S. Treasury securities		3,497,205		0		0		3,497,205
		112,084,100		483,423,155		0		595,507,255
Futures contracts		3,165,123		0		0		3,165,123
Forward foreign currency contracts		0		31,508		0		31,508
Total assets	$	115,249,223	$	483,454,663	$	0	$	598,703,886
Liabilities
Futures contracts	$	2,223,394	$	0	$	0	$	2,223,394
Forward foreign currency contracts		0		493,760		0		493,760
Written options		0		407,834		0		407,834
Total liabilities	$	2,223,394	$	901,594	$	0	$	3,124,988

Wells Fargo Diversified Income Builder Fund  |  35

Notes to financial statements (unaudited)

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

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.54% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
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. Funds Management has committed through January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.42% for Class R6 shares, 0.77% for Administrator Class shares, and 0.52% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

36  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements (unaudited)

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $28,955 from the sale of Class A shares and $483 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $7,343,750 and $0 in interfund purchases and sales, respectively, during the six months ended March 31, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $134,385,245 and $129,619,958, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2020, the Fund entered into futures contracts, forward foreign currency contracts, and written options for economic hedging purposes.

The volume of the Fund’s futures contracts, forward foreign currency contracts, and written options during the six months ended March 31, 2020 was as follows:

Options
Average number of contracts written		2,004
Futures contracts
Average notional balance on long futures	$	54,756,042
Average notional balance on short futures		45,358,726
Forward foreign currency contracts
Average contract amounts to buy	$	3,935,411
Average contract amounts to sell		30,519,769

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

The fair value of derivative instruments as of March 31, 2020 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	$	3,165,123	*	Unrealized losses on futures contracts	$	2,223,394	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		31,508		Unrealized losses on forward foreign currency contracts		493,760
Equity risk					Written options, at value		407,834
		$	3,196,631			$	3,124,988

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of March 31, 2020 is reported separately on the Statement of Assets and Liabilities.

Wells Fargo Diversified Income Builder Fund  |  37

Notes to financial statements (unaudited)

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Written options		Total
Interest rate risk	$	(1,549,310	)	$	0		$	0	$	(1,549,310	)
Equity risk		(2,248,253	)		0			1,201,531		(1,046,722	)
Foreign currency risk		(590,263	)		958,152			0		367,889
	$	(4,387,826	)	$	958,152		$	1,201,531	$	(2,228,143	)
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Written options		Total
Interest rate risk	$	496,274		$	0		$	0	$	496,274
Equity risk		814,300			0			815,258		1,629,558
Foreign currency risk		(467,536	)		(381,476	)		0		(849,012	)
	$	843,038		$	(381,476	)	$	815,258	$	1,276,820

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

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
Citibank	$31,508	$(31,508)	$	0	$	0

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged1			Net amount of liabilities
Citibank	$493,760	$(31,508)	$	(190,000	)	$	272,252

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

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

38  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements (unaudited)

on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

During the six months ended March 31, 2020, the Fund had average borrowings outstanding of $15,988 (on an annualized basis) at an average rate of 1.62% and paid interest in the amount of $259.

8. INDEMNIFICATION    

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium 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 Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

Wells Fargo Diversified Income Builder Fund  |  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 files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

40  |  Wells Fargo Diversified Income Builder 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 147 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 Income Builder 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 Diversified Income Builder 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 Rhee (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 Kennedy (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 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.    

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

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

Wells Fargo Diversified Income Builder Fund  |  43

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

44  |  Wells Fargo Diversified Income Builder Fund

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo Diversified Income Builder Fund  |  45

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

46  |  Wells Fargo Diversified Income Builder 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.

PAR-0420-06221 05-20

SA226/SAR226 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo

Index Asset Allocation Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	33
Other information	40
Appendix I	44
Appendix II	45

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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 March 31, 2020, 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 Asset Allocation Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Asset Allocation Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Index Asset Allocation Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Asset Allocation Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SFAAX)	11-13-1986		-5.38		3.88		8.47		0.39		5.12		9.11		1.11		1.08
Class C (WFALX)	4-1-1998		-1.38		4.33		8.30		-0.38		4.33		8.30		1.86		1.83
Administrator Class (WFAIX)	11-8-1999		–		–		–		0.55		5.32		9.35		1.03		0.90
Institutional Class (WFATX)3	10-31-2016		–		–		–		0.70		5.43		9.41		0.78		0.75
Index Asset Allocation Blended Index4	–		–		–		–		1.35		5.80		9.87		–		–
Bloomberg Barclays U.S. Treasury Index5	–		–		–		–		13.23		3.64		3.83		–		–
S&P 500 Index6	–		–		–		–		-6.98		6.73		10.53		–		–

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Index Asset Allocation Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20207
Microsoft Corporation	3.11
Apple Incorporated	2.75
Amazon.com Incorporated	2.10
Facebook Incorporated Class A	1.04
Berkshire Hathaway Incorporated Class B	0.93
Alphabet Incorporated Class A	0.90
Alphabet Incorporated Class C	0.90
Johnson & Johnson	0.89
JPMorgan Chase & Company	0.73
Visa Incorporated Class A	0.71

Allocations as of March 31, 2020
	Neutral Allocation			Effective Allocation8
Bonds		40	%		40	%
Stocks		60	%		65	%
Effective Cash		0	%		(5)	%

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

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.90% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

⁶  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁷  The ten largest holdings, excluding cash and cash equivalents, 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  The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash represents the net offset to such futures positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Index Asset Allocation 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	955.23	$	5.23		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.40		1.07	%
Class C
Actual	$	1,000.00	$	951.53	$	8.93		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.85	$	9.22		1.83	%
Administrator Class
Actual	$	1,000.00	$	955.85	$	4.40		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Institutional Class
Actual	$	1,000.00	$	956.79	$	3.67		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.00%
FNMA Series 2002-T1 Class A4		9.50	%		11-25-2031	$	32,391	$	39,821
Total Agency Securities (Cost $32,391)									39,821
						Shares
Common Stocks: 55.42%
Communication Services: 5.95%
Diversified Telecommunication Services: 1.15%
AT&T Incorporated							231,852		6,758,486
CenturyLink Incorporated							31,142		294,603
Verizon Communications Incorporated							131,265		7,052,868
									14,105,957
Entertainment: 1.12%
Activision Blizzard Incorporated							24,383		1,450,301
Electronic Arts Incorporated †							9,266		928,175
Live Nation Entertainment Incorporated †							4,472		203,297
Netflix Incorporated †							13,909		5,222,830
Take-Two Interactive Software Incorporated †							3,591		425,929
The Walt Disney Company							57,205		5,526,003
									13,756,535
Interactive Media & Services: 2.89%
Alphabet Incorporated Class A †							9,510		11,050,145
Alphabet Incorporated Class C †							9,486		11,030,416
Facebook Incorporated Class A †							76,378		12,739,850
Twitter Incorporated †							24,640		605,158
									35,425,569
Media: 0.72%
Charter Communications Incorporated Class A †							4,976		2,171,079
Comcast Corporation Class A							144,088		4,953,745
Discovery Communications Incorporated Class A †							5,019		97,569
Discovery Communications Incorporated Class C †							10,646		186,731
DISH Network Corporation Class A †							8,125		162,419
Fox Corporation Class A							11,250		265,838
Fox Corporation Class B							5,152		117,878
Interpublic Group of Companies Incorporated							12,305		199,218
News Corporation Class A							12,332		110,680
News Corporation Class B							3,865		34,746
Omnicom Group Incorporated							6,910		379,359
ViacomCBS Incorporated Class B							17,150		240,272
									8,919,534
Wireless Telecommunication Services: 0.07%
T-Mobile US Incorporated †							10,046		842,859
Consumer Discretionary: 5.43%
Auto Components: 0.05%
Aptiv plc							8,101		398,893
BorgWarner Incorporated							6,554		159,721
									558,614

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

Wells Fargo Index Asset Allocation Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Automobiles: 0.12%
Ford Motor Company		123,591	$	596,945
General Motors Company		39,905		829,226
Harley-Davidson Incorporated		4,897		92,700
				1,518,871
Distributors: 0.04%
Genuine Parts Company		4,611		310,459
LKQ Corporation †		9,726		199,480
				509,939
Diversified Consumer Services: 0.01%
H&R Block Incorporated		6,197		87,254
Hotels, Restaurants & Leisure: 0.84%
Carnival Corporation		12,713		167,430
Chipotle Mexican Grill Incorporated †		811		530,718
Darden Restaurants Incorporated		3,891		211,904
Hilton Worldwide Holdings Incorporated		8,955		611,089
Las Vegas Sands Corporation		10,725		455,491
Marriott International Incorporated Class A		8,612		644,264
McDonald’s Corporation		23,902		3,952,196
MGM Resorts International		16,344		192,859
Norwegian Cruise Line Holdings Limited †		6,751		73,991
Royal Caribbean Cruises Limited		5,456		175,520
Starbucks Corporation		37,482		2,464,067
Wynn Resorts Limited		3,066		184,543
Yum! Brands Incorporated		9,600		657,888
				10,321,960
Household Durables: 0.17%
D.R. Horton Incorporated		10,642		361,828
Garmin Limited		4,585		343,692
Leggett & Platt Incorporated		4,177		111,442
Lennar Corporation Class A		8,882		339,292
Mohawk Industries Incorporated †		1,887		143,865
Newell Rubbermaid Incorporated		12,093		160,595
NVR Incorporated †		110		282,602
Pulte Group Incorporated		8,084		180,435
Whirlpool Corporation		2,005		172,029
				2,095,780
Internet & Direct Marketing Retail: 2.33%
Amazon.com Incorporated †		13,217		25,769,449
Booking Holdings Incorporated †		1,329		1,787,930
eBay Incorporated		24,271		729,586
Expedia Group Incorporated		4,435		249,557
				28,536,522
Leisure Products: 0.02%
Hasbro Incorporated		4,038		288,919
Multiline Retail: 0.28%
Dollar General Corporation		8,080		1,220,161
Dollar Tree Incorporated †		7,511		551,833
Kohl’s Corporation		4,969		72,498

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

8  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Multiline Retail (continued)
Macy’s Incorporated		9,807	$	48,152
Nordstrom Incorporated		3,401		52,171
Target Corporation		16,082		1,495,144
				3,439,959
Specialty Retail: 1.21%
Advance Auto Parts Incorporated		2,197		205,024
AutoZone Incorporated †		756		639,576
Best Buy Company Incorporated		7,227		411,939
CarMax Incorporated †		5,218		280,885
L Brands Incorporated		7,371		85,209
Lowe’s Companies Incorporated		24,326		2,093,252
O’Reilly Automotive Incorporated †		2,401		722,821
Ross Stores Incorporated		11,480		998,416
The Gap Incorporated		6,752		47,534
The Home Depot Incorporated		34,620		6,463,900
The TJX Companies Incorporated		38,488		1,840,111
Tiffany & Company		3,426		443,667
Tractor Supply Company		3,757		317,654
Ulta Beauty Incorporated †		1,814		318,720
				14,868,708
Textiles, Apparel & Luxury Goods: 0.36%
Capri Holdings Limited †		4,812		51,921
HanesBrands Incorporated		11,479		90,340
Nike Incorporated Class B		39,546		3,272,036
PVH Corporation		2,353		88,567
Ralph Lauren Corporation		1,578		105,458
Tapestry Incorporated		8,757		113,403
Under Armour Incorporated Class A †		5,972		55,002
Under Armour Incorporated Class C †		6,175		49,771
VF Corporation		10,393		562,053
				4,388,551
Consumer Staples: 4.32%
Beverages: 1.04%
Brown-Forman Corporation Class B		5,783		321,014
Constellation Brands Incorporated Class A		5,316		762,102
Molson Coors Brewing Company Class B		5,961		232,539
Monster Beverage Corporation †		12,115		681,590
PepsiCo Incorporated		44,257		5,315,266
The Coca-Cola Company		122,387		5,415,625
				12,728,136
Food & Staples Retailing: 0.95%
Costco Wholesale Corporation		14,021		3,997,808
Sysco Corporation		16,193		738,887
The Kroger Company		25,454		766,674
Walgreens Boots Alliance Incorporated		23,795		1,088,621
Walmart Incorporated		45,024		5,115,627
				11,707,617
Food Products: 0.68%
Archer Daniels Midland Company		17,668		621,560
Campbell Soup Company		5,361		247,464

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

Wells Fargo Index Asset Allocation Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Food Products (continued)
ConAgra Foods Incorporated		15,445	$	453,156
General Mills Incorporated		19,182		1,012,234
Hormel Foods Corporation		8,824		411,551
Kellogg Company		7,903		474,101
Lamb Weston Holdings Incorporated		4,636		264,716
McCormick & Company Incorporated		3,921		553,684
Mondelez International Incorporated Class A		45,698		2,288,556
The Hershey Company		4,706		623,545
The J.M. Smucker Company		3,620		401,820
The Kraft Heinz Company		19,767		489,036
Tyson Foods Incorporated Class A		9,368		542,126
				8,383,549
Household Products: 1.07%
Church & Dwight Company Incorporated		7,789		499,898
Colgate-Palmolive Company		27,202		1,805,125
Kimberly-Clark Corporation		10,879		1,391,098
The Clorox Company		3,983		690,055
The Procter & Gamble Company		79,151		8,706,610
				13,092,786
Personal Products: 0.10%
Coty Incorporated Class A		9,381		48,406
The Estee Lauder Companies Incorporated Class A		7,063		1,125,418
				1,173,824
Tobacco: 0.48%
Altria Group Incorporated		59,291		2,292,783
Philip Morris International Incorporated		49,381		3,602,838
				5,895,621
Energy: 1.47%
Energy Equipment & Services: 0.10%
Baker Hughes Incorporated		20,626		216,573
Halliburton Company		27,860		190,841
Helmerich & Payne Incorporated		3,442		53,867
National Oilwell Varco Incorporated		12,245		120,368
Schlumberger Limited		43,938		592,724
TechnipFMC plc		13,337		89,891
				1,264,264
Oil, Gas & Consumable Fuels: 1.37%
Apache Corporation		11,934		49,884
Cabot Oil & Gas Corporation		12,946		222,542
Chevron Corporation		60,013		4,348,542
Concho Resources Incorporated		6,379		273,340
ConocoPhillips		34,825		1,072,610
Devon Energy Corporation		12,283		84,876
Diamondback Energy Incorporated		5,114		133,987
EOG Resources Incorporated		18,464		663,227
Exxon Mobil Corporation		134,290		5,098,991
Hess Corporation		8,220		273,726
HollyFrontier Corporation		4,712		115,491
Kinder Morgan Incorporated		61,822		860,562

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

10  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Oil Corporation		25,387	$	83,523
Marathon Petroleum Corporation		20,608		486,761
Noble Energy Incorporated		15,180		91,687
Occidental Petroleum Corporation		28,353		328,328
ONEOK Incorporated		13,110		285,929
Phillips 66		14,103		756,626
Pioneer Natural Resources Company		5,257		368,779
The Williams Companies Incorporated		38,469		544,336
Valero Energy Corporation		13,033		591,177
				16,734,924
Financials: 6.07%
Banks: 2.29%
Bank of America Corporation		256,946		5,454,964
Citigroup Incorporated		69,291		2,918,537
Citizens Financial Group Incorporated		13,797		259,522
Comerica Incorporated		4,575		134,231
Fifth Third Bancorp		22,523		334,467
First Republic Bank		5,348		440,033
Huntington Bancshares Incorporated		32,778		269,107
JPMorgan Chase & Company		99,548		8,962,306
KeyCorp		31,261		324,177
M&T Bank Corporation		4,188		433,165
People’s United Financial Incorporated		14,096		155,761
PNC Financial Services Group Incorporated		13,906		1,331,082
Regions Financial Corporation		30,615		274,617
SVB Financial Group †		1,636		247,167
Truist Financial Corporation		42,563		1,312,643
US Bancorp		45,110		1,554,040
Wells Fargo & Company (l)		122,153		3,505,791
Zions Bancorporation		5,411		144,798
				28,056,408
Capital Markets: 1.46%
Ameriprise Financial Incorporated		4,021		412,072
Bank of New York Mellon Corporation		26,635		897,067
BlackRock Incorporated		3,743		1,646,808
Cboe Holdings Incorporated		3,518		313,982
CME Group Incorporated		11,373		1,966,505
E*TRADE Financial Corporation		7,170		246,074
Franklin Resources Incorporated		8,852		147,740
Intercontinental Exchange Incorporated		17,673		1,427,095
Invesco Limited		11,812		107,253
MarketAxess Holdings Incorporated		1,204		400,414
Moody’s Corporation		5,152		1,089,648
Morgan Stanley		39,043		1,327,462
MSCI Incorporated		2,688		776,724
Northern Trust Corporation		6,725		507,469
Raymond James Financial Incorporated		3,918		247,618
S&P Global Incorporated		7,757		1,900,853
State Street Corporation		11,540		614,736
T. Rowe Price Group Incorporated		7,417		724,270
The Charles Schwab Corporation		36,285		1,219,902
The Goldman Sachs Group Incorporated		10,114		1,563,523
The NASDAQ OMX Group Incorporated		3,641		345,713
				17,882,928

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

Wells Fargo Index Asset Allocation Fund  |  11

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Consumer Finance: 0.26%
American Express Company		21,295	$	1,823,065
Capital One Financial Corporation		14,781		745,258
Discover Financial Services		9,948		354,845
Synchrony Financial		17,913		288,220
				3,211,388
Diversified Financial Services: 0.93%
Berkshire Hathaway Incorporated Class B †		62,082		11,350,437
Insurance: 1.13%
AFLAC Incorporated		23,296		797,655
American International Group Incorporated		27,611		669,567
Aon plc		7,431		1,226,412
Arthur J. Gallagher & Company		5,920		482,539
Assurant Incorporated		1,925		200,373
Chubb Limited		14,384		1,606,549
Cincinnati Financial Corporation		4,822		363,820
Everest Reinsurance Group Limited		1,294		248,991
Globe Life Incorporated		3,162		227,569
Lincoln National Corporation		6,295		165,684
Loews Corporation		8,118		282,750
Marsh & McLennan Companies Incorporated		16,017		1,384,830
MetLife Incorporated		24,809		758,411
Principal Financial Group Incorporated		8,196		256,863
Prudential Financial Incorporated		12,758		665,202
The Allstate Corporation		10,282		943,168
The Hartford Financial Services Group Incorporated		11,439		403,110
The Progressive Corporation		18,555		1,370,101
The Travelers Companies Incorporated		8,192		813,875
Unum Group		6,546		98,255
W.R. Berkley Corporation		4,605		240,243
Willis Towers Watson plc		4,080		692,988
				13,898,955
Health Care: 8.53%
Biotechnology: 1.34%
AbbVie Incorporated		46,935		3,575,978
Alexion Pharmaceuticals Incorporated †		7,023		630,595
Amgen Incorporated		18,858		3,823,082
Biogen Incorporated †		5,726		1,811,592
Gilead Sciences Incorporated		40,154		3,001,913
Incyte Corporation †		5,674		415,507
Regeneron Pharmaceuticals Incorporated †		2,535		1,237,815
Vertex Pharmaceuticals Incorporated †		8,161		1,941,910
				16,438,392
Health Care Equipment & Supplies: 2.06%
Abbott Laboratories		56,094		4,426,378
ABIOMED Incorporated †		1,432		207,869
Align Technology Incorporated †		2,276		395,910
Baxter International Incorporated		16,203		1,315,522
Becton Dickinson & Company		8,583		1,972,116
Boston Scientific Corporation †		44,238		1,443,486
Danaher Corporation		20,288		2,808,062
Dentsply Sirona Incorporated		7,059		274,101

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

12  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corporation †		6,619	$	1,248,476
Hologic Incorporated †		8,510		298,701
IDEXX Laboratories Incorporated †		2,722		659,377
Intuitive Surgical Incorporated †		3,668		1,816,430
Medtronic plc		42,541		3,836,347
ResMed Incorporated		4,564		672,232
STERIS plc		2,690		376,519
Stryker Corporation		10,219		1,701,361
Teleflex Incorporated		1,468		429,918
The Cooper Companies Incorporated		1,573		433,629
Varian Medical Systems Incorporated †		2,885		296,174
Zimmer Biomet Holdings Incorporated		6,528		659,850
				25,272,458
Health Care Providers & Services: 1.64%
AmerisourceBergen Corporation		4,770		422,145
Anthem Incorporated		8,047		1,826,991
Cardinal Health Incorporated		9,282		444,979
Centene Corporation †		18,529		1,100,808
Cigna Corporation		11,851		2,099,760
CVS Health Corporation		41,291		2,449,795
DaVita HealthCare Partners Incorporated †		2,846		216,467
HCA Healthcare Incorporated		8,396		754,381
Henry Schein Incorporated †		4,657		235,272
Humana Incorporated		4,203		1,319,826
Laboratory Corporation of America Holdings †		3,015		381,066
McKesson Corporation		5,718		773,417
Quest Diagnostics Incorporated		4,275		343,283
UnitedHealth Group Incorporated		30,069		7,498,607
Universal Health Services Incorporated Class B		2,550		252,654
				20,119,451
Health Care Technology: 0.05%
Cerner Corporation		9,969		627,947
Life Sciences Tools & Services: 0.60%
Agilent Technologies Incorporated		9,821		703,380
Illumina Incorporated †		4,665		1,274,105
IQVIA Holdings Incorporated †		5,727		617,714
Mettler-Toledo International Incorporated †		772		533,074
PerkinElmer Incorporated		3,526		265,437
Thermo Fisher Scientific Incorporated		12,726		3,609,094
Waters Corporation †		2,044		372,110
				7,374,914
Pharmaceuticals: 2.84%
Allergan plc		10,419		1,845,205
Bristol-Myers Squibb Company		74,401		4,147,112
Eli Lilly & Company		26,815		3,719,777
Johnson & Johnson		83,532		10,953,551
Merck & Company Incorporated		80,805		6,217,137
Mylan NV †		16,381		244,241
Perrigo Company plc		4,319		207,701
Pfizer Incorporated		175,647		5,733,118
Zoetis Incorporated		15,117		1,779,120
				34,846,962

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

Wells Fargo Index Asset Allocation Fund  |  13

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Industrials: 4.56%
Aerospace & Defense: 1.12%
General Dynamics Corporation		7,437	$	983,989
Howmet Aerospace Inc Common Stock		12,294		197,442
Huntington Ingalls Industries Incorporated		1,297		236,326
L3Harris Technologies		7,016		1,263,722
Lockheed Martin Corporation		7,878		2,670,248
Northrop Grumman Corporation		4,974		1,504,884
Raytheon Company		8,837		1,158,973
Textron Incorporated		7,244		193,197
The Boeing Company		16,969		2,530,757
TransDigm Group Incorporated		1,580		505,900
United Technologies Corporation		25,749		2,428,903
				13,674,341
Air Freight & Logistics: 0.30%
C.H. Robinson Worldwide Incorporated		4,293		284,197
Expeditors International of Washington Incorporated		5,406		360,688
FedEx Corporation		7,618		923,759
United Parcel Service Incorporated Class B		22,241		2,077,754
				3,646,398
Airlines: 0.13%
Alaska Air Group Incorporated		3,909		111,289
American Airlines Group Incorporated		12,374		150,839
Delta Air Lines Incorporated		18,268		521,186
Southwest Airlines Company		15,032		535,290
United Airlines Holdings Incorporated †		6,906		217,884
				1,536,488
Building Products: 0.13%
A.O. Smith Corporation		4,350		164,474
Allegion plc		2,950		271,459
Fortune Brands Home & Security Incorporated		4,416		190,992
Johnson Controls International plc		24,483		660,062
Masco Corporation		9,017		311,718
				1,598,705
Commercial Services & Supplies: 0.22%
Cintas Corporation		2,660		460,765
Copart Incorporated †		6,492		444,832
Republic Services Incorporated		6,686		501,851
Rollins Incorporated		4,469		161,510
Waste Management Incorporated		12,387		1,146,541
				2,715,499
Construction & Engineering: 0.04%
Jacobs Engineering Group Incorporated		4,300		340,861
Quanta Services Incorporated		4,516		143,293
				484,154
Electrical Equipment: 0.25%
AMETEK Incorporated		7,255		522,505
Eaton Corporation plc		13,120		1,019,293

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

14  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Electrical Equipment (continued)
Emerson Electric Company		19,333	$	921,217
Rockwell Automation Incorporated		3,667		553,387
				3,016,402
Industrial Conglomerates: 0.71%
3M Company		18,250		2,491,308
General Electric Company		277,192		2,200,904
Honeywell International Incorporated		22,678		3,034,090
Roper Technologies Incorporated		3,302		1,029,597
				8,755,899
Machinery: 0.84%
Caterpillar Incorporated		17,540		2,035,342
Cummins Incorporated		4,862		657,926
Deere & Company		9,994		1,380,771
Dover Corporation		4,610		386,963
Flowserve Corporation		4,153		99,215
Fortive Corporation		9,379		517,627
IDEX Corporation		2,413		333,259
Illinois Tool Works Incorporated		9,282		1,319,158
Ingersoll Rand Incorporated †		10,983		272,378
PACCAR Incorporated		10,977		671,024
Parker-Hannifin Corporation		4,077		528,909
Pentair plc		5,335		158,770
Snap-on Incorporated		1,740		189,347
Stanley Black & Decker Incorporated		4,824		482,400
Trane Technologies plc		7,603		627,932
Wabtec Corporation		5,780		278,191
Xylem Incorporated		5,715		372,218
				10,311,430
Professional Services: 0.18%
Equifax Incorporated		3,843		459,046
IHS Markit Limited		12,726		763,560
Nielsen Holdings plc		11,292		141,602
Robert Half International Incorporated		3,732		140,883
Verisk Analytics Incorporated		5,201		724,915
				2,230,006
Road & Rail: 0.55%
CSX Corporation		24,681		1,414,221
J.B. Hunt Transport Services Incorporated		2,706		249,574
Kansas City Southern		3,145		399,981
Norfolk Southern Corporation		8,276		1,208,296
Old Dominion Freight Line Incorporated		3,041		399,096
Union Pacific Corporation		22,032		3,107,393
				6,778,561
Trading Companies & Distributors: 0.09%
Fastenal Company		18,202		568,813
United Rentals Incorporated †		2,385		245,417
W.W. Grainger Incorporated		1,384		343,924
				1,158,154

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

Wells Fargo Index Asset Allocation Fund  |  15

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Information Technology: 14.12%
Communications Equipment: 0.55%
Arista Networks Incorporated †		1,722	$	348,791
Cisco Systems Incorporated		134,645		5,292,895
F5 Networks Incorporated †		1,930		205,796
Juniper Networks Incorporated		10,623		203,324
Motorola Solutions Incorporated		5,438		722,819
				6,773,625
Electronic Equipment, Instruments & Components: 0.27%
Amphenol Corporation Class A		9,409		685,728
CDW Corporation of Delaware		4,560		425,311
Corning Incorporated		24,409		501,361
FLIR Systems Incorporated		4,259		135,820
IPG Photonics Corporation †		1,128		124,396
Keysight Technologies Incorporated †		5,953		498,147
TE Connectivity Limited		10,615		668,533
Zebra Technologies Corporation Class A †		1,711		314,140
				3,353,436
IT Services: 3.07%
Accenture plc Class A		20,155		3,290,505
Akamai Technologies Incorporated †		5,128		469,161
Alliance Data Systems Corporation		1,300		43,745
Automatic Data Processing Incorporated		13,732		1,876,890
Broadridge Financial Solutions Incorporated		3,638		344,992
Cognizant Technology Solutions Corporation Class A		17,379		807,602
DXC Technology Company		8,125		106,031
Fidelity National Information Services Incorporated		19,505		2,372,588
Fiserv Incorporated †		18,125		1,721,694
FleetCor Technologies Incorporated †		2,754		513,731
Gartner Incorporated †		2,839		282,679
Global Payments Incorporated		9,538		1,375,666
International Business Machines Corporation		28,108		3,118,020
Jack Henry & Associates Incorporated		2,442		379,096
Leidos Holdings Incorporated		4,224		387,130
MasterCard Incorporated Class A		28,174		6,805,711
Paychex Incorporated		10,110		636,121
PayPal Holdings Incorporated †		37,267		3,567,943
The Western Union Company		13,306		241,238
VeriSign Incorporated †		3,279		590,515
Visa Incorporated Class A		54,331		8,753,811
				37,684,869
Semiconductors & Semiconductor Equipment: 2.51%
Advanced Micro Devices Incorporated †		37,123		1,688,354
Analog Devices Incorporated		11,688		1,047,829
Applied Materials Incorporated		29,317		1,343,305
Broadcom Incorporated		12,589		2,984,852
Intel Corporation		138,064		7,472,024
KLA-Tencor Corporation		5,008		719,850
Lam Research Corporation		4,605		1,105,200
Maxim Integrated Products Incorporated		8,588		417,463
Microchip Technology Incorporated		7,584		514,195
Micron Technology Incorporated †		35,136		1,477,820

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

16  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corporation		19,424	$	5,120,166
Qorvo Incorporated †		3,687		297,283
QUALCOMM Incorporated		36,240		2,451,636
Skyworks Solutions Incorporated		5,408		483,367
Texas Instruments Incorporated		29,667		2,964,623
Xilinx Incorporated		7,980		621,961
				30,709,928
Software: 4.78%
Adobe Incorporated †		15,363		4,889,121
ANSYS Incorporated †		2,716		631,389
Autodesk Incorporated †		6,983		1,090,046
Cadence Design Systems Incorporated †		8,905		588,086
Citrix Systems Incorporated		3,651		516,799
Fortinet Incorporated †		4,506		455,872
Intuit Incorporated		8,261		1,900,030
Microsoft Corporation		242,131		38,186,480
NortonLifeLock Incorporated		18,198		340,485
Oracle Corporation		68,760		3,323,171
Paycom Software Incorporated †		1,557		314,530
Salesforce.com Incorporated †		28,151		4,053,181
ServiceNow Incorporated †		5,986		1,715,468
Synopsys Incorporated †		4,771		614,457
				58,619,115
Technology Hardware, Storage & Peripherals: 2.94%
Apple Incorporated		132,563		33,709,445
Hewlett Packard Enterprise Company		41,069		398,780
HP Incorporated		47,033		816,493
NetApp Incorporated		7,242		301,919
Seagate Technology plc		7,337		358,046
Western Digital Corporation		9,439		392,851
Xerox Holdings Corporation		5,901		111,765
				36,089,299
Materials: 1.35%
Chemicals: 0.94%
Air Products & Chemicals Incorporated		6,996		1,396,472
Albemarle Corporation		3,366		189,741
Celanese Corporation Series A		3,836		281,524
CF Industries Holdings Incorporated		6,900		187,680
Corteva Incorporated		23,752		558,172
Dow Incorporated		23,533		688,105
DuPont de Nemours Incorporated		23,512		801,759
Eastman Chemical Company		4,315		200,993
Ecolab Incorporated		7,959		1,240,251
FMC Corporation		4,114		336,073
International Flavors & Fragrances Incorporated «		3,389		345,949
Linde plc		17,048		2,949,304
LyondellBasell Industries NV Class A		8,148		404,385
PPG Industries Incorporated		7,505		627,418
The Mosaic Company		11,097		120,070
The Sherwin-Williams Company		2,608		1,198,428
				11,526,324

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

Wells Fargo Index Asset Allocation Fund  |  17

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Construction Materials: 0.07%
Martin Marietta Materials Incorporated		1,983	$	375,243
Vulcan Materials Company		4,201		454,002
				829,245
Containers & Packaging: 0.19%
Amcor plc		51,421		417,539
Avery Dennison Corporation		2,649		269,854
Ball Corporation		10,382		671,300
International Paper Company		12,445		387,413
Packaging Corporation of America		3,005		260,924
Sealed Air Corporation		4,904		121,178
WestRock Company		8,184		231,280
				2,359,488
Metals & Mining: 0.15%
Freeport-McMoRan Incorporated		46,049		310,831
Newmont Goldcorp Corporation		26,020		1,178,186
Nucor Corporation		9,623		346,620
				1,835,637
Real Estate: 1.64%
Equity REITs: 1.61%
Alexandria Real Estate Equities Incorporated		3,891		533,300
American Tower Corporation		14,058		3,061,130
Apartment Investment & Management Company Class A		4,725		166,084
AvalonBay Communities Incorporated		4,433		652,405
Boston Properties Incorporated		4,564		420,938
Crown Castle International Corporation		13,196		1,905,502
Digital Realty Trust Incorporated		6,624		920,140
Duke Realty Corporation		11,665		377,713
Equinix Incorporated		2,707		1,690,711
Equity Residential		11,079		683,685
Essex Property Trust Incorporated		2,098		462,064
Extra Space Storage Incorporated		4,110		393,574
Federal Realty Investment Trust		2,229		166,306
Healthpeak Properties Incorporated		15,709		374,660
Host Hotels & Resorts Incorporated		22,761		251,281
Iron Mountain Incorporated		9,113		216,889
Kimco Realty Corporation		13,400		129,578
Mid-America Apartment Communities Incorporated		3,620		372,969
Prologis Incorporated		23,431		1,883,149
Public Storage Incorporated		4,767		946,774
Realty Income Corporation		10,344		515,752
Regency Centers Corporation		5,318		204,371
SBA Communications Corporation		3,574		964,873
Simon Property Group Incorporated		9,738		534,227
SL Green Realty Corporation		2,587		111,500
UDR Incorporated		9,301		339,859
Ventas Incorporated		11,829		317,017
Vornado Realty Trust		5,027		182,028
Welltower Incorporated		12,878		589,555
Weyerhaeuser Company		23,649		400,851
				19,768,885

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

18  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

						Shares		Value
Real Estate Management & Development: 0.03%
CBRE Group Incorporated Class A †							10,624	$	400,631
Utilities: 1.98%
Electric Utilities: 1.23%
Alliant Energy Corporation							7,628		368,356
American Electric Power Company Incorporated							15,676		1,253,766
Duke Energy Corporation							23,137		1,871,321
Edison International							11,380		623,510
Entergy Corporation							6,320		593,890
Evergy Incorporated							7,232		398,122
Eversource Energy							10,275		803,608
Exelon Corporation							30,853		1,135,699
FirstEnergy Corporation							17,147		687,080
NextEra Energy Incorporated							15,512		3,732,497
Pinnacle West Capital Corporation							3,568		270,419
PPL Corporation							24,369		601,427
The Southern Company							33,286		1,802,104
Xcel Energy Incorporated							16,642		1,003,513
									15,145,312
Gas Utilities: 0.03%
Atmos Energy Corporation							3,788		375,883
Independent Power & Renewable Electricity Producers: 0.04%
AES Corporation							21,069		286,538
NRG Energy Incorporated							7,985		217,671
									504,209
Multi-Utilities: 0.62%
Ameren Corporation							7,808		568,657
CenterPoint Energy Incorporated							15,940		246,273
CMS Energy Corporation							9,009		529,279
Consolidated Edison Incorporated							10,550		822,900
Dominion Energy Incorporated							26,123		1,885,819
DTE Energy Company							6,096		578,937
NiSource Incorporated							11,855		296,019
Public Service Enterprise Group Incorporated							16,051		720,850
Sempra Energy							8,946		1,010,809
WEC Energy Group Incorporated							10,011		882,269
									7,541,812
Water Utilities: 0.06%
American Water Works Company Incorporated							5,738		686,035
Total Common Stocks (Cost $338,610,983)									679,836,262
	Interest rate			Maturity date		Principal
Non-Agency Mortgage-Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA (1 Month LIBOR +0.33%) ±		1.28	%		12-25-2034	$	6,512		5,856
Total Non-Agency Mortgage-Backed Securities (Cost $6,512)									5,856

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

Wells Fargo Index Asset Allocation Fund  |  19

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities: 40.17%
U.S. Treasury Bond		1.50	%		1-31-2027	$	1,873,000	$	1,993,209
U.S. Treasury Bond		2.13			9-30-2024		1,844,000		1,989,215
U.S. Treasury Bond		2.13			11-30-2024		1,852,000		2,002,258
U.S. Treasury Bond		2.25			8-15-2046		1,961,000		2,360,554
U.S. Treasury Bond		2.25			8-15-2049		1,955,000		2,378,532
U.S. Treasury Bond		2.38			11-15-2049		2,096,000		2,616,070
U.S. Treasury Bond		2.50			2-15-2045		2,144,000		2,677,571
U.S. Treasury Bond		2.50			2-15-2046		1,960,000		2,463,628
U.S. Treasury Bond		2.50			5-15-2046		1,949,000		2,451,857
U.S. Treasury Bond		2.75			8-15-2042		1,218,000		1,572,838
U.S. Treasury Bond		2.75			11-15-2042		1,453,000		1,876,981
U.S. Treasury Bond		2.75			8-15-2047		1,864,000		2,463,902
U.S. Treasury Bond		2.75			11-15-2047		1,853,000		2,452,692
U.S. Treasury Bond		2.88			5-15-2028		4,464,000		5,265,428
U.S. Treasury Bond		2.88			5-15-2043		2,055,000		2,707,944
U.S. Treasury Bond		2.88			8-15-2045		2,121,000		2,835,926
U.S. Treasury Bond		2.88			11-15-2046		1,928,000		2,602,875
U.S. Treasury Bond		2.88			5-15-2049		2,856,000		3,900,113
U.S. Treasury Bond		3.00			5-15-2042		776,000		1,041,750
U.S. Treasury Bond		3.00			11-15-2044		2,119,000		2,868,762
U.S. Treasury Bond		3.00			5-15-2045		2,148,000		2,921,783
U.S. Treasury Bond		3.00			11-15-2045		2,136,000		2,922,482
U.S. Treasury Bond		3.00			2-15-2047		1,967,000		2,718,993
U.S. Treasury Bond		3.00			5-15-2047		1,921,000		2,655,632
U.S. Treasury Bond		3.00			2-15-2048		2,119,000		2,933,242
U.S. Treasury Bond		3.00			8-15-2048		2,099,000		2,918,430
U.S. Treasury Bond		3.00			2-15-2049		3,006,000		4,191,844
U.S. Treasury Bond		3.13			11-15-2041		846,000		1,155,286
U.S. Treasury Bond		3.13			2-15-2042		919,000		1,256,122
U.S. Treasury Bond		3.13			2-15-2043		1,455,000		1,989,940
U.S. Treasury Bond		3.13			8-15-2044		2,131,000		2,937,700
U.S. Treasury Bond		3.13			5-15-2048		2,283,000		3,237,044
U.S. Treasury Bond		3.38			5-15-2044		2,039,000		2,914,974
U.S. Treasury Bond		3.38			11-15-2048		3,002,000		4,457,032
U.S. Treasury Bond		3.50			2-15-2039		731,000		1,040,676
U.S. Treasury Bond		3.63			8-15-2043		1,633,000		2,407,910
U.S. Treasury Bond		3.63			2-15-2044		2,088,000		3,089,424
U.S. Treasury Bond		3.75			8-15-2041		929,000		1,380,037
U.S. Treasury Bond		3.75			11-15-2043		2,041,000		3,068,835
U.S. Treasury Bond		3.88			8-15-2040		946,000		1,419,443
U.S. Treasury Bond		4.25			5-15-2039		681,000		1,058,636
U.S. Treasury Bond		4.25			11-15-2040		977,000		1,535,646
U.S. Treasury Bond		4.38			2-15-2038		381,000		594,405
U.S. Treasury Bond		4.38			11-15-2039		757,000		1,197,746
U.S. Treasury Bond		4.38			5-15-2040		1,078,000		1,713,978
U.S. Treasury Bond		4.38			5-15-2041		842,000		1,350,588
U.S. Treasury Bond		4.50			2-15-2036		837,000		1,286,397
U.S. Treasury Bond		4.50			5-15-2038		428,000		677,979
U.S. Treasury Bond		4.50			8-15-2039		721,000		1,154,558
U.S. Treasury Bond		4.63			2-15-2040		1,276,000		2,084,067
U.S. Treasury Bond		4.75			2-15-2037		264,000		421,668
U.S. Treasury Bond		4.75			2-15-2041		1,084,000		1,811,550
U.S. Treasury Bond		5.00			5-15-2037		375,000		615,996
U.S. Treasury Bond		5.25			11-15-2028		479,000		665,436
U.S. Treasury Bond		5.25			2-15-2029		349,000		487,509

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

20  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		5.38	%		2-15-2031	$	752,000	$	1,118,159
U.S. Treasury Bond		5.50			8-15-2028		369,000		516,441
U.S. Treasury Bond		6.13			11-15-2027		525,000		743,777
U.S. Treasury Bond		6.13			8-15-2029		293,000		438,584
U.S. Treasury Bond		6.25			5-15-2030		478,000		737,969
U.S. Treasury Bond		6.38			8-15-2027		224,000		318,421
U.S. Treasury Bond		6.88			8-15-2025		224,000		300,370
U.S. Treasury Note		1.13			8-31-2021		1,807,000		1,830,576
U.S. Treasury Note		1.13			9-30-2021		2,188,000		2,218,085
U.S. Treasury Note		1.25			10-31-2021		2,188,000		2,223,555
U.S. Treasury Note		1.25			7-31-2023		1,829,000		1,885,299
U.S. Treasury Note		1.25			8-31-2024		1,400,000		1,455,453
U.S. Treasury Note		1.38			1-31-2022		2,315,000		2,363,651
U.S. Treasury Note		1.38			10-15-2022		2,223,000		2,285,609
U.S. Treasury Note		1.38			6-30-2023		1,733,000		1,792,910
U.S. Treasury Note		1.38			8-31-2023		1,817,000		1,882,582
U.S. Treasury Note		1.38			9-30-2023		1,778,000		1,843,078
U.S. Treasury Note		1.38			1-31-2025		2,372,000		2,485,226
U.S. Treasury Note		1.38			8-31-2026		1,787,000		1,882,981
U.S. Treasury Note		1.50			10-31-2021		2,358,000		2,405,621
U.S. Treasury Note		1.50			11-30-2021		2,360,000		2,410,150
U.S. Treasury Note		1.50			1-31-2022		1,625,000		1,662,261
U.S. Treasury Note		1.50			8-15-2022		2,254,000		2,322,589
U.S. Treasury Note		1.50			9-15-2022		2,264,000		2,332,804
U.S. Treasury Note		1.50			1-15-2023		2,250,000		2,327,080
U.S. Treasury Note		1.50			2-28-2023		1,635,000		1,693,375
U.S. Treasury Note		1.50			3-31-2023		1,679,000		1,739,929
U.S. Treasury Note		1.50			9-30-2024		2,442,000		2,566,199
U.S. Treasury Note		1.50			10-31-2024		2,391,000		2,514,753
U.S. Treasury Note		1.50			11-30-2024		2,394,000		2,521,275
U.S. Treasury Note		1.50			8-15-2026		3,430,000		3,638,078
U.S. Treasury Note		1.63			12-31-2021		2,357,000		2,414,544
U.S. Treasury Note		1.63			8-15-2022		1,250,000		1,290,625
U.S. Treasury Note		1.63			8-31-2022		1,827,000		1,887,020
U.S. Treasury Note		1.63			11-15-2022		2,108,000		2,182,603
U.S. Treasury Note		1.63			12-15-2022		2,239,000		2,321,301
U.S. Treasury Note		1.63			4-30-2023		1,711,000		1,781,044
U.S. Treasury Note		1.63			5-31-2023		1,714,000		1,785,171
U.S. Treasury Note		1.63			10-31-2023		1,824,000		1,908,075
U.S. Treasury Note		1.63			2-15-2026		3,342,000		3,560,535
U.S. Treasury Note		1.63			5-15-2026		3,385,000		3,612,694
U.S. Treasury Note		1.63			9-30-2026		1,851,000		1,981,293
U.S. Treasury Note		1.63			10-31-2026		1,800,000		1,927,055
U.S. Treasury Note		1.63			11-30-2026		1,912,000		2,048,454
U.S. Treasury Note		1.63			8-15-2029		2,854,000		3,098,931
U.S. Treasury Note		1.75			11-30-2021		2,003,000		2,054,092
U.S. Treasury Note		1.75			2-28-2022		1,637,000		1,684,511
U.S. Treasury Note		1.75			3-31-2022		1,640,000		1,689,841
U.S. Treasury Note		1.75			4-30-2022		1,612,000		1,662,942
U.S. Treasury Note		1.75			5-15-2022		1,448,000		1,495,060
U.S. Treasury Note		1.75			5-31-2022		1,819,000		1,877,975
U.S. Treasury Note		1.75			6-15-2022		2,235,000		2,309,995
U.S. Treasury Note		1.75			6-30-2022		1,819,000		1,881,315
U.S. Treasury Note		1.75			7-15-2022		2,129,000		2,202,517
U.S. Treasury Note		1.75			9-30-2022		1,771,000		1,837,551
U.S. Treasury Note		1.75			1-31-2023		1,684,000		1,753,925

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

Wells Fargo Index Asset Allocation Fund  |  21

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.75	%		5-15-2023	$	3,117,000	$	3,257,874
U.S. Treasury Note		1.75			6-30-2024		2,424,000		2,567,168
U.S. Treasury Note		1.75			7-31-2024		2,406,000		2,549,702
U.S. Treasury Note		1.75			12-31-2024		2,381,000		2,535,486
U.S. Treasury Note		1.75			12-31-2026		1,893,000		2,045,032
U.S. Treasury Note		1.75			11-15-2029		3,007,000		3,305,351
U.S. Treasury Note		1.88			11-30-2021		1,649,000		1,694,605
U.S. Treasury Note		1.88			1-31-2022		1,826,000		1,880,994
U.S. Treasury Note		1.88			2-28-2022		1,725,000		1,779,311
U.S. Treasury Note		1.88			3-31-2022		1,810,000		1,869,391
U.S. Treasury Note		1.88			4-30-2022		1,812,000		1,873,509
U.S. Treasury Note		1.88			5-31-2022		1,795,000		1,858,596
U.S. Treasury Note		1.88			7-31-2022		1,815,000		1,882,566
U.S. Treasury Note		1.88			8-31-2022		1,754,000		1,822,447
U.S. Treasury Note		1.88			9-30-2022		2,248,000		2,339,062
U.S. Treasury Note		1.88			10-31-2022		1,650,000		1,718,385
U.S. Treasury Note		1.88			8-31-2024		1,345,000		1,433,686
U.S. Treasury Note		1.88			6-30-2026		1,825,000		1,976,561
U.S. Treasury Note		1.88			7-31-2026		1,828,000		1,983,094
U.S. Treasury Note		2.00			8-31-2021		1,641,000		1,682,538
U.S. Treasury Note		2.00			10-31-2021		1,649,000		1,694,992
U.S. Treasury Note		2.00			11-15-2021		2,485,000		2,557,609
U.S. Treasury Note		2.00			12-31-2021		1,821,000		1,877,195
U.S. Treasury Note		2.00			2-15-2022		1,679,000		1,734,682
U.S. Treasury Note		2.00			7-31-2022		1,778,000		1,851,065
U.S. Treasury Note		2.00			10-31-2022		2,238,000		2,338,011
U.S. Treasury Note		2.00			11-30-2022		3,346,000		3,498,923
U.S. Treasury Note		2.00			2-15-2023		3,077,000		3,228,807
U.S. Treasury Note		2.00			4-30-2024		1,930,000		2,059,596
U.S. Treasury Note		2.00			5-31-2024		1,934,000		2,066,358
U.S. Treasury Note		2.00			6-30-2024		1,939,000		2,073,367
U.S. Treasury Note		2.00			2-15-2025		3,537,000		3,812,085
U.S. Treasury Note		2.00			8-15-2025		3,491,000		3,778,189
U.S. Treasury Note		2.00			11-15-2026		3,370,000		3,689,623
U.S. Treasury Note		2.13			8-15-2021		2,440,000		2,504,622
U.S. Treasury Note		2.13			9-30-2021		1,633,000		1,679,757
U.S. Treasury Note		2.13			12-31-2021		1,626,000		1,679,671
U.S. Treasury Note		2.13			5-15-2022		2,105,000		2,188,953
U.S. Treasury Note		2.13			6-30-2022		1,615,000		1,684,079
U.S. Treasury Note		2.13			12-31-2022		3,385,000		3,556,498
U.S. Treasury Note		2.13			11-30-2023		1,638,000		1,745,558
U.S. Treasury Note		2.13			2-29-2024		1,298,000		1,389,215
U.S. Treasury Note		2.13			3-31-2024		1,961,000		2,100,262
U.S. Treasury Note		2.13			7-31-2024		1,927,000		2,072,729
U.S. Treasury Note		2.13			5-15-2025		3,005,000		3,263,947
U.S. Treasury Note		2.13			5-31-2026		1,793,000		1,968,238
U.S. Treasury Note		2.25			7-31-2021		1,573,000		1,615,889
U.S. Treasury Note		2.25			4-15-2022		2,204,000		2,294,140
U.S. Treasury Note		2.25			12-31-2023		1,247,000		1,336,531
U.S. Treasury Note		2.25			1-31-2024		1,334,000		1,432,070
U.S. Treasury Note		2.25			4-30-2024		2,418,000		2,605,017
U.S. Treasury Note		2.25			10-31-2024		1,882,000		2,042,852
U.S. Treasury Note		2.25			11-15-2024		3,535,000		3,839,065
U.S. Treasury Note		2.25			12-31-2024		1,911,000		2,079,108
U.S. Treasury Note		2.25			11-15-2025		3,473,000		3,814,873
U.S. Treasury Note		2.25			3-31-2026		1,872,000		2,066,366

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

22  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.25	%		2-15-2027	$	3,350,000	$	3,737,867
U.S. Treasury Note		2.25			8-15-2027		3,338,000		3,746,905
U.S. Treasury Note		2.25			11-15-2027		3,248,000		3,653,873
U.S. Treasury Note		2.38			3-15-2022		2,243,000		2,337,101
U.S. Treasury Note		2.38			1-31-2023		2,325,000		2,462,774
U.S. Treasury Note		2.38			2-29-2024		1,671,000		1,805,267
U.S. Treasury Note		2.38			8-15-2024		3,101,000		3,372,338
U.S. Treasury Note		2.38			4-30-2026		1,812,000		2,015,001
U.S. Treasury Note		2.38			5-15-2027		3,375,000		3,808,213
U.S. Treasury Note		2.38			5-15-2029		4,253,000		4,894,273
U.S. Treasury Note		2.50			1-15-2022		2,241,000		2,331,690
U.S. Treasury Note		2.50			2-15-2022		2,245,000		2,340,237
U.S. Treasury Note		2.50			3-31-2023		2,278,000		2,428,562
U.S. Treasury Note		2.50			8-15-2023		2,662,000		2,858,530
U.S. Treasury Note		2.50			1-31-2024		1,876,000		2,031,283
U.S. Treasury Note		2.50			5-15-2024		3,424,000		3,725,740
U.S. Treasury Note		2.50			1-31-2025		1,936,000		2,133,457
U.S. Treasury Note		2.50			2-28-2026		1,888,000		2,109,176
U.S. Treasury Note		2.63			12-15-2021		2,277,000		2,370,215
U.S. Treasury Note		2.63			2-28-2023		2,359,000		2,519,523
U.S. Treasury Note		2.63			6-30-2023		2,304,000		2,477,250
U.S. Treasury Note		2.63			12-31-2023		2,404,000		2,611,157
U.S. Treasury Note		2.63			3-31-2025		1,884,000		2,091,682
U.S. Treasury Note		2.63			12-31-2025		1,914,000		2,148,016
U.S. Treasury Note		2.63			1-31-2026		1,869,000		2,099,924
U.S. Treasury Note		2.63			2-15-2029		4,451,000		5,204,540
U.S. Treasury Note		2.75			4-30-2023		2,279,000		2,451,349
U.S. Treasury Note		2.75			5-31-2023		2,334,000		2,514,703
U.S. Treasury Note		2.75			7-31-2023		2,347,000		2,537,510
U.S. Treasury Note		2.75			8-31-2023		2,402,000		2,600,540
U.S. Treasury Note		2.75			11-15-2023		3,078,000		3,346,604
U.S. Treasury Note		2.75			2-15-2024		2,325,000		2,542,151
U.S. Treasury Note		2.75			2-28-2025		1,955,000		2,179,825
U.S. Treasury Note		2.75			6-30-2025		1,959,000		2,195,457
U.S. Treasury Note		2.75			8-31-2025		2,020,000		2,269,028
U.S. Treasury Note		2.75			2-15-2028		3,068,000		3,578,175
U.S. Treasury Note		2.88			10-15-2021		2,081,000		2,165,785
U.S. Treasury Note		2.88			11-15-2021		2,137,000		2,228,991
U.S. Treasury Note		2.88			9-30-2023		2,444,000		2,663,101
U.S. Treasury Note		2.88			10-31-2023		2,318,000		2,528,159
U.S. Treasury Note		2.88			11-30-2023		2,370,000		2,591,539
U.S. Treasury Note		2.88			4-30-2025		1,884,000		2,117,512
U.S. Treasury Note		2.88			5-31-2025		1,939,000		2,182,360
U.S. Treasury Note		2.88			7-31-2025		1,949,000		2,200,086
U.S. Treasury Note		2.88			11-30-2025		1,880,000		2,132,992
U.S. Treasury Note		2.88			8-15-2028		3,133,000		3,705,996
U.S. Treasury Note		3.00			9-30-2025		1,994,000		2,268,954
U.S. Treasury Note		3.00			10-31-2025		1,814,000		2,068,031
U.S. Treasury Note		3.13			11-15-2028		4,425,000		5,343,879
U.S. Treasury Note		6.00			2-15-2026		445,000		588,008
U.S. Treasury Note		6.25			8-15-2023		378,000		453,718
U.S. Treasury Note		6.50			11-15-2026		296,000		411,694
U.S. Treasury Note		6.63			2-15-2027		215,000		303,864
U.S. Treasury Note		6.75			8-15-2026		221,000		307,717
U.S. Treasury Note		7.13			2-15-2023		260,000		311,066
U.S. Treasury Note		7.25			8-15-2022		261,000		304,330

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

Wells Fargo Index Asset Allocation Fund  |  23

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		7.50	%		11-15-2024	$	240,000	$	318,281
U.S. Treasury Note		7.63			11-15-2022		140,000		166,999
U.S. Treasury Note		7.63			2-15-2025		216,000		291,364
U.S. Treasury Note		8.00			11-15-2021		511,000		575,574
U.S. Treasury Note		8.13			8-15-2021		175,000		194,031
Total U.S. Treasury Securities (Cost $437,273,193)									492,730,269
	Yield					Shares
Short-Term Investments: 4.37%
Investment Companies: 2.98%
Securities Lending Cash Investments LLC (l)(r)(u)		2.11					341,764		341,799
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35					36,239,663		36,239,663
									36,581,462
						Principal
U.S. Treasury Securities: 1.39%
U.S. Treasury Bill (z)#		0.11			6-11-2020	$	16,976,000		16,972,141
Total Short-Term Investments (Cost $53,553,589)									53,553,603

Total investments in securities (Cost $829,476,668)	99.96	%		1,226,165,811
Other assets and liabilities, net	0.04			511,743
Total net assets	100.00	%	$	1,226,677,554

† 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.

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

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

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

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

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

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

Abbreviations:

FNMA Federal National Mortgage Association

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

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

24  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—March 31, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		738		6-19-2020	$	88,539,693	$	94,821,930	$	6,282,237	$	0
5-Year U.S. Treasury Notes		27		6-30-2020		3,382,877		3,384,703		1,826		0
									$	6,284,063	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		129,521		2,603		(9,971	)		122,153	$	142,561	$	(2,739,382	)	$	126,362		$	3,505,791		0.29	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		819,291		16,352,788		(16,830,315	)		341,764		172		11			8,069	#		341,799
Wells Fargo Government Money Market Fund Select Class		12,325,531		173,314,271		(149,400,139	)		36,239,663		0		0			86,916			36,239,663
																			36,581,462		2.98
										$	142,733	$	(2,739,371	)	$	221,347		$	40,087,253		3.27	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Index Asset Allocation Fund  |  25

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $334,831 of securities loaned), at value (cost $789,380,798)	$	1,186,078,558
Investments in affiliated securities, at value (cost $40,095,870)		40,087,253
Cash		4,030
Segregated cash for futures contracts		1,072,000
Receivable for investments sold		8,384,640
Receivable for Fund shares sold		1,103,039
Receivable for dividends and interest		3,205,098
Receivable for securities lending income, net		779
Prepaid expenses and other assets		488,878
Total assets		1,240,424,275
Liabilities
Payable upon receipt of securities loaned		341,119
Payable for Fund shares redeemed		1,693,004
Payable for daily variation margin on open futures contracts		10,673,106
Management fee payable		592,743
Administration fees payable		199,490
Distribution fee payable		86,214
Trustees’ fees and expenses payable		3,923
Accrued expenses and other liabilities		157,122
Total liabilities		13,746,721
Total net assets	$	1,226,677,554
Net assets consist of
Paid-in capital	$	838,090,531
Total distributable earnings		388,587,023
Total net assets	$	1,226,677,554
Computation of net asset value and offering price per share
Net assets – Class A	$	765,181,155
Shares outstanding – Class A1		23,211,031
Net asset value per share – Class A		$32.97
Maximum offering price per share – Class A2		$34.98
Net assets – Class C	$	131,365,914
Shares outstanding – Class C1		6,552,410
Net asset value per share – Class C		$20.05
Net assets – Administrator Class	$	219,072,581
Shares outstanding – Administrator Class1		6,644,517
Net asset value per share – Administrator Class		$32.97
Net assets – Institutional Class	$	111,057,904
Shares outstanding – Institutional Class1		3,372,757
Net asset value per share – Institutional Class		$32.93

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.

26  |  Wells Fargo Index Asset Allocation Fund

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends	$	8,156,989
Interest		5,536,393
Income from affiliated securities		216,912
Total investment income		13,910,294
Expenses
Management fee		4,088,407
Administration fees
Class A		881,615
Class C		154,476
Administrator Class		155,138
Institutional Class		81,186
Shareholder servicing fees
Class A		1,049,542
Class C		183,901
Administrator Class		298,343
Distribution fee
Class C		551,651
Custody and accounting fees		50,136
Professional fees		25,571
Registration fees		50,136
Shareholder report expenses		57,658
Trustees’ fees and expenses		11,029
Other fees and expenses		70,697
Total expenses		7,709,486
Less: Fee waivers and/or expense reimbursements
Fund-level		(211,576	)
Class A		(29,778	)
Administrator Class		(74,607	)
Net expenses		7,393,525
Net investment income		6,516,769
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		20,390,054
Affiliated securities		142,733
Futures contracts		(7,227,088	)
Net realized gains on investments		13,305,699
Net change in unrealized gains (losses) on
Unaffiliated securities		(83,772,877	)
Affiiliated securities		(2,739,371	)
Futures contracts		7,316,833
Net change in unrealized gains (losses) on investments		(79,195,415	)
Net realized and unrealized gains (losses) on investments		(65,889,716	)
Net decrease in net assets resulting from operations	$	(59,372,947	)

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

Wells Fargo Index Asset Allocation Fund  |  27

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	6,516,769					$	12,377,035
Net realized gains on investments					13,305,699						12,893,012
Net change in unrealized gains (losses) on investments					(79,195,415	)					43,905,080
Net increase (decrease) in net assets resulting from operations					(59,372,947	)					69,175,127
Distributions to shareholders from net investment income and net realized gains
Class A					(14,620,886	)					(30,578,240	)
Class C					(1,975,075	)					(4,678,185	)
Administrator Class					(4,360,867	)					(8,535,707	)
Institutional Class					(2,387,883	)					(4,671,806	)
Total distributions to shareholders					(23,344,711	)					(48,463,938	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		604,994			21,492,337			1,611,898			53,557,954
Class C		633,627			13,678,317			1,502,173			30,141,540
Administrator Class		890,712			31,638,818			1,697,812			56,951,283
Institutional Class		308,876			10,811,231			1,028,853			34,231,892
					77,620,703						174,882,669
Reinvestment of distributions
Class A		405,636			14,255,743			923,477			29,806,219
Class C		81,474			1,754,533			218,202			4,231,633
Administrator Class		123,573			4,337,274			262,175			8,483,181
Institutional Class		46,631			1,634,037			94,639			3,065,617
					21,981,587						45,586,650
Payment for shares redeemed
Class A		(1,547,999	)		(53,997,029	)		(2,768,227	)		(92,564,816	)
Class C		(916,980	)		(19,225,393	)		(2,243,406	)		(45,218,687	)
Administrator Class		(898,232	)		(31,119,296	)		(1,685,138	)		(56,224,079	)
Institutional Class		(502,126	)		(17,312,479	)		(800,255	)		(26,710,901	)
					(121,654,197	)					(220,718,483	)
Net decrease in net assets resulting from capital share transactions					(22,051,907	)					(249,164	)
Total increase (decrease) in net assets					(104,769,565	)					20,462,025
Net assets
Beginning of period					1,331,447,119						1,310,985,094
End of period				$	1,226,677,554					$	1,331,447,119

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

28  |  Wells Fargo Index Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$35.13			$34.63			$31.99			$29.61			$28.72			$28.20
Net investment income		0.18			0.33			0.27			0.25			0.22			0.27
Net realized and unrealized gains (losses) on investments		(1.72	)		1.46			2.83			2.67			2.45			0.76
Total from investment operations		(1.54	)		1.79			3.10			2.92			2.67			1.03
Distributions to shareholders from
Net investment income		(0.16	)		(0.33	)		(0.27	)		(0.27	)		(0.21	)		(0.22	)
Net realized gains		(0.46	)		(0.96	)		(0.19	)		(0.27	)		(1.57	)		(0.29	)
Total distributions to shareholders		(0.62	)		(1.29	)		(0.46	)		(0.54	)		(1.78	)		(0.51	)
Net asset value, end of period		$32.97			$35.13			$34.63			$31.99			$29.61			$28.72
Total return1		(4.48	)%		5.54	%		9.76	%		9.99	%		9.68	%		3.62	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.11	%		1.08	%		1.09	%		1.10	%		1.22	%
Net expenses		1.07	%		1.08	%		1.07	%		1.09	%		1.10	%		1.15	%
Net investment income		0.99	%		0.99	%		0.80	%		0.79	%		0.79	%		0.90	%
Supplemental data
Portfolio turnover rate		9	%		14	%		9	%		9	%		8	%		43	%
Net assets, end of period (000s omitted)		$765,181			$834,289			$830,487			$822,769			$828,421			$736,276

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

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

Wells Fargo Index Asset Allocation Fund  |  29

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.36			$21.07			$19.45			$17.99			$17.47			$17.20
Net investment income		0.02			0.05			0.01			0.01			0.01	1		0.05
Net realized and unrealized gains (losses) on investments		(1.03	)		0.88			1.73			1.62			1.48			0.45
Total from investment operations		(1.01	)		0.93			1.74			1.63			1.49			0.50
Distributions to shareholders from
Net investment income		(0.02	)		(0.06	)		(0.00	)2		(0.01	)		(0.02	)		(0.05	)
Net realized gains		(0.28	)		(0.58	)		(0.12	)		(0.16	)		(0.95	)		(0.18	)
Total distributions to shareholders		(0.30	)		(0.64	)		(0.12	)		(0.17	)		(0.97	)		(0.23	)
Net asset value, end of period		$20.05			$21.36			$21.07			$19.45			$17.99			$17.47
Total return3		(4.85	)%		4.75	%		8.97	%		9.14	%		8.86	%		2.86	%
Ratios to average net assets (annualized)
Gross expenses		1.85	%		1.86	%		1.83	%		1.84	%		1.85	%		1.98	%
Net expenses		1.83	%		1.83	%		1.82	%		1.84	%		1.85	%		1.90	%
Net investment income		0.23	%		0.24	%		0.05	%		0.04	%		0.03	%		0.10	%
Supplemental data
Portfolio turnover rate		9	%		14	%		9	%		9	%		8	%		43	%
Net assets, end of period (000s omitted)		$131,366			$144,264			$153,322			$152,820			$136,881			$62,019

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

30  |  Wells Fargo Index Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$35.14			$34.64			$31.99			$29.63			$28.75			$28.21
Net investment income		0.21			0.39			0.32			0.30			0.28			0.35
Net realized and unrealized gains (losses) on investments		(1.72	)		1.46			2.84			2.68			2.45			0.76
Total from investment operations		(1.51	)		1.85			3.16			2.98			2.73			1.11
Distributions to shareholders from
Net investment income		(0.20	)		(0.39	)		(0.32	)		(0.35	)		(0.28	)		(0.28	)
Net realized gains		(0.46	)		(0.96	)		(0.19	)		(0.27	)		(1.57	)		(0.29	)
Total distributions to shareholders		(0.66	)		(1.35	)		(0.51	)		(0.62	)		(1.85	)		(0.57	)
Net asset value, end of period		$32.97			$35.14			$34.64			$31.99			$29.63			$28.75
Total return1		(4.42	)%		5.73	%		9.94	%		10.20	%		9.91	%		3.89	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.03	%		1.00	%		0.99	%		1.02	%		1.09	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		1.16	%		1.17	%		0.97	%		0.96	%		0.98	%		1.12	%
Supplemental data
Portfolio turnover rate		9	%		14	%		9	%		9	%		8	%		43	%
Net assets, end of period (000s omitted)		$219,073			$229,390			$216,611			$268,512			$206,908			$85,380

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 Index Asset Allocation Fund  |  31

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			20171
Net asset value, beginning of period		$35.09			$34.59			$31.96			$29.27
Net investment income		0.23			0.44			0.39			0.35
Net realized and unrealized gains (losses) on investments		(1.71	)		1.46			2.81			3.03
Total from investment operations		(1.48	)		1.90			3.20			3.38
Distributions to shareholders from
Net investment income		(0.22	)		(0.44	)		(0.38	)		(0.42	)
Net realized gains		(0.46	)		(0.96	)		(0.19	)		(0.27	)
Total distributions to shareholders		(0.68	)		(1.40	)		(0.57	)		(0.69	)
Net asset value, end of period		$32.93			$35.09			$34.59			$31.96
Total return2		(4.32	)%		5.89	%		10.11	%		11.70	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.78	%		0.75	%		0.74	%
Net expenses		0.75	%		0.75	%		0.74	%		0.74	%
Net investment income		1.31	%		1.32	%		1.13	%		1.08	%
Supplemental data
Portfolio turnover rate		9	%		14	%		9	%		9	%
Net assets, end of period (000s omitted)		$111,058			$123,504			$110,566			$61,060

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

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

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

32  |  Wells Fargo Index Asset Allocation 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 Index Asset Allocation Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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Notes to financial statements (unaudited)

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 and security values and is subject to interest rate risk and 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 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $830,702,384 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	409,665,885
Gross unrealized losses		(7,918,395	)
Net unrealized gains	$	401,747,490

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.

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Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	39,821	$	0	$	39,821
Common stocks
Communication services		73,050,454		0		0		73,050,454
Consumer discretionary		66,615,077		0		0		66,615,077
Consumer staples		52,981,533		0		0		52,981,533
Energy		17,999,188		0		0		17,999,188
Financials		74,400,116		0		0		74,400,116
Health care		104,680,124		0		0		104,680,124
Industrials		55,906,037		0		0		55,906,037
Information technology		173,230,272		0		0		173,230,272
Materials		16,550,694		0		0		16,550,694
Real estate		20,169,516		0		0		20,169,516
Utilities		24,253,251		0		0		24,253,251
Non-agency mortgage-backed securities		0		5,856		0		5,856
U.S. Treasury securities		492,730,269		0		0		492,730,269
Short-term investments
Investment companies		36,581,462		0		0		36,581,462
U.S. Treasury securities		16,972,141		0				16,972,141
		1,226,120,134		45,677		0		1,226,165,811
Futures contracts		6,284,063		0		0		6,284,063
Total assets	$	1,232,404,197	$	45,677	$	0	$	1,232,449,874

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 March 31, 2020, the Fund did not have any transfers into/out of Level 3.

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Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.61% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.15% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

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

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 January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.90% for Administrator Class 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.

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Notes to financial statements (unaudited)

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $40,906 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$67,350,826	$49,508,814	$125,946,898	$65,795,163

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 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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, the Fund had securities lending transaction with the following counterparty which is subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Barclays Capital Incorporated	$334,831	$(334,831)	$	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 March 31, 2020, the Fund entered into futures contracts to manage the duration of the portfolio and to gain market exposure to certain asset classes by implementing tactical asset allocation shifts. The Fund had an average notional amount of $114,479,696 in long futures contracts and $15,503,450 in short futures contracts during the six months ended March 31, 2020.

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

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Notes to financial statements (unaudited)

The fair value of derivative instruments as of March 31, 2020 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	$	6,282,237	*	Unrealized losses on futures contracts	$	0	*
Interest rate risk	Unrealized gains on futures contracts		1,826	*	Unrealized losses on futures contracts		0	*
		$	6,284,063			$	0

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of March 31, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended March 31, 2020 was as follows for the Fund:

	Amount of realized losses on derivatives			Change in unrealized gains on derivatives
Equity risk	$	(5,921,270	)	$	5,922,957
Interest rate risk		(1,305,818	)		1,393,876
	$	(7,227,088	)	$	7,316,833

8. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund 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 Fund 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 Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

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Notes to financial statements (unaudited)

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

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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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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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 147 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

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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.

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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 Rhee (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 Kennedy (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 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Wells Fargo Index Asset Allocation Fund  |  43

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

44  |  Wells Fargo Index Asset Allocation Fund

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo Index Asset Allocation Fund  |  45

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

46  |  Wells Fargo Index Asset Allocation 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.

PAR-0420-06223 05-20

SA227/SAR227 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo C&B Mid Cap Value Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Other information	23
Appendix I	27
Appendix II	28

Reduce clutter.

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 March 31, 2020, 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 Mid Cap Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support. ”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Mid Cap Value Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo C&B Mid Cap Value Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month- end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Mid Cap Value Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Cooke and Bieler, L.P.

Portfolio managers

Andrew B. Armstrong, CFA^®‡

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 March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (CBMAX)	7-26-2004		-27.14		-0.73		6.63		-22.71		0.46		7.26		1.30		1.26
Class C (CBMCX)	7-26-2004		-24.28		-0.29		6.46		-23.28		-0.29		6.46		2.05		2.01
Class R6 (CBMYX)3	7-31-2018		–		–		–		-22.36		0.84		7.62		0.87		0.81
Administrator Class (CBMIX)	7-26-2004		–		–		–		-22.62		0.56		7.33		1.22		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		-22.42		0.81		7.60		0.97		0.91
Russell Midcap® Value Index4	–		–		–		–		-24.13		-0.76		7.22		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo C&B Mid Cap Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20205
Helen of Troy Limited	3.35
Hill-Rom Holdings Incorporated	3.13
Arrow Electronics Incorporated	3.05
Colfax Corporation	3.01
FirstCash Financial Services Incorporated	2.94
Perrigo Company plc	2.82
The Progressive Corporation	2.71
TCF Financial Corporation	2.70
Integra LifeSciences Holdings Corporation	2.66
TE Connectivity Limited	2.57

Sector distribution as of March 31, 2020⁶

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

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.25% for Class A, 2.00% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for the Class R6 would be higher.

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

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo C&B Mid 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	710.37	$	5.30		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.26		1.24	%
Class C
Actual	$	1,000.00	$	707.69	$	8.54		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.00	$	10.08		2.00	%
Class R6
Actual	$	1,000.00	$	711.83	$	3.42		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Administrator Class
Actual	$	1,000.00	$	710.72	$	4.92		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Institutional Class
Actual	$	1,000.00	$	711.64	$	3.85		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.50	$	4.55		0.90	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo C&B Mid Cap Value Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 94.84%
Communication Services: 3.53%
Entertainment: 1.18%
Activision Blizzard Incorporated		67,500	$	4,014,900
Media: 2.35%
Omnicom Group Incorporated		144,700		7,944,030
Consumer Discretionary: 11.97%
Hotels, Restaurants & Leisure: 1.50%
Extended Stay America Incorporated		270,300		1,975,893
Norwegian Cruise Line Holdings Limited †		282,200		3,092,912
				5,068,805
Household Durables: 4.98%
Helen of Troy Limited †		78,700		11,335,160
Whirlpool Corporation		64,600		5,542,680
				16,877,840
Specialty Retail: 2.41%
American Eagle Outfitters Incorporated		1,027,500		8,168,625
Textiles, Apparel & Luxury Goods: 3.08%
Gildan Activewear Incorporated		493,300		6,294,508
HanesBrands Incorporated		524,000		4,123,880
				10,418,388
Financials: 23.35%
Banks: 4.29%
Commerce Bancshares Incorporated		106,906		5,382,717
TCF Financial Corporation		403,713		9,148,137
				14,530,854
Capital Markets: 2.56%
State Street Corporation		162,400		8,651,048
Consumer Finance: 4.89%
FirstCash Financial Services Incorporated		138,800		9,957,512
Synchrony Financial		411,100		6,614,599
				16,572,111
Insurance: 9.42%
Alleghany Corporation Alleghany Corp		9,530		5,263,896
Arch Capital Group Limited †		183,600		5,225,256
Fidelity National Financial Incorporated		148,620		3,697,666
Globe Life Incorporated		118,700		8,542,839
The Progressive Corporation		124,200		9,170,928
				31,900,585
Thrifts & Mortgage Finance: 2.19%
Essent Group Limited		282,100		7,430,514
Health Care: 12.93%
Health Care Equipment & Supplies: 5.78%
Hill-Rom Holdings Incorporated		105,270		10,590,162

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

Wells Fargo C&B Mid Cap Value Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care Equipment & Supplies (continued)
Integra LifeSciences Holdings Corporation †		201,422	$	8,997,521
				19,587,683
Health Care Providers & Services: 2.04%
Laboratory Corporation of America Holdings †		54,700		6,913,533
Life Sciences Tools & Services: 2.28%
Syneos Health Incorporated †		196,000		7,726,320
Pharmaceuticals: 2.83%
Perrigo Company plc		198,900		9,565,101
Industrials: 25.49%
Aerospace & Defense: 5.47%
BWX Technologies Incorporated		162,200		7,900,762
Hexcel Corporation		154,700		5,753,293
Huntington Ingalls Industries Incorporated		26,800		4,883,228
				18,537,283
Building Products: 1.26%
Johnson Controls International plc		157,600		4,248,896
Commercial Services & Supplies: 1.11%
Steelcase Incorporated Class A		379,700		3,747,639
Electrical Equipment: 6.47%
Acuity Brands Incorporated		78,300		6,707,178
AMETEK Incorporated		101,400		7,302,828
Eaton Corporation plc		101,700		7,901,073
				21,911,079
Machinery: 9.04%
Colfax Corporation †		514,199		10,181,140
Donaldson Company Incorporated		110,900		4,284,067
Gates Industrial Corporation plc †		414,852		3,061,608
Snap-on Incorporated		61,500		6,692,430
Woodward Governor Company		107,500		6,389,800
				30,609,045
Trading Companies & Distributors: 2.14%
AerCap Holdings NV †		318,100		7,249,499
Information Technology: 11.12%
Electronic Equipment, Instruments & Components: 5.62%
Arrow Electronics Incorporated †		199,100		10,327,317
TE Connectivity Limited		138,040		8,693,759
				19,021,076
IT Services: 3.66%
Amdocs Limited		150,900		8,294,973
Leidos Holdings Incorporated		44,600		4,087,590
				12,382,563

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

8  |  Wells Fargo C&B Mid Cap Value Fund

Portfolio of investments—March 31, 2020 (unaudited)

				Shares		Value
Semiconductors & Semiconductor Equipment: 1.84%
MKS Instruments Incorporated					76,600	$	6,239,070
Materials: 4.73%
Chemicals: 1.47%
Axalta Coating Systems Limited †					289,200		4,994,484
Metals & Mining: 2.10%
Reliance Steel & Aluminum Company					81,100		7,103,549
Paper & Forest Products: 1.16%
Schweitzer-Mauduit International Incorporated					141,390		3,933,470
Real Estate: 1.72%
Real Estate Management & Development: 1.72%
CBRE Group Incorporated Class A †					154,000		5,807,340
Total Common Stocks (Cost $399,590,643)							321,155,330
	Yield
Short-Term Investments: 4.83%
Investment Companies: 4.83%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35	%		16,371,170		16,371,170
Total Short-Term Investments (Cost $16,371,170)							16,371,170

Total investments in securities (Cost $415,961,813)	99.67	%		337,526,500
Other assets and liabilities, net	0.33			1,107,536
Total net assets	100.00	%	$	338,634,036

† Non-income-earning security

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		5,733,177		18,975,007		(24,708,184	)		0	$	(145	)	$	0	$	3,957	#	$	0
Wells Fargo Government Money Market Fund Select Class		17,446,499		130,808,248		(131,883,577	)		16,371,170		0			0		202,688			16,371,170
										$	(145	)	$	0	$	206,645		$	16,371,170		4.83	%

* No longer held at the end of the period.

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo C&B Mid Cap Value Fund  |  9

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $399,590,643)	$	321,155,330
Investments in affiliated securities, at value (cost $16,371,170)		16,371,170
Receivable for investments sold		683,036
Receivable for Fund shares sold		1,493,923
Receivable for dividends		354,361
Receivable for securities lending income, net		1,056
Prepaid expenses and other assets		78,229
Total assets		340,137,105
Liabilities
Payable for investments purchased		763,033
Payable for Fund shares redeemed		434,351
Management fee payable		218,069
Administration fees payable		45,679
Distribution fee payable		2,159
Trustees’ fees and expenses payable		4,055
Accrued expenses and other liabilities		35,723
Total liabilities		1,503,069
Total net assets	$	338,634,036
Net assets consist of
Paid-in capital	$	418,376,765
Total distributable loss		(79,742,729	)
Total net assets	$	338,634,036
Computation of net asset value and offering price per share
Net assets – Class A	$	80,992,696
Shares outstanding – Class A1		2,955,606
Net asset value per share – Class A		$27.40
Maximum offering price per share – Class A2		$29.07
Net assets – Class C	$	2,979,676
Shares outstanding – Class C1		116,906
Net asset value per share – Class C		$25.49
Net assets – Class R6	$	11,086,288
Shares outstanding – Class R61		401,184
Net asset value per share – Class R6		$27.63
Net assets – Administrator Class	$	21,547,458
Shares outstanding – Administrator Class1		777,552
Net asset value per share – Administrator Class		$27.71
Net assets – Institutional Class	$	222,027,918
Shares outstanding – Institutional Class1		8,036,862
Net asset value per share – Institutional Class		$27.63

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 C&B Mid Cap Value Fund

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $18,778)	$	3,414,957
Income from affiliated securities		203,486
Total investment income		3,618,443
Expenses
Management fee		1,660,679
Administration fees
Class A		119,436
Class C		4,558
Class R6		2,231
Administrator Class		19,166
Institutional Class		182,279
Shareholder servicing fees
Class A		142,186
Class C		5,426
Administrator Class		36,858
Distribution fee
Class C		16,280
Custody and accounting fees		10,797
Professional fees		20,025
Registration fees		50,137
Shareholder report expenses		30,082
Trustees’ fees and expenses		11,029
Other fees and expenses		8,536
Total expenses		2,319,705
Less: Fee waivers and/or expense reimbursements
Fund-level		(42,223	)
Class A		(4,377	)
Class R6		(1,437	)
Administrator Class		(2,805	)
Institutional Class		(27,551	)
Net expenses		2,241,312
Net investment income		1,377,131
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		686,440
Affiliated securities		(145	)
Net realized gains on investments		686,295
Net change in unrealized gains (losses) on investments		(136,555,664	)
Net realized and unrealized gains (losses) on investments		(135,869,369	)
Net decrease in net assets resulting from operations	$	(134,492,238	)

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

Wells Fargo C&B Mid Cap Value Fund  |  11

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	1,377,131					$	2,205,049
Net realized gains on investments					686,295						10,275,898
Net change in unrealized gains (losses) on investments					(136,555,664	)					6,365,733
Net increase (decrease) in net assets resulting from operations					(134,492,238	)					18,846,680
Distributions to shareholders from net investment income and net realized gains
Class A					(3,368,775	)					(159,086	)
Class C					(116,894	)					0
Class R6					(485,361	)					(76,727	)
Administrator Class					(945,399	)					(60,977	)
Institutional Class					(8,727,328	)					(1,010,122	)
Total distributions to shareholders					(13,643,757	)					(1,306,912	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		494,896			19,192,977			316,284			11,568,529
Class C		17,406			624,975			28,128			897,999
Class R6		59,998			2,197,408			475,263			17,075,950
Administrator Class		260,723			10,420,653			200,859			7,561,359
Institutional Class		3,292,297			120,603,387			3,096,014			113,109,321
					153,039,400						150,213,158
Reinvestment of distributions
Class A		79,402			3,248,552			4,720			154,816
Class C		2,989			113,505			0			0
Class R6		6,229			257,557			995			32,841
Administrator Class		22,658			938,447			1,590			52,718
Institutional Class		210,740			8,708,954			30,350			1,001,844
					13,267,015						1,242,219
Payment for shares redeemed
Class A		(315,073	)		(11,091,465	)		(564,439	)		(20,529,618	)
Class C		(27,668	)		(950,211	)		(139,702	)		(4,695,256	)
Class R6		(42,296	)		(1,697,352	)		(99,674	)		(3,641,646	)
Administrator Class		(104,615	)		(3,838,356	)		(150,211	)		(5,462,836	)
Institutional Class		(1,628,141	)		(59,376,136	)		(2,201,065	)		(78,294,383	)
					(76,953,520	)					(112,623,739	)
Net increase in net assets resulting from capital share transactions					89,352,895						38,831,638
Total increase (decrease) in net assets					(58,783,100	)					56,371,406
Net assets
Beginning of period					397,417,136						341,045,730
End of period				$	338,634,036					$	397,417,136

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

12  |  Wells Fargo C&B Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$39.67			$37.88			$35.07			$29.27			$25.12			$25.26
Net investment income (loss)		0.06			0.16			0.06			(0.00	)1,2		0.07	1		0.05	1
Net realized and unrealized gains (losses) on investments		(11.17	)		1.69			2.75			5.82			4.13			(0.14	)
Total from investment operations		(11.11	)		1.85			2.81			5.82			4.20			(0.09	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.06	)		(0.00	)3		(0.02	)		(0.05	)		(0.05	)
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.16	)		(0.06	)		(0.00	)		(0.02	)		(0.05	)		(0.05	)
Net asset value, end of period		$27.40			$39.67			$37.88			$35.07			$29.27			$25.12
Total return4		(28.96	)%		4.91	%		8.02	%		19.89	%		16.73	%		(0.36	)%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.29	%		1.29	%		1.30	%		1.33	%		1.35	%
Net expenses		1.24	%		1.25	%		1.25	%		1.25	%		1.24	%		1.20	%
Net investment income (loss)		0.39	%		0.43	%		0.16	%		(0.00	)%2		0.27	%		0.18	%
Supplemental data
Portfolio turnover rate		26	%		42	%		39	%		54	%		35	%		41	%
Net assets, end of period (000s omitted)		$80,993			$106,975			$111,354			$115,258			$120,020			$19,862

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

³  Amount is less than $0.005.

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

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

Wells Fargo C&B Mid Cap Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$36.98			$35.51			$33.12			$27.83			$24.02			$24.29
Net investment loss		(0.07	)1		(0.12	)1		(0.20	)1		(0.26	)1		(0.14	)1		(0.15	)1
Net realized and unrealized gains (losses) on investments		(10.41	)		1.59			2.59			5.55			3.95			(0.12	)
Total from investment operations		(10.48	)		1.47			2.39			5.29			3.81			(0.27	)
Distributions to shareholders from
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$25.49			$36.98			$35.51			$33.12			$27.83			$24.02
Total return2		(29.23	)%		4.14	%		7.22	%		19.01	%		15.86	%		(1.11	)%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.04	%		2.04	%		2.05	%		2.08	%		2.10	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		1.98	%		1.95	%
Net investment loss		(0.38	)%		(0.36	)%		(0.59	)%		(0.74	)%		(0.55	)%		(0.57	)%
Supplemental data
Portfolio turnover rate		26	%		42	%		39	%		54	%		35	%		41	%
Net assets, end of period (000s omitted)		$2,980			$4,592			$8,371			$8,567			$7,314			$6,737

¹  Calculated based upon average shares outstanding

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

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

14  |  Wells Fargo C&B Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R6				2019			20181
Net asset value, beginning of period		$40.06			$38.27			$37.39
Net investment income		0.17			0.35	2		0.08	2
Net realized and unrealized gains (losses) on investments		(11.29	)		1.67			0.80
Total from investment operations		(11.12	)		2.02			0.88
Distributions to shareholders from
Net investment income		(0.30	)		(0.23	)		0.00
Net realized gains		(1.01	)		0.00			0.00
Total distributions to shareholders		(1.31	)		0.00			0.00
Net asset value, end of period		$27.63			$40.06			$38.27
Total return3		(28.82	)%		5.39	%		2.35	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.86	%		0.86	%
Net expenses		0.80	%		0.80	%		0.80	%
Net investment income		0.83	%		0.95	%		1.24	%
Supplemental data
Portfolio turnover rate		26	%		42	%		39	%
Net assets, end of period (000s omitted)		$11,086			$15,112			$26

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo C&B Mid Cap Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$40.14			$38.35			$35.52			$29.63			$25.42			$25.54
Net investment income		0.10	1		0.20	1		0.10	1		0.04	1		0.08	1		0.06	1
Net realized and unrealized gains (losses) on investments		(11.32	)		1.70			2.78			5.89			4.19			(0.13	)
Total from investment operations		(11.22	)		1.90			2.88			5.93			4.27			(0.07	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.11	)		(0.05	)		(0.04	)		(0.06	)		(0.05	)
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.21	)		(0.11	)		(0.05	)		(0.04	)		(0.06	)		(0.05	)
Net asset value, end of period		$27.71			$40.14			$38.35			$35.52			$29.63			$25.42
Total return2		(28.93	)%		5.03	%		8.13	%		20.02	%		16.82	%		(0.30	)%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.21	%		1.21	%		1.22	%		1.25	%		1.21	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.48	%		0.53	%		0.26	%		0.12	%		0.28	%		0.22	%
Supplemental data
Portfolio turnover rate		26	%		42	%		39	%		54	%		35	%		41	%
Net assets, end of period (000s omitted)		$21,547			$24,036			$20,960			$21,267			$8,302			$9,725

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo C&B Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$40.04			$38.26			$35.41			$29.53			$25.34			$25.49
Net investment income		0.12			0.28			0.19			0.16			0.16			0.10
Net realized and unrealized gains (losses) on investments		(11.25	)		1.70			2.78			5.82			4.17			(0.12	)
Total from investment operations		(11.13	)		1.98			2.97			5.98			4.33			(0.02	)
Distributions to shareholders from
Net investment income		(0.27	)		(0.20	)		(0.12	)		(0.10	)		(0.14	)		(0.13	)
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.28	)		(0.20	)		(0.12	)		(0.10	)		(0.14	)		(0.13	)
Net asset value, end of period		$27.63			$40.04			$38.26			$35.41			$29.53			$25.34
Total return2		(28.84	)%		5.29	%		8.41	%		20.30	%		17.11	%		(0.09	)%1
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.96	%		0.96	%		0.97	%		1.00	%		0.94	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.74	%		0.79	%		0.56	%		0.37	%		0.54	%		0.47	%
Supplemental data
Portfolio turnover rate		26	%		42	%		39	%		54	%		35	%		41	%
Net assets, end of period (000s omitted)		$222,028			$246,702			$200,335			$105,550			$38,161			$18,229

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

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

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

Wells Fargo C&B Mid Cap Value 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 C&B Mid Cap Value Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In 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 Fund or pay the Fund the market value of the loaned securities. The Fund 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.

18  |  Wells Fargo C&B Mid Cap Value Fund

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $409,903,804 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	16,043,009
Gross unrealized losses		(88,420,313	)
Net unrealized losses	$	(72,377,304	)

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.

Wells Fargo C&B Mid Cap Value Fund  |  19

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Communication services	$	11,958,930	$	0	$	0	$	11,958,930
Consumer discretionary		40,533,658		0		0		40,533,658
Financials		79,085,112		0		0		79,085,112
Health care		43,792,637		0		0		43,792,637
Industrials		86,303,441		0		0		86,303,441
Information technology		37,642,709		0		0		37,642,709
Materials		16,031,503		0		0		16,031,503
Real estate		5,807,340		0		0		5,807,340
Short-term investments
Investment companies		16,371,170		0		0		16,371,170
Total assets	$	337,526,500	$	0	$	0	$	337,526,500

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & 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	0.750%
Next $500 million	0.725
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $5 billion	0.640
Next $2 billion	0.630
Next $4 billion	0.620
Over $16 billion	0.610

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Cooke & Bieler, L.P., which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

20  |  Wells Fargo C&B Mid Cap Value Fund

Notes to financial statements (unaudited)

Administration fees

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

	Class-level administration fee
Class 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. Funds Management has committed through January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, 0.80% for Class R6 shares, 1.15% for Administrator Class shares, and 0.90% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $4,283 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $182,200,630 and $106,169,565, 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

Wells Fargo C&B Mid Cap Value Fund  |  21

Notes to financial statements (unaudited)

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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, the Fund did not have any securities on loan.

7. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund 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 Fund invests a concentration of its portfolio in the industrials sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

22  |  Wells Fargo C&B Mid Cap Value Fund

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, 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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo C&B Mid Cap Value 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 147 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

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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.

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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 Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

26  |  Wells Fargo C&B Mid Cap Value Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

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Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder
is responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

28  |  Wells Fargo C&B Mid Cap Value Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo C&B Mid Cap Value Fund  |  29

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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.

PAR-0420-06227 05-20

SA228/SAR228 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo Common Stock Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	24
Appendix I	28
Appendix II	29

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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 March 31, 2020, 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 Common Stock Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Common Stock Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Common Stock Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Common Stock Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher G. Miller, CFA^®‡

Garth B. Newport, CFA^®‡†

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SCSAX)	11-30-2000		-29.05		-1.66		5.61		-24.70		-0.49		6.24		1.27		1.27
Class C (STSAX)	11-30-2000		-26.33		-1.24		5.43		-25.33		-1.24		5.43		2.02		2.02
Class R6 (SCSRX)3	6-28-2013		–		–		–		-24.40		-0.07		6.66		0.84		0.84
Administrator Class (SCSDX)4	7-30-2010		–		–		–		-24.60		-0.35		6.39		1.19		1.11
Institutional Class (SCNSX)5	7-30-2010		–		–		–		-24.44		-0.09		6.64		0.94		0.86
Russell 2500TM Index6	–		–		–		–		-22.47		0.49		7.73		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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 Common Stock Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20207
Bio-Rad Laboratories Incorporated Class A	2.38
CoreSite Realty Corporation	2.26
Sun Communities Incorporated	2.21
LivaNova plc	2.04
Carlisle Companies Incorporated	1.99
SBA Communications Corporation	1.96
AMETEK Incorporated	1.94
United Rentals Incorporated	1.83
VICI Properties Incorporated	1.83
Haemonetics Corporation	1.82

Sector distribution as of March 31, 2020⁸

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

^†  Mr. Newport became a portfolio manager of the Fund on February 1, 2020.

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.26% for Class A, 2.01% for Class C, 0.83% for Class R6, 1.10% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for 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, the returns for the Class R6 shares would be higher.

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

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, the returns for the Institutional Class shares would be higher.

⁶  The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

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

⁸  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Common Stock 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	717.94	$	5.24		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.16		1.22	%
Class C
Actual	$	1,000.00	$	714.74	$	8.62		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.95	$	10.13		2.01	%
Class R6
Actual	$	1,000.00	$	719.20	$	3.57		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Administrator Class
Actual	$	1,000.00	$	718.28	$	4.73		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.50	$	5.55		1.10	%
Institutional Class
Actual	$	1,000.00	$	719.07	$	3.65		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Common Stock Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.74%
Consumer Discretionary: 7.70%
Auto Components: 1.22%
Dana Incorporated		1,108,908	$	8,660,571
Diversified Consumer Services: 0.19%
Houghton Mifflin Harcourt Company †		709,296		1,333,476
Hotels, Restaurants & Leisure: 1.28%
Jack in the Box Incorporated		179,936		6,306,758
Norwegian Cruise Line Holdings Limited †		249,544		2,735,002
				9,041,760
Household Durables: 1.02%
Mohawk Industries Incorporated †		94,561		7,209,331
Multiline Retail: 0.43%
Nordstrom Incorporated		200,316		3,072,847
Specialty Retail: 2.51%
Tractor Supply Company		78,604		6,645,968
Ulta Beauty Incorporated †		48,264		8,479,985
Urban Outfitters Incorporated †		186,511		2,655,917
				17,781,870
Textiles, Apparel & Luxury Goods: 1.05%
Levi Strauss & Company Class A «		599,441		7,451,052
Consumer Staples: 0.95%
Household Products: 0.95%
Church & Dwight Company Incorporated		105,025		6,740,505
Financials: 13.95%
Banks: 4.10%
Pinnacle Financial Partners Incorporated		196,299		7,369,064
Sterling Bancorp		757,245		7,913,210
Webster Financial Corporation		290,792		6,659,137
Wintrust Financial Corporation		216,988		7,130,226
				29,071,637
Capital Markets: 2.33%
Cboe Holdings Incorporated		110,812		9,889,971
Raymond James Financial Incorporated		105,202		6,648,766
				16,538,737
Insurance: 6.45%
Arch Capital Group Limited †		194,393		5,532,425
Axis Capital Holdings Limited		187,911		7,262,760
CNO Financial Group Incorporated		936,155		11,598,960
Reinsurance Group of America Incorporated		105,316		8,861,288
Willis Towers Watson plc		73,300		12,450,005
				45,705,438
Thrifts & Mortgage Finance: 1.07%
Essent Group Limited		287,253		7,566,244

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

Wells Fargo Common Stock Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care: 14.22%
Biotechnology: 1.97%
Agios Pharmaceuticals Incorporated †		64,658	$	2,294,066
BioMarin Pharmaceutical Incorporated †		54,869		4,636,431
Neurocrine Biosciences Incorporated †		66,693		5,772,279
Sage Therapeutics Incorporated †		44,818		1,287,173
				13,989,949
Health Care Equipment & Supplies: 5.41%
Haemonetics Corporation †		129,473		12,903,279
Hologic Incorporated †		313,190		10,992,969
LivaNova plc †		319,594		14,461,629
				38,357,877
Health Care Providers & Services: 4.46%
Humana Incorporated		38,088		11,960,394
Laboratory Corporation of America Holdings †		83,532		10,557,609
Universal Health Services Incorporated Class B		91,467		9,062,550
				31,580,553
Life Sciences Tools & Services: 2.38%
Bio-Rad Laboratories Incorporated Class A †		48,095		16,860,183
Industrials: 20.75%
Aerospace & Defense: 2.99%
Hexcel Corporation		296,234		11,016,942
MTU Aero Engines AG		70,477		10,190,743
				21,207,685
Building Products: 3.49%
Armstrong World Industries Incorporated		154,281		12,252,997
Masonite International Corporation †		263,144		12,486,183
				24,739,180
Commercial Services & Supplies: 2.37%
Republic Services Incorporated		90,350		6,781,671
Stericycle Incorporated †		205,928		10,003,982
				16,785,653
Electrical Equipment: 3.26%
AMETEK Incorporated		191,132		13,765,327
Sensata Technologies Holding plc †		322,366		9,326,048
				23,091,375
Industrial Conglomerates: 1.99%
Carlisle Companies Incorporated		112,549		14,100,139
Machinery: 2.42%
Altra Industrial Motion Corporation		391,365		6,844,974
ITT Incorporated		226,740		10,284,926
				17,129,900
Road & Rail: 1.05%
Saia Incorporated †		100,891		7,419,524

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

8  |  Wells Fargo Common Stock Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Trading Companies & Distributors: 3.18%
Air Lease Corporation		433,190	$	9,590,827
United Rentals Incorporated †		126,246		12,990,713
				22,581,540
Information Technology: 20.83%
IT Services: 4.05%
Black Knight Incorporated †		171,174		9,938,362
EVO Payments Incorporated Class A †		432,810		6,621,993
Genpact Limited		324,032		9,461,734
WEX Incorporated †		25,788		2,696,135
				28,718,224
Semiconductors & Semiconductor Equipment: 5.59%
Brooks Automation Incorporated		412,759		12,589,150
Marvell Technology Group Limited		503,256		11,388,683
Maxim Integrated Products Incorporated		163,674		7,956,193
ON Semiconductor Corporation †		617,874		7,686,353
				39,620,379
Software: 11.19%
8x8 Incorporated †		802,259		11,119,310
Fair Isaac Corporation †		38,178		11,746,989
Medallia Incorporated †		153,498		3,076,100
Nuance Communications Incorporated		598,149		10,036,940
Proofpoint Incorporated †		104,266		10,696,649
RealPage Incorporated †		218,924		11,587,647
SPS Commerce Incorporated †		211,208		9,823,284
Zendesk Incorporated †		175,293		11,220,505
				79,307,424
Materials: 6.62%
Chemicals: 2.38%
Axalta Coating Systems Limited †		402,454		6,950,381
Westlake Chemical Corporation		259,938		9,921,833
				16,872,214
Containers & Packaging: 1.68%
Crown Holdings Incorporated †		204,980		11,897,039
Metals & Mining: 2.56%
Royal Gold Incorporated		77,501		6,797,613
Steel Dynamics Incorporated		502,340		11,322,744
				18,120,357
Real Estate: 12.72%
Equity REITs: 12.72%
Camden Property Trust		96,234		7,625,582
CoreSite Realty Corporation		138,114		16,007,413
Four Corners Property Trust Incorporated		491,112		9,188,706
Healthcare Realty Trust Incorporated		279,041		7,793,615
SBA Communications Corporation		51,411		13,879,428
STAG Industrial Incorporated		311,320		7,010,926

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

Wells Fargo Common Stock Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

				Shares		Value
Equity REITs (continued)
Sun Communities Incorporated					125,484	$	15,666,677
VICI Properties Incorporated					778,098		12,947,551
							90,119,898
Total Common Stocks (Cost $744,718,710)							692,672,561
Exchange-Traded Funds: 0.94%
SPDR S&P Biotech ETF «					86,171		6,673,082
Total Exchange-Traded Funds (Cost $4,423,790)							6,673,082
	Yield
Short-Term Investments: 2.69%
Investment Companies: 2.69%
Securities Lending Cash Investments LLC (l)(r)(u)		2.11	%		9,748,494		9,749,470
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35			9,324,809		9,324,809
Total Short-Term Investments (Cost $19,073,586)							19,074,279

Total investments in securities (Cost $768,216,086)	101.37	%		718,419,922
Other assets and liabilities, net	(1.37	)		(9,714,895	)
Total net assets	100.00	%	$	708,705,027

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		9,518,064		71,068,809		(70,838,379	)		9,748,494	$	(503	)	$	457	$	85,380	#	$	9,749,470
Wells Fargo Government Money Market Fund Select Class		15,119,436		161,948,584		(167,743,211	)		9,324,809		0			0		105,145			9,324,809
										$	(503	)	$	457	$	190,525		$	19,074,279		2.69	%

^#  Amount shown represents income before fees and rebates.

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

10  |  Wells Fargo Common Stock Fund

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $9,472,935 of securities loaned), at value (cost $749,142,500)	$	699,345,643
Investments in affiliated securities, at value (cost $19,073,586)		19,074,279
Receivable for investments sold		596,551
Receivable for Fund shares sold		171,628
Receivable for dividends		1,281,266
Receivable for securities lending income, net		11,014
Total assets		720,480,381
Liabilities
Payable upon receipt of securities loaned		9,747,775
Payable for investments purchased		718,568
Payable for Fund shares redeemed		317,886
Management fee payable		495,367
Administration fees payable		127,282
Distribution fee payable		2,533
Trustees’ fees and expenses payable		4,107
Accrued expenses and other liabilities		361,836
Total liabilities		11,775,354
Total net assets	$	708,705,027
Net assets consist of
Paid-in capital	$	752,911,178
Total distributable loss		(44,206,151	)
Total net assets	$	708,705,027
Computation of net asset value and offering price per share
Net assets – Class A	$	576,346,247
Shares outstanding – Class A1		43,326,509
Net asset value per share – Class A		$13.30
Maximum offering price per share – Class A2		$14.11
Net assets – Class C	$	3,555,913
Shares outstanding – Class C1		408,533
Net asset value per share – Class C		$8.70
Net assets – Class R6	$	25,943,814
Shares outstanding – Class R61		1,823,847
Net asset value per share – Class R6		$14.22
Net assets – Administrator Class	$	1,619,387
Shares outstanding – Administrator Class1		118,686
Net asset value per share – Administrator Class		$13.64
Net assets – Institutional Class	$	101,239,666
Shares outstanding – Institutional Class1		7,142,385
Net asset value per share – Institutional Class		$14.17

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.

Wells Fargo Common Stock Fund  |  11

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends	$	6,722,865
Income from affiliated securities		130,553
Total investment income		6,853,418
Expenses
Management fee		4,001,509
Administration fees
Class A		880,549
Class C		6,145
Class R6		5,585
Administrator Class		2,054
Institutional Class		100,042
Shareholder servicing fees
Class A		1,048,255
Class C		7,315
Administrator Class		3,937
Distribution fee
Class C		21,877
Custody and accounting fees		35,096
Professional fees		25,968
Registration fees		40,108
Shareholder report expenses		35,096
Trustees’ fees and expenses		11,029
Other fees and expenses		19,526
Total expenses		6,244,091
Less: Fee waivers and/or expense reimbursements
Fund-level		(131,655	)
Class A		(98,607	)
Administrator Class		(654	)
Institutional Class		(31,676	)
Net expenses		5,981,499
Net investment income		871,919
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		29,521,755
Affiliated securities		(503	)
Net realized gains on investments		29,521,252
Net change in unrealized gains (losses) on
Unaffiliated securities		(313,164,426	)
Affiliated securities		457
Net change in unrealized gains (losses) on investments		(313,163,969	)
Net realized and unrealized gains (losses) on investments		(283,642,717	)
Net decrease in net assets resulting from operations	$	(282,770,798	)

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

12  |  Wells Fargo Common Stock Fund

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	871,919					$	399,291
Net realized gains on investments					29,521,252						120,517,533
Net change in unrealized gains (losses) on investments					(313,163,969	)					(119,779,061	)
Net increase (decrease) in net assets resulting from operations					(282,770,798	)					1,137,763
Distributions to shareholders from net investment income and net realized gains
Class A					(106,772,268	)					(128,198,379	)
Class C					(1,096,288	)					(2,840,840	)
Class R6					(4,612,059	)					(4,757,555	)
Administrator Class					(452,132	)					(749,896	)
Institutional Class					(18,968,188	)					(20,825,630	)
Total distributions to shareholders					(131,900,935	)					(157,372,300	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		440,170			8,253,812			957,344			19,146,985
Class C		19,225			243,926			120,120			1,584,422
Class R6		307,275			6,433,640			410,149			9,044,599
Administrator Class		26,636			543,177			7,616			156,460
Institutional Class		584,525			11,995,032			958,488			21,044,807
					27,469,587						50,977,273
Reinvestment of distributions
Class A		5,292,160			101,875,797			6,577,466			122,340,875
Class C		74,887			945,077			202,645			2,648,573
Class R6		222,029			4,582,449			240,179			4,729,116
Administrator Class		20,980			414,636			36,844			700,411
Institutional Class		903,544			18,584,525			1,038,739			20,390,438
					126,402,484						150,809,413
Payment for shares redeemed
Class A		(3,711,026	)		(68,751,933	)		(5,755,346	)		(115,611,722	)
Class C		(224,032	)		(3,027,451	)		(683,062	)		(9,629,160	)
Class R6		(316,345	)		(6,263,596	)		(453,488	)		(10,013,010	)
Administrator Class		(94,607	)		(1,756,927	)		(124,075	)		(2,358,961	)
Institutional Class		(1,488,805	)		(28,056,993	)		(1,546,702	)		(33,665,647	)
					(107,856,900	)					(171,278,500	)
Net increase in net assets resulting from capital share transactions					46,015,171						30,508,186
Total decrease in net assets					(368,656,562	)					(125,726,351	)
Net assets
Beginning of period					1,077,361,589						1,203,087,940
End of period				$	708,705,027					$	1,077,361,589

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

Wells Fargo Common Stock Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.07			$24.58			$24.06			$21.50			$21.62			$24.79
Net investment income (loss)		0.01			(0.01	)		(0.04	)		(0.09	)		(0.01	)1		(0.04	)1
Net realized and unrealized gains (losses) on investments		(5.14	)		(0.20	)		3.10			3.48			2.45			(0.32	)
Total from investment operations		(5.13	)		(0.21	)		3.06			3.39			2.44			(0.36	)
Distributions to shareholders from
Net investment income		(0.00	)2		0.00			0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Total distributions to shareholders		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Net asset value, end of period		$13.30			$21.07			$24.58			$24.06			$21.50			$21.62
Total return3		(28.21	)%		0.91	%		13.62	%		16.10	%		12.43	%		(1.76	)%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.26	%		1.25	%		1.25	%		1.25	%		1.27	%
Net expenses		1.22	%		1.26	%		1.25	%		1.25	%		1.25	%		1.26	%
Net investment income (loss)		0.11	%		(0.03	)%		(0.18	)%		(0.38	)%		(0.05	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		37	%		40	%		33	%		35	%		32	%		51	%
Net assets, end of period (000s omitted)		$576,346			$870,369			$971,731			$942,596			$924,864			$127,732

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

14  |  Wells Fargo Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$14.72			$18.40			$18.75			$17.04			$17.77			$21.02
Net investment loss		(0.05	)1		(0.11	)1		(0.17	)1		(0.20	)1		(0.14	)1		(0.18	)
Net realized and unrealized gains (losses) on investments		(3.33	)		(0.27	)		2.36			2.74			1.97			(0.26	)
Total from investment operations		(3.38	)		(0.38	)		2.19			2.54			1.83			(0.44	)
Distributions to shareholders from
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Net asset value, end of period		$8.70			$14.72			$18.40			$18.75			$17.04			$17.77
Total return2		(28.53	)%		0.17	%		12.74	%		15.29	%		11.52	%		(2.49	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		2.00	%		2.00	%		2.00	%		2.02	%
Net expenses		2.01	%		2.01	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment loss		(0.71	)%		(0.78	)%		(0.94	)%		(1.14	)%		(0.87	)%		(0.93	)%
Supplemental data
Portfolio turnover rate		37	%		40	%		33	%		35	%		32	%		51	%
Net assets, end of period (000s omitted)		$3,556			$7,925			$16,541			$18,978			$22,902			$25,668

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Common Stock Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$22.39			$25.80			$25.03			$22.25			$22.20			$25.27
Net investment income		0.05	1		0.09	1		0.05	1		0.01			0.07	1		0.05
Net realized and unrealized gains (losses) on investments		(5.50	)		(0.20	)		3.26			3.60			2.54			(0.31	)
Total from investment operations		(5.45	)		(0.11	)		3.31			3.61			2.61			(0.26	)
Distributions to shareholders from
Net investment income		(0.08	)		0.00			0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Total distributions to shareholders		(2.72	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Net asset value, end of period		$14.22			$22.39			$25.80			$25.03			$22.25			$22.20
Total return2		(28.08	)%		1.31	%		14.12	%		16.56	%		12.91	%		(1.29	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.82	%		0.82	%		0.82	%		0.80	%
Net expenses		0.83	%		0.83	%		0.82	%		0.82	%		0.82	%		0.80	%
Net investment income		0.50	%		0.40	%		0.20	%		0.05	%		0.32	%		0.28	%
Supplemental data
Portfolio turnover rate		37	%		40	%		33	%		35	%		32	%		51	%
Net assets, end of period (000s omitted)		$25,944			$36,069			$36,477			$115,641			$101,436			$95,037

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$21.56			$25.04			$24.42			$21.78			$21.84			$24.98
Net investment income (loss)		0.02	1		0.03			(0.01	)1		(0.06	)1		0.02			(0.01	)1
Net realized and unrealized gains (losses) on investments		(5.27	)		(0.21	)		3.17			3.53			2.48			(0.32	)
Total from investment operations		(5.25	)		(0.18	)		3.16			3.47			2.50			(0.33	)
Distributions to shareholders from
Net investment income		(0.03	)		0.00			0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Total distributions to shareholders		(2.67	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Net asset value, end of period		$13.64			$21.56			$25.04			$24.42			$21.78			$21.84
Total return2		(28.17	)%		1.03	%		13.84	%		16.26	%		12.59	%		(1.62	)%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.17	%		1.17	%		1.17	%		1.12	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income (loss)		0.17	%		0.14	%		(0.04	)%		(0.27	)%		0.03	%		(0.03	)%
Supplemental data
Portfolio turnover rate		37	%		40	%		33	%		35	%		32	%		51	%
Net assets, end of period (000s omitted)		$1,619			$3,572			$6,141			$6,336			$16,720			$18,050

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Common Stock Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$22.32			$25.73			$24.97			$22.20			$22.16			$25.25
Net investment income		0.04			0.08	1		0.05	1		0.00	1,2		0.06	1		0.03
Net realized and unrealized gains (losses) on investments		(5.47	)		(0.19	)		3.25			3.60			2.54			(0.31	)
Total from investment operations		(5.43	)		(0.11	)		3.30			3.60			2.60			(0.28	)
Distributions to shareholders from
Net investment income		(0.08	)		0.00			0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Total distributions to shareholders		(2.72	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)		(2.81	)
Net asset value, end of period		$14.17			$22.32			$25.73			$24.97			$22.20			$22.16
Total return3		(28.09	)%		1.31	%		14.12	%		16.55	%		12.88	%		(1.38	)%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.93	%		0.92	%		0.92	%		0.92	%		0.86	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		0.46	%		0.37	%		0.21	%		0.02	%		0.28	%		0.24	%
Supplemental data
Portfolio turnover rate		37	%		40	%		33	%		35	%		32	%		51	%
Net assets, end of period (000s omitted)		$101,240			$159,426			$172,197			$167,552			$173,175			$226,729

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

18  |  Wells Fargo Common Stock Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2020, such fair value pricing was used in pricing certain foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in 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 Common Stock Fund  |  19

Notes to financial statements (unaudited)

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In 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 Fund or pay the Fund the market value of the loaned securities. The Fund 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.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $758,705,233 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	109,987,728
Gross unrealized losses		(150,273,039	)
Net unrealized losses	$	(40,285,311	)

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

20  |  Wells Fargo Common Stock Fund

Notes to financial statements (unaudited)

highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	54,550,907	$	0	$	0	$	54,550,907
Consumer staples		6,740,505		0		0		6,740,505
Financials		98,882,056		0		0		98,882,056
Health care		100,788,562		0		0		100,788,562
Industrials		136,864,253		10,190,743		0		147,054,996
Information technology		147,646,027		0		0		147,646,027
Materials		46,889,610		0		0		46,889,610
Real estate		90,119,898		0		0		90,119,898
Exchange-traded funds		6,673,082		0		0		6,673,082
Short-term investments
Investment companies		19,074,279		0		0		19,074,279
Total assets	$	708,229,179	$	10,190,743	$	0	$	718,419,922

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

Wells Fargo Common Stock Fund  |  21

Notes to financial statements (unaudited)

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.77% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
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. Funds Management has committed through January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class C shares, 0.83% for Class R6 shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to February 1, 2020, the Fund’s expenses were capped at 0.85% for Class R6 shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $1,530 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $368,127,757 and $450,278,890, respectively.

22  |  Wells Fargo Common Stock Fund

Notes to financial statements (unaudited)

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 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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, 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
Citigroup Global Markets Inc.	$	1,092,420	$	(1,092,420	)	$	0
Credit Suisse Securities (USA) LLC		4,596,060		(4,596,060	)		0
JPMorgan Securities LLC		3,784,455		(3,784,455	)		0

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

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 year ended March 31, 2020, 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

Wells Fargo Common Stock Fund  |  23

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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

24  |  Wells Fargo Common Stock Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 147 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 Common Stock Fund  |  25

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.

26  |  Wells Fargo Common Stock Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Wells Fargo Common Stock Fund  |  27

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

28  |  Wells Fargo Common Stock Fund

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo Common Stock Fund  |  29

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

30  |  Wells Fargo Common Stock 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.

PAR-0420-06231 05-20

SA229/SAR229 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo Discovery Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	25
Appendix I	29
Appendix II	30

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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 March 31, 2020, 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 Discovery Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Discovery Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Discovery Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Discovery Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WFDAX)	7-31-2007		-12.48		5.08		10.96		-7.16		6.33		11.62		1.21		1.21
Class C (WDSCX)	7-31-2007		-8.86		5.53		10.78		-7.86		5.53		10.78		1.96		1.96
Class R6 (WFDRX)3	6-28-2013		–		–		–		-6.76		6.78		12.09		0.78		0.78
Administrator Class (WFDDX)	4-8-2005		–		–		–		-7.10		6.42		11.74		1.13		1.13
Institutional Class (WFDSX)	8-31-2006		–		–		–		-6.87		6.68		12.02		0.88		0.88
Russell 2500TM Growth Index4	–		–		–		–		-14.40		3.64		10.10		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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 Discovery Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20205
DexCom Incorporated	3.36
Booz Allen Hamilton Holding Corporation	2.33
Black Knight Incorporated	2.20
EPAM Systems Incorporated	2.04
Chipotle Mexican Grill Incorporated	1.91
Veeva Systems Incorporated Class A	1.88
Exact Sciences Corporation	1.83
Clarivate Analytics plc	1.81
MongoDB Incorporated	1.81
QTS Realty Trust Incorporated Class A	1.79

Sector distribution as of March 31, 2020⁶

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

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.22% for Class A, 1.97% for Class C, 0.79% for Class R6, 1.14% for Administrator Class, and 0.89% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for 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, the returns for the Class R6 shares would be higher.

⁴  The Russell 2500^™ Growth Index measures the performance of those Russell 2500 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Discovery 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	876.21	$	5.58		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.01		1.19	%
Class C
Actual	$	1,000.00	$	872.87	$	9.18		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.20	$	9.87		1.96	%
Class R6
Actual	$	1,000.00	$	877.84	$	3.66		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.10	$	3.94		0.78	%
Administrator Class
Actual	$	1,000.00	$	876.59	$	5.30		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.70		1.13	%
Institutional Class
Actual	$	1,000.00	$	877.51	$	4.13		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.60	$	4.45		0.88	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Discovery Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 99.12%
Communication Services: 2.69%
Entertainment: 1.33%
Take-Two Interactive Software Incorporated †		200,800	$	23,816,888
Interactive Media & Services: 1.36%
Match Group Incorporated †«		366,700		24,216,868
Consumer Discretionary: 11.98%
Diversified Consumer Services: 1.63%
Bright Horizons Family Solutions Incorporated †		285,940		29,165,880
Hotels, Restaurants & Leisure: 4.31%
Chipotle Mexican Grill Incorporated †		52,200		34,159,680
Domino’s Pizza Incorporated		91,200		29,555,184
Vail Resorts Incorporated		89,214		13,177,800
				76,892,664
Internet & Direct Marketing Retail: 3.75%
Chewy Incorporated Class A †		577,700		21,657,973
Etsy Incorporated †		355,700		13,673,108
MercadoLibre Incorporated †		64,611		31,567,642
				66,898,723
Specialty Retail: 2.29%
Burlington Stores Incorporated †		184,065		29,166,940
Carvana Company †«		212,700		11,717,643
				40,884,583
Consumer Staples: 2.16%
Food & Staples Retailing: 0.67%
US Foods Holding Corporation †		670,100		11,867,471
Food Products: 1.49%
Lamb Weston Holdings Incorporated		466,600		26,642,860
Health Care: 28.16%
Biotechnology: 7.50%
CRISPR Therapeutics AG †		202,471		8,586,795
Deciphera Pharmaceuticals Incorporated †		221,879		9,134,758
Exact Sciences Corporation †		564,500		32,741,000
Immunomedics Incorporated †		817,500		11,019,900
Natera Incorporated †		379,561		11,333,691
Sarepta Therapeutics Incorporated †		151,935		14,862,282
Turning Point Therapeutics Incorporated †		261,364		11,672,516
Twist Bioscience Corporation †		438,200		13,400,156
Zai Lab Limited ADR †		315,144		16,223,613
Zymeworks Incorporated †		135,200		4,795,544
				133,770,255
Health Care Equipment & Supplies: 11.36%
Align Technology Incorporated †		72,500		12,611,375
DexCom Incorporated †		222,600		59,939,502
Haemonetics Corporation †		255,500		25,463,130

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

Wells Fargo Discovery Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care Equipment & Supplies (continued)
ICU Medical Incorporated †		155,261	$	31,327,012
Insulet Corporation †		186,495		30,898,492
iRhythm Technologies Incorporated †		355,700		28,936,195
Shockwave Medical Incorporated †		408,300		13,547,394
				202,723,100
Health Care Providers & Services: 3.16%
Amedisys Incorporated †		163,500		30,008,790
HealthEquity Incorporated †		520,100		26,311,859
				56,320,649
Health Care Technology: 1.88%
Veeva Systems Incorporated Class A †		214,400		33,525,728
Life Sciences Tools & Services: 1.53%
Bio-Rad Laboratories Incorporated Class A †		78,000		27,343,680
Pharmaceuticals: 2.73%
Catalent Incorporated †		551,300		28,640,035
Elanco Animal Health Incorporated †		895,516		20,050,603
				48,690,638
Industrials: 19.54%
Aerospace & Defense: 3.87%
HEICO Corporation		219,600		16,384,356
Mercury Computer Systems Incorporated †		436,319		31,126,997
Teledyne Technologies Incorporated †		72,300		21,492,621
				69,003,974
Building Products: 1.28%
Trex Company Incorporated †		284,900		22,831,886
Commercial Services & Supplies: 7.35%
Casella Waste Systems Incorporated Class A †		816,457		31,890,810
IAA Incorporated †		697,500		20,897,100
MSA Safety Incorporated		206,624		20,910,349
Tetra Tech Incorporated		433,800		30,634,956
Waste Connections Incorporated		346,829		26,879,248
				131,212,463
Construction & Engineering: 1.07%
WillScot Corporation †		1,887,550		19,120,882
Industrial Conglomerates: 1.43%
Carlisle Companies Incorporated		204,100		25,569,648
Machinery: 0.43%
Woodward Governor Company		129,900		7,721,256
Professional Services: 1.81%
Clarivate Analytics plc †		1,557,130		32,310,448
Road & Rail: 1.13%
Saia Incorporated †		272,700		20,054,358
Trading Companies & Distributors: 1.17%
SiteOne Landscape Supply Incorporated †		283,543		20,874,436

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

8  |  Wells Fargo Discovery Fund

Portfolio of investments—March 31, 2020 (unaudited)

				Shares		Value
Information Technology: 32.80%
Communications Equipment: 1.25%
Motorola Solutions Incorporated					167,700	$	22,290,684
Electronic Equipment, Instruments & Components: 1.33%
Novanta Incorporated †					296,570		23,690,012
IT Services: 16.77%
Black Knight Incorporated †					676,919		39,301,917
Booz Allen Hamilton Holding Corporation					604,800		41,513,472
Broadridge Financial Solutions Incorporated					242,500		22,996,275
EPAM Systems Incorporated †					195,879		36,366,895
Euronet Worldwide Incorporated †					202,172		17,330,184
MongoDB Incorporated †					236,600		32,305,364
Okta Incorporated †					244,800		29,929,248
Square Incorporated Class A †					248,300		13,005,954
Twilio Incorporated Class A †					292,500		26,175,825
WEX Incorporated †					188,400		19,697,220
WNS Holdings Limited ADR †					479,052		20,589,655
							299,212,009
Semiconductors & Semiconductor Equipment: 3.31%
Lattice Semiconductor Corporation †					1,112,400		19,822,968
MKS Instruments Incorporated					262,800		21,405,060
Universal Display Corporation					135,500		17,856,190
							59,084,218
Software: 9.29%
Avalara Incorporated †					410,800		30,645,680
Elastic NV †					407,500		22,742,575
Envestnet Incorporated †					336,325		18,087,559
Fair Isaac Corporation †					87,100		26,799,799
Five9 Incorporated †					245,135		18,743,022
Globant SA †					228,062		20,042,089
Zendesk Incorporated †					447,000		28,612,470
							165,673,194
Technology Hardware, Storage & Peripherals: 0.85%
NCR Corporation †					859,483		15,212,849
Real Estate: 1.79%
Equity REITs: 1.79%
QTS Realty Trust Incorporated Class A					551,300		31,980,912
Total Common Stocks (Cost $1,526,887,531)							1,768,603,216
	Yield
Short-Term Investments: 2.93%
Investment Companies: 2.93%
Securities Lending Cash Investments LLC (l)(r)(u)		2.11	%		24,323,209		24,325,641
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35			27,921,771		27,921,771
Total Short-Term Investments (Cost $52,247,258)							52,247,412

Total investments in securities (Cost $1,579,134,789)	102.05	%		1,820,850,628
Other assets and liabilities, net	(2.05	)		(36,574,328	)
Total net assets	100.00	%	$	1,784,276,300

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

Wells Fargo Discovery Fund  |  9

Portfolio of investments—March 31, 2020 (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 Fund as defined in the Investment Company Act of 1940.

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized 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		125,444,271		328,163,161		(429,284,223	)		24,323,209	$	(2,883	)	$	(142	)	$	673,021	#	$	24,325,641
Wells Fargo Government Money Market Fund Select Class		34,896,690		360,397,945		(367,372,864	)		27,921,771		0			0			213,774			27,921,771
										$	(2,883	)	$	(142	)	$	886,795		$	52,247,412		2.93	%

^#  Amount shown represents income before fees and rebates.

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

10  |  Wells Fargo Discovery Fund

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $23,771,167 of securities loaned), at value (cost $1,526,887,531)	$	1,768,603,216
Investments in affiliated securities, at value (cost $52,247,258)		52,247,412
Receivable for investments sold		24,474,851
Receivable for Fund shares sold		2,923,963
Receivable for dividends		685,968
Receivable for securities lending income, net		96,761
Total assets		1,849,032,171
Liabilities
Payable upon receipt of securities loaned		24,330,495
Payable for investments purchased		31,566,324
Payable for Fund shares redeemed		6,787,211
Management fee payable		1,164,362
Administration fees payable		213,065
Distribution fee payable		14,371
Trustees’ fees and expenses payable		4,311
Accrued expenses and other liabilities		675,732
Total liabilities		64,755,871
Total net assets	$	1,784,276,300
Net assets consist of
Paid-in capital	$	1,536,904,061
Total distributable earnings		247,372,239
Total net assets	$	1,784,276,300
Computation of net asset value and offering price per share
Net assets – Class A	$	506,281,153
Shares outstanding – Class A1		19,889,653
Net asset value per share – Class A		$25.45
Maximum offering price per share – Class A2		$27.00
Net assets – Class C	$	21,346,076
Shares outstanding – Class C1		1,015,662
Net asset value per share – Class C		$21.02
Net assets – Class R6	$	354,599,868
Shares outstanding – Class R61		12,399,603
Net asset value per share – Class R6		$28.60
Net assets – Administrator Class	$	258,118,677
Shares outstanding – Administrator Class1		9,699,082
Net asset value per share – Administrator Class		$26.61
Net assets – Institutional Class	$	643,930,526
Shares outstanding – Institutional Class1		22,711,600
Net asset value per share – Institutional Class		$28.35

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.

Wells Fargo Discovery Fund  |  11

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $30,120)	$	3,562,917
Securities lending income from affiliates, net		721,475
Income from affiliated securities		213,774
Total investment income		4,498,166
Expenses
Management fee		8,302,274
Administration fees
Class A		664,028
Class C		29,440
Class R6		64,385
Administrator Class		214,316
Institutional Class		556,721
Shareholder servicing fees
Class A		790,503
Class C		35,046
Administrator Class		412,075
Distribution fee
Class C		104,912
Custody and accounting fees		77,211
Professional fees		22,520
Registration fees		30,082
Shareholder report expenses		97,173
Trustees’ fees and expenses		11,029
Interest expense		3,081
Other fees and expenses		26,513
Total expenses		11,441,309
Less: Fee waivers and/or expense reimbursements
Fund-level		(46,321	)
Class A		(36,211	)
Net expenses		11,358,777
Net investment loss		(6,860,611	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		60,310,046
Affiliated securities		(2,883	)
Net realized gains on investments		60,307,163
Net change in unrealized gains (losses) on
Unaffiliated securities		(304,443,352	)
Affiiliated securities		(142	)
Net change in unrealized gains (losses) on investments		(304,443,494	)
Net realized and unrealized gains (losses) on investments		(244,136,331	)
Net decrease in net assets resulting from operations	$	(250,996,942	)

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

12  |  Wells Fargo Discovery Fund

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment loss				$	(6,860,611	)				$	(13,725,416	)
Net realized gains on investments					60,307,163						288,857,556
Net change in unrealized gains (losses) on investments					(304,443,494	)					(222,176,352	)
Net increase (decrease) in net assets resulting from operations					(250,996,942	)					52,955,788
Distributions to shareholders from net investment income and realized gains
Class A					(80,675,264	)					(88,695,435	)
Class C					(4,218,619	)					(5,933,378	)
Class R6					(47,628,599	)					(63,357,174	)
Administrator Class					(40,537,083	)					(44,501,716	)
Institutional Class					(104,185,623	)					(163,733,298	)
Total distributions to shareholders					(277,245,188	)					(366,221,001	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		977,109			30,791,621			1,673,589			53,100,356
Class C		66,736			1,688,041			124,395			3,331,641
Class R6		2,319,621			81,309,730			3,358,382			119,049,338
Administrator Class		1,022,188			29,496,740			1,093,053			36,588,024
Institutional Class		3,747,465			129,413,985			7,459,402			263,872,998
					272,700,117						475,942,357
Reinvestment of distributions
Class A		2,585,318			78,180,006			3,194,495			86,155,536
Class C		155,290			3,886,910			234,117			5,403,420
Class R6		1,396,303			47,376,552			2,119,233			62,983,596
Administrator Class		1,269,437			40,126,892			1,575,742			44,136,530
Institutional Class		2,676,859			90,076,315			5,074,483			149,849,493
					259,646,675						348,528,575
Payment for shares redeemed
Class A		(2,545,309	)		(76,960,636	)		(3,794,967	)		(119,681,413	)
Class C		(302,154	)		(7,939,737	)		(483,874	)		(12,595,548	)
Class R6		(2,350,634	)		(79,330,236	)		(7,308,955	)		(259,235,727	)
Administrator Class		(2,253,340	)		(68,991,314	)		(1,998,197	)		(66,501,847	)
Institutional Class		(13,766,934	)		(481,236,379	)		(15,416,303	)		(512,299,731	)
					(714,458,302	)					(970,314,266	)
Net decrease in net assets resulting from capital share transactions					(182,111,510	)					(145,843,334	)
Total decrease in net assets					(710,353,640	)					(459,108,547	)
Net assets
Beginning of period					2,494,629,940						2,953,738,487
End of period				$	1,784,276,300					$	2,494,629,940

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

Wells Fargo Discovery Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$33.24			$38.03			$36.47			$29.94			$30.48			$32.35
Net investment loss		(0.13	)1		(0.26	)		(0.26	)		(0.23	)		(0.18	)1		(0.24	)
Net realized and unrealized gains (losses) on investments		(3.31	)		0.53			7.85			7.17			2.23			0.96
Total from investment operations		(3.44	)		0.27			7.59			6.94			2.05			0.72
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)
Net asset value, end of period		$25.45			$33.24			$38.03			$36.47			$29.94			$30.48
Total return2		(12.38	)%		3.81	%		23.86	%		23.42	%		7.33	%		2.09	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.21	%		1.20	%		1.23	%
Net expenses		1.19	%		1.20	%		1.20	%		1.21	%		1.20	%		1.21	%
Net investment loss		(0.80	)%		(0.77	)%		(0.69	)%		(0.70	)%		(0.64	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		27	%		71	%		67	%		73	%		78	%		87	%
Net assets, end of period (000s omitted)		$506,281			$627,336			$676,930			$607,318			$641,786			$294,661

¹  Calculated based upon average shares outstanding

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

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

14  |  Wells Fargo Discovery Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$28.27			$33.46			$32.99			$27.32			$28.24			$30.37
Net investment loss		(0.21	)1		(0.41	)1		(0.46	)		(0.42	)1		(0.37	)1		(0.43	)1
Net realized and unrealized gains (losses) on investments		(2.69	)		0.28			6.96			6.50			2.04			0.89
Total from investment operations		(2.90	)		(0.13	)		6.50			6.08			1.67			0.46
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)
Net asset value, end of period		$21.02			$28.27			$33.46			$32.99			$27.32			$28.24
Total return2		(12.71	)%		3.01	%		22.94	%		22.51	%		6.51	%		1.35	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.95	%		1.96	%		1.95	%		1.98	%
Net expenses		1.96	%		1.95	%		1.95	%		1.96	%		1.95	%		1.96	%
Net investment loss		(1.57	)%		(1.51	)%		(1.45	)%		(1.45	)%		(1.41	)%		(1.39	)%
Supplemental data
Portfolio turnover rate		27	%		71	%		67	%		73	%		78	%		87	%
Net assets, end of period (000s omitted)		$21,346			$30,982			$40,860			$40,070			$49,538			$66,772

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Discovery Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$36.76			$41.26			$38.93			$31.80			$32.08			$33.78
Net investment loss		(0.07	)1		(0.12	)1		(0.10	)1		(0.08	)		(0.07	)		(0.07	)
Net realized and unrealized gains (losses) on investments		(3.74	)		0.68			8.46			7.62			2.38			0.96
Total from investment operations		(3.81	)		0.56			8.36			7.54			2.31			0.89
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)
Net asset value, end of period		$28.60			$36.76			$41.26			$38.93			$31.80			$32.08
Total return2		(12.22	)%		4.26	%		24.39	%		23.98	%		7.77	%		2.53	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.77	%		0.78	%		0.78	%		0.77	%		0.76	%
Net expenses		0.78	%		0.77	%		0.78	%		0.78	%		0.77	%		0.76	%
Net investment loss		(0.39	)%		(0.33	)%		(0.26	)%		(0.27	)%		(0.22	)%		(0.21	)%
Supplemental data
Portfolio turnover rate		27	%		71	%		67	%		73	%		78	%		87	%
Net assets, end of period (000s omitted)		$354,600			$405,610			$530,879			$351,268			$300,118			$273,941

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Discovery Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$34.55			$39.27			$37.44			$30.70			$31.17			$32.99
Net investment loss		(0.12	)		(0.23	)1		(0.23	)		(0.20	)1		(0.17	)1		(0.20	)
Net realized and unrealized gains (losses) on investments		(3.47	)		0.57			8.09			7.35			2.29			0.97
Total from investment operations		(3.59	)		0.34			7.86			7.15			2.12			0.77
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)
Net asset value, end of period		$26.61			$34.55			$39.27			$37.44			$30.70			$31.17
Total return2		(12.34	)%		3.88	%		23.97	%		23.52	%		7.40	%		2.24	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.13	%		1.12	%		1.13	%		1.12	%		1.09	%
Net expenses		1.13	%		1.13	%		1.12	%		1.13	%		1.12	%		1.09	%
Net investment loss		(0.74	)%		(0.70	)%		(0.62	)%		(0.62	)%		(0.58	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		27	%		71	%		67	%		73	%		78	%		87	%
Net assets, end of period (000s omitted)		$258,119			$333,814			$353,042			$335,898			$400,997			$575,568

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Discovery Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$36.50			$41.05			$38.79			$31.72			$32.04			$33.76
Net investment loss		(0.09	)1		(0.15	)1		(0.18	)		(0.13	)1		(0.10	)		(0.09	)
Net realized and unrealized gains (losses) on investments		(3.71	)		0.66			8.47			7.61			2.37			0.96
Total from investment operations		(3.80	)		0.51			8.29			7.48			2.27			0.87
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)		(2.59	)
Net asset value, end of period		$28.35			$36.50			$41.05			$38.79			$31.72			$32.04
Total return2		(12.25	)%		4.15	%		24.25	%		23.88	%		7.68	%		2.47	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.87	%		0.87	%		0.88	%		0.87	%		0.82	%
Net expenses		0.88	%		0.87	%		0.87	%		0.88	%		0.87	%		0.82	%
Net investment loss		(0.48	)%		(0.42	)%		(0.36	)%		(0.37	)%		(0.32	)%		(0.26	)%
Supplemental data
Portfolio turnover rate		27	%		71	%		67	%		73	%		78	%		87	%
Net assets, end of period (000s omitted)		$643,931			$1,096,888			$1,352,027			$1,157,148			$1,316,107			$1,436,125

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Discovery Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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

Wells Fargo Discovery Fund  |  19

Notes to financial statements (unaudited)

securities lending activity undertaken by the Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In 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 Fund or pay the Fund the market value of the loaned securities. The Fund 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.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $1,571,953,986 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	369,844,632
Gross unrealized losses		(120,947,990	)
Net unrealized gains	$	248,896,642

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.

20  |  Wells Fargo Discovery Fund

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	48,033,756	$	0	$	0	$	48,033,756
Communication discretionary		213,841,850		0		0		213,841,850
Consumer staples		38,510,331		0		0		38,510,331
Health care		502,374,050		0		0		502,374,050
Industrials		348,699,351		0		0		348,699,351
Information technology		585,162,966		0		0		585,162,966
Real estate		31,980,912		0		0		31,980,912
Short-term investments				0		0
Investment companies		52,247,412		0		0		52,247,412
Total assets	$	1,820,850,628	$	0	$	0	$	1,820,850,628

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Over $10 billion		0.630

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.73% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account

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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. Funds Management has committed through January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.79% 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 February 1, 2020, the Fund’s expenses were capped at 0.84% for Class R6 shares and 1.15% for Administrator 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 March 31, 2020, Funds Distributor received $4,689 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $603,176,572 and $752,952,632, 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 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.

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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 March 31, 2020, 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.	$	1,000,050	$	(1,000,050	)	$	0
Citigroup Global Markets Inc.		41,904		(41,904	)		0
JPMorgan Securities LLC		1,406,737		(1,406,737	)		0
Morgan Stanley & Co. LLC		19,646,316		(19,646,316	)		0
Scotia Capital (USA) Inc.		1,676,160		(1,676,160	)		0

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

7. BANK BORROWINGS

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

During the six months ended March 31, 2020, the Fund had average borrowings outstanding of $107,352 (on an annualized basis) at an average rate of 2.87% and paid interest in the amount of $3,081.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invests a concentration of its portfolio in the information technology and health care sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

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

10. REDEMPTIONS IN-KIND

During the six months ended March 31, 2020, the Fund redeemed assets through in-kind redemptions for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of Operations and these redemption transactions are reflected on the Statement of Changes in Net Assets. The date of each redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses), the shareholder class and the percentage of the Fund redeemed by the shareholder was as follows:

Date	Value of securities issued		Cash		Realized gains (losses)			% of the Fund
10-2-2019	$	102,113,126	$	2,769,688	$	(1,236,201	)	4.32%
12-20-2019		32,614,848		412,769		5,934,047		1.39

11. 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

Wells Fargo Discovery Fund  |  23

Notes to financial statements (unaudited)

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.

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

24  |  Wells Fargo Discovery 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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Discovery Fund  |  25

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 147 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

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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 Discovery Fund  |  27

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 Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

28  |  Wells Fargo Discovery Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Discovery Fund  |  29

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

30  |  Wells Fargo Discovery Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Discovery Fund  |  31

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.

PAR-0420-06262 05-20

SA230/SAR230 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo Enterprise Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	24
Appendix I	28
Appendix II	29

Reduce clutter.

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 March 31, 2020, 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 Enterprise Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Enterprise Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Enterprise Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Enterprise Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®‡

Christopher J. Warner, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SENAX)	2-24-2000		-10.68		5.14		9.84		-5.22		6.39		10.49		1.25		1.18
Class C (WENCX)	3-31-2008		-6.95		5.59		9.67		-5.95		5.59		9.67		2.00		1.93
Class R6 (WENRX)3	10-31-2014		–		–		–		-4.88		6.79		10.90		0.82		0.80
Administrator Class (SEPKX)	8-30-2002		–		–		–		-5.16		6.50		10.60		1.17		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		-4.94		6.74		10.87		0.92		0.85
Russell Midcap® Growth Index4	–		–		–		–		-9.45		5.61		10.89		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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 Enterprise Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20205
Fiserv Incorporated	3.59
Advanced Micro Devices Incorporated	3.01
Global Payments Incorporated	2.76
DexCom Incorporated	2.75
Veeva Systems Incorporated Class A	2.66
Waste Connections Incorporated	2.59
Chipotle Mexican Grill Incorporated	2.37
Centene Corporation	2.35
Cadence Design Systems Incorporated	2.24
Booz Allen Hamilton Holding Corporation	2.17

Sector distribution as of March 31, 2020⁶

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

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.18% for Class A, 1.93% for Class C, 0.80% for Class R6, 1.10% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

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

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Enterprise 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	881.77	$	5.41		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class C
Actual	$	1,000.00	$	878.26	$	9.06		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.35	$	9.72		1.93	%
Class R6
Actual	$	1,000.00	$	883.23	$	3.77		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Administrator Class
Actual	$	1,000.00	$	882.13	$	5.18		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.50	$	5.55		1.10	%
Institutional Class
Actual	$	1,000.00	$	883.03	$	4.00		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Enterprise Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 99.19%
Communication Services: 4.29%
Entertainment: 2.83%
Nintendo Company Limited ADR		210,500	$	10,162,940
Take-Two Interactive Software Incorporated †		66,700		7,911,287
				18,074,227
Interactive Media & Services: 1.46%
Match Group Incorporated †«		141,600		9,351,264
Consumer Discretionary: 14.80%
Auto Components: 0.78%
Aptiv plc		100,785		4,962,653
Automobiles: 1.22%
Ferrari NV		51,100		7,796,327
Diversified Consumer Services: 1.11%
Bright Horizons Family Solutions Incorporated †		69,800		7,119,600
Hotels, Restaurants & Leisure: 4.40%
Chipotle Mexican Grill Incorporated †		23,200		15,182,080
Domino’s Pizza Incorporated		27,100		8,782,297
Vail Resorts Incorporated		28,155		4,158,775
				28,123,152
Internet & Direct Marketing Retail: 3.01%
Chewy Incorporated Class A †		204,300		7,659,207
MercadoLibre Incorporated †		23,784		11,620,387
				19,279,594
Specialty Retail: 2.39%
Burlington Stores Incorporated †		68,900		10,917,894
Carvana Company †«		79,500		4,379,655
				15,297,549
Textiles, Apparel & Luxury Goods: 1.89%
lululemon athletica Incorporated †		63,800		12,093,290
Consumer Staples: 1.36%
Food Products: 1.36%
Lamb Weston Holdings Incorporated		152,000		8,679,200
Financials: 1.54%
Capital Markets: 1.54%
Intercontinental Exchange Incorporated		122,325		9,877,744
Health Care: 18.29%
Biotechnology: 2.33%
Exact Sciences Corporation †		174,000		10,092,000
Sarepta Therapeutics Incorporated †		49,500		4,842,090
				14,934,090

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

Wells Fargo Enterprise Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care Equipment & Supplies: 7.15%
Alcon Incorporated †		158,500	$	8,054,970
Align Technology Incorporated †		58,300		10,141,285
DexCom Incorporated †		65,400		17,610,258
Insulet Corporation †		59,800		9,907,664
				45,714,177
Health Care Providers & Services: 3.54%
Centene Corporation †		252,500		15,001,025
HealthEquity Incorporated †		150,600		7,618,854
				22,619,879
Health Care Technology: 2.65%
Veeva Systems Incorporated Class A †		108,600		16,981,782
Life Sciences Tools & Services: 1.52%
Bio-Rad Laboratories Incorporated Class A †		27,800		9,745,568
Pharmaceuticals: 1.10%
Elanco Animal Health Incorporated †		312,818		7,003,995
Industrials: 15.19%
Aerospace & Defense: 4.06%
HEICO Corporation		94,600		7,058,106
L3Harris Technologies		64,200		11,563,704
Teledyne Technologies Incorporated †		24,700		7,342,569
				25,964,379
Commercial Services & Supplies: 5.26%
Cintas Corporation		61,800		10,704,996
IAA Incorporated †		212,000		6,351,520
Waste Connections Incorporated		213,739		16,564,773
				33,621,289
Construction & Engineering: 1.06%
Jacobs Engineering Group Incorporated		85,500		6,777,585
Machinery: 0.37%
Woodward Governor Company		39,800		2,365,712
Professional Services: 3.38%
Clarivate Analytics plc †		500,370		10,382,678
IHS Markit Limited		187,500		11,250,000
				21,632,678
Road & Rail: 1.06%
Saia Incorporated †		91,900		6,758,326
Information Technology: 39.50%
Communications Equipment: 1.98%
Motorola Solutions Incorporated		95,100		12,640,692
Electronic Equipment, Instruments & Components: 1.25%
Zebra Technologies Corporation Class A †		43,500		7,986,600

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

8  |  Wells Fargo Enterprise Fund

Portfolio of investments—March 31, 2020 (unaudited)

				Shares		Value
IT Services: 21.45%
Black Knight Incorporated †					210,500	$	12,221,630
Booz Allen Hamilton Holding Corporation					202,300		13,885,872
Broadridge Financial Solutions Incorporated					93,000		8,819,190
EPAM Systems Incorporated †					67,254		12,486,378
Fiserv Incorporated †					241,813		22,969,817
FleetCor Technologies Incorporated †					42,200		7,871,988
Global Payments Incorporated					122,181		17,622,166
MongoDB Incorporated †					59,000		8,055,860
Shopify Incorporated Class A †					14,200		5,920,406
Square Incorporated Class A †					205,200		10,748,376
Twilio Incorporated Class A †					119,700		10,711,953
WEX Incorporated †					56,500		5,907,075
							137,220,711
Semiconductors & Semiconductor Equipment: 5.47%
Advanced Micro Devices Incorporated †					423,100		19,242,587
Micron Technology Incorporated †					237,600		9,993,456
Universal Display Corporation					43,900		5,785,142
							35,021,185
Software: 9.35%
Atlassian Corporation plc Class A †					81,100		11,131,786
Autodesk Incorporated †					57,600		8,991,360
Cadence Design Systems Incorporated †					217,400		14,357,096
ServiceNow Incorporated †					46,250		13,254,325
Zoom Video Communications Incorporated †«					82,400		12,040,288
							59,774,855
Materials: 4.22%
Chemicals: 2.57%
Air Products & Chemicals Incorporated					40,800		8,144,087
The Sherwin-Williams Company					18,100		8,317,312
							16,461,399
Construction Materials: 1.65%
Vulcan Materials Company					97,700		10,558,439
Total Common Stocks (Cost $512,249,358)							634,437,941
	Yield
Short-Term Investments: 2.86%
Investment Companies: 2.86%
Securities Lending Cash Investments LLC (l)(r)(u)		2.11	%		13,523,616		13,524,969
Wells Fargo Government Money Market Fund Select Class (I)(u)		0.35			4,741,106		4,741,106
Total Short-Term Investments (Cost $18,266,122)							18,266,075

Total investments in securities (Cost $530,515,480)	102.05	%		652,704,016
Other assets and liabilities, net	(2.05	)		(13,118,921	)
Total net assets	100.00	%	$	639,585,095

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

Wells Fargo Enterprise Fund  |  9

Portfolio of investments—March 31, 2020 (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 Fund as defined in the Investment Company Act of 1940.

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

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

Abbreviations:

ADR American depositary receipt

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		25,578,810		191,871,372		(203,926,566	)		13,523,616	$	(3,857	)	$	(47	)	$	220,458	#	$	13,524,969
Wells Fargo Government Money Market Fund Select Class		2,635,132		81,562,137		(79,456,163	)		4,741,106		0			0			40,094			4,741,106
										$	(3,857	)	$	(47	)	$	260,552		$	18,266,075		2.86	%

^#  Amount shown represents income before fees and rebates.

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

10  |  Wells Fargo Enterprise Fund

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $13,247,564 of securities loaned), at value (cost $512,249,358)	$	634,437,941
Investments in affiliated securities, at value (cost $18,266,122)		18,266,075
Receivable for investments sold		3,445,498
Receivable for Fund shares sold		1,333,208
Receivable for dividends		282,887
Receivable for securities lending income, net		45,998
Total assets		657,811,607
Liabilities
Payable upon receipt of securities loaned		13,528,070
Payable for investments purchased		3,594,770
Management fee payable		378,972
Payable for Fund shares redeemed		276,729
Administration fees payable		107,259
Distribution fee payable		1,172
Trustees’ fees and expenses payable		3,847
Accrued expenses and other liabilities		335,693
Total liabilities		18,226,512
Total net assets	$	639,585,095
Net assets consist of
Paid-in capital	$	523,543,317
Total distributable earnings		116,041,778
Total net assets	$	639,585,095
Computation of net asset value and offering price per share
Net assets – Class A	$	540,043,951
Shares outstanding – Class A1		13,086,329
Net asset value per share – Class A		$41.27
Maximum offering price per share – Class A2		$43.79
Net assets – Class C	$	1,782,452
Shares outstanding – Class C1		51,060
Net asset value per share – Class C		$34.91
Net assets – Class R6	$	45,309,007
Shares outstanding – Class R61		968,323
Net asset value per share – Class R6		$46.79
Net assets – Administrator Class	$	2,816,063
Shares outstanding – Administrator Class1		63,948
Net asset value per share – Administrator Class		$44.04
Net assets – Institutional Class	$	49,633,622
Shares outstanding – Institutional Class1		1,064,637
Net asset value per share – Institutional Class		$46.62

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.

Wells Fargo Enterprise Fund  |  11

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $28,267)	$	1,603,042
Securities lending income from affiliates, net		194,758
Income from affiliated securities		40,094
Total investment income		1,837,894
Expenses
Management fee		2,853,795
Administration fees
Class A		686,151
Class C		2,337
Class R6		8,117
Administrator Class		2,508
Institutional Class		36,617
Shareholder servicing fees
Class A		816,844
Class C		2,782
Administrator Class		4,818
Distribution fee
Class C		8,329
Custody and accounting fees		31,427
Professional fees		21,193
Registration fees		53,786
Shareholder report expenses		40,110
Trustees’ fees and expenses		11,029
Other fees and expenses		7,174
Total expenses		4,587,017
Less: Fee waivers and/or expense reimbursements
Fund-level		(160,689	)
Class A		(146,710	)
Class C		(351	)
Administrator Class		(608	)
Institutional Class		(9,185	)
Net expenses		4,269,474
Net investment loss		(2,431,580	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		8,408,297
Affiliated securities		(3,857	)
Net realized gains on investments		8,404,440
Net change in unrealized gains (losses) on
Unaffiliated securities		(91,194,766	)
Affiliated securities		(47	)
Net change in unrealized gains (losses) on investments		(91,194,813	)
Net realized and unrealized gains (losses) on investments		(82,790,373	)
Net decrease in net assets resulting from operations	$	(85,221,953	)

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

12  |  Wells Fargo Enterprise Fund

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment loss				$	(2,431,580	)				$	(3,924,916	)
Net realized gains on investments					8,404,440						40,830,879
Net change in unrealized gains (losses) on investments					(91,194,813	)					16,452,262
Net increase (decrease) in net assets resulting from operations					(85,221,953	)					53,358,224
Distributions to shareholders from net investment income and net realized gains
Class A					(41,991,432	)					(70,134,961	)
Class C					(169,192	)					(816,461	)
Class R6					(3,065,210	)					(4,758,790	)
Administrator Class					(233,637	)					(354,535	)
Institutional Class					(3,042,253	)					(4,789,875	)
Total distributions to shareholders					(48,501,724	)					(80,854,622	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		128,978			6,425,905			314,721			14,539,690
Class C		7,424			321,041			6,455			248,651
Class R6		53,245			3,015,964			95,098			5,042,506
Administrator Class		12,105			646,768			7,854			408,606
Institutional Class		328,698			17,849,044			329,158			17,257,242
					28,258,722						37,496,695
Reinvestment of distributions
Class A		824,198			40,006,548			1,674,293			66,553,135
Class C		4,042			166,374			23,541			808,616
Class R6		54,701			3,007,434			106,814			4,755,337
Administrator Class		4,402			228,012			8,166			344,706
Institutional Class		52,410			2,871,023			102,726			4,559,989
					46,279,391						77,021,783
Payment for shares redeemed
Class A		(854,855	)		(41,810,450	)		(1,374,541	)		(63,202,802	)
Class C		(18,949	)		(817,993	)		(134,665	)		(5,157,166	)
Class R6		(79,733	)		(4,233,299	)		(88,918	)		(4,650,355	)
Administrator Class		(21,996	)		(1,116,448	)		(12,643	)		(610,976	)
Institutional Class		(250,906	)		(13,635,999	)		(327,960	)		(16,479,135	)
					(61,614,189	)					(90,100,434	)
Net increase in net assets resulting from capital share transactions					12,923,924						24,418,044
Total decrease in net assets					(120,799,753	)					(3,078,354	)
Net assets
Beginning of period					760,384,848						763,463,202
End of period				$	639,585,095					$	760,384,848

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

Wells Fargo Enterprise Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$49.98			$52.96			$48.80			$41.94			$41.90			$47.93
Net investment loss		(0.17	)		(0.29	)		(0.31	)		(0.25	)		(0.21	)1		(0.29	)
Net realized and unrealized gains (losses) on investments		(5.25	)		3.05			9.66			8.94			3.61			0.18
Total from investment operations		(5.42	)		2.76			9.35			8.69			3.40			(0.11	)
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$41.27			$49.98			$52.96			$48.80			$41.94			$41.90
Total return2		(11.82	)%		8.00	%		20.83	%		21.55	%		8.63	%		(0.67	)%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.25	%		1.25	%		1.26	%		1.26	%		1.29	%
Net expenses		1.15	%		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%
Net investment loss		(0.68	)%		(0.59	)%		(0.61	)%		(0.55	)%		(0.52	)%		(0.60	)%
Supplemental data
Portfolio turnover rate		29	%		50	%		62	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$540,044			$649,106			$655,338			$591,002			$542,077			$370,743

¹  Calculated based upon average shares outstanding

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

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

14  |  Wells Fargo Enterprise Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$42.93			$46.74			$43.95			$38.23			$38.75			$45.07
Net investment loss		(0.31	)1		(0.52	)1		(0.60	)1		(0.85	)		(0.47	)1		(0.59	)1
Net realized and unrealized gains (losses) on investments		(4.42	)		2.45			8.58			8.40			3.31			0.19
Total from investment operations		(4.73	)		1.93			7.98			7.55			2.84			(0.40	)
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$34.91			$42.93			$46.74			$43.95			$38.23			$38.75
Total return2		(12.17	)%		7.20	%		19.93	%		20.66	%		7.80	%		(1.41	)%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.00	%		2.00	%		2.01	%		2.01	%		2.04	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.45	)%		(1.29	)%		(1.37	)%		(1.13	)%		(1.28	)%		(1.36	)%
Supplemental data
Portfolio turnover rate		29	%		50	%		62	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$1,782			$2,513			$7,629			$8,898			$9,181			$9,399

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Enterprise Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R6				2019			2018			2017			2016			20151
Net asset value, beginning of period		$56.15			$58.47			$53.17			$45.37			$44.89			$52.65
Net investment loss		(0.09	)2		(0.11	)2		(0.13	)2		(0.08	)		(0.06	)2		(0.08	)
Net realized and unrealized gains (losses) on investments		(5.98	)		3.53			10.62			9.71			3.90			(1.76	)
Total from investment operations		(6.07	)		3.42			10.49			9.63			3.84			(1.84	)
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$46.79			$56.15			$58.47			$53.17			$45.37			$44.89
Total return3		(11.68	)%		8.41	%		21.30	%		22.01	%		9.06	%		(3.84	)%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.82	%		0.82	%		0.83	%		0.81	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment loss		(0.32	)%		(0.21	)%		(0.23	)%		(0.17	)%		(0.14	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		29	%		50	%		62	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$45,309			$52,783			$48,363			$35,923			$29,861			$24

¹  For the period from October 31, 2014 (commencement of class operations) to April 30, 2015

²  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Enterprise Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$53.10			$55.82			$51.12			$43.81			$43.58			$49.54
Net investment loss		(0.17	)1		(0.25	)1		(0.28	)1		(0.20	)1		(0.18	)1		(0.23	)1
Net realized and unrealized gains (losses) on investments		(5.60	)		3.27			10.17			9.34			3.77			0.19
Total from investment operations		(5.77	)		3.02			9.89			9.14			3.59			(0.04	)
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$44.04			$53.10			$55.82			$51.12			$43.81			$43.58
Total return2		(11.79	)%		8.06	%		20.95	%		21.66	%		8.74	%		(0.46	)%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.16	%		1.16	%		1.18	%		1.15	%		1.09	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.07	%		1.07	%
Net investment loss		(0.63	)%		(0.51	)%		(0.53	)%		(0.44	)%		(0.41	)%		(0.47	)%
Supplemental data
Portfolio turnover rate		29	%		50	%		62	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$2,816			$3,687			$3,687			$3,705			$4,693			$3,542

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Enterprise Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$55.97			$58.33			$53.08			$45.32			$44.87			$50.77
Net investment loss		(0.10	)1		(0.14	)1		(0.15	)1		(0.09	)1		(0.09	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		(5.96	)		3.52			10.59			9.68			3.90			0.15
Total from investment operations		(6.06	)		3.38			10.44			9.59			3.81			0.02
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)		(5.92	)
Net asset value, end of period		$46.62			$55.97			$58.33			$53.08			$45.32			$44.87
Total return2		(11.70	)%		8.36	%		21.24	%		21.97	%		8.97	%		(0.32	)%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.92	%		0.92	%		0.93	%		0.93	%		0.88	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment loss		(0.38	)%		(0.26	)%		(0.29	)%		(0.19	)%		(0.21	)%		(0.27	)%
Supplemental data
Portfolio turnover rate		29	%		50	%		62	%		75	%		99	%		101	%
Net assets, end of period (000s omitted)		$49,634			$52,296			$48,446			$54,877			$61,563			$87,279

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Enterprise Fund

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In 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 Fund or pay the Fund the market value of the loaned securities. The Fund 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 Enterprise Fund  |  19

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $530,193,061 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	161,671,817
Gross unrealized losses		(39,160,862	)
Net unrealized gains	$	122,510,955

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.

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	27,425,491	$	0	$	0	$	27,425,491
Consumer discretionary		94,672,165		0		0		94,672,165
Consumer staple		8,679,200		0		0		8,679,200
Financials		9,877,744		0		0		9,877,744
Health care		116,999,491		0		0		116,999,491
Industrials		97,119,969		0		0		97,119,969
Information technology		252,644,043		0		0		252,644,043
Materials		27,019,838		0		0		27,019,838
Short-term investments
Investment companies		18,266,075		0		0		18,266,075
Total assets	$	652,704,016	$	0	$	0	$	652,704,016

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Next $2 billion		0.630
Next $4 billion		0.620
Over $16 billion		0.610

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.74% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Wells Fargo Enterprise Fund  |  21

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. Funds Management has committed through January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class C shares, 0.80% for Class R6 shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $2,756 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $219,775,150 and $257,152,535, 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 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.

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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 March 31, 2020, 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.	$	330,200	$	(330,200	)	$	0
Barclays Capital Inc.		488,696		(488,696	)		0
Citigroup Global Markets Inc.		8,458,499		(8,458,499	)		0
JPMorgan Securities LLC		3,303,321		(3,303,321	)		0
Morgan Stanley & Co. LLC		462,280		(462,280	)		0
Scotia Capital Inc.		204,568		(204,568	)		0

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

7. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund 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 Fund invests a concentration of its portfolio in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

Wells Fargo Enterprise Fund  |  23

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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

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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 147 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

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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.

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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 Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Wells Fargo Enterprise Fund  |  27

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

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Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo Enterprise Fund  |  29

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

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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.

PAR-0420-06263 05-20

SA231/SAR231 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo Opportunity Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	18
Other information	23
Appendix I	27
Appendix II	28

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The views expressed and any forward-looking statements are as of March 31, 2020, 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 Opportunity Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Opportunity Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Opportunity Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Opportunity Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kurt Gunderson ^†

Christopher G. Miller, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SOPVX)	2-24-2000		-15.75		2.44		7.21		-10.61		3.66		7.85		1.21		1.18
Class C (WFOPX)	3-31-2008		-12.33		2.88		7.04		-11.33		2.88		7.04		1.96		1.93
Administrator Class (WOFDX)	8-30-2002		–		–		–		-10.45		3.87		8.08		1.13		1.00
Institutional Class (WOFNX)3	7-30-2010		–		–		–		-10.25		4.12		8.34		0.88		0.75
Russell 3000® Index4	–		–		–		–		-9.13		5.77		10.15		–		–

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

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

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

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

Please see footnotes on page 5.

4  |  Wells Fargo Opportunity Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20205
Alphabet Incorporated Class C	4.40
Apple Incorporated	3.23
Amazon.com Incorporated	3.21
Salesforce.com Incorporated	2.87
MasterCard Incorporated Class A	2.67
Texas Instruments Incorporated	2.58
Facebook Incorporated Class A	2.53
Equinix Incorporated	2.52
Novartis AG ADR	2.52
Bio-Rad Laboratories Incorporated Class A	2.46

Sector distribution as of March 31, 2020⁶

^† Mr. Gunderson became a portfolio manager of the Fund on February 1, 2020.

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

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.18% for Class A, 1.93% for Class C, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Opportunity 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	838.63	$	5.29		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.81		1.15	%
Class C
Actual	$	1,000.00	$	835.34	$	8.81		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.40	$	9.67		1.92	%
Administrator Class
Actual	$	1,000.00	$	839.53	$	4.41		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.20	$	4.85		0.96	%
Institutional Class
Actual	$	1,000.00	$	840.40	$	3.45		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Opportunity Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.66%
Communication Services: 8.63%
Interactive Media & Services: 6.93%
Alphabet Incorporated Class C †		51,238	$	59,580,057
Facebook Incorporated Class A †		205,362		34,254,382
				93,834,439
Media: 1.70%
Comcast Corporation Class A		670,966		23,067,811
Consumer Discretionary: 7.88%
Automobiles: 1.46%
General Motors Company		955,362		19,852,422
Hotels, Restaurants & Leisure: 0.96%
Starbucks Corporation		197,351		12,973,855
Internet & Direct Marketing Retail: 3.21%
Amazon.com Incorporated †		22,306		43,490,454
Multiline Retail: 1.26%
Dollar General Corporation		113,065		17,073,946
Specialty Retail: 0.99%
Ulta Beauty Incorporated †		76,440		13,430,508
Consumer Staples: 1.23%
Household Products: 1.23%
Church & Dwight Company Incorporated		259,609		16,661,706
Energy: 1.02%
Oil, Gas & Consumable Fuels: 1.02%
BP plc		567,391		13,838,666
Financials: 12.83%
Banks: 2.14%
PNC Financial Services Group Incorporated		161,214		15,431,404
Webster Financial Corporation		591,488		13,545,075
				28,976,479
Capital Markets: 5.53%
CME Group Incorporated		98,489		17,029,733
Intercontinental Exchange Incorporated		345,800		27,923,350
S&P Global Incorporated		122,683		30,063,469
				75,016,552
Insurance: 5.16%
Chubb Limited		219,385		24,503,111
Marsh & McLennan Companies Incorporated		271,939		23,511,846
Willis Towers Watson plc		128,918		21,896,722
				69,911,679

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

Wells Fargo Opportunity Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Health Care: 18.52%
Biotechnology: 1.06%
Alexion Pharmaceuticals Incorporated †		159,883	$	14,355,895
Health Care Equipment & Supplies: 5.21%
Boston Scientific Corporation †		508,355		16,587,624
LivaNova plc †		558,592		25,276,288
Medtronic plc		318,781		28,747,671
				70,611,583
Health Care Providers & Services: 2.78%
Cigna Corporation		113,494		20,108,867
UnitedHealth Group Incorporated		70,425		17,562,587
				37,671,454
Life Sciences Tools & Services: 6.15%
Agilent Technologies Incorporated		317,587		22,745,581
Bio-Rad Laboratories Incorporated Class A †		95,070		33,327,739
Thermo Fisher Scientific Incorporated		96,155		27,269,558
				83,342,878
Pharmaceuticals: 3.32%
Mylan NV †		729,609		10,878,470
Novartis AG ADR		413,842		34,121,273
				44,999,743
Industrials: 13.39%
Aerospace & Defense: 3.81%
Hexcel Corporation		483,646		17,986,795
MTU Aero Engines AG		129,633		18,744,506
Safran SA		168,292		14,910,178
				51,641,479
Building Products: 1.65%
Armstrong World Industries Incorporated		281,361		22,345,691
Commercial Services & Supplies: 1.35%
Republic Services Incorporated		244,333		18,339,635
Industrial Conglomerates: 1.36%
Carlisle Companies Incorporated		147,270		18,449,986
Machinery: 3.88%
Fortive Corporation		466,833		25,764,513
ITT Incorporated		379,844		17,229,724
SPX Corporation †		293,090		9,566,458
				52,560,695
Trading Companies & Distributors: 1.34%
United Rentals Incorporated †		176,392		18,150,737
Information Technology: 23.77%
Electronic Equipment, Instruments & Components: 1.57%
Amphenol Corporation Class A		292,135		21,290,799

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

8  |  Wells Fargo Opportunity Fund

Portfolio of investments—March 31, 2020 (unaudited)

				Shares		Value
IT Services: 4.23%
Fidelity National Information Services Incorporated					173,886	$	21,151,493
MasterCard Incorporated Class A					149,881		36,205,254
							57,356,747
Semiconductors & Semiconductor Equipment: 4.36%
Marvell Technology Group Limited					1,063,920		24,076,510
Texas Instruments Incorporated					350,136		34,989,090
							59,065,600
Software: 10.38%
Fair Isaac Corporation †					59,788		18,396,170
Palo Alto Networks Incorporated †					103,575		16,982,157
Proofpoint Incorporated †					176,132		18,069,382
RealPage Incorporated †					362,626		19,193,794
Salesforce.com Incorporated †					270,075		38,885,399
ServiceNow Incorporated †					41,821		11,985,062
Workday Incorporated Class A †					131,611		17,138,384
							140,650,348
Technology Hardware, Storage & Peripherals: 3.23%
Apple Incorporated					172,008		43,739,914
Materials: 3.42%
Chemicals: 2.34%
The Sherwin-Williams Company					50,157		23,048,145
Westlake Chemical Corporation					227,306		8,676,270
							31,724,415
Metals & Mining: 1.08%
Steel Dynamics Incorporated					651,249		14,679,152
Real Estate: 7.97%
Equity REITs: 7.97%
American Tower Corporation					116,489		25,365,480
Equinix Incorporated					54,776		34,211,446
Sun Communities Incorporated					207,500		25,906,375
VICI Properties Incorporated					1,353,274		22,518,479
							108,001,780
Total Common Stocks (Cost $1,110,773,562)							1,337,107,048
	Yield
Short-Term Investments: 1.45%
Investment Companies: 1.45%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35	%		19,577,145		19,577,145
Total Short-Term Investments (Cost $19,577,145)							19,577,145

Total investments in securities (Cost $1,130,350,707)	100.11	%		1,356,684,193
Other assets and liabilities, net	(0.11	)		(1,442,174	)
Total net assets	100.00	%	$	1,355,242,019

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

Wells Fargo Opportunity Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

† Non-income-earning security

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC *		25,481,452		25,877,637		(51,359,089	)		0	$	0	$	0	$	10,809	#	$	0
Wells Fargo Government Money Market Fund Select Class		18,124,846		218,593,605		(217,141,306	)		19,577,145		0		0		160,713			19,577,145
										$	0	$	0	$	171,522		$	19,577,145		1.45	%

* No longer held at the end of the period.     

^#  Amount shown represents income before fees and rebates.    

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

10  |  Wells Fargo Opportunity Fund

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $1,110,773,562)	$	1,337,107,048
Investments in affiliated securities, at value (cost $19,577,145)		19,577,145
Receivable for Fund shares sold		72,725
Receivable for dividends		2,626,544
Prepaid expenses and other assets		28,248
Total assets		1,359,411,710
Liabilities
Payable for investments purchased		1,653,305
Payable for Fund shares redeemed		823,589
Management fee payable		811,448
Administration fees payable		238,992
Distribution fee payable		1,449
Shareholder servicing fees payable		296,442
Trustees’ fees and expenses payable		3,888
Accrued expenses and other liabilities		340,578
Total liabilities		4,169,691
Total net assets	$	1,355,242,019
Net assets consist of
Paid-in capital	$	1,089,143,450
Total distributable earnings		266,098,569
Total net assets	$	1,355,242,019
Computation of net asset value and offering price per share
Net assets – Class A	$	1,154,068,209
Shares outstanding – Class A1		33,660,164
Net asset value per share – Class A		$34.29
Maximum offering price per share – Class A2		$36.38
Net assets – Class C	$	2,168,936
Shares outstanding – Class C1		69,006
Net asset value per share – Class C		$31.43
Net assets – Administrator Class	$	177,465,095
Shares outstanding – Administrator Class1		4,665,782
Net asset value per share – Administrator Class		$38.04
Net assets – Institutional Class	$	21,539,779
Shares outstanding – Institutional Class1		554,370
Net asset value per share – Institutional Class		$38.85

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.

Wells Fargo Opportunity Fund  |  11

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $193,438)	$	12,157,378
Income from affiliated securities		162,689
Total investment income		12,320,067
Expenses
Management fee		6,166,257
Administration fees
Class A		1,528,120
Class C		3,031
Administrator Class		144,939
Institutional Class		17,546
Shareholder servicing fees
Class A		1,819,191
Class C		3,608
Administrator Class		278,705
Distribution fee
Class C		10,814
Custody and accounting fees		47,681
Professional fees		25,981
Registration fees		44,972
Shareholder report expenses		78,855
Trustees’ fees and expenses		11,029
Other fees and expenses		20,077
Total expenses		10,200,806
Less: Fee waivers and/or expense reimbursements
Fund-level		(383,884	)
Class A		(153,844	)
Administrator Class		(94,242	)
Institutional Class		(8,696	)
Net expenses		9,560,140
Net investment income		2,759,927
Realized and unrealized gains (losses) on investments
Net realized gains on investments		40,732,984
Net change in unrealized gains (losses) on investments		(304,119,754	)
Net realized and unrealized gains (losses) on investments		(263,386,770	)
Net decrease in net assets resulting from operations	$	(260,626,843	)

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

12  |  Wells Fargo Opportunity Fund

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	2,759,927					$	4,276,187
Net realized gains on investments					40,732,984						94,543,210
Net change in unrealized gains (losses) on investments					(304,119,754	)					(20,640,995	)
Net increase (decrease) in net assets resulting from operations					(260,626,843	)					78,178,402
Distributions to shareholders from net investment income and net realized gains
Class A					(85,913,524	)					(148,689,321	)
Class C					(177,607	)					(3,194,912	)
Administrator Class					(12,052,779	)					(21,792,735	)
Institutional Class					(1,499,585	)					(2,724,775	)
Total distributions to shareholders					(99,643,495	)					(176,401,743	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		219,532			9,270,462			930,098			37,142,175
Class C		5,520			215,513			12,229			460,797
Administrator Class		20,588			950,005			46,303			2,094,423
Institutional Class		91,163			4,463,423			228,906			10,662,670
					14,899,403						50,360,065
Reinvestment of distributions
Class A		1,957,543			83,556,394			3,891,150			144,750,768
Class C		4,247			166,102			91,007			3,143,382
Administrator Class		242,678			11,500,332			504,265			20,669,150
Institutional Class		27,588			1,337,917			58,962			2,469,867
					96,560,745						171,033,167
Payment for shares redeemed
Class A		(2,215,071	)		(91,863,861	)		(4,134,053	)		(168,457,293	)
Class C		(34,200	)		(1,345,711	)		(732,350	)		(26,708,914	)
Administrator Class		(361,513	)		(17,295,953	)		(620,318	)		(27,798,000	)
Institutional Class		(105,340	)		(4,936,819	)		(320,957	)		(14,616,198	)
					(115,442,344	)					(237,580,405	)
Net decrease in net assets resulting from capital share transactions					(3,982,196	)					(16,187,173	)
Total decrease in net assets					(364,252,534	)					(114,410,514	)
Net assets
Beginning of period					1,719,494,553						1,833,905,067
End of period				$	1,355,242,019					$	1,719,494,553

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

Wells Fargo Opportunity Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$43.37			$46.31			$45.83			$41.86			$43.35			$49.56
Net investment income (loss)		0.06			0.10			(0.01	)1		0.04			0.13	1		0.64
Net realized and unrealized gains (losses) on investments		(6.55	)		1.54			6.41			6.60			4.72			(1.52	)
Total from investment operations		(6.49	)		1.64			6.40			6.64			4.85			(0.88	)
Distributions to shareholders from
Net investment income		(0.10	)		0.00			(0.17	)		(0.13	)		(0.57	)		0.00
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)
Total distributions to shareholders		(2.59	)		(4.58	)		(5.92	)		(2.67	)		(6.34	)		(5.33	)
Net asset value, end of period		$34.29			$43.37			$46.31			$45.83			$41.86			$43.35
Total return2		(16.14	)%		5.18	%		15.16	%		16.49	%		12.46	%		(2.27	)%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.21	%		1.21	%		1.24	%
Net expenses		1.15	%		1.19	%		1.20	%		1.21	%		1.21	%		1.22	%
Net investment income (loss)		0.29	%		0.23	%		(0.01	)%		0.11	%		0.33	%		1.30	%
Supplemental data
Portfolio turnover rate		23	%		28	%		30	%		43	%		34	%		42	%
Net assets, end of period (000s omitted)		$1,154,068			$1,461,345			$1,528,852			$1,479,457			$1,418,614			$390,154

¹  Calculated based upon average shares outstanding

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

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

14  |  Wells Fargo Opportunity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$40.02			$43.43			$43.46			$39.99			$41.60			$48.10
Net investment income (loss)		(0.10	)1		(0.26	)1		(0.43	)		(0.26	)1		(0.16	)1		0.26
Net realized and unrealized gains (losses) on investments		(6.00	)		1.43			6.15			6.27			4.51			(1.43	)
Total from investment operations		(6.10	)		1.17			5.72			6.01			4.35			(1.17	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.19	)		0.00
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)
Total distributions to shareholders		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.96	)		(5.33	)
Net asset value, end of period		$31.43			$40.02			$43.43			$43.46			$39.99			$41.60
Total return2		(16.47	)%		4.37	%		14.31	%		15.62	%		11.62	%		(3.01	)%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.96	%		1.95	%		1.96	%		1.96	%		1.99	%
Net expenses		1.92	%		1.95	%		1.95	%		1.96	%		1.96	%		1.97	%
Net investment income (loss)		(0.49	)%		(0.69	)%		(0.76	)%		(0.64	)%		(0.40	)%		0.55	%
Supplemental data
Portfolio turnover rate		23	%		28	%		30	%		43	%		34	%		42	%
Net assets, end of period (000s omitted)		$2,169			$3,739			$31,381			$33,057			$34,721			$37,196

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Opportunity Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$47.85			$50.50			$49.45			$44.93			$46.11			$52.27
Net investment income		0.11	1		0.21			0.07			0.15	1		0.24	1		0.79
Net realized and unrealized gains (losses) on investments		(7.27	)		1.73			6.97			7.09			5.04			(1.62	)
Total from investment operations		(7.16	)		1.94			7.04			7.24			5.28			(0.83	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.01	)		(0.24	)		(0.18	)		(0.69	)		0.00
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)
Total distributions to shareholders		(2.65	)		(4.59	)		(5.99	)		(2.72	)		(6.46	)		(5.33	)
Net asset value, end of period		$38.04			$47.85			$50.50			$49.45			$44.93			$46.11
Total return2		(16.05	)%		5.37	%		15.38	%		16.74	%		12.68	%		(2.04	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.13	%		1.12	%		1.13	%		1.13	%		1.10	%
Net expenses		0.96	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.48	%		0.42	%		0.19	%		0.31	%		0.56	%		1.52	%
Supplemental data
Portfolio turnover rate		23	%		28	%		30	%		43	%		34	%		42	%
Net assets, end of period (000s omitted)		$177,465			$227,963			$244,110			$237,315			$226,140			$223,281

¹  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo Opportunity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$48.89			$51.50			$50.30			$45.63			$46.76			$52.82
Net investment income		0.14			0.35			0.22			0.22	1		0.35	1		0.92	1
Net realized and unrealized gains (losses) on investments		(7.41	)		1.74			7.08			7.25			5.12			(1.65	)
Total from investment operations		(7.27	)		2.09			7.30			7.47			5.47			(0.73	)
Distributions to shareholders from
Net investment income		(0.28	)		(0.12	)		(0.35	)		(0.26	)		(0.83	)		0.00
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)		(5.33	)
Total distributions to shareholders		(2.77	)		(4.70	)		(6.10	)		(2.80	)		(6.60	)		(5.33	)
Net asset value, end of period		$38.85			$48.89			$51.50			$50.30			$45.63			$46.76
Total return2		(15.96	)%		5.63	%		15.69	%		17.02	%		12.97	%		(1.81	)%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.87	%		0.88	%		0.88	%		0.83	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		0.70	%		0.66	%		0.44	%		0.47	%		0.79	%		1.79	%
Supplemental data
Portfolio turnover rate		23	%		28	%		30	%		43	%		34	%		42	%
Net assets, end of period (000s omitted)		$21,540			$26,447			$29,562			$29,709			$17,222			$11,906

¹  Calculated based upon average shares outstanding

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2020, such fair value pricing was used in pricing certain foreign securities.

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

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in 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.

18  |  Wells Fargo Opportunity Fund

Notes to financial statements (unaudited)

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund 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.

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $1,127,797,145 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	384,469,413
Gross unrealized losses		(155,582,365	)
Net unrealized gains	$	228,887,048

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

Wells Fargo Opportunity Fund  |  19

Notes to financial statements (unaudited)

unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	116,902,250	$	0	$	0	$	116,902,250
Consumer discretionary		106,821,185		0		0		106,821,185
Consumer staples		16,661,706		0		0		16,661,706
Energy		13,838,666		0		0		13,838,666
Financials		173,904,710		0		0		173,904,710
Health care		250,981,553		0		0		250,981,553
Industrials		147,833,539		33,654,684		0		181,488,223
Information technology		322,103,408		0		0		322,103,408
Materials		46,403,567		0		0		46,403,567
Real estate		108,001,780		0		0		108,001,780
Short-term investments
Investment companies		19,577,145		0		0		19,577,145
Total assets	$	1,323,029,509	$	33,654,684	$	0	$	1,356,684,193

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.750	%
Next $500 million		0.725
Next $1 billion		0.700
Next $2 billion		0.675
Next $1 billion		0.650
Next $5 billion		0.640
Next $2 billion		0.630
Next $4 billion		0.620
Over $16 billion		0.610

20  |  Wells Fargo Opportunity Fund

Notes to financial statements (unaudited)

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.72% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

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 January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class C shares, 1.00% for Administrator Class, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $2,667 from the sale of Class A shares and $53 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $385,066,731 and $487,854,549, respectively.

Wells Fargo Opportunity Fund  |  21

Notes to financial statements (unaudited)

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 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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, the Fund did not have any securities on loan.

7. BANK BORROWINGS

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

For the six months ended March 31, 2020, 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

22  |  Wells Fargo Opportunity 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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Opportunity 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 147 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 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 Opportunity 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 Opportunity 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.
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 Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

26  |  Wells Fargo Opportunity Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Opportunity Fund  |  27

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

28  |  Wells Fargo Opportunity Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Opportunity Fund  |  29

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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.

PAR-0420-06264 05-20

SA232/SAR232 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo

Special Mid Cap Value Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27
Appendix I	31
Appendix II	32

Reduce clutter.

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 March 31, 2020, 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 Special Mid Cap Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Special Mid Cap Value Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Special Mid Cap Value Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Special Mid Cap Value Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA^®‡

Bryant VanCronkhite, CFA^®‡, CPA

Shane Zweck, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WFPAX)	7-31-2007		-25.10		-1.14		7.07		-20.53		0.04		7.71		1.15		1.15
Class C (WFPCX)	7-31-2007		-22.10		-0.71		6.90		-21.10		-0.71		6.90		1.90		1.90
Class R (WFHHX)3	9-30-2015		–		–		–		-20.72		-0.21		7.45		1.40		1.40
Class R6 (WFPRX)4	6-28-2013		–		–		–		-20.16		0.47		8.17		0.72		0.72
Administrator Class (WFMDX)	4-8-2005		–		–		–		-20.45		0.12		7.82		1.07		1.07
Institutional Class (WFMIX)	4-8-2005		–		–		–		-20.27		0.37		8.10		0.82		0.82
Russell Midcap® Value Index5	–		–		–		–		-24.13		-0.76		7.22		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Special Mid Cap Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20206
Alcon Incorporated	3.16
Amdocs Limited	3.02
Brown & Brown Incorporated	2.90
Reynolds Consumer Products Incorporated	2.88
Varian Medical Systems Incorporated	2.50
Kansas City Southern	2.47
Humana Incorporated	2.44
Republic Services Incorporated	2.42
Stanley Black & Decker Incorporated	2.32
CBRE Group Incorporated Class A	2.29

Sector distribution as of March 31, 2020⁷

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

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.16% for Class A, 1.91% for Class C, 1.41% for Class R, 0.73% for Class R6, 1.08% for Administrator Class, and 0.83% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R shares.

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

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

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

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Special Mid 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 October 1, 2019 to March 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	736.38	$	4.95		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.76		1.14	%
Class C
Actual	$	1,000.00	$	733.72	$	8.19		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.55	$	9.52		1.89	%
Class R
Actual	$	1,000.00	$	735.67	$	6.03		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.01		1.39	%
Class R6
Actual	$	1,000.00	$	738.07	$	3.09		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.45	$	3.59		0.71	%
Administrator Class
Actual	$	1,000.00	$	736.75	$	4.60		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.70	$	5.35		1.06	%
Institutional Class
Actual	$	1,000.00	$	737.55	$	3.52		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.95	$	4.09		0.81	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Special Mid Cap Value Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Common Stocks : 94.56%
Communication Services : 1.97%
Media : 1.97%
Discovery Communications Incorporated Class C †		8,313,200	$	145,813,528
Consumer Discretionary : 8.01%
Auto Components : 1.64%
Aptiv plc		1,407,400		69,300,376
Lear Corporation		644,800		52,390,000
				121,690,376
Hotels, Restaurants & Leisure : 3.72%
Norwegian Cruise Line Holdings Limited †		2,253,970		24,703,511
Vail Resorts Incorporated		606,800		89,630,428
Yum China Holdings Incorporated		3,785,885		161,392,278
				275,726,217
Household Durables : 2.14%
D.R. Horton Incorporated		2,028,200		68,958,800
Mohawk Industries Incorporated †		1,178,800		89,871,712
				158,830,512
Textiles, Apparel & Luxury Goods : 0.51%
PVH Corporation		998,900		37,598,596
Consumer Staples : 4.73%
Beverages : 1.86%
Molson Coors Brewing Company Class B		3,532,176		137,790,186
Household Products : 2.87%
Reynolds Consumer Products Incorporated		7,310,500		213,247,285
Energy : 2.94%
Energy Equipment & Services : 1.04%
Baker Hughes Incorporated		3,348,434		35,158,557
National Oilwell Varco Incorporated		4,256,600		41,842,378
				77,000,935
Oil, Gas & Consumable Fuels : 1.90%
Cimarex Energy Company		1,278,200		21,512,106
Devon Energy Corporation		2,313,800		15,988,358
Hess Corporation		1,333,700		44,412,210
Valero Energy Corporation		907,200		41,150,592
WPX Energy Incorporated †		5,906,700		18,015,435
				141,078,701
Financials : 17.36%
Banks : 4.59%
Fifth Third Bancorp		6,547,600		97,231,860
PacWest Bancorp		3,542,400		63,479,808
Regions Financial Corporation		12,440,100		111,587,697
Zions Bancorporation		2,531,400		67,740,264
				340,039,629

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

Wells Fargo Special Mid Cap Value Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Capital Markets : 0.69%
Cboe Global Markets Incorporated		575,600	$	51,372,300
Insurance : 10.79%
Arch Capital Group Limited †		5,404,808		153,820,836
Brown & Brown Incorporated		5,935,206		214,973,162
Fidelity National Financial Incorporated		3,375,914		83,992,740
Loews Corporation		3,674,000		127,965,420
The Allstate Corporation		1,698,000		155,757,540
Willis Towers Watson plc		374,000		63,523,900
				800,033,598
Mortgage REITs : 1.29%
Annaly Capital Management Incorporated		18,851,800		95,578,626
Health Care : 12.56%
Health Care Equipment & Supplies : 7.35%
Alcon Incorporated †«		4,608,500		234,203,970
Varian Medical Systems Incorporated †		1,803,400		185,137,044
Zimmer Biomet Holdings Incorporated		1,241,700		125,511,036
				544,852,050
Health Care Providers & Services : 4.02%
Humana Incorporated		575,900		180,844,118
Universal Health Services Incorporated Class B		1,181,700		117,082,836
				297,926,954
Life Sciences Tools & Services : 1.19%
Charles River Laboratories International Incorporated †#		699,800		88,321,758
Industrials : 17.40%
Building Products : 1.73%
Masco Corporation		3,717,800		128,524,346
Commercial Services & Supplies : 2.42%
Republic Services Incorporated		2,387,375		179,196,368
Construction & Engineering : 2.13%
Jacobs Engineering Group Incorporated		1,991,343		157,853,760
Industrial Conglomerates : 2.12%
Carlisle Companies Incorporated		1,253,042		156,981,102
Machinery : 3.67%
Cummins Incorporated		738,800		99,974,416
Stanley Black & Decker Incorporated		1,722,700		172,270,000
				272,244,416
Road & Rail : 2.47%
Kansas City Southern		1,441,900		183,380,842
Trading Companies & Distributors : 2.86%
AerCap Holdings NV †		4,617,900		105,241,941
United Rentals Incorporated †		1,037,100		106,717,590
				211,959,531

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

8  |  Wells Fargo Special Mid Cap Value Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Shares		Value
Information Technology : 9.46%
Communications Equipment : 1.27%
Juniper Networks Incorporated		4,923,100	$	94,228,134
Electronic Equipment, Instruments & Components : 0.81%
FLIR Systems Incorporated		1,887,200		60,182,808
IT Services : 4.20%
Amdocs Limited		4,069,300		223,689,421
Euronet Worldwide Incorporated †		1,026,600		88,000,152
				311,689,573
Semiconductors & Semiconductor Equipment : 1.51%
Analog Devices Incorporated		1,247,900		111,874,235
Software : 0.38%
Synopsys Incorporated †		215,300		27,728,487
Technology Hardware, Storage & Peripherals : 1.29%
NCR Corporation †		5,404,120		95,652,924
Materials : 5.70%
Chemicals : 2.23%
Celanese Corporation Series A		437,784		32,128,968
PPG Industries Incorporated		1,590,000		132,924,000
				165,052,968
Containers & Packaging : 2.33%
AptarGroup Incorporated		654,800		65,178,792
International Paper Company		11,514		358,431
Packaging Corporation of America		1,239,513		107,626,914
				173,164,137
Metals & Mining : 1.14%
Barrick Gold Corporation		4,618,400		84,609,088
Real Estate : 7.91%
Equity REITs : 5.63%
American Campus Communities Incorporated		3,547,705		98,448,814
Invitation Homes Incorporated		7,223,128		154,358,245
Mid-America Apartment Communities Incorporated		1,106,600		114,012,995
Park Hotels & Resorts Incorporated		2,419,000		19,134,290
VEREIT Incorporated		6,434,100		31,462,749
				417,417,093
Real Estate Management & Development : 2.28%
CBRE Group Incorporated Class A †		4,494,800		169,498,908
Utilities : 6.52%
Electric Utilities : 4.27%
American Electric Power Company Incorporated		1,962,660		156,973,547
FirstEnergy Corporation		3,973,800		159,230,166
				316,203,713

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

Wells Fargo Special Mid Cap Value Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

				Shares		Value
Water Utilities : 2.25%
American Water Works Company Incorporated					1,398,200	$	167,168,792
Total Common Stocks (Cost $8,226,782,329)							7,011,512,476
	Yield
Short-Term Investments : 3.30%
Investment Companies : 3.30%
Securities Lending Cash Investments LLC (l)(r)(u)		2.11	%		16,292,234		16,293,864
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35			228,242,972		228,242,972
Total Short-Term Investments (Cost $244,535,332)							244,536,836

Total investments in securities (Cost $8,471,317,661)	97.86	%		7,256,049,312
Other assets and liabilities, net	2.14			158,812,593
Total net assets	100.00	%	$	7,414,861,905

† Non-income-earning security

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

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Written Options

Description	Counterparty		Number of contracts		Notional amount			Exercise price		Expiration date		Value
Call
Charles River Laboratories International Incorporated		Bank of America		(1,000)	$	(17,000,000	)	$	170.00		5-15-2020	$	(140,787	)
Put
AerCap Holdings NV		Bank of America		4,997		26,234,250			52.50		4-17-2020		(14,846,261	)
Cboe Global Markets Incorporated		Bank of America		4,500		49,500,000			110.00		6-19-2020		(9,000,000	)
												$	(23,987,048	)

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

10  |  Wells Fargo Special Mid Cap Value Fund

Portfolio of investments—March 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		43,065,929		(26,773,695	)		16,292,234	$	1,697	$	1,504	$	21,555	#	$	16,293,864
Wells Fargo Government Money Market Fund Select Class		528,149,536		1,359,624,463		(1,659,531,027	)		228,242,972		0		0		3,257,475			228,242,972
										$	1,697	$	1,504	$	3,279,030		$	244,536,836		3.30	%

^#  Amount shown represents income before fees and rebate.

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

Wells Fargo Special Mid Cap Value Fund  |  11

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $15,940,704 of securities loaned), at value (cost $8,226,782,329)	$	7,011,512,476
Investments in affiliated securities, at value (cost $244,535,332)		244,536,836
Cash		30,500,000
Segregated cash for written options		75,750,000
Receivable for investments sold		87,445,584
Receivable for Fund shares sold		44,814,234
Receivable for dividends		20,094,635
Receivable for securities lending income, net		18,355
Total assets		7,514,672,120
Liabilities
Payable upon receipt of securities loaned		16,290,662
Payable for investments purchased		38,992,432
Payable for Fund shares redeemed		13,449,506
Written options, at value (premiums received $5,300,616)		23,987,048
Management fee payable		4,487,728
Administration fees payable		773,031
Distribution fees payable		76,803
Trustees’ fees and expenses payable		3,781
Accrued expenses and other liabilities		1,749,224
Total liabilities		99,810,215
Total net assets	$	7,414,861,905
Net assets consist of
Paid-in capital	$	8,600,481,496
Total distributable loss		(1,185,619,591	)
Total net assets	$	7,414,861,905
Computation of net asset value and offering price per share
Net assets – Class A	$	761,906,640
Shares outstanding – Class A1		27,169,365
Net asset value per share – Class A		$28.04
Maximum offering price per share – Class A2		$29.75
Net assets – Class C	$	100,329,036
Shares outstanding – Class C1		3,744,989
Net asset value per share – Class C		$26.79
Net assets – Class R	$	22,139,527
Shares outstanding – Class R1		779,279
Net asset value per share – Class R		$28.41
Net assets – Class R6	$	1,793,213,590
Shares outstanding – Class R61		62,204,501
Net asset value per share – Class R6		$28.83
Net assets – Administrator Class	$	327,672,149
Shares outstanding – Administrator Class1		11,463,936
Net asset value per share – Administrator Class		$28.58
Net assets – Institutional Class	$	4,409,600,963
Shares outstanding – Institutional Class1		153,134,438
Net asset value per share – Institutional Class		$28.80

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Special Mid Cap Value Fund

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $107,091)	$	90,128,948
Income from affiliated securities		3,276,072
Total investment income		93,405,020
Expenses
Management fee		32,169,727
Administration fees
Class A		1,088,165
Class C		151,647
Class R		33,596
Class R6		345,436
Administrator Class		381,038
Institutional Class		3,629,137
Shareholder servicing fees
Class A		1,295,435
Class C		180,532
Class R		39,994
Administrator Class		732,757
Distribution fees
Class C		541,325
Class R		39,967
Custody and accounting fees		133,418
Professional fees		22,557
Registration fees		250,684
Shareholder report expenses		494,100
Trustees’ fees and expenses		11,029
Other fees and expenses		45,123
Total expenses		41,585,667
Less: Fee waivers and/or expense reimbursements
Fund-level		(21,791	)
Class A		(17,580	)
Class R		(3	)
Class R6		(648	)
Institutional Class		(4,248	)
Net expenses		41,541,397
Net investment income		51,863,623
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		66,251,001
Affiliated securities		1,697
Written options		1,181,594
Net realized gains on investments		67,434,292
Net change in unrealized gains (losses) on
Unaffiliated securities		(2,655,740,369	)
Affiiliated securities		1,504
Written options		(18,686,432	)
Net change in unrealized gains (losses) on investments		(2,674,425,297	)
Net realized and unrealized gains (losses) on investments		(2,606,991,005	)
Net decrease in net assets resulting from operations	$	(2,555,127,382	)

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

Wells Fargo Special Mid Cap Value Fund  |  13

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	51,863,623					$	77,380,134
Net realized gains on investments					67,434,292						303,691,561
Net change in unrealized gains (losses) on investments					(2,674,425,297	)					233,760,522
Net increase (decrease) in net assets resulting from operations					(2,555,127,382	)					614,832,217
Distributions to shareholders from net investment income and net realized gains
Class A					(42,557,946	)					(20,592,515	)
Class C					(5,334,641	)					(2,703,167	)
Class R					(1,279,526	)					(562,316	)
Class R6					(100,004,255	)					(36,838,837	)
Administrator Class					(24,372,266	)					(17,454,931	)
Institutional Class					(243,751,453	)					(114,026,310	)
Total distributions to shareholders					(417,300,087	)					(192,178,076	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,883,215			184,235,513			5,327,538			192,757,937
Class C		278,349			10,425,924			395,515			13,743,148
Class R		145,797			5,508,045			312,326			11,470,210
Class R6		16,411,557			642,660,416			19,811,243			753,877,254
Administrator Class		1,349,103			51,875,537			2,524,441			92,078,365
Institutional Class		41,675,876			1,488,262,489			49,318,478			1,865,932,723
					2,382,967,924						2,929,859,637
Reinvestment of distributions
Class A		982,408			39,537,339			578,559			19,307,072
Class C		131,467			5,025,996			79,940			2,563,693
Class R		31,409			1,278,194			16,602			561,690
Class R6		2,282,372			94,677,008			1,023,710			35,011,870
Administrator Class		592,191			24,283,965			512,565			17,408,508
Institutional Class		5,501,267			227,806,608			3,085,272			105,464,480
					392,609,110						180,317,313
Payment for shares redeemed
Class A		(4,022,104	)		(149,836,039	)		(8,214,077	)		(295,833,462	)
Class C		(550,926	)		(19,364,672	)		(1,443,715	)		(49,286,556	)
Class R		(195,065	)		(7,560,328	)		(177,050	)		(6,492,936	)
Class R6		(7,890,157	)		(296,600,817	)		(8,066,799	)		(299,782,094	)
Administrator Class		(5,448,895	)		(177,676,899	)		(13,653,775	)		(493,668,005	)
Institutional Class		(25,495,803	)		(968,795,885	)		(48,844,550	)		(1,804,574,146	)
					(1,619,834,640	)					(2,949,637,199	)
Net increase in net assets resulting from capital share transactions					1,155,742,394						160,539,751
Total increase (decrease) in net assets					(1,816,685,075	)					583,193,892
Net assets
Beginning of period					9,231,546,980						8,648,353,088
End of period				$	7,414,861,905					$	9,231,546,980

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

14  |  Wells Fargo Special Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$39.63			$37.59			$37.49			$33.12			$29.91			$32.68
Net investment income		0.13			0.26			0.15			0.33			0.19			0.25
Net realized and unrealized gains (losses) on investments		(10.09	)		2.54			1.50			4.42			4.23			0.07
Total from investment operations		(9.96	)		2.80			1.65			4.75			4.42			0.32
Distributions to shareholders from
Net investment income		(0.23	)		(0.17	)		(0.23	)		(0.19	)		(0.08	)		(0.18	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)
Total distributions to shareholders		(1.63	)		(0.76	)		(1.55	)		(0.38	)		(1.21	)		(3.09	)
Net asset value, end of period		$28.04			$39.63			$37.59			$37.49			$33.12			$29.91
Total return1		(26.36	)%		7.81	%		4.50	%		14.41	%		15.34	%		0.69	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.15	%		1.15	%		1.18	%		1.19	%		1.25	%
Net expenses		1.14	%		1.15	%		1.15	%		1.18	%		1.19	%		1.24	%
Net investment income		0.78	%		0.67	%		0.40	%		0.78	%		0.82	%		0.85	%
Supplemental data
Portfolio turnover rate		23	%		37	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$761,907			$1,003,560			$1,038,883			$1,070,690			$1,363,213			$509,386

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

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

Wells Fargo Special Mid Cap Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$37.85			$36.02			$36.03			$31.91			$29.00			$31.82
Net investment income (loss)		0.00	1,2		(0.07	)		(0.14	)		0.06			0.03			0.02	1
Net realized and unrealized gains (losses) on investments		(9.66	)		2.49			1.46			4.26			4.02			0.07
Total from investment operations		(9.66	)		2.42			1.32			4.32			4.05			0.09
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		(0.01	)		(0.01	)		0.00
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)
Total distributions to shareholders		(1.40	)		(0.59	)		(1.33	)		(0.20	)		(1.14	)		(2.91	)
Net asset value, end of period		$26.79			$37.85			$36.02			$36.03			$31.91			$29.00
Total return3		(26.63	)%		7.00	%		3.72	%		13.56	%		14.47	%		(0.05	)%
Ratios to average net assets (annualized)
Gross expenses		1.89	%		1.90	%		1.90	%		1.92	%		1.94	%		2.00	%
Net expenses		1.89	%		1.90	%		1.90	%		1.92	%		1.94	%		1.99	%
Net investment income (loss)		0.01	%		(0.09	)%		(0.35	)%		0.14	%		0.03	%		0.08	%
Supplemental data
Portfolio turnover rate		23	%		37	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$100,329			$147,086			$174,839			$191,954			$116,022			$63,431

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

16  |  Wells Fargo Special Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R				2019			2018			2017			2016			20151
Net asset value, beginning of period		$40.10			$38.09			$38.08			$33.78			$30.70			$30.70
Net investment income		0.09			0.17			0.09			0.32			0.12	2		0.00
Net realized and unrealized gains (losses) on investments		(10.23	)		2.57			1.49			4.43			4.32			0.00
Total from investment operations		(10.14	)		2.74			1.58			4.75			4.44			0.00
Distributions to shareholders from
Net investment income		(0.15	)		(0.14	)		(0.25	)		(0.26	)		(0.23	)		0.00
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)		0.00
Total distributions to shareholders		(1.55	)		(0.73	)		(1.57	)		(0.45	)		(1.36	)		0.00
Net asset value, end of period		$28.41			$40.10			$38.09			$38.08			$33.78			$30.70
Total return3		(26.43	)%		7.52	%		4.23	%		14.13	%		15.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.40	%		1.40	%		1.42	%		1.44	%		0.00	%
Net expenses		1.39	%		1.40	%		1.40	%		1.42	%		1.44	%		0.00	%
Net investment income		0.51	%		0.43	%		0.18	%		0.77	%		0.37	%		0.00	%
Supplemental data
Portfolio turnover rate		23	%		37	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$22,140			$31,961			$24,575			$14,505			$1,778			$25

¹  The class commenced operations on September 30, 2015. Information represents activity for the one day of operation.

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Special Mid Cap Value Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$40.76			$38.67			$38.52			$34.03			$30.71			$33.39
Net investment income		0.25	1		0.40			0.32	1		0.50	1		0.38	1		0.41	1
Net realized and unrealized gains (losses) on investments		(10.39	)		2.62			1.55			4.53			4.30			0.05
Total from investment operations		(10.14	)		3.02			1.87			5.03			4.68			0.46
Distributions to shareholders from
Net investment income		(0.39	)		(0.34	)		(0.40	)		(0.35	)		(0.23	)		(0.23	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)
Total distributions to shareholders		(1.79	)		(0.93	)		(1.72	)		(0.54	)		(1.36	)		(3.14	)
Net asset value, end of period		$28.83			$40.76			$38.67			$38.52			$34.03			$30.71
Total return2		(26.19	)%		8.28	%		4.95	%		14.88	%		15.84	%		1.14	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.72	%		0.72	%		0.74	%		0.76	%		0.79	%
Net expenses		0.71	%		0.72	%		0.72	%		0.74	%		0.76	%		0.79	%
Net investment income		1.23	%		1.12	%		0.85	%		1.37	%		1.21	%		1.26	%
Supplemental data
Portfolio turnover rate		23	%		37	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$1,793,214			$2,094,860			$1,493,787			$906,784			$374,557			$105,973

¹  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo Special Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$40.35			$38.23			$38.12			$33.67			$30.45			$33.14
Net investment income		0.16	1		0.27	1		0.18	1		0.34	1		0.26			0.31	1
Net realized and unrealized gains (losses) on investments		(10.29	)		2.61			1.52			4.52			4.26			0.05
Total from investment operations		(10.13	)		2.88			1.70			4.86			4.52			0.36
Distributions to shareholders from
Net investment income		(0.24	)		(0.17	)		(0.27	)		(0.22	)		(0.17	)		(0.14	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)
Total distributions to shareholders		(1.64	)		(0.76	)		(1.59	)		(0.41	)		(1.30	)		(3.05	)
Net asset value, end of period		$28.58			$40.35			$38.23			$38.12			$33.67			$30.45
Total return2		(26.33	)%		7.88	%		4.58	%		14.50	%		15.42	%		0.84	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.07	%		1.07	%		1.09	%		1.10	%		1.12	%
Net expenses		1.06	%		1.07	%		1.07	%		1.09	%		1.10	%		1.11	%
Net investment income		0.80	%		0.72	%		0.47	%		0.95	%		0.88	%		0.95	%
Supplemental data
Portfolio turnover rate		23	%		37	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$327,672			$604,126			$978,368			$1,156,796			$834,134			$394,188

¹  Calculated based upon average shares outstanding

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

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

Wells Fargo Special Mid Cap Value Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$40.70			$38.61			$38.47			$34.00			$30.70			$33.38
Net investment income		0.22	1		0.38	1		0.26			0.41			0.35	1		0.41	1
Net realized and unrealized gains (losses) on investments		(10.37	)		2.60			1.56			4.58			4.29			0.04
Total from investment operations		(10.15	)		2.98			1.82			4.99			4.64			0.45
Distributions to shareholders from
Net investment income		(0.35	)		(0.30	)		(0.36	)		(0.33	)		(0.21	)		(0.22	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)		(2.91	)
Total distributions to shareholders		(1.75	)		(0.89	)		(1.68	)		(0.52	)		(1.34	)		(3.13	)
Net asset value, end of period		$28.80			$40.70			$38.61			$38.47			$34.00			$30.70
Total return2		(26.24	)%		8.17	%		4.84	%		14.76	%		15.73	%		1.10	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.82	%		0.84	%		0.86	%		0.85	%
Net expenses		0.81	%		0.82	%		0.82	%		0.84	%		0.86	%		0.85	%
Net investment income		1.12	%		1.00	%		0.73	%		1.24	%		1.07	%		1.23	%
Supplemental data
Portfolio turnover rate		23	%		37	%		37	%		46	%		30	%		58	%
Net assets, end of period (000s omitted)		$4,409,601			$5,349,953			$4,937,901			$4,595,274			$2,325,777			$411,919

¹  Calculated based upon average shares outstanding

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

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

20  |  Wells Fargo Special Mid Cap Value Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a

Wells Fargo Special Mid Cap Value Fund  |  21

Notes to financial statements (unaudited)

closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. Premiums paid are included in the Statement of Assets and Liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $8,446,429,724 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	670,836,509
Gross unrealized losses		(1,879,903,353	)
Net unrealized losses	$	(1,209,066,844	)

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:

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Notes to financial statements (unaudited)

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	145,813,528	$	0	$	0	$	145,813,528
Consumer discretionary		593,845,701		0		0		593,845,701
Consumer staples		351,037,471		0		0		351,037,471
Energy		218,079,636		0		0		218,079,636
Financials		1,287,024,153		0		0		1,287,024,153
Health care		931,100,762		0		0		931,100,762
Industrials		1,290,140,365		0		0		1,290,140,365
Information technology		701,356,161		0		0		701,356,161
Materials		422,826,193		0		0		422,826,193
Real estate		586,916,001		0		0		586,916,001
Utilities		483,372,505		0		0		483,372,505
Short-term investments
Investment companies		244,536,836		0		0		244,536,836
Total assets	$	7,256,049,312	$	0	$	0	$	7,256,049,312
Liabilities
Written options	$	0	$	23,987,048	$	0	$	23,987,048
Total liabilities	$	0	$	23,987,048	$	0	$	23,987,048

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in

Wells Fargo Special Mid Cap Value Fund  |  23

Notes to financial statements (unaudited)

connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.750%
Next $500 million	0.725
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $5 billion	0.640
Next $2 billion	0.630
Next $4 billion	0.620
Over $16 billion	0.610

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

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 January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class C shares, 1.41% for Class R shares, 0.73% for Class R6 shares, 1.08% for Administrator Class shares, and 0.83% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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

24  |  Wells Fargo Special Mid Cap Value Fund

Notes to financial statements (unaudited)

contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $38,382 from the sale of Class A shares and $125 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended March 31, 2020.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2020 were $2,975,424,965 and $2,037,244,421, 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 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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, 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.	$15,940,704	$(15,940,704)	$	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 March 31, 2020, the Fund entered into written options for hedging purposes. The Fund had an average of 15,355 written option contracts during the six months ended March 31, 2020.

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

8. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund under the agreement.

Wells Fargo Special Mid Cap Value Fund  |  25

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 Fund and, therefore, cannot be estimated.

10. REDEMPTION IN-KIND

After the close of business on January 31, 2020, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $11,005,873 and cash in the amount of $943,556. The Fund recognized gains in the amount of $59,791 which is reflected on the Statement of Operations. The redemption in-kind by a shareholder of the Class R6 represented 0.11% of the Fund and is reflected on the Statement of Changes in Net Assets.

11. 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.

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 ("COVID-19") is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

26  |  Wells Fargo Special Mid Cap Value Fund

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, 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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Special Mid Cap Value Fund  |  27

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 147 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

28  |  Wells Fargo Special Mid 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 Special Mid Cap Value Fund  |  29

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 Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

30  |  Wells Fargo Special Mid Cap Value Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

*Also referred to as an “initial sales charge.”

Wells Fargo Special Mid Cap Value Fund  |  31

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

32  |  Wells Fargo Special Mid Cap Value Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Special Mid Cap Value Fund  |  33

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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.

PAR-0420-06265 05-20

SA234/SAR234 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo

International Bond Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	26
Appendix I	30
Appendix II	31

Reduce clutter.

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 March 31, 2020, 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 Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Bond Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo International Bond Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 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

Wells Fargo Asset Management (International) Limited

Portfolio managers

Michael Lee

Alex Perrin

Lauren van Biljon, CFA^®‡

Peter Wilson

Average annual total returns (%) as of March 31, 2020¹

		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 (ESIYX)	9-30-2003		-3.97		-0.53		0.44		0.59		0.39		0.91		1.28		1.03
Class C (ESIVX)	9-30-2003		-1.10		-0.35		0.16		-0.10		-0.35		0.16		2.03		1.78
Class R6 (ESIRX)4	11-30-2012		–		–		–		0.97		0.78		1.28		0.90		0.65
Administrator Class (ESIDX)5	7-30-2010		–		–		–		0.89		0.59		1.10		1.22		0.85
Institutional Class (ESICX)	12-15-1993		–		–		–		0.98		0.72		1.24		0.95		0.70
Bloomberg Barclays Global Aggregate ex-USD Index6	–		–		–		–		0.74		2.04		1.39		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and geographic risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo International Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20207
Japan, 0.10%, 6-20-2029	7.16
Japan, 0.10%, 12-20-2029	4.40
Japan, 0.10%, 3-20-2027	4.29
Spain Bonos y Obligaciones del Estado, 0.60%, 10-31-2029	4.27
Nykredit Realkredit AS, 1.00%, 10-1-2050	3.53
Realkredit Danmark AS, 1.00%, 10-1-2050	3.53
Mexico, 8.50%, 5-31-2029	3.17
Canada, 2.65%, 12-15-2028	2.81
Italy Buoni Poliennali del Tesoro, 0.35%, 2-1-2025	2.69
Province of Ontario, 2.70%, 6-2-2029	2.54

Portfolio composition as of March 31, 2020⁸

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

¹  Historical performance prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Bond Fund.

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 January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.03% for Class A, 1.78% for Class C, 0.65% for Class R6, 0.85% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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 the Class R6 shares would be higher.

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

⁶  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment grade fixed income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

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

⁸  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

Wells Fargo International 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	971.29	$	5.08		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.85	$	5.20		1.03	%
Class C
Actual	$	1,000.00	$	967.94	$	8.76		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.10	$	8.97		1.78	%
Class R6
Actual	$	1,000.00	$	972.85	$	3.21		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75	$	3.29		0.65	%
Administrator Class
Actual	$	1,000.00	$	973.41	$	4.19		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Institutional Class
Actual	$	1,000.00	$	972.74	$	3.45		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.50	$	3.54		0.70	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo International Bond Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 7.95%
United States: 7.95%
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		3.15	%		8-22-2027	$	500,000	$	547,643
Anheuser-Busch InBev Worldwide Incorporated (Consumer Staples, Beverages)		4.15			1-23-2025		400,000		431,472
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		2.90			9-12-2027		500,000		533,968
AT&T Incorporated (Communication Services, Diversified Telecommunication Services)		4.35			3-1-2029		250,000		268,807
Bank of America Corporation (3 Month LIBOR +1.21%) (Financials, Banks) ±		3.97			2-7-2030		500,000		539,894
BP Capital Markets America Incorporated (Energy, Oil, Gas & Consumable Fuels)		3.22			4-14-2024		425,000		434,701
Campbell Soup Company (Consumer Staples, Food Products)		3.65			3-15-2023		72,000		73,336
Comcast Corporation (Communication Services, Media)		3.70			4-15-2024		400,000		429,323
CVS Health Corporation (Health Care, Health Care Providers & Services)		4.10			3-25-2025		300,000		315,725
Discovery Communications LLC (Communication Services, Media)		3.95			3-20-2028		300,000		291,776
Global Payments Incorporated (Information Technology, IT Services)		3.20			8-15-2029		350,000		341,926
IBM Corporation (Information Technology, IT Services)		3.30			5-15-2026		400,000		429,006
JPMorgan Chase & Company (Financials, Banks)		3.30			4-1-2026		200,000		209,879
Mastercard Incorporated (Information Technology, IT Services)		2.95			6-1-2029		400,000		426,205
Microsoft Corporation (Information Technology, Software)		2.40			8-8-2026		500,000		528,774
Morgan Stanley (Financials, Capital Markets)		3.88			4-29-2024		450,000		472,165
Oracle Corporation (Information Technology, Software) %%		2.80			4-1-2027		250,000		254,831
Verizon Communications Incorporated (Communication Services, Diversified Telecommunication Services)		4.33			9-21-2028		250,000		288,100
Visa Incorporated (Information Technology, IT Services) %%		1.90			4-15-2027		75,000		74,789
Walmart Incorporated (Consumer Staples, Food & Staples Retailing)		3.70			6-26-2028		500,000		562,118
Walt Disney Company (Communication Services, Entertainment)		3.80			3-22-2030		150,000		167,159
Total Corporate Bonds and Notes (Cost $7,262,287)									7,621,597
Foreign Corporate Bonds and Notes: 10.16%
Denmark: 8.82%
Nordea Kredit Realkredit AS (Financials, Thrifts & Mortgage Finance)		1.00			10-1-2050	DKK	11,875,000		1,686,579
Nykredit Realkredit AS (Financials, Thrifts & Mortgage Finance)		1.00			10-1-2050	DKK	23,800,000		3,385,851
Realkredit Danmark AS (Financials, Thrifts & Mortgage Finance)		1.00			10-1-2050	DKK	23,850,000		3,381,372
									8,453,802
Netherlands: 0.61%
Selecta Group BV (Consumer Discretionary, Internet & Direct Marketing Retail)		5.88			2-1-2024	EUR	300,000		173,707
Sigma Holdco BV (Consumer Staples, Food Products)		5.75			5-15-2026	EUR	200,000		199,845
United Group BV (Communication Services, Media) 144A		3.13			2-15-2026	EUR	125,000		116,203
Ziggo Bond Company BV (Communication Services, Media) 144A		3.38			2-28-2030	EUR	100,000		98,812
									588,567
United Kingdom: 0.73%
Galaxy Bidco Limited (Financials, Insurance)		6.50			7-31-2026	GBP	200,000		224,075
Pinewood Finance Company Limited (Financials, Diversified Financial Services)		3.25			9-30-2025	GBP	100,000		115,515
Victoria plc (Consumer Discretionary, Household Durables)		5.25			7-15-2024	EUR	100,000		81,615

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

Wells Fargo International Bond Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
United Kingdom (continued)
Virgin Media Secured Finance plc (Communication Services, Media) 144A		4.25	%		1-15-2030	GBP	250,000	$	279,628
									700,833
Total Foreign Corporate Bonds and Notes (Cost $10,666,127)									9,743,202
Foreign Government Bonds: 72.77%
Brazil		10.00			1-1-2023	BRL	2,675,000		569,890
Brazil		10.00			1-1-2025	BRL	685,000		148,239
Canada 144A		2.10			9-15-2029	CAD	700,000		530,151
Canada		2.25			6-1-2029	CAD	1,895,000		1,530,179
Canada 144A		2.65			12-15-2028	CAD	3,415,000		2,695,261
Colombia		6.00			4-28-2028	COP	2,435,000,000		553,057
France ¤		0.00			3-25-2025	EUR	2,100,000		2,355,554
Hungary		1.50			8-24-2022	HUF	170,000,000		522,890
India		7.32			1-28-2024	INR	54,000,000		755,916
Indonesia		6.50			6-15-2025	IDR	9,500,000,000		564,408
Indonesia		7.50			8-15-2032	IDR	35,500,000,000		2,007,133
Indonesia		8.25			5-15-2029	IDR	20,250,000,000		1,259,540
Italy Buoni Poliennali del Tesoro		0.35			2-1-2025	EUR	2,400,000		2,575,724
Italy Buoni Poliennali del Tesoro		1.35			4-1-2030	EUR	1,350,000		1,465,846
Italy Buoni Poliennali del Tesoro		3.00			8-1-2029	EUR	1,550,000		1,937,438
Japan		0.10			3-20-2027	JPY	435,000,000		4,108,034
Japan		0.10			6-20-2029	JPY	730,000,000		6,866,854
Japan		0.10			12-20-2029	JPY	450,000,000		4,218,763
Korea Treasury Bond		1.88			6-10-2029	KRW	1,600,000,000		1,347,686
Korea Treasury Bond		2.38			3-10-2023	KRW	1,600,000,000		1,361,066
Malaysia		3.90			11-30-2026	MYR	1,100,000		263,202
Malaysia		3.96			9-15-2025	MYR	2,550,000		613,913
Mexico		5.75			3-5-2026	MXN	7,850,000		312,676
Mexico		8.00			11-7-2047	MXN	14,300,000		601,911
Mexico		8.50			5-31-2029	MXN	66,710,000		3,035,013
New South Wales		5.00			8-20-2024	AUD	750,000		544,607
New Zealand		2.75			4-15-2037	NZD	2,075,000		1,430,920
Poland		2.50			1-25-2023	PLN	2,275,000		573,624
Poland		2.75			10-25-2029	PLN	2,175,000		573,859
Province of British Columbia		2.95			12-18-2028	CAD	1,225,000		950,517
Province of Ontario		2.70			6-2-2029	CAD	3,200,000		2,434,892
Queensland Treasury Corporation 144A		4.75			7-21-2025	AUD	2,350,000		1,732,114
Republic of Peru		5.70			8-12-2024	PEN	850,000		280,758
Republic of South Africa		8.75			2-28-2048	ZAR	33,500,000		1,403,926
Republic of South Africa		8.75			2-28-2048	ZAR	500,000		20,954
Republic of South Africa		10.50			12-21-2026	ZAR	21,700,000		1,237,866
Romania		3.25			4-29-2024	RON	3,350,000		741,189
Romania		3.40			3-8-2022	RON	1,200,000		272,022
Romania		4.85			4-22-2026	RON	3,800,000		888,220
Romania		5.00			2-12-2029	RON	3,300,000		758,119
Russia		6.50			2-28-2024	RUB	93,300,000		1,190,317
Russia		7.00			12-15-2021	RUB	26,000,000		335,693
Singapore		2.63			5-1-2028	SGD	1,650,000		1,285,081
Singapore		2.00			2-1-2024	SGD	2,065,000		1,511,103
Spain Bonos y Obligaciones del Estado 144A		0.60			10-31-2029	EUR	3,730,000		4,097,689
Thailand		1.45			12-17-2024	THB	23,000,000		713,480
Turkey		10.70			2-17-2021	TRY	2,000,000		302,196
Turkey		11.00			2-24-2027	TRY	900,000		123,842
Turkey		12.20			1-18-2023	TRY	700,000		105,583

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

8  |  Wells Fargo International Bond Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds (continued)
United Kingdom Gilt Bond		0.63	%		6-7-2025	GBP	1,600,000	$	2,030,467
United Kingdom Gilt Bond		0.88			10-22-2029	GBP	850,000		1,113,078
United Kingdom Gilt Bond		1.25			7-22-2027	GBP	675,000		903,541
Total Foreign Government Bonds (Cost $74,636,809)									69,756,001
U.S. Treasury Securities: 1.82%
U.S. Treasury Bond		2.00			2-15-2050	$	1,500,000		1,742,168
Total U.S. Treasury Securities (Cost $1,730,841)									1,742,168
Yankee Corporate Bonds and Notes: 3.10%
Cayman Islands: 0.54%
Tencent Holdings Limited (Communication Services, Interactive Media & Services) 144A		3.28			4-11-2024		500,000		517,775
France: 1.09%
Danone SA (Consumer Staples, Food Products)		2.95			11-2-2026		500,000		499,288
Electricite de France SA (Utilities, Electric Utilities)		4.50			9-21-2028		500,000		551,038
									1,050,326
Spain: 0.30%
Telefonica Emisiones SAU (Communication Services, Diversified Telecommunication Services)		4.10			3-8-2027		275,000		285,208
United Kingdom: 1.17%
International Game Technology plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6.25			2-15-2022		300,000		275,853
State Grid Overseas Investment Limited (Utilities, Multi-Utilities)		3.50			5-4-2027		275,000		293,192
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)		4.38			5-30-2028		525,000		551,968
									1,121,013
Total Yankee Corporate Bonds and Notes (Cost $2,879,822)									2,974,322
	Yield					Shares
Short-Term Investments: 1.46%
Investment Companies: 1.46%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.35					1,403,201		1,403,201
Total Short-Term Investments (Cost $1,403,201)									1,403,201

Total investments in securities (Cost $98,579,087)	97.26	%		93,240,491
Other assets and liabilities, net	2.74			2,622,313
Total net assets	100.00	%	$	95,862,804

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

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

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

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

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

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

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

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

Wells Fargo International Bond Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

Abbreviations:

AUD Australian dollar

BRL Brazilian real

CAD Canadian dollar

COP Colombian peso

DKK Danish krone

EUR Euro

GBP Great British pound

HUF Hungarian forint

IDR Indonesian rupiah

INR Indian Rupee

JPY Japanese yen

KRW Republic of Korea won

MXN Mexican peso

MYR Malaysian ringgit

NZD New Zealand dollar

PEN Peruvian sol

PLN Polish zloty

RON Romanian lei

RUB Russian ruble

SGD Singapore dollar

THB Thai baht

TRY Turkish lira

ZAR South African rand

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
4,325,000 MXN	181,326 USD	State Street Bank	4-7-2020	$	861	$	0
52,385,000 MXN	2,756,758 USD	State Street Bank	4-7-2020		0		(550,094	)
2,790,000 MXN	147,216 USD	State Street Bank	4-7-2020		0		(29,690	)
2,869,827 USD	55,175,000 MXN	State Street Bank	4-7-2020		545,637		0
117,408 USD	2,750,000 MXN	State Street Bank	4-7-2020		1,568		0
62,227 USD	50,000 GBP	State Street Bank	4-9-2020		117		0
4,075,000 GBP	5,370,707 USD	State Street Bank	4-9-2020		0		(308,701	)
2,794,073 USD	2,150,000 GBP	State Street Bank	4-9-2020		123,321		0
41,825,000 NOK	3,784,143 USD	State Street Bank	4-27-2020		239,508		0
4,000,000 NOK	423,141 USD	State Street Bank	4-27-2020		0		(38,333	)
4,935,699 USD	44,325,000 NOK	State Street Bank	4-27-2020		671,543		0
161,349 USD	1,500,000 NOK	State Street Bank	4-27-2020		17,046		0
600,000 NZD	346,446 USD	State Street Bank	4-28-2020		11,497		0
2,700,000 NZD	1,576,341 USD	State Street Bank	4-28-2020		34,402		0
9,500,000 PLN	2,442,850 USD	State Street Bank	4-28-2020		0		(146,762	)
2,463,547 USD	9,500,000 PLN	State Street Bank	4-28-2020		167,459		0
2,281,294 USD	3,490,000 NZD	State Street Bank	4-28-2020		199,259		0
1,104,025 USD	1,680,000 NZD	State Street Bank	4-29-2020		101,791		0
345,100 USD	580,000 NZD	State Street Bank	4-29-2020		0		(909	)
19,185,000 CNY	2,762,896 USD	State Street Bank	5-6-2020		0		(56,795	)
3,999,930 EUR	29,875,000 DKK	State Street Bank	5-11-2020		0		(1,621	)

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

10  |  Wells Fargo International Bond Fund

Portfolio of investments—March 31, 2020 (unaudited)

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
4,375,000 ZAR	250,343 USD	State Street Bank	5-11-2020	$	0	$	(7,117	)
4,200,000 DKK	562,656 EUR	State Street Bank	5-11-2020		0		(128	)
374,815 USD	5,850,000 ZAR	State Street Bank	5-11-2020		49,586		0
1,817,118 USD	28,150,000 ZAR	State Street Bank	5-11-2020		252,129		0
1,235,000 CAD	912,318 USD	State Street Bank	5-26-2020		0		(34,285	)
6,060,000 CAD	4,516,456 USD	State Street Bank	5-26-2020		0		(208,049	)
250,000 SGD	180,307 USD	State Street Bank	5-26-2020		0		(4,271	)
1,711,867 USD	2,400,000 SGD	State Street Bank	5-26-2020		21,917		0
2,742,650 USD	53,200,000 MXN	State Street Bank	5-26-2020		517,853		0
9,611,160 USD	12,775,000 CAD	State Street Bank	5-26-2020		528,668		0
1,051,062 USD	21,000,000 MXN	State Street Bank	5-26-2020		172,852		0
1,426,952 USD	20,140,000,000 IDR	State Street Bank	5-28-2020		198,199		0
21,450,000 CZK	945,225 USD	State Street Bank	6-8-2020		0		(81,449	)
468,248 USD	31,500,000 RUB	State Street Bank	6-8-2020		71,308		0
415,000 EUR	476,701 USD	State Street Bank	6-9-2020		0		(17,802	)
31,000,000 THB	981,914 USD	State Street Bank	6-9-2020		0		(37,029	)
9,440,000 EUR	10,594,890 USD	State Street Bank	6-9-2020		0		(156,312	)
4,579,007 USD	30,435,000 DKK	State Street Bank	6-9-2020		71,509		0
2,451,758 USD	2,175,000 EUR	State Street Bank	6-9-2020		46,683		0
10,000,000 EUR	11,172,000 USD	State Street Bank	6-16-2020		0		(111,363	)
1,460,000,000 JPY	13,872,063 USD	State Street Bank	6-16-2020		0		(250,294	)
608,614 USD	65,000,000 JPY	State Street Bank	6-16-2020		2,166		0
825,083 USD	90,000,000 JPY	State Street Bank	6-16-2020		0		(14,616	)
1,616,400 USD	1,500,000 EUR	State Street Bank	6-16-2020		0		(42,696	)
2,406,571 USD	265,000,000 JPY	State Street Bank	6-16-2020		0		(65,874	)
1,601,453 USD	177,325,000 JPY	State Street Bank	6-16-2020		0		(52,986	)
				$	4,046,879	$	(2,217,176	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		446,052		23,122,648		(22,165,499	)		1,403,201	$	0	$	0	$	11,806	$	1,403,201		1.46	%

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

Wells Fargo International Bond Fund  |  11

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $97,175,886)	$	91,837,290
Investments in affiliated securities, at value (cost $1,403,201)		1,403,201
Foreign currency, at value (cost $164,763)		165,412
Receivable for investments sold		407,967
Receivable for Fund shares sold		23,494
Receivable for interest		670,740
Unrealized gains on forward foreign currency contracts		4,046,879
Prepaid expenses and other assets		226,230
Total assets		98,781,213
Liabilities
Payable for investments purchased		491,552
Payable for Fund shares redeemed		112,975
Unrealized losses on forward foreign currency contracts		2,217,176
Management fee payable		4,723
Administration fees payable		7,421
Distribution fee payable		461
Trustees’ fees and expenses payable		4,099
Accrued expenses and other liabilities		80,002
Total liabilities		2,918,409
Total net assets	$	95,862,804
Net assets consist of
Paid-in capital	$	114,864,006
Total distributable loss		(19,001,202	)
Total net assets	$	95,862,804
Computation of net asset value and offering price per share
Net assets – Class A	$	10,917,225
Shares outstanding – Class A1		1,075,105
Net asset value per share – Class A		$10.15
Maximum offering price per share – Class A2		$10.63
Net assets – Class C	$	767,501
Shares outstanding – Class C1		79,443
Net asset value per share – Class C		$9.66
Net assets – Class R6	$	7,650,652
Shares outstanding – Class R61		736,015
Net asset value per share – Class R6		$10.39
Net assets – Administrator Class	$	11,282,503
Shares outstanding – Administrator Class1		1,101,234
Net asset value per share – Administrator Class		$10.25
Net assets – Institutional Class	$	65,244,923
Shares outstanding – Institutional Class1		6,301,389
Net asset value per share – Institutional Class		$10.35

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.

12  |  Wells Fargo International Bond Fund

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Interest (net of foreign withholding taxes of $37,057)	$	1,622,669
Income from affiliated securities		11,806
Total investment income		1,634,475
Expenses
Management fee		328,407
Administration fees
Class A		9,560
Class C		653
Class R6		1,260
Administrator Class		8,062
Institutional Class		28,871
Shareholder servicing fees
Class A		14,938
Class C		1,021
Administrator Class		20,156
Distribution fee
Class C		3,047
Custody and accounting fees		150,411
Professional fees		28,579
Registration fees		30,082
Shareholder report expenses		45,124
Trustees’ fees and expenses		11,029
Other fees and expenses		8,519
Total expenses		689,719
Less: Fee waivers and/or expense reimbursements
Fund-level		(258,543	)
Class A		(575	)
Class R6		(329	)
Administrator Class		(10,170	)
Institutional Class		(2,884	)
Net expenses		417,218
Net investment income		1,217,257
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities		(975,708	)
Forward foreign currency contracts		(229,767	)
Net realized losses on investments		(1,205,475	)
Net change in unrealized gains (losses) on
Unaffiliated securities		(5,122,300	)
Forward foreign currency contracts		2,537,531
Net change in unrealized gains (losses) on investments		(2,584,769	)
Net realized and unrealized gains (losses) on investments		(3,790,244	)
Net decrease in net assets resulting from operations	$	(2,572,987	)

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

Wells Fargo International Bond Fund  |  13

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	1,217,257					$	7,564,786
Net realized losses on investments					(1,205,475	)					(17,627,770	)
Net change in unrealized gains (losses) on investments					(2,584,769	)					25,851,494
Net increase (decrease) in net assets resulting from operations					(2,572,987	)					15,788,510
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		72,216			761,232			382,864			3,845,786
Class C		17,463			162,310			4,716			45,352
Class R6		470			5,059			240,845			2,428,431
Administrator Class		366,060			3,877,305			326,113			3,274,172
Institutional Class		1,327,660			14,285,971			1,734,775			17,401,980
					19,091,877						26,995,721
Payment for shares redeemed
Class A		(176,971	)		(1,856,595	)		(3,796,911	)		(36,769,127	)
Class C		(40,909	)		(409,246	)		(186,284	)		(1,790,879	)
Class R6		(105,548	)		(1,133,567	)		(4,444,880	)		(44,590,677	)
Administrator Class		(994,226	)		(10,593,144	)		(1,459,494	)		(14,446,041	)
Institutional Class		(2,333,269	)		(24,938,040	)		(19,409,739	)		(197,377,886	)
					(38,930,592	)					(294,974,610	)
Net decrease in net assets resulting from capital share transactions					(19,838,715	)					(267,978,889	)
Total decrease in net assets					(22,411,702	)					(252,190,379	)
Net assets
Beginning of period					118,274,506						370,464,885
End of period				$	95,862,804					$	118,274,506

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

14  |  Wells Fargo International Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$10.45			$9.69			$10.31			$10.77			$9.74			$10.84			$11.32
Net investment income		0.10	2		0.32	2		0.27	2		0.26	2		0.24	2		0.31	2		0.37	2
Net realized and unrealized gains (losses) on investments		(0.40	)		0.44			(0.89	)		(0.57	)		0.85			(1.33	)		(0.34	)
Total from investment operations		(0.30	)		0.76			(0.62	)		(0.31	)		1.09			(1.02	)		0.03
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)		(0.12	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.08	)		(0.51	)
Net asset value, end of period		$10.15			$10.45			$9.69			$10.31			$10.77			$9.74			$10.84
Total return3		(2.87	)%		7.84	%		(6.01	)%		(2.78	)%		11.24	%		(9.50	)%		0.26	%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.30	%		1.08	%		1.03	%		1.08	%		1.06	%		1.05	%
Net expenses		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income		1.95	%		3.21	%		2.75	%		2.61	%		2.64	%		3.07	%		3.29	%
Supplemental data
Portfolio turnover rate		81	%		129	%		99	%		68	%		96	%		136	%		103	%
Net assets, end of period (000s omitted)		$10,917			$12,329			$44,519			$69,885			$54,399			$79,727			$102,624

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo International Bond Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$9.98			$9.32			$10.00			$10.52			$9.58			$10.70			$11.19
Net investment income		0.06	2		0.24	2		0.19	2		0.18	2		0.17	2		0.23	2		0.28	2
Net realized and unrealized gains (losses) on investments		(0.38	)		0.42			(0.87	)		(0.55	)		0.83			(1.32	)		(0.34	)
Total from investment operations		(0.32	)		0.66			(0.68	)		(0.37	)		1.00			(1.09	)		(0.06	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			0.00			(0.04	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.43	)
Net asset value, end of period		$9.66			$9.98			$9.32			$10.00			$10.52			$9.58			$10.70
Total return3		(3.21	)%		7.08	%		(6.80	)%		(3.43	)%		10.49	%		(10.21	)%		(0.52	)%
Ratios to average net assets (annualized)
Gross expenses		2.25	%		2.04	%		1.83	%		1.78	%		1.83	%		1.81	%		1.80	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%
Net investment income		1.20	%		2.51	%		2.00	%		1.88	%		1.86	%		2.33	%		2.54	%
Supplemental data
Portfolio turnover rate		81	%		129	%		99	%		68	%		96	%		136	%		103	%
Net assets, end of period (000s omitted)		$768			$1,027			$2,652			$3,493			$5,520			$6,895			$11,597

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

²  Calculated based upon average shares outstanding

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

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

16  |  Wells Fargo International Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months  ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
CLASS R6				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$10.68			$9.86			$10.45			$10.88			$9.80			$10.88			$11.36
Net investment income		0.13	2		0.37	2		0.31	2		0.30	2		0.28	2		0.35	2		0.42	2
Net realized and unrealized gains (losses) on investments		(0.42	)		0.45			(0.90	)		(0.58	)		0.86			(1.34	)		(0.35	)
Total from investment operations		(0.29	)		0.82			(0.59	)		(0.28	)		1.14			(0.99	)		0.07
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.06	)		(0.16	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.09	)		(0.55	)
Net asset value, end of period		$10.39			$10.68			$9.86			$10.45			$10.88			$9.80			$10.88
Total return3		(2.72	)%		8.32	%		(5.65	)%		(2.48	)%		11.69	%		(9.18	)%		0.60	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		0.90	%		0.72	%		0.65	%		0.70	%		0.68	%		0.67	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		2.33	%		3.68	%		3.18	%		3.01	%		3.00	%		3.46	%		3.64	%
Supplemental data
Portfolio turnover rate		81	%		129	%		99	%		68	%		96	%		136	%		103	%
Net assets, end of period (000s omitted)		$7,651			$8,979			$49,749			$30,876			$12,501			$13,152			$5,729

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo International Bond Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR C LASS				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$10.53			$9.75			$10.36			$10.80			$9.75			$10.84			$11.32
Net investment income		0.11	2		0.34	2		0.29	2		0.28	2		0.26	2		0.33	2		0.39	2
Net realized and unrealized gains (losses) on investments		(0.39	)		0.44			(0.90	)		(0.57	)		0.85			(1.34	)		(0.34	)
Total from investment operations		(0.28	)		0.78			(0.61	)		(0.29	)		1.11			(1.01	)		0.05
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)		(0.14	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.08	)		(0.53	)
Net asset value, end of period		$10.25			$10.53			$9.75			$10.36			$10.80			$9.75			$10.84
Total return3		(2.66	)%		8.00	%		(5.89	)%		(2.59	)%		11.44	%		(9.36	)%		0.43	%
Ratios to average net assets (annualized)
Gross expenses		1.45	%		1.24	%		1.01	%		0.97	%		1.02	%		0.99	%		0.99	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		2.15	%		3.37	%		2.93	%		2.80	%		2.85	%		3.26	%		3.47	%
Supplemental data
Portfolio turnover rate		81	%		129	%		99	%		68	%		96	%		136	%		103	%
Net assets, end of period (000s omitted)		$11,283			$18,213			$27,911			$41,045			$50,825			$266,849			$359,383

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

²  Calculated based upon average shares outstanding

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

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

18  |  Wells Fargo International Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$10.64			$9.83			$10.43			$10.86			$9.79			$10.87			$11.35
Net investment income		0.12	2		0.37	2		0.31	2		0.29	2		0.27	2		0.35	2		0.41	2
Net realized and unrealized gains (losses) on investments		(0.41	)		0.44			(0.91	)		(0.57	)		0.86			(1.34	)		(0.35	)
Total from investment operations		(0.29	)		0.81			(0.60	)		(0.28	)		1.13			(0.99	)		0.06
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.06	)		(0.15	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)		(0.39	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.09	)		(0.54	)
Net asset value, end of period		$10.35			$10.64			$9.83			$10.43			$10.86			$9.79			$10.87
Total return3		(2.73	)%		8.24	%		(5.75	)%		(2.48	)%		11.60	%		(9.20	)%		0.55	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		0.95	%		0.74	%		0.70	%		0.75	%		0.73	%		0.72	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.28	%		3.61	%		3.06	%		2.96	%		2.95	%		3.41	%		3.62	%
Supplemental data
Portfolio turnover rate		81	%		129	%		99	%		68	%		96	%		136	%		103	%
Net assets, end of period (000s omitted)		$65,245			$77,727			$245,633			$443,888			$553,208			$689,964			$832,072

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo International Bond Fund  |  19

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (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.

Forward foreign currency contracts are recorded at the forward rate 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”).

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.

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

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

Foreign currency translation

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

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The

20  |  Wells Fargo International Bond Fund

Notes to financial statements (unaudited)

Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

When-issued transactions

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $97,678,872 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	6,049,397
Gross unrealized losses		(8,658,075	)
Net unrealized losses	$	(2,608,678	)

As of September 30, 2019, the Fund had capital loss carryforwards which consisted of $2,154,566 in short-term capital losses and $2,816,693 in long-term capital losses.

As of September 30, 2019, the Fund had fiscal year net deferred post-October capital losses consisting of $1,296,764 in long-term losses which was recognized on the first day of the current fiscal year.

As of September 30, 2019, the Fund had a qualified late-year ordinary loss of $10,000,814 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.

Wells Fargo International Bond Fund  |  21

Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	7,621,597	$	0	$	7,621,597
Foreign corporate bonds and notes		0		9,743,202		0		9,743,202
Foreign government bonds		0		69,756,001		0		69,756,001
U.S. Treasury securities		1,742,168		0		0		1,742,168
Yankee corporate bonds and notes		0		2,974,322		0		2,974,322
Short-term investments
Investment companies		1,403,201		0		0		1,403,201
		3,145,369		90,095,122		0		93,240,491
Forward foreign currency contracts		0		4,046,879		0		4,046,879
Total assets	$	3,145,369	$	94,142,001	$	0	$	97,287,370
Liabilities
Forward foreign currency contracts	$	0	$	2,217,176	$	0	$	2,217,176
Total liabilities	$	0	$	2,217,176	$	0	$	2,217,176

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

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s

22  |  Wells Fargo International Bond Fund

Notes to financial statements (unaudited)

operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.60% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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 January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class C shares, 0.65% for Class R6 shares, 0.85% for Administrator Class shares, and 0.70% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2020, Funds Distributor received $139 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended March 31, 2020.

Wells Fargo International Bond Fund  |  23

Notes to financial statements (unaudited)

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$6,731,610	$79,920,288	$11,965,713	$74,498,931

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2020, the Fund entered into forward foreign currency contracts for hedging purposes. The Fund had average contract amounts of $78,707,170 and $58,663,623 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended March 31, 2020.

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

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

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
State Street Bank	$4,046,879	$(2,217,176)	$	0	$	1,829,703

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged		Net amount of liabilities
State Street Bank	$2,217,176	$(2,217,176)	$	0	$	0

7. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based

24  |  Wells Fargo International Bond Fund

Notes to financial statements (unaudited)

on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended March 31, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium 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 Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

Wells Fargo International Bond Fund  |  25

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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

26  |  Wells Fargo International Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 147 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 Bond Fund  |  27

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.

28  |  Wells Fargo International Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Wells Fargo International Bond Fund  |  29

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

30  |  Wells Fargo International Bond Fund

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo International Bond Fund  |  31

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

32  |  Wells Fargo International Bond 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.

PAR-0420-06224 05-20

SA235/SAR235 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo Strategic Income Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Consolidated portfolio of investments	7
Financial statements
Consolidated statement of assets and liabilities	22
Consolidated statement of operations	23
Consolidated statement of changes in net assets	24
Consolidated financial highlights	25
Notes to consolidated financial statements	29
Other information	39
Appendix I	43
Appendix II	44

Reduce clutter.

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 March 31, 2020, 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 Strategic Income Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Strategic Income Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Strategic Income Fund

Letter to shareholders (unaudited)

Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Strategic Income Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Fargo Asset Management (International) Limited

Portfolio managers

Niklas Nordenfelt, CFA^®‡

Alex Perrin

Scott M. Smith, CFA^®‡

Lauren van Biljon, CFA^®‡

Noah Wise, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge						Excluding sales charge							Expense ratios1 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net2
Class A (WSIAX)	1-31-2013		-8.17		0.13		0.38		-4.36		0.96		0.96			1.10		0.92
Class C (WSICX)	1-31-2013		-6.11		0.23		0.22		-5.11		0.23		0.22			1.85		1.67
Administrator Class (WSIDX)	1-31-2013		–		–		–		-4.23		1.08		1.09			1.04		0.77
Institutional Class (WSINX)	1-31-2013		–		–		–		-3.98		1.31		1.28			0.77		0.62
Bloomberg Barclays U.S. Universal Bond Index3	–		–		–		–		7.15		3.35		3.23	*		–		–
ICE BofA 3-Month LIBOR Constant Maturity Index4	–		–		–		–		2.38		1.42		1.07	*		–		–

* Based on the inception date of the oldest Fund class.

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

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

For Class A shares, the maximum front-end sales charge is 4.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment- grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk, regulatory risk, and geographic risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Strategic Income Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20205
Xtrackers USD High Yield Corporate Bond ETF	1.92
SPDR Barclays High Yield Bond ETF	1.53
Mexico, 6.50%, 6-9-2022	1.24
Hertz Fleet Lease Funding LP Series 2019-1 Class E, 4.62%, 1-10-2033	1.18
Verus Securitization Trust Series 2019-3 Class A2, 2.94%, 7-25-2059	1.15
GS Mortgage Security Trust Series 2014-GC22 Class AS, 4.11%, 6-10-2047	1.13
Longtrain Leasing III LLC Series 2015-1A Class A2 , 4.06%, 1-15-2045	1.11
Ellington Financial Mortgage Trust Series 2019-1 Class M1, 3.59%, 6-25-2059	1.04
CLI Funding LLC Series 2019-1A Class A, 3.71%, 5-18-2044	0.98
BCC Funding Corporation Series 2019-1A Class D, 3.94%, 7-20-2027	0.97

Portfolio composition as of March 31, 2020⁶

^‡ 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 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.90% for Class A, 1.65% for Class C, 0.75% for Administrator Class, and 0.60% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  The ICE BofA 3-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having 3 months to maturity and with a coupon equal to the closing quote for 3-Month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing 3-Month LIBOR rate) and is rolled into a new 3-month instrument. The index, therefore, will always have a constant maturity equal to exactly 3 months. You cannot invest directly in an index. Copyright 2020. ICE Data Indices, LLC. All rights reserved.

⁵  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

Wells Fargo Strategic Income 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 October 1, 2019 to March 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Consolidated expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	930.97	$	4.30		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.55	$	4.50		0.89	%
Class C
Actual	$	1,000.00	$	927.09	$	7.95		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.75	$	8.32		1.65	%
Administrator Class
Actual	$	1,000.00	$	931.43	$	3.62		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.25	$	3.79		0.75	%
Institutional Class
Actual	$	1,000.00	$	933.31	$	2.90		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00	$	3.03		0.60	%

¹  Consolidated 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 Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.77%
FNMA		4.04	%		10-1-2020	$	1,000,000	$	1,000,194
Total Agency Securities (Cost $999,063)									1,000,194
Asset-Backed Securities: 7.90%
AmeriCredit Automobile Receivables Trust Series 2018-3 Class D		4.04			11-18-2024		1,100,000		1,109,945
Avis Budget Rental Car Funding LLC Series 2016-1A Class A 144A		2.99			6-20-2022		230,000		224,628
Avis Budget Rental Car Funding LLC Series 2017-1A Class C 144A		4.15			9-20-2023		650,000		637,847
Bank of the West Auto Trust Series 2018-1 Class C 144A		3.98			5-15-2024		1,100,000		1,121,977
Capital Auto Receivables Trust Series 2018-2 Class C 144A		3.69			12-20-2023		1,200,000		1,201,984
Chesapeake Funding II LLC Series 2017-3A Class C 144A		2.78			8-15-2029		800,000		793,624
Chesapeake Funding II LLC Series 2017-3A Class D 144A		3.38			8-15-2029		120,000		119,388
Chesapeake Funding II LLC Series 2017-4A Class D 144A		3.26			11-15-2029		400,000		383,880
Coinstar Funding LLC Series 2017-1A Class A2 144A		5.22			4-25-2047		1,084,338		1,021,175
DRB Prime Student Loan Trust Series 2017-C Class C 144A		3.29			11-25-2042		332,853		334,084
Hertz Fleet Lease Funding LP Series 2019-1 Class E 144A		4.62			1-10-2033		1,550,000		1,544,815
SMB Private Education Loan Trust Series 2015-C Class C 144A		4.50			9-17-2046		290,000		305,709
Tesla Auto Lease Trust Series 2018-A Class E 144A		4.94			3-22-2021		350,000		345,246
Tesla Auto Lease Trust Series 2018-B Class D 144A		5.29			11-22-2021		1,200,000		1,174,319
Total Asset-Backed Securities (Cost $10,405,640)									10,318,621
Corporate Bonds and Notes: 24.30%
Communication Services: 3.32%
Diversified Telecommunication Services: 0.16%
Level 3 Financing Incorporated		5.13			5-1-2023		150,000		147,374
Level 3 Financing Incorporated		5.38			1-15-2024		60,000		60,000
									207,374
Media: 1.93%
Block Communications Incorporated 144A		4.88			3-1-2028		150,000		139,500
CCO Holdings LLC 144A		4.50			8-15-2030		25,000		24,500
CCO Holdings LLC 144A		5.38			5-1-2025		150,000		153,780
Cinemark USA Incorporated		4.88			6-1-2023		50,000		37,375
CSC Holdings LLC 144A		6.50			2-1-2029		450,000		485,321
Gray Television Incorporated 144A		5.13			10-15-2024		100,000		96,625
Gray Television Incorporated 144A		5.88			7-15-2026		150,000		144,420
Lamar Media Corporation 144A		4.00			2-15-2030		200,000		186,000
Lamar Media Corporation		5.00			5-1-2023		50,000		49,500
Match Group Incorporated 144A		4.13			8-1-2030		25,000		22,344
Nexstar Broadcasting Incorporated 144A		5.63			7-15-2027		150,000		146,625
Nielsen Finance LLC 144A		5.00			4-15-2022		275,000		253,501
Outfront Media Capital Corporation 144A		4.63			3-15-2030		175,000		155,750
Outfront Media Capital Corporation 144A		5.00			8-15-2027		25,000		23,000
QVC Incorporated		4.75			2-15-2027		250,000		221,304
Salem Media Group Incorporated 144A ‡(a)		6.75			6-1-2024		175,000		137,988
Scripps Escrow Incorporated 144A		5.88			7-15-2027		125,000		110,000
The E.W. Scripps Company 144A		5.13			5-15-2025		150,000		132,000
									2,519,533
Wireless Telecommunication Services: 1.23%
Connect U.S. Finco LLC 144A		6.75			10-1-2026		200,000		165,250
Sprint Capital Corporation		8.75			3-15-2032		250,000		330,625
Sprint Spectrum Company 144A		4.74			9-20-2029		700,000		714,000
Sprint Spectrum Company 144A		5.15			9-20-2029		65,000		69,225

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

Wells Fargo Strategic Income Fund  |  7

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services (continued)
T-Mobile USA Incorporated		4.75	%		2-1-2028	$	200,000	$	206,500
T-Mobile USA Incorporated		6.38			3-1-2025		120,000		122,700
									1,608,300
Consumer Discretionary: 2.44%
Auto Components: 0.72%
Adient Global Holdings 144A		3.50			8-15-2024		515,000		369,196
Allison Transmission Incorporated 144A		4.75			10-1-2027		225,000		207,000
Allison Transmission Incorporated 144A		5.00			10-1-2024		150,000		145,500
Allison Transmission Incorporated 144A		5.88			6-1-2029		25,000		24,500
Panther BF Aggregator 2 LP 144A		6.25			5-15-2026		200,000		189,000
									935,196
Automobiles: 0.04%
Ford Motor Company		7.45			7-16-2031		80,000		57,600
Diversified Consumer Services: 0.13%
Carriage Services Incorporated 144A		6.63			6-1-2026		175,000		171,938
Hotels, Restaurants & Leisure: 0.63%
KFC Holding Company 144A		5.00			6-1-2024		250,000		245,000
McDonald’s Corporation		4.20			4-1-2050		500,000		553,965
Yum! Brands Incorporated 144A%%		7.75			4-1-2025		25,000		26,250
									825,215
Specialty Retail: 0.77%
Asbury Automotive Group Incorporated 144A		4.50			3-1-2028		19,000		16,150
Asbury Automotive Group Incorporated 144A		4.75			3-1-2030		107,000		90,950
Group 1 Automotive Incorporated		5.00			6-1-2022		50,000		46,000
Group 1 Automotive Incorporated 144A		5.25			12-15-2023		100,000		102,625
Lithia Motors Incorporated 144A		5.25			8-1-2025		175,000		152,250
Lithia Motors Incorporated 144A		4.63			12-15-2027		200,000		180,020
Penske Auto Group Incorporated		3.75			8-15-2020		70,000		68,075
Penske Auto Group Incorporated		5.38			12-1-2024		150,000		123,557
Penske Auto Group Incorporated		5.75			10-1-2022		50,000		46,250
Sonic Automotive Incorporated		6.13			3-15-2027		200,000		176,000
									1,001,877
Textiles, Apparel & Luxury Goods: 0.15%
Levi Strauss & Company		5.00			5-1-2025		200,000		189,000
Consumer Staples: 0.21%
Food Products: 0.21%
Kraft Heinz Foods Company 144A		4.88			10-1-2049		305,000		277,662
Energy: 3.86%
Energy Equipment & Services: 0.34%
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		125,000		16,875
Era Group Incorporated ‡(a)		7.75			12-15-2022		125,000		107,578
Hilcorp Energy Company 144A		5.75			10-1-2025		175,000		80,500
NGPL PipeCo LLC 144A		7.77			12-15-2037		25,000		24,907
Oceaneering International Incorporated		6.00			2-1-2028		150,000		57,437
USA Compression Partners LP		6.88			4-1-2026		250,000		156,250
									443,547

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

8  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 3.52%
Antero Midstream Partners LP 144A		5.75	%		1-15-2028	$	300,000	$	192,000
Antero Resources Corporation		5.38			11-1-2021		25,000		18,188
Archrock Partners LP 144A		6.25			4-1-2028		25,000		17,250
Archrock Partners LP 144A		6.88			4-1-2027		300,000		213,030
Buckeye Partners LP		5.85			11-15-2043		375,000		251,138
Callon Petroleum Company		6.13			10-1-2024		75,000		13,313
Carrizo Oil & Gas Incorporated		8.25			7-15-2025		350,000		56,000
Cheniere Energy Partners LP 144A		4.50			10-1-2029		375,000		333,750
Cheniere Energy Partners LP		5.25			10-1-2025		100,000		93,000
Cheniere Energy Partners LP		5.63			10-1-2026		200,000		186,000
Denbury Resources Incorporated 144A		9.00			5-15-2021		125,000		36,563
Denbury Resources Incorporated 144A		9.25			3-31-2022		275,000		66,000
EnLink Midstream Partners LP		4.40			4-1-2024		50,000		25,235
EnLink Midstream Partners LP		4.85			7-15-2026		225,000		110,633
EnLink Midstream Partners LP		5.05			4-1-2045		50,000		18,235
EnLink Midstream Partners LP		5.45			6-1-2047		237,000		78,163
Enviva Partners LP 144A		6.50			1-15-2026		500,000		487,500
EQT Corporation		7.00			2-1-2030		750,000		558,765
Gulfport Energy Corporation		6.00			10-15-2024		450,000		110,250
Indigo Natural Resources LLC 144A		6.88			2-15-2026		350,000		231,000
Murphy Oil Corporation		5.75			8-15-2025		155,000		82,941
Murphy Oil Corporation		5.88			12-1-2027		200,000		104,560
Occidental Petroleum Corporation		4.10			2-1-2021		5,000		4,230
Occidental Petroleum Corporation		6.45			9-15-2036		325,000		155,435
Occidental Petroleum Corporation		6.60			3-15-2046		25,000		11,782
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		50,000		30,068
Southern Star Central Corporation 144A		5.13			7-15-2022		200,000		197,722
Southwestern Energy Company		7.75			10-1-2027		225,000		147,938
Sunoco Logistics Partner LP		5.40			10-1-2047		750,000		595,486
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		225,000		123,750
Ultra Resources Incorporated 144A ‡(a)		7.13			4-15-2025		75,000		1,350
Western Midstream Partners LP		4.05			2-1-2030		100,000		44,013
									4,595,288
Financials: 4.24%
Banks: 1.06%
Bank of America Corporation (3 Month LIBOR +4.55%) ±		6.30			12-29-2049		265,000		278,250
JPMorgan Chase & Company (3 Month LIBOR +3.13%) ±(s)		4.60			2-1-2025		500,000		437,600
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15			12-29-2049		350,000		332,500
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ±		6.00			12-31-2049		100,000		100,000
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00			12-29-2049		250,000		236,250
									1,384,600
Capital Markets: 0.41%
International Finance Corporation		6.30			11-25-2024		33,500,000		435,205
MSCI Incorporated 144A		5.75			8-15-2025		100,000		103,236
									538,441
Consumer Finance: 1.20%
FirstCash Incorporated 144A		5.38			6-1-2024		175,000		167,563
Ford Motor Credit Company LLC		3.20			1-15-2021		1,000,000		966,250
General Motors Financial Company Incorporated		5.65			1-17-2029		170,000		152,281
Springleaf Finance Corporation		5.38			11-15-2029		50,000		45,776

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

Wells Fargo Strategic Income Fund  |  9

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Springleaf Finance Corporation		6.63	%		1-15-2028	$	225,000	$	210,690
Springleaf Finance Corporation		7.13			3-15-2026		25,000		24,469
									1,567,029
Diversified Financial Services: 0.15%
LPL Holdings Incorporated 144A		5.75			9-15-2025		200,000		192,000
Insurance: 1.42%
AmWINS Group Incorporated 144A		7.75			7-1-2026		145,000		141,556
Guardian Life Insurance Company 144A		4.85			1-24-2077		200,000		227,774
HUB International Limited 144A		7.00			5-1-2026		250,000		247,500
Lincoln National Corporation		7.00			6-15-2040		855,000		943,025
MetLife Incorporated		6.40			12-15-2066		200,000		208,721
USI Incorporated 144A		6.88			5-1-2025		100,000		93,000
									1,861,576
Health Care: 1.95%
Health Care Equipment & Supplies: 0.17%
Hill-Rom Holdings Incorporated 144A		4.38			9-15-2027		75,000		73,875
Hologic Incorporated 144A		4.38			10-15-2025		150,000		148,544
									222,419
Health Care Providers & Services: 1.62%
Community Health Systems Incorporated 144A		6.63			2-15-2025		250,000		231,250
Encompass Health Corporation		4.50			2-1-2028		75,000		73,556
Highmark Incorporated 144A		6.13			5-15-2041		850,000		1,119,869
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		125,000		108,758
MPT Operating Partnership LP		4.63			8-1-2029		250,000		230,000
Select Medical Corporation 144A		6.25			8-15-2026		125,000		125,000
Tenet Healthcare Corporation		5.13			5-1-2025		125,000		118,125
Vizient Incorporated 144A		6.25			5-15-2027		105,000		104,781
									2,111,339
Health Care Technology: 0.12%
Change Healthcare Holdings Incorporated 144A		5.75			3-1-2025		175,000		161,875
Pharmaceuticals: 0.04%
Bausch Health Companies Incorporated 144A		5.00			1-30-2028		25,000		23,668
Bausch Health Companies Incorporated 144A		5.25			1-30-2030		25,000		23,375
									47,043
Industrials: 1.78%
Aerospace & Defense: 0.17%
BBA US Holdings Incorporated 144A		4.00			3-1-2028		50,000		45,140
BBA US Holdings Incorporated 144A		5.38			5-1-2026		34,000		32,895
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		150,000		140,250
									218,285
Air Freight & Logistics: 0.02%
Cargo Aircraft Management Company 144A		4.75			2-1-2028		25,000		23,188
Airlines: 0.56%
Delta Air Lines Incorporated		2.00			12-10-2029		800,000		727,821

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

10  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies: 0.55%
Advanced Disposal Services Incorporated 144A		5.63	%		11-15-2024	$	50,000	$	50,625
Covanta Holding Corporation		5.88			3-1-2024		75,000		70,688
Covanta Holding Corporation		6.00			1-1-2027		175,000		145,760
IAA Spinco Incorporated 144A		5.50			6-15-2027		200,000		193,500
KAR Auction Services Incorporated 144A		5.13			6-1-2025		275,000		262,625
									723,198
Machinery: 0.19%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		150,000		148,187
Trimas Corporation 144A		4.88			10-15-2025		110,000		103,813
									252,000
Trading Companies & Distributors: 0.17%
Fortress Transportation & Infrastructure Investors LLC 144A		6.50			10-1-2025		299,000		219,018
Transportation Infrastructure: 0.12%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2027		200,000		156,854
Information Technology: 2.80%
Communications Equipment: 0.69%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		50,000		45,760
CommScope Technologies Finance LLC 144A		8.25			3-1-2027		100,000		96,390
Motorola Solutions Incorporated		5.50			9-1-2044		750,000		756,912
									899,062
IT Services: 0.46%
Cardtronics Incorporated 144A		5.50			5-1-2025		300,000		285,000
Gartner Incorporated 144A		5.13			4-1-2025		325,000		317,688
									602,688
Semiconductors & Semiconductor Equipment: 0.95%
Broadcom Incorporated 144A		5.00			4-15-2025		150,000		151,452
NVIDIA Corporation		3.50			4-1-2050		1,000,000		1,091,724
									1,243,176
Software: 0.48%
CDK Global Incorporated		4.88			6-1-2027		50,000		51,250
Fair Isaac Corporation 144A		4.00			6-15-2028		150,000		144,000
Fair Isaac Corporation 144A		5.25			5-15-2026		50,000		49,500
IQVIA Incorporated 144A		5.00			5-15-2027		200,000		204,500
SS&C Technologies Incorporated 144A		5.50			9-30-2027		175,000		180,469
									629,719
Technology Hardware, Storage & Peripherals: 0.22%
NCR Corporation 144A		5.75			9-1-2027		150,000		136,500
NCR Corporation		5.00			7-15-2022		50,000		47,000
NCR Corporation		6.38			12-15-2023		100,000		98,749
									282,249
Materials: 0.88%
Chemicals: 0.18%
Valvoline Incorporated 144A		4.25			2-15-2030		250,000		232,500

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

Wells Fargo Strategic Income Fund  |  11

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Containers & Packaging: 0.50%
Berry Global Incorporated 144A		4.88	%		7-15-2026	$	50,000	$	50,500
Crown Americas Capital Corporation VI		4.75			2-1-2026		200,000		204,940
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		100,000		93,500
Flex Acquisition Company Incorporated 144A		7.88			7-15-2026		200,000		184,213
Owens-Brockway Packaging Incorporated 144A		6.38			8-15-2025		125,000		118,750
									651,903
Metals & Mining: 0.18%
Freeport-McMoRan Incorporated		4.13			3-1-2028		75,000		65,654
Novelis Corporation 144A		5.88			9-30-2026		175,000		171,739
									237,393
Paper & Forest Products: 0.02%
Clearwater Paper Corporation 144A		5.38			2-1-2025		25,000		22,750
Real Estate: 0.65%
Equity REITs: 0.65%
CoreCivic Incorporated		4.63			5-1-2023		225,000		204,750
ESH Hospitality Incorporated 144A		5.25			5-1-2025		175,000		147,000
SBA Communications Corporation 144A		3.88			2-15-2027		300,000		300,750
The Geo Group Incorporated		5.13			4-1-2023		225,000		168,750
The Geo Group Incorporated		5.88			10-15-2024		50,000		35,000
									856,250
Utilities: 2.17%
Electric Utilities: 1.29%
Edison International %%		4.95			4-15-2025		1,000,000		997,690
NextEra Energy Operating Partners LP 144A		4.50			9-15-2027		275,000		268,125
Oglethorpe Power Corporation		4.25			4-1-2046		400,000		417,108
									1,682,923
Independent Power & Renewable Electricity Producers: 0.88%
NSG Holdings LLC 144A		7.75			12-15-2025		74,321		74,321
Pattern Energy Group Incorporated 144A		5.88			2-1-2024		600,000		595,608
TerraForm Power Operating LLC 144A		4.25			1-31-2023		100,000		99,250
TerraForm Power Operating LLC 144A		4.75			1-15-2030		100,000		97,000
TerraForm Power Operating LLC 144A		5.00			1-31-2028		275,000		288,145
									1,154,324
Total Corporate Bonds and Notes (Cost $35,052,808)									31,734,153
						Shares
Exchange-Traded Funds: 3.45%
SPDR Barclays High Yield Bond ETF							21,108		1,999,772
Xtrackers USD High Yield Corporate Bond ETF							57,000		2,511,990
Total Exchange-Traded Funds (Cost $4,484,802)									4,511,762
						Principal
Foreign Corporate Bonds and Notes: 8.85%
Communication Services: 0.57%
Diversified Telecommunication Services: 0.34%
Global Switch Holdings Limited		2.25			5-31-2027	EUR	400,000		450,564

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

12  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Media: 0.23%
Ziggo Bond Company BV 144A		3.38	%		2-28-2030	EUR	300,000	$	296,436
Consumer Discretionary: 1.23%
Auto Components: 0.22%
HP Pelzer Holding GmbH 144A		4.13			4-1-2024	EUR	450,000		292,840
Automobiles: 0.39%
Peugeot SA Company		2.00			3-20-2025	EUR	500,000		507,602
Diversified Consumer Services: 0.32%
Intertrust Group BV 144A		3.38			11-15-2025	EUR	400,000		419,984
Hotels, Restaurants & Leisure: 0.30%
Accor SA		1.25			1-25-2024	EUR	400,000		391,232
Consumer Staples: 1.53%
Food & Staples Retailing: 0.51%
Casino Guichard Perracho SA		3.58			2-7-2025	EUR	400,000		352,654
Tasty Bondco 1 SA 144A		6.25			5-15-2026	EUR	400,000		317,635
									670,289
Food Products: 0.71%
Danone SA (s)		1.75			3-27-2023	EUR	400,000		423,813
Sigma Holdings Company BV 144A		5.75			5-15-2026	EUR	500,000		499,613
									923,426
Household Products: 0.31%
Energizer Gamma Acquisition BV 144A		4.63			7-15-2026	EUR	400,000		397,044
Energy: 0.74%
Oil, Gas & Consumable Fuels: 0.74%
Eni SpA		1.13			9-19-2028	EUR	800,000		853,291
Total SA		3.88			12-29-2049	EUR	100,000		111,490
									964,781
Financials: 2.57%
Banks: 1.21%
Asian Development Bank		6.20			10-6-2026	INR	18,450,000		236,834
Bankia SA (s)		6.00			7-18-2022	EUR	600,000		504,914
Caixa Geral de Depositos SA «		5.75			6-28-2028	EUR	400,000		399,250
Caixa Geral de Depositos SA (s)		10.75			3-30-2022	EUR	400,000		434,542
									1,575,540
Consumer Finance: 0.33%
FCA Bank SpA		1.00			11-15-2021	EUR	400,000		435,205
Diversified Financial Services: 0.72%
JAB Holdings BV		1.75			6-25-2026	EUR	400,000		443,355
LKQ European Holdings BV Company 144A		3.63			4-1-2026	EUR	500,000		491,311
									934,666
Thrifts & Mortgage Finance: 0.31%
Deutsche Pfandbriefbank AG		2.88			6-28-2027	EUR	400,000		404,509

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

Wells Fargo Strategic Income Fund  |  13

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Industrials: 0.78%
Commercial Services & Supplies: 0.59%
Paprec Holding SA 144A		4.00	%		3-31-2025	EUR	450,000	$	339,997
Prosegur Cash SA		1.38			2-4-2026	EUR	400,000		428,101
									768,098
Road & Rail: 0.19%
Europcar Groupe SA 144A		4.13			11-15-2024	EUR	500,000		255,586
Information Technology: 0.34%
IT Services: 0.34%
Capgemini SE		1.00			10-18-2024	EUR	400,000		438,844
Real Estate: 0.76%
Equity REITs: 0.30%
Unibail Rodamco SE (s)		2.13			7-25-2023	EUR	400,000		388,221
Real Estate Management & Development: 0.46%
Akelius Residential Property AB		3.88			10-5-2078	EUR	500,000		498,043
ATF Netherlands BV		1.50			7-15-2024	EUR	100,000		108,794
									606,837
Utilities: 0.33%
Multi-Utilities: 0.33%
EP Infrastructure AS		1.66			4-26-2024	EUR	400,000		434,327
Total Foreign Corporate Bonds and Notes (Cost $13,616,853)									11,556,031
Foreign Government Bonds: 8.59%
Argentina ¤		0.00			5-28-2020	ARS	27,625,000		273,828
Brazil		10.00			1-1-2021	BRL	2,440,000		489,417
Brazil		10.00			1-1-2023	BRL	2,765,000		589,055
Colombia		7.00			5-4-2022	COP	4,500,000,000		1,146,224
Dominican Republic 144A		4.50			1-30-2030	DOP	200,000		174,000
Indonesia		6.50			6-15-2025	IDR	13,500,000,000		802,054
Indonesia		7.00			5-15-2022	IDR	16,000,000,000		998,063
Malaysia		3.88			3-10-2022	MYR	3,500,000		827,209
Malaysia		3.96			9-15-2025	MYR	2,300,000		553,725
Mexico		6.50			6-9-2022	MXN	38,260,000		1,615,944
Mexico		6.50			6-9-2022	MXN	7,000,000		295,651
Republic of South Africa		6.75			3-31-2021	ZAR	20,325,000		1,150,009
Republic of South Africa		8.75			2-28-2048	ZAR	9,100,000		381,365
Romania		3.40			3-8-2022	RON	4,000,000		906,741
Russia		6.50			2-28-2024	RUB	80,000,000		1,020,637
Total Foreign Government Bonds (Cost $13,622,946)									11,223,922
Loans: 2.49%
Communication Services: 0.74%
Media: 0.74%
Ancestry.com Incorporated (1 Month LIBOR +4.25%) ±		5.24			8-27-2026	$	396,482		313,221
Charter Communications Operating LLC (1 Month LIBOR +1.75%) ±		2.74			4-30-2025		492,443		471,308
Gray Television Incorporated (1 Month LIBOR +2.50%) ±‡		4.02			1-2-2026		84,964		78,677
Mission Broadcasting Incorporated (1 Month LIBOR +2.25%) ±		3.83			1-17-2024		21,328		19,835
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.25%) ±		3.19			1-17-2024		82,697		76,908
									959,949

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

14  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Discretionary: 0.36%
Distributors: 0.20%
Spin Holdco Incorporated (3 Month LIBOR +3.25%) ±‡		5.09	%		11-14-2022	$	297,939	$	264,421
Hotels, Restaurants & Leisure: 0.16%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±‡		3.24			8-8-2021		235,807		208,690
Financials: 0.46%
Capital Markets: 0.33%
Nexus Buyer LLC (1 Month LIBOR +3.75%) ±‡		4.61			11-9-2026		199,500		177,056
Tortoise Borrower LLC (1 Month LIBOR +3.50%) ±‡		5.10			1-31-2025		99,241		74,430
VFH Parent LLC (1 Month LIBOR +3.00%) ±		4.01			3-1-2026		200,000		181,500
									432,986
Diversified Financial Services: 0.10%
Intelsat Jackson Holdings SA (3 Month LIBOR +3.75%) ±		5.68			11-27-2023		140,332		127,878
Insurance: 0.03%
HUB International Limited (3 Month LIBOR +4.00%) ±		5.69			4-25-2025		24,938		23,379
USI Incorporated (1 Month LIBOR +4.00%) ±		4.99			12-2-2026		24,938		22,277
									45,656
Health Care: 0.22%
Pharmaceuticals: 0.22%
Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.00%) ±		3.61			6-2-2025		300,758		284,592
Industrials: 0.12%
Commercial Services & Supplies: 0.02%
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±‡		3.19			9-19-2026		22,657		20,845
Machinery: 0.10%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		3.95			1-31-2024		148,004		130,244
Information Technology: 0.46%
Electronic Equipment, Instruments & Components: 0.43%
Dell International LLC (1 Month LIBOR +2.00%) ±		2.99			9-19-2025		584,675		555,810
Software: 0.03%
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ±‡		4.49			7-24-2026		49,750		45,273
Materials: 0.13%
Containers & Packaging: 0.13%
RING Container Technologies (1 Month LIBOR +2.75%) ±‡		3.74			10-31-2024		198,975		169,129
Total Loans (Cost $3,601,326)									3,245,473
Municipal Obligations: 0.26%
Illinois: 0.10%
GO Revenue: 0.10%
Chicago IL Refunding Bonds Taxable Project Series E		6.05			1-1-2029		125,000		134,635

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

Wells Fargo Strategic Income Fund  |  15

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Maryland: 0.08%
Education Revenue: 0.08%
Maryland Health & HEFAR Green Street Academy Series B 144A		6.75	%		7-1-2023	$	100,000	$	99,155
Pennsylvania: 0.08%
Health Revenue: 0.08%
Quakertown PA General Authority U.S. Department of Agriculture Loan Anticipation Notes Series 2017-B		3.80			7-1-2021		100,000		99,342
Total Municipal Obligations (Cost $330,015)									333,132
Non-Agency Mortgage-Backed Securities: 25.79%
AFN LLC Series 2019-1A Class A2 144A		4.46			5-20-2049		700,000		441,606
ALM Loan Funding Series 2016-18A Class A2R (3 Month LIBOR +1.65%) 144A±		3.48			1-15-2028		600,000		577,822
Aqua Finance Trust Series 2019-A Class A 144A		3.14			7-16-2040		465,940		464,052
Arroyo Mortgage Trust Series 2019-2 Class A2 144A±±		3.50			4-25-2049		1,212,023		1,155,225
Avant Loans Funding Trust Series 2019-A Class A 144A		3.48			7-15-2022		303,548		295,324
BB-UBS Trust Series 2012-TFT Class C 144A±±		3.47			6-5-2030		150,000		148,037
BCC Funding Corporation Series 2019-1A Class D 144A		3.94			7-20-2027		1,300,000		1,260,923
BlueMountain CLO Limited Series 2015-3A Class A1R (3 Month LIBOR +1.00%) 144A±		2.82			4-20-2031		700,000		657,810
BX Trust Series 2019-11 Class D 144A±±		4.08			12-9-2041		500,000		392,205
CFCRE Commercial Mortgage Trust Series 2016-C7 Class AM		4.16			12-10-2054		400,000		412,287
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A±		3.22			4-18-2031		1,000,000		903,016
CLI Funding LLC Series 2019-1A Class A 144A		3.71			5-18-2044		1,378,160		1,281,099
CLI Funding LLC Series 2019-1A Class B 144A		4.64			5-18-2044		551,271		522,460
CommonBond Student Loan Trust Series 2018-CGS Class C 144A		4.35			2-25-2046		578,695		586,820
Consumer Lending Receivables LLC Series 2019-A Class A 144A		3.52			4-15-2026		489,488		473,824
Consumer Loan Underlying Bond Credit Trust Series 2018-P2 Class B 144A		4.10			10-15-2025		500,000		340,573
Consumer Loan Underlying Bond Credit Trust Series 2018-P3 Class A 144A		3.82			1-15-2026		372,710		362,151
Deephaven Residential Mortgage Trust Series 2019-1A Class A2 144A±±		3.90			1-25-2059		807,398		786,713
Deephaven Residential Mortgage Trust Series 2019-3A Class B1 144A±±		4.26			7-25-2059		500,000		438,439
Driven Brands Funding LLC Series 2019-2A Class A2 144A		3.98			10-20-2049		349,125		322,605
Ellington Financial Mortgage Trust Series 2019-1 Class M1 144A±±		3.59			6-25-2059		1,500,000		1,354,250
Foundation Finance Trust Series 2019-1A Class A 144A		3.86			11-15-2034		683,084		653,135
FREMF Mortgage Trust Series 2017-K724 Class B 144A±±		3.49			11-25-2023		400,000		389,683
GS Mortgage Security Trust Series 2014-GC22 Class AS		4.11			6-10-2047		1,450,000		1,481,670
GS Mortgage Security Trust Series 2018-LUAU Class B (1 Month LIBOR +1.40%) 144A±		2.10			11-15-2032		1,600,000		1,250,497
Harley Marine Financing LLC Barge Series 2018-1A Class A2 144A		5.68			5-15-2043		657,631		582,230
Longtrain Leasing III LLC Series 2015-1A Class A2 144A		4.06			1-15-2045		1,568,304		1,449,431
Marlette Funding Trust Series 2018-3A Class A 144A		3.20			9-15-2028		67,424		66,970
Marlette Funding Trust Series 2018-4A Class B 144A		4.21			12-15-2028		1,100,000		1,034,467
Marlette Funding Trust Series 2019-1A Class A 144A		3.44			4-16-2029		521,268		503,302
MP CLO VIII Limited Series 2015-2A Class AR (3 Month LIBOR +0.91%) 144A±		2.71			10-28-2027		592,314		553,982
Navistar Financial Dealer Note Series 2018-1 Class D (1 Month LIBOR +1.55%) 144A±		2.50			9-25-2023		600,000		580,646
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A3 144A±±		4.14			11-25-2048		415,257		396,035
Onemain Financial Issuance Trust Series 2019-1A Class D 144A		4.22			2-14-2031		1,100,000		930,535
Oxford Finance Funding Trust Series 2019-1A Class A2 144A		4.46			2-15-2027		800,000		807,051
SoFi Consumer Loan Program Trust Series 2016-3 Class A 144A		3.05			12-26-2025		35,451		35,108
SoFi Consumer Loan Program Trust Series 2017-2 Class A 144A		3.28			2-25-2026		314,705		313,312
SoFi Consumer Loan Program Trust Series 2018-1 Class C 144A		3.97			2-25-2027		700,000		573,771

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

16  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
SoFi Consumer Loan Program Trust Series 2018-4 Class D 144A		4.76	%		11-26-2027	$	300,000	$	262,772
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		115,197		116,127
SoFi Professional Loan Program LLC Series 2017-E Class B 144A		3.49			11-26-2040		300,000		306,345
Store Master Funding LLC Series 2014-1A Class A2 144A		5.00			4-20-2044		97,083		78,717
Store Master Funding LLC Series 2015-1A Class A1 144A		3.75			4-20-2045		1,346,075		1,191,103
Taco Bell Funding LLC Series 2018-1A Class A21 144A		4.32			11-25-2048		987,500		962,822
Textainer Marine Containers Limited Series 2017-1A Class B 144A		4.85			5-20-2042		125,485		113,796
Textainer Marine Containers Limited Series 2017-2A Class B 144A		4.75			6-20-2042		77,678		69,788
Venture CDO Limited Series 2016-23A Class AR (3 Month LIBOR +1.07%) 144A±		2.89			7-19-2028		700,000		676,609
Venture CDO Limited Series 2017-28A Class A2 (3 Month LIBOR +1.11%) 144A±		2.93			7-20-2030		1,180,000		1,109,758
Venture CDO Limited Series 2018-35A Class AS (3 Month LIBOR +1.15%) 144A±		2.95			10-22-2031		1,300,000		1,232,260
Verus Securitization Trust Series 2019-1 Class M1 144A±±		4.03			12-25-2059		200,000		177,325
Verus Securitization Trust Series 2019-3 Class A2 144A		2.94			7-25-2059		1,563,991		1,502,297
Visio Trust Series 2019-1 Class A1 144A±±		3.57			6-25-2054		1,167,426		1,102,536
Total Non-Agency Mortgage-Backed Securities (Cost $36,491,083)									33,681,321
				Expiration date		Shares
Rights: 0.00%
Utilities: 0.00%
Independent Power & Renewable Electricity Producers: 0.00%
Vistra Energy Corporation †					12-31-2046		6,516		6,516
Total Rights (Cost $6,757)									6,516
				Maturity date		Principal
U.S. Treasury Securities: 0.66%
U.S. Treasury Bond		2.25			8-15-2049	$	440,000		535,322
U.S. Treasury Bond		2.38			11-15-2049		260,000		324,513
Total U.S. Treasury Securities (Cost $734,174)									859,835
Yankee Corporate Bonds and Notes: 4.75%
Communication Services: 0.15%
Diversified Telecommunication Services: 0.15%
Intelsat Luxembourg SA		8.13			6-1-2023		50,000		10,250
Telesat Canada Incorporated 144A		6.50			10-15-2027		200,000		192,000
									202,250
Energy: 0.44%
Energy Equipment & Services: 0.07%
Valaris plc		4.88			6-1-2022		375,000		81,563
Valaris plc		5.75			10-1-2044		175,000		11,706
									93,269

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

Wells Fargo Strategic Income Fund  |  17

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 0.37%
Baytex Energy Corporation 144A		5.63	%		6-1-2024	$	425,000	$	157,250
Comision Federal de Electricidad 144A		4.75			2-23-2027		250,000		231,250
Petroleos Mexicanos Company 144A		6.84			1-23-2030		120,000		86,822
									475,322
Financials: 3.32%
Banks: 1.86%
ABN AMRO Bank NV 144A		4.75			7-28-2025		200,000		200,257
Banco Internacional del Peru 144A		3.25			10-4-2026		525,000		462,005
Deutsche Bank AG		4.88			12-1-2032		500,000		410,000
Intesa Sanpaolo SpA 144A		5.71			1-15-2026		635,000		618,785
Itau Unibanco Holding SA 144A		3.25			1-24-2025		800,000		746,160
									2,437,207
Diversified Financial Services: 0.14%
Intelsat Jackson Holdings SA		5.50			8-1-2023		260,000		159,900
Trivium Packaging Finance BV 144A		5.50			8-15-2026		25,000		24,875
									184,775
Insurance: 1.13%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		810,000		827,118
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A±		5.00			4-2-2049		400,000		407,600
Validus Holdings Limited		8.88			1-26-2040		160,000		238,068
									1,472,786
Thrifts & Mortgage Finance: 0.19%
Nationwide Building Society 144A		4.13			10-18-2032		250,000		244,596
Health Care: 0.55%
Pharmaceuticals: 0.55%
Bausch Health Companies Incorporated 144A		5.50			3-1-2023		8,000		7,840
Bausch Health Companies Incorporated 144A		5.50			11-1-2025		50,000		50,515
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		225,000		221,625
Bausch Health Companies Incorporated 144A		7.00			3-15-2024		25,000		25,625
Teva Pharmaceutical Finance Netherlands I BV		2.20			7-21-2021		200,000		191,036
Teva Pharmaceutical Finance Netherlands III BV		4.10			10-1-2046		175,000		127,750
Teva Pharmaceutical Finance Netherlands III BV		6.75			3-1-2028		100,000		97,000
									721,391
Industrials: 0.29%
Commercial Services & Supplies: 0.16%
Ritchie Brothers Auctioneers Incorporated 144A		5.38			1-15-2025		200,000		202,000
Transportation Infrastructure: 0.13%
Asciano Finance Limited 144A		4.63			9-23-2020		170,000		171,932
Total Yankee Corporate Bonds and Notes (Cost $6,973,743)									6,205,528
Yankee Government Bonds: 1.11%
Commonwealth of Bahamas		6.00			11-21-2028		200,000		174,000
Mongolia Government		5.63			5-1-2023		200,000		177,994
Provincia de Cordoba 144A		7.13			6-10-2021		250,000		162,190

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

18  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Provincia de Cordoba 144A		7.13	%		8-1-2027	$	550,000	$	246,818
Provincia de Santa Fe		7.00			3-23-2023		350,000		210,000
Republic of Angola		9.50			11-12-2025		400,000		165,200
Republic of Rwanda		6.63			5-2-2023		200,000		178,896
Republic of Sri Lanka		5.75			1-18-2022		200,000		132,000
Total Yankee Government Bonds (Cost $2,335,545)									1,447,098
	Yield					Shares
Short-Term Investments: 9.20%
Investment Companies: 9.20%
Securities Lending Cash Investments LLC (l)(r)(u)		2.11					329,798		329,831
Wells Fargo Government Money Market Fund Select Class (l)(u)##*		0.35					11,679,571		11,679,571
Total Short-Term Investments (Cost $12,009,402)									12,009,402

Total investments in securities (Cost $140,664,157)	98.12	%		128,132,988
Other assets and liabilities, net	1.88			2,452,208
Total net assets	100.00	%	$	130,585,196

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.

‡ Security is valued using significant unobservable inputs.

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

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

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

(s) Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.

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

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

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

† Non-income-earning security

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

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

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

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

* A portion of the holding represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated entity.

Abbreviations:

ARS Argentine peso

BRL Brazilian real

COP Colombian peso

DOP Dominican peso

EUR Euro

FNMA Federal National Mortgage Association

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDR Indonesian rupiah

INR Indian rupee

LIBOR London Interbank Offered Rate

MXN Mexican peso

MYR Malaysian ringgit

REIT Real estate investment trust

RON Romanian leu

RUB Russian ruble

ZAR South African rand

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

Wells Fargo Strategic Income Fund  |  19

Consolidated portfolio of investments—March 31, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
U.S. Long Bond		20		6-19-2020	$	3,324,629		$	3,581,250		$	256,621	$	0
10-Year Canadian Treasury Bonds		161		6-19-2020		16,696,481			16,833,326			136,845		0
10-Year Ultra Futures		57		6-19-2020		8,454,132			8,893,781			439,649		0
5-Year U.S. Treasury Notes		9		6-30-2020		1,122,905			1,128,234			5,329		0
Short
Euro-Bund Futures		(153)		6-8-2020		(29,584,116	)		(29,109,960	)		474,156		0
Euro-BOBL Futures		(83)		6-8-2020		(12,458,554	)		(12,377,211	)		81,343		0
10-Year U.S. Treasury Notes		(105)		6-19-2020		(13,962,797	)		(14,562,187	)		0		(599,390	)
U.S. Ultra Bond		(21)		6-19-2020		(4,249,837	)		(4,659,375	)		0		(409,538	)
											$	1,393,943	$	(1,008,928	)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
1,392,137 USD	5,000,000,000 COP	State Street Bank	4-13-2020	$	161,863	$	0
1,025,000 ZAR	57,478 USD	State Street Bank	5-11-2020		0		(493	)
1,871,987 USD	29,000,000 ZAR	State Street Bank	5-11-2020		259,742		0
10,400,000 MXN	435,075 USD	State Street Bank	5-26-2020		0		(153	)
2,852,881 USD	57,000,000 MXN	State Street Bank	5-26-2020		469,170		0
1,976,761 USD	27,900,000,000 IDR	State Street Bank	5-28-2020		274,566		0
1,298,539 USD	5,725,000 BRL	State Street Bank	5-29-2020		200,971		0
9,950,000,000 IDR	601,754 USD	State Street Bank	6-4-2020		4,920		0
54,600,000 RUB	694,833 USD	State Street Bank	6-8-2020		0		(6,804	)
2,029,076 USD	136,500,000 RUB	State Street Bank	6-8-2020		309,002		0
1,750,000 EUR	1,986,462 USD	State Street Bank	6-9-2020		0		(51,344	)
342,024 USD	310,000 EUR	State Street Bank	6-9-2020		0		(769	)
1,500,000 GBP	1,952,045 USD	State Street Bank	6-10-2020		0		(86,569	)
1,846,815 USD	1,500,000 GBP	State Street Bank	6-10-2020		0		(18,660	)
195,000,000 JPY	1,850,095 USD	State Street Bank	6-18-2020		0		(30,607	)
219,037 USD	23,490,000 JPY	State Street Bank	6-18-2020		0		(141	)
17,333,136 USD	15,962,000 EUR	Citibank	6-30-2020		0		(330,870	)
4,070,000 EUR	4,414,933 USD	Citibank	6-30-2020		89,046		0
1,550,000 EUR	1,682,990 USD	Citibank	6-30-2020		32,284		0
				$	1,801,564	$	(526,410	)

Centrally Cleared Credit Default Swaps

Reference index	Fixed rate received		Payment frequency		Maturity date		Notional amount		Value			Premium paid		Unrealized gains		Unrealized losses
Sell protection
Markit CDX North America High Yield Index*		5.00%		Quarterly		12-20-2024		8,820,000 USD	$	(537,743	)	$	41,714	$	0	$	(579,457	)

* Represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated entity.

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

20  |  Wells Fargo Strategic Income Fund

Consolidated portfolio of investments—March 31, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		1,264,839		23,196,351		(24,131,392	)		329,798	$	(19	)	$	0	$	18,935	#	$	329,831
Wells Fargo Government Money Market Fund Select Class		5,727,766		50,083,199		(44,131,394	)		11,679,571		0			0		21,982			11,679,571
										$	(19	)	$	0	$	40,917		$	12,009,402		9.20	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Strategic Income Fund  |  21

Consolidated statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $314,142 of securities loaned), at value (cost $128,654,755)	$	116,123,586
Investments in affiliated securities, at value (cost $12,009,402)		12,009,402
Cash		395,795
Cash at broker segregated for futures contracts		1,324,113
Cash at broker segregated for centrally cleared swap contracts		945,142
Foreign currency, at value (cost $165,661)		140,280
Receivable for investments sold		403,900
Receivable for Fund shares sold		1,694,508
Receivable for interest		1,280,002
Receivable for daily variation margin on open futures contracts		261,123
Receivable for securities lending income, net		1,994
Unrealized gains on forward foreign currency contracts		1,801,564
Prepaid expenses and other assets		55,791
Total assets		136,437,200
Liabilities
Payable for investments purchased		3,242,605
Payable upon receipt of securities loaned		329,503
Cash collateral due to broker for forward foreign currency contracts		1,070,000
Unrealized losses on forward foreign currency contracts		526,410
Payable for daily variation margin on centrally cleared swap contracts		537,743
Management fee payable		42,016
Administration fees payable		9,378
Distribution fee payable		395
Trustees’ fees and expenses payable		4,080
Accrued expenses and other liabilities		89,874
Total liabilities		5,852,004
Total net assets	$	130,585,196
Net assets consist of
Paid-in capital	$	141,242,573
Total distributable loss		(10,657,377	)
Total net assets	$	130,585,196
Computation of net asset value and offering price per share
Net assets – Class A	$	1,129,443
Shares outstanding – Class A1		129,287
Net asset value per share – Class A		$8.74
Maximum offering price per share – Class A2		$9.10
Net assets – Class C	$	587,856
Shares outstanding – Class C1		67,476
Net asset value per share – Class C		$8.71
Net assets – Administrator Class	$	33,909
Shares outstanding – Administrator Class1		3,857
Net asset value per share – Administrator Class		$8.79
Net assets – Institutional Class	$	128,833,988
Shares outstanding – Institutional Class1		14,761,088
Net asset value per share – Institutional Class		$8.73

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

22  |  Wells Fargo Strategic Income Fund

Consolidated statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Interest (net of foreign withholding taxes of $22,016)	$	3,291,710
Dividends		135,240
Income from affiliated securities		27,622
Total investment income		3,454,572
Expenses
Management fee		396,375
Administration fees
Class A		1,034
Class C		442
Administrator Class		23
Institutional Class		59,643
Shareholder servicing fees
Class A		1,616
Class C		691
Administrator Class		58
Distribution fee
Class C		2,070
Custody and accounting fees		20,130
Professional fees		27,931
Registration fees		29,382
Shareholder report expenses		15,041
Trustees’ fees and expenses		11,029
Other fees and expenses		3,306
Total expenses		568,771
Less: Fee waivers and/or expense reimbursements
Fund-level		(110,591	)
Class A		(244	)
Class C		(84	)
Administrator Class		(28	)
Net expenses		457,824
Net investment income		2,996,748
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		525,640
Affiliated securities		(19	)
Futures contracts		736,533
Forward foreign currency contracts		554,878
Swap contracts		(10,412	)
Net realized gains on investments		1,806,620
Net change in unrealized gains (losses) on
Unaffiliated securities		(14,400,911	)
Futures contracts		(159,371	)
Forward foreign currency contracts		997,371
Swap contracts		(651,612	)
Net change in unrealized gains (losses) on investments		(14,214,523	)
Net realized and unrealized gains (losses) on investments		(12,407,903	)
Net decrease in net assets resulting from operations	$	(9,411,155	)

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

Wells Fargo Strategic Income Fund  |  23

Consolidated statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 2019
Operations
Net investment income				$	2,996,748					$	5,933,019
Net realized gains (losses) on investments					1,806,620						(1,109,628	)
Net change in unrealized gains (losses) on investments					(14,214,523	)					3,592,086
Net increase (decrease) in net assets resulting from operations					(9,411,155	)					8,415,477
Distributions to shareholders from net investment income and net realized gains
Class A					(16,451	)					(49,220	)
Class C					(5,393	)					(15,657	)
Administrator Class					(526	)					(32,865	)
Institutional Class					(2,187,906	)					(5,853,845	)
Total distributions to shareholders					(2,210,276	)					(5,951,587	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		83,627			802,546			348,536			3,298,070
Class C		19,110			182,825			31,806			297,418
Administrator Class		402			3,822			7,156			67,124
Institutional Class		711,610			6,548,743			18,145,872			169,524,726
					7,537,936						173,187,338
Reinvestment of distributions
Class A		1,719			16,451			5,230			49,054
Class C		564			5,393			1,676			15,657
Administrator Class		41			392			3,474			32,494
Institutional Class		216,298			2,067,365			596,321			5,581,802
					2,089,601						5,679,007
Payment for shares redeemed
Class A		(102,742	)		(985,015	)		(341,311	)		(3,228,609	)
Class C		(7,047	)		(66,116	)		(33,529	)		(314,988	)
Administrator Class		(4,423	)		(42,544	)		(581,301	)		(5,483,073	)
Institutional Class		(2,324,166	)		(21,730,545	)		(7,379,074	)		(69,328,595	)
					(22,824,220	)					(78,355,265	)
Net increase (decrease) in net assets resulting from capital share transactions					(13,196,683	)					100,511,080
Total increase (decrease) in net assets					(24,818,114	)					102,974,970
Net assets
Beginning of period					155,403,310						52,428,340
End of period				$	130,585,196					$	155,403,310

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

24  |  Wells Fargo Strategic Income Fund

Consolidated financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
CLASS A				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$9.50			$9.43			$9.59			$9.25			$9.13			$9.72			$9.66
Net investment income		0.17	2		0.34	2		0.31	2		0.33	2		0.31			0.34			0.37
Net realized and unrealized gains (losses) on investments		(0.81	)		0.09			(0.16	)		0.22			(0.01	)		(0.69	)		(0.05	)
Total from investment operations		(0.64	)		0.43			0.15			0.55			0.30			(0.35	)		0.32
Distributions to shareholders from
Net investment income		(0.12	)		(0.36	)		(0.31	)		(0.21	)		(0.13	)		(0.22	)		(0.26	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.05	)		(0.02	)		0.00
Total distributions to shareholders		(0.12	)		(0.36	)		(0.31	)		(0.21	)		(0.18	)		(0.24	)		(0.26	)
Net asset value, end of period		$8.74			$9.50			$9.43			$9.59			$9.25			$9.13			$9.72
Total return3		(6.90	)%		4.66	%		1.59	%		6.05	%		3.34	%		(3.64	)%		3.36	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.09	%		1.45	%		1.78	%		1.80	%		1.63	%		1.51	%
Net expenses		0.89	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		3.69	%		3.65	%		3.26	%		3.47	%		3.85	%		3.77	%		4.02	%
Supplemental data
Portfolio turnover rate		42	%		116	%		50	%		65	%		52	%		53	%		51	%
Net assets, end of period (000s omitted)		$1,129			$1,394			$1,266			$896			$1,047			$928			$714

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Strategic Income Fund  |  25

Consolidated financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
CLASS C				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$9.49			$9.41			$9.57			$9.22			$9.10			$9.71			$9.65
Net investment income		0.11			0.27			0.23			0.29			0.25			0.28			0.31
Net realized and unrealized gains (losses) on investments		(0.79	)		0.10			(0.15	)		0.18			(0.02	)		(0.68	)		(0.06	)
Total from investment operations		(0.68	)		0.37			0.08			0.47			0.23			(0.40	)		0.25
Distributions to shareholders from
Net investment income		(0.10	)		(0.29	)		(0.24	)		(0.12	)		(0.08	)		(0.19	)		(0.19	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.03	)		(0.02	)		0.00
Total distributions to shareholders		(0.10	)		(0.29	)		(0.24	)		(0.12	)		(0.11	)		(0.21	)		(0.19	)
Net asset value, end of period		$8.71			$9.49			$9.41			$9.57			$9.22			$9.10			$9.71
Total return2		(7.29	)%		4.00	%		0.88	%		5.20	%		2.67	%		(4.35	)%		2.61	%
Ratios to average net assets (annualized)
Gross expenses		1.83	%		1.84	%		2.20	%		2.59	%		2.54	%		2.37	%		2.25	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		2.95	%		2.92	%		2.52	%		2.80	%		3.10	%		3.02	%		3.25	%
Supplemental data
Portfolio turnover rate		42	%		116	%		50	%		65	%		52	%		53	%		51	%
Net assets, end of period (000s omitted)		$588			$520			$517			$403			$766			$711			$835

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

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

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

26  |  Wells Fargo Strategic Income Fund

Consolidated financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
ADMINISTRATOR CLASS				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$9.56			$9.46			$9.61			$9.29			$9.16			$9.74			$9.66
Net investment income		0.18	2		0.36	2		0.33	2		0.34	2		0.33	2		0.37			0.39
Net realized and unrealized gains (losses) on investments		(0.83	)		0.09			(0.16	)		0.20			(0.01	)		(0.70	)		(0.05	)
Total from investment operations		(0.65	)		0.45			0.17			0.54			0.32			(0.33	)		0.34
Distributions to shareholders from
Net investment income		(0.12	)		(0.35	)		(0.32	)		(0.22	)		(0.14	)		(0.22	)		(0.26	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.05	)		(0.03	)		0.00
Total distributions to shareholders		(0.12	)		(0.35	)		(0.32	)		(0.22	)		(0.19	)		(0.25	)		(0.26	)
Net asset value, end of period		$8.79			$9.56			$9.46			$9.61			$9.29			$9.16			$9.74
Total return3		(6.86	)%		4.83	%		1.81	%		5.91	%		3.52	%		(3.51	)%		3.63	%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.08	%		1.38	%		1.72	%		1.74	%		1.56	%		1.46	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.82	%		3.80	%		3.48	%		3.64	%		4.00	%		3.92	%		4.18	%
Supplemental data
Portfolio turnover rate		42	%		116	%		50	%		65	%		52	%		53	%		51	%
Net assets, end of period (000s omitted)		$34			$75			$5,471			$562			$597			$496			$554

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Strategic Income Fund  |  27

Consolidated financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30												Year ended October 31
INSTITUTIONAL CLASS				2019			2018			2017			20161			2015			2014
Net asset value, beginning of period		$9.49			$9.42			$9.58			$9.24			$9.14			$9.71			$9.66
Net investment income		0.20			0.37	2		0.34			0.35	2		0.34			0.40			0.41	2
Net realized and unrealized gains (losses) on investments		(0.82	)		0.09			(0.16	)		0.24			(0.02	)		(0.71	)		(0.07	)
Total from investment operations		(0.62	)		0.46			0.18			0.59			0.32			(0.31	)		0.34
Distributions to shareholders from
Net investment income		(0.14	)		(0.39	)		(0.34	)		(0.25	)		(0.16	)		(0.23	)		(0.29	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.06	)		(0.03	)		0.00
Total distributions to shareholders		(0.14	)		(0.39	)		(0.34	)		(0.25	)		(0.22	)		(0.26	)		(0.29	)
Net asset value, end of period		$8.73			$9.49			$9.42			$9.58			$9.24			$9.14			$9.71
Total return3		(6.67	)%		5.00	%		1.93	%		6.43	%		3.55	%		(3.28	)%		3.60	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		1.12	%		1.40	%		1.46	%		1.19	%		1.14	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.98	%		3.97	%		3.54	%		3.71	%		4.16	%		4.04	%		4.25	%
Supplemental data
Portfolio turnover rate		42	%		116	%		50	%		65	%		52	%		53	%		51	%
Net assets, end of period (000s omitted)		$128,834			$153,414			$45,175			$45,862			$23,190			$17,564			$38,664

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

²  Calculated based upon average shares outstanding

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

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

28  |  Wells Fargo Strategic Income Fund

Consolidated notes to financial statements (unaudited)

1. ORGANIZATION

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

2. INVESTMENT IN SUBSIDIARY

The Fund invests in Strategic Income Special Investment (Cayman) Ltd. (the “Subsidiary”), a wholly-owned subsidiary incorporated on July 11, 2019 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of March 31, 2020, the Subsidiary had $1,399,369 invested in swap contracts and cash equivalent representing 49.63% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of March 31, 2020, the Fund held $2,820,631 in the Subsidiary, representing 2.21% of the Fund’s net assets prior to consolidation.

The consolidated financial statements of the Fund include the financial results of its wholly-owned subsidiary. The Consolidated Portfolio of Investments includes positions of the Fund and the Subsidiary and the consolidated financial statements include the accounts of the Fund and the Subsidiary. Accordingly, all interfund balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation.

3. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Forward foreign currency contracts are recorded at the forward rate 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”).

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.

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

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

Wells Fargo Strategic Income Fund  |  29

Consolidated notes to financial statements (unaudited)

Foreign currency translation

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

Forward foreign currency contracts

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

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

Loans

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

30  |  Wells Fargo Strategic Income Fund

Consolidated notes to financial statements (unaudited)

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 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 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.

Swap contracts

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

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

Credit default swaps

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

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

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

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Wells Fargo Strategic Income Fund  |  31

Consolidated notes to financial statements (unaudited)

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $140,123,880 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,749,155
Gross unrealized losses		(12,659,335	)
Net unrealized losses	$	(10,910,180	)

As of September 30, 2019, the Fund had capital loss carryforwards which consisted of $178,628 in short-term capital losses and $2,228,956 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.

4. 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)

32  |  Wells Fargo Strategic Income Fund

Consolidated notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,000,194	$	0	$	1,000,194
Asset-backed securities		0		10,318,621		0		10,318,621
Corporate bonds and notes		0		31,487,237		246,916		31,734,153
Exchange-traded funds		4,511,762		0		0		4,511,762
Foreign corporate bonds and notes		0		11,556,031		0		11,556,031
Foreign government bonds		0		11,223,922		0		11,223,922
Loans		0		2,076,708		1,168,765		3,245,473
Municipal obligations		0		333,132		0		333,132
Non-agency mortgage-backed securities		0		33,681,321		0		33,681,321
Rights
Utilities		0		6,516		0		6,516
U.S. Treasury securities		859,835		0		0		859,835
Yankee corporate bonds and notes		0		6,205,528		0		6,205,528
Yankee government bonds and notes		0		1,447,098		0		1,447,098
Short-term investments
Investment companies		12,009,402		0		0		12,009,402
		17,380,999		109,336,308		1,415,681		128,132,988
Futures contracts		1,393,943		0		0		1,393,943
Forward foreign currency contracts		0		1,801,564		0		1,801,564
Total assets	$	18,774,942	$	111,137,872	$	1,415,681	$	131,328,495
Liabilities
Futures contracts	$	1,008,928	$	0	$	0	$	1,008,928
Forward foreign currency contracts		0		526,410		0		526,410
Credit default swap contracts		0		579,457		0		579,457
Total liabilities	$	1,008,928	$	1,105,867	$	0	$	2,114,795

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

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

Wells Fargo Strategic Income Fund  |  33

Consolidated notes to financial statements (unaudited)

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Corporate bonds and notes		Loans			Non-agency mortgage-backed securities			Totals
Balance as of September 30, 2019	$	0	$	475,824		$	729,632		$	1,205,456
Accrued discounts (premiums)		0		150			167			317
Realized gains (losses)		0		(6	)		0			(6	)
Change in unrealized gains (losses)		0		(143,755	)		(288,193	)		(431,948	)
Purchases		0		398,750			0			398,750
Sales		0		(15,166	)		0			(15,166	)
Transfers into Level 3		246,916		766,189			0			1,013,105
Transfers out of Level 3		0		(313,221	)		(441,606	)		(754,827	)
Balance as of March 31, 2020	$	246,916	$	1,168,765		$	0		$	1,415,681
Change in unrealized gains (losses) relating to securities still held at March 31, 2020	$	0	$	(67,974	)	$	0		$	(67,974	)

The loan obligations in the Level 3 table were valued using indicative broker quotes. These indicative broker quotes are considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.

The following table summarizes quantitative information on Level 3 inputs used to value corporate bonds and notes as of March 31, 2020:

Fair value at March 31, 2020		Valuation technique		Significant unobservable input		Range
$	246,916		Market approach		Liquidity discount	5% - 10%

5. 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 subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.525% of the Fund’s average daily net assets.

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

34  |  Wells Fargo Strategic Income Fund

Consolidated 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		0.16	%
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. Funds Management has committed through January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.90% for Class A shares, 1.65% for Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended March 31, 2020.

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.

Interfund transactions

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

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$2,938,678	$58,351,616	$2,354,378	$68,676,529

As of March 31, 2020, the Fund had no unfunded term loan commitments.

7. 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

Wells Fargo Strategic Income Fund  |  35

Consolidated notes to financial statements (unaudited)

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 Fund has the right to use the collateral to offset any losses incurred. As of March 31, 2020, 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.	$	314,142	$	(314,142	)	$	0

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

8. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2020, the Fund entered into futures contracts and forward foreign currency contracts for economic hedging purposes and credit default swap contracts as a substitute for taking a position in the underlying security or index to potentially enhance the Fund’s total return.

The volume of the Fund’s derivative activity during the six months ended March 31, 2020 was as follows:

Futures contracts
Average notional balance on long futures	$	21,133,163
Average notional balance on short futures		58,461,786
Forward foreign currency contracts
Average contract amounts to buy	$	7,583,405
Average contract amounts to sell		31,231,215
Credit default swap contracts
Average notional balance	$	4,317,869

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

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

The fair value of derivative instruments as of March 31, 2020 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
Interest rate risk	Unrealized gains on futures contracts	$	1,393,943	*	Unrealized losses on futures contracts	$	1,008,928	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		1,801,564		Unrealized losses on forward foreign currency contracts		526,410
Credit risk	Net unrealized gains on swap contracts		0	*	Net unrealized losses on swap contracts		579,457	*
		$	3,195,507			$	2,114,795

* Amount represents cumulative unrealized gains (losses) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day’s variation margin as of March 31, 2020 is reported separately on the Consolidated Statement of Assets and Liabilities.

36  |  Wells Fargo Strategic Income Fund

Consolidated notes to financial statements (unaudited)

The effect of derivative instruments on the Consolidated Statement of Operations for the six months ended March 31, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts		Swap contracts			Total
Interest rate risk	$	736,533		$	0	$	0		$	736,533
Foreign currency risk		0			554,878		0			554,878
Credit risk		0			0		(10,412	)		(10,412	)
	$	736,533		$	554,878	$	(10,412	)	$	1,280,999
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts		Swap contracts			Total
Interest rate risk	$	(159,371	)	$	0	$	0		$	(159,371	)
Foreign currency risk		0			997,371		0			997,371
Credit risk		0			0		(651,612	)		(651,612	)
	$	(159,371	)	$	997,371	$	(651,612	)	$	186,388

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

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral received			Net amount of assets
State Street	$	1,680,234	$	(195,540	)	$	0		$	1,484,694
Citibank		121,330		(121,330	)		0			0
Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
State Street	$	195,540	$	(195,540	)	$	0		$	0
Citibank		330,870		(121,330	)		(209,540	)		0

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty by derivative type.

Wells Fargo Strategic Income Fund  |  37

Consolidated notes to financial statements (unaudited)

9. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund under the agreement.

10. 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.

11. 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 Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

12. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

38  |  Wells Fargo Strategic Income 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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Strategic Income Fund  |  39

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 147 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

40  |  Wells Fargo Strategic Income 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 Strategic Income Fund  |  41

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 Rhee (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 Kennedy (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 65 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

42  |  Wells Fargo Strategic Income Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

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

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

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

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

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

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Strategic Income Fund  |  43

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jones fee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jones fee-based program.

●   Shares acquired through NAV reinstatement.

44  |  Wells Fargo Strategic Income Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   A fee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Strategic Income Fund  |  45

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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.

PAR-0420-06225 05-20

SA263/SAR263 03-20

Semi-Annual Report

March 31, 2020

Wells Fargo

Global Investment Grade Credit Fund

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

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

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	21
Other information	26

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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 March 31, 2020, 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 Global Investment Grade Credit Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The period began with mixed data, leading to central bank support .”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Global Investment Grade Credit Fund for the six-month period that ended March 31, 2020. Global stock markets saw earlier gains erased in February and March as governments took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed-income markets were less battered, with U.S. government bonds achieving modest gains as central banks attempted to bolster capital markets and confidence.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned -12.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 16.52%. The MSCI EM Index (Net)³ lost 14.55%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.33%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ returned -2.03%, the Bloomberg Barclays Municipal Bond Index⁶ gained a modest 0.10%, and the ICE BofA U.S. High Yield Index⁷ returned -10.86%.

The period began with mixed data, leading to central bank support.

As the fourth quarter of 2019 started, U.S.-China trade tensions were relaxing while optimism grew for a U.K. Brexit deal. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. Despite resilience among U.S. consumers, however, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the U.S. Federal Reserve (Fed) lowered interest rates a 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 rallied in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment edged up, and manufacturing and services activity rose. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks outperformed non-U.S. stocks overall. 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.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States. 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 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Global Investment Grade Credit Fund

Letter to shareholders (unaudited)

confidence. U.S. economic indicators were positive overall, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money.

The year-end rally continued in early January 2020. However, capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose, and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower toward month-end. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, causing the price of West Texas Intermediate crude oil to fall 13% in February alone.

The global spread of the coronavirus led many countries to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central bank responses were swift, as they slashed interest rates and expanded quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed launched several lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repos. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

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

“Capital market volatility spiked in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets.”

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 Global Investment Grade Credit Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Fargo Asset Management (International) Limited

Portfolio managers

Henrietta Paquement, CFA^®‡

Scott M. Smith, CFA^®‡

Alex Temple

Jonathan Terry, CFA^®‡

Average annual total returns (%) as of March 31, 2020

		Including sales charge					Expense ratios1 (%)
	Inception date	1 year		Since inception			Gross		Net2
Class R6 (WGCRX)	2-28-2019		2.27		3.87			0.86		0.45
Institutional Class (WGCIX)	2-28-2019		2.24		3.84			0.91		0.50
Bloomberg Barclays Global Aggregate Credit Index Hedged (USD)3	–		3.70		5.40	*		–		–

* Based on the inception date of the oldest Fund class.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wfam.com.

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

Class R6 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to municipal securities risk, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Global Investment Grade Credit Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20204
Goldman Sachs Group Incorporated, 3.63%, 1-22-2023	1.90
JPMorgan Chase & Company, 2.30%, 8-15-2021	1.66
Citigroup Incorporated, 3.30%, 4-27-2025	1.64
Raymond James Financial Services Incorporated, 4.95%, 7-15-2046	1.54
Bank of America Corporation, 4.13%, 1-22-2024	1.51
Morgan Stanley, 3.13%, 7-27-2026	1.48
Intercontinental Exchange Incorporated, 3.75%, 12-1-2025	1.35
Cantor Fitzgerald LP, 4.88%, 5-1-2024	1.28
American International Group Incorporated, 4.75%, 4-1-2048	1.19
Toronto Dominion Bank, 3.23%, 7-24-2024	1.17

Portfolio composition as of March 31, 2020⁵

Effective maturity distribution as of March 31, 2020⁵

Credit quality as of March 31, 2020⁶

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

¹  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

²  The manager has contractually committed through January 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class R6 and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Bloomberg Barclays Global Aggregate Credit Index Hedged (USD) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities, hedged in USD. You cannot invest directly in an index.

⁴  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁶  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

Wells Fargo Global Investment Grade Credit Fund  |  5

Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2019 to March 31, 2020.

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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account  value 10-1-2019		Ending account value 3-31-2020		Expenses paid during the period1		Annualized net expense ratio
Class R6
Actual	$	1,000.00	$	959.19	$	2.20		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75	$	2.28		0.45	%
Institutional Class
Actual	$	1,000.00	$	958.95	$	2.45		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.50	$	2.53		0.50	%

¹  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

6  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 2.20%
American Airlines Series 2014-1 Class A Pass-Through Trust		3.70	%		4-1-2028	$	265,183	$	255,506
British Airways Series 2019-1 Class AA Pass-Through Trust 144A		3.30			6-15-2034		764,644		718,034
Delta Air Lines Series 2019-1 Class AA Pass-Through Trust		3.20			10-25-2025		440,000		429,562
Total Asset-Backed Securities (Cost $1,468,703)									1,403,102
Corporate Bonds and Notes: 54.13%
Communication Services: 7.31%
Diversified Telecommunication Services: 2.60%
AT&T Incorporated		4.25			3-1-2027		540,000		577,307
AT&T Incorporated		4.50			3-9-2048		225,000		244,183
Verizon Communications Incorporated		2.88			1-15-2038		200,000		224,050
Verizon Communications Incorporated		4.13			8-15-2046		525,000		607,924
									1,653,464
Entertainment: 0.79%
Walt Disney Company		3.80			3-22-2030		450,000		505,971
Media: 3.92%
Charter Communications Operating LLC		4.91			7-23-2025		480,000		517,095
Comcast Corporation		3.38			8-15-2025		645,000		684,990
Cox Communications Incorporated 144A		4.60			8-15-2047		375,000		387,735
Discovery Incorporated		5.30			5-15-2049		190,000		192,459
Fox Corporation		4.71			1-25-2029		560,000		614,315
MMS USA Financing Incorporated		1.75			6-13-2031		100,000		103,068
									2,499,662
Consumer Discretionary: 0.69%
Hotels, Restaurants & Leisure: 0.36%
McDonald’s Corporation		1.45			9-1-2025		245,000		232,761
Internet & Direct Marketing Retail: 0.33%
Booking Holdings Incorporated		1.80			3-3-2027		200,000		207,882
Consumer Staples: 3.51%
Beverages: 1.82%
Anheuser-Busch InBev Finance Incorporated		3.65			2-1-2026		690,000		717,976
Keurig Dr Pepper Incorporated		4.60			5-25-2028		405,000		443,417
									1,161,393
Food & Staples Retailing: 0.42%
Walmart Incorporated		3.70			6-26-2028		235,000		264,195
Food Products: 0.66%
Mars Incorporated 144A		3.95			4-1-2049		390,000		423,160
Tobacco: 0.61%
BAT Capital Corporation		4.54			8-15-2047		425,000		387,843
Energy: 6.51%
Energy Equipment & Services: 0.88%
Baker Hughes LLC		3.34			12-15-2027		610,000		559,383

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

Wells Fargo Global Investment Grade Credit Fund  |  7

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 5.63%
BP Capital Markets America Incorporated		2.75	%		5-10-2023	$	365,000	$	366,152
Energy Transfer Operating Partners LP		3.75			5-15-2030		245,000		191,895
Energy Transfer Operating Partners LP		6.25			4-15-2049		625,000		528,944
Kinder Morgan Energy Partners LP		5.40			9-1-2044		405,000		402,524
Marathon Petroleum Corporation		3.80			4-1-2028		365,000		328,907
Midwest Connector Capital Company 144A		3.90			4-1-2024		650,000		606,873
MPLX LP		4.00			3-15-2028		510,000		453,251
Sabine Pass Liquefaction LLC		5.75			5-15-2024		640,000		600,667
Western Midstream Partners LP		4.05			2-1-2030		245,000		107,831
									3,587,044
Financials: 19.56%
Banks: 6.35%
Bank of America Corporation		4.13			1-22-2024		900,000		959,524
Citigroup Incorporated (3 Month EURIBOR +1.07%) ±		1.50			7-24-2026		200,000		214,417
Citigroup Incorporated		3.30			4-27-2025		1,010,000		1,045,513
JPMorgan Chase & Company		2.30			8-15-2021		1,060,000		1,057,964
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78			2-1-2028		375,000		402,684
Santander Holdings USA Incorporated		4.40			7-13-2027		375,000		368,849
									4,048,951
Capital Markets: 8.68%
Cantor Fitzgerald LP 144A		4.88			5-1-2024		815,000		812,877
Five Corners Funding Trust 144A		4.42			11-15-2023		10,000		10,757
Goldman Sachs Group Incorporated		3.63			1-22-2023		1,170,000		1,207,816
Goldman Sachs Group Incorporated		4.25			1-29-2026		100,000		127,698
Morgan Stanley		3.13			7-27-2026		915,000		945,828
Morgan Stanley		3.70			10-23-2024		700,000		739,560
Nuveen LLC 144A		4.00			11-1-2028		445,000		465,444
Raymond James Financial Services Incorporated		4.95			7-15-2046		850,000		979,062
State Street Corporation		2.40			1-24-2030		245,000		239,245
									5,528,287
Consumer Finance: 0.91%
American Express Credit Corporation		3.30			5-3-2027		455,000		479,475
Capital One Financial Company		0.80			6-12-2024		100,000		97,953
									577,428
Diversified Financial Services: 1.35%
Intercontinental Exchange Incorporated		3.75			12-1-2025		815,000		860,958
Insurance: 2.27%
American International Group Incorporated		4.75			4-1-2048		720,000		760,825
Berkshire Hathaway Incorporated		2.38			6-19-2039		100,000		123,455
Brighthouse Financial Incorporated		4.70			6-22-2047		480,000		384,892
Unum Group		4.50			12-15-2049		230,000		178,403
									1,447,575
Health Care: 3.20%
Biotechnology: 1.40%
AbbVie Incorporated 144A		2.60			11-21-2024		490,000		497,851
AbbVie Incorporated 144A		4.25			11-21-2049		365,000		393,714
									891,565

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

8  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services: 1.51%
CVS Health Corporation		3.25	%		8-15-2029	$	215,000	$	209,403
CVS Health Corporation		3.70			3-9-2023		540,000		562,134
CVS Health Corporation		4.30			3-25-2028		180,000		191,161
									962,698
Life Sciences Tools & Services: 0.29%
Thermo Fisher Scientific Incorporated		1.50			10-1-2039		200,000		183,481
Industrials: 5.37%
Aerospace & Defense: 1.46%
General Dynamics Corporation		3.38			5-15-2023		425,000		445,404
United Technologies Corporation		4.13			11-16-2028		440,000		485,718
									931,122
Air Freight & Logistics: 0.44%
FedEx Corporation		4.95			10-17-2048		285,000		278,858
Airlines: 1.14%
Aviation Capital Group Corporation 144A		2.88			1-20-2022		430,000		388,636
US Airways Group Incorporated		4.63			12-3-2026		345,208		341,680
									730,316
Industrial Conglomerates: 0.27%
Carlisle Companies Incorporated		2.75			3-1-2030		195,000		170,409
Professional Services: 0.72%
Equifax Incorporated		2.60			12-1-2024		485,000		458,486
Road & Rail: 1.34%
Penske Truck Leasing Company LP 144A		3.45			7-1-2024		490,000		490,063
Union Pacific Corporation		2.40			2-5-2030		375,000		364,945
									855,008
Information Technology: 5.25%
Communications Equipment: 0.91%
Motorola Solutions Incorporated		4.60			2-23-2028		570,000		581,400
Electronic Equipment, Instruments & Components: 0.32%
Jabil Incorporated		3.60			1-15-2030		230,000		204,568
IT Services: 1.61%
Fiserv Incorporated		2.25			7-1-2025		100,000		122,138
Fiserv Incorporated		3.50			7-1-2029		410,000		433,850
Western Union Company		4.25			6-9-2023		445,000		472,747
									1,028,735
Semiconductors & Semiconductor Equipment: 0.85%
Qualcomm Incorporated		3.25			5-20-2027		510,000		538,138
Technology Hardware, Storage & Peripherals: 1.56%
Apple Incorporated		2.95			9-11-2049		200,000		211,060
Apple Incorporated		3.60			7-31-2042		100,000		154,444
Dell International LLC / EMC Corporation 144A		5.45			6-15-2023		610,000		625,958
									991,462

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

Wells Fargo Global Investment Grade Credit Fund  |  9

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Materials: 0.31%
Chemicals: 0.31%
Westlake Chemical Corporation		1.63	%		7-17-2029	$	200,000	$	195,882
Real Estate: 0.92%
Equity REITs: 0.25%
Sabra Health Care LP / Sabra Capital Corporation		4.80			6-1-2024		160,000		162,400
Real Estate Management & Development: 0.67%
Simon Property Group LP		3.25			9-13-2049		530,000		426,957
Utilities: 1.50%
Electric Utilities: 1.50%
Nevada Power Company		2.40			5-1-2030		195,000		186,180
New York State Electric & Gas Corporation 144A		3.25			12-1-2026		265,000		278,210
Pacificorp		3.50			6-15-2029		480,000		488,721
									953,111
Total Corporate Bonds and Notes (Cost $34,719,632)									34,490,553
Foreign Corporate Bonds and Notes: 28.15%
Communication Services: 1.88%
Diversified Telecommunication Services: 1.30%
British Telecommunication plc		3.63			11-21-2047	GBP	200,000		243,065
Deutsche Telekom International Finance BV		2.25			4-13-2029	GBP	200,000		247,147
Orange SA (EURIBOR ICE Swap Rate 11:00am +2.18%) ±(s)		1.75			12-19-2026	EUR	200,000		192,359
Telefonica Emisiones SAU		5.38			2-2-2026	GBP	100,000		142,604
									825,175
Wireless Telecommunication Services: 0.58%
Rogers Communications Incorporated		5.34			3-22-2021	CAD	200,000		145,263
Tele2 AB		1.13			5-15-2024	EUR	100,000		111,557
Tele2 AB		2.13			5-15-2028	EUR	100,000		115,761
									372,581
Consumer Staples: 0.67%
Beverages: 0.34%
Coca-Cola European Partners plc		1.50			11-8-2027	EUR	200,000		220,208
Food & Staples Retailing: 0.16%
Tesco Corporate Treasury Services plc		0.88			5-29-2026	EUR	100,000		102,294
Food Products: 0.17%
Danone SA		0.57			3-17-2027	EUR	100,000		107,748
Energy: 0.34%
Oil, Gas & Consumable Fuels: 0.34%
Total SA (5 Year EUR Swap +2.75%) ±		2.71			12-29-2049	EUR	200,000		217,276
Financials: 16.44%
Banks: 9.34%
Argenta Spaarbank NV (5 Year EUR Swap +3.95%) ±		3.88			5-24-2026	EUR	200,000		221,350
Australia and New Zealand Banking Group (5 Year EUR Swap +1.40%) ±		1.13			11-21-2029	EUR	100,000		98,090

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

10  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Banks (continued)
Banco BPM SpA		1.75	%		1-28-2025	EUR	100,000	$	98,400
Banco BPM SpA		2.50			6-21-2024	EUR	200,000		205,806
Banco de Sabadell SA		1.13			3-27-2025	EUR	100,000		97,697
Bankia SA		1.13			11-12-2026	EUR	100,000		97,963
Bankinter SA		0.63			10-6-2027	EUR	300,000		288,994
Banque Federative du Credit Mutuel		3.00			5-21-2024	EUR	100,000		110,957
Barclays plc (GBP Swap Semi Annual (vs. 6 Month LIBOR) 1 Year +1.32%) ±		2.38			10-6-2023	GBP	100,000		120,415
Bawag Group AG (5 Year EUR Swap +2.30%) ±		2.38			3-26-2029	EUR	100,000		99,500
BNP Paribas		1.25			3-19-2025	EUR	200,000		213,570
Caixabank SA		0.63			10-1-2024	EUR	100,000		100,773
Credit Agricole London		1.38			3-13-2025	EUR	200,000		214,235
Credit Suisse (5 Year EUR Swap +4.00%) ±		5.75			9-18-2025	EUR	200,000		216,462
DBS Group Holdings Limited (5 Year EUR Swap +1.20%) ±		1.50			4-11-2028	EUR	100,000		106,229
FCA Bank SpA		1.63			9-29-2021	GBP	100,000		121,764
Hamburg Commercial Bank		0.50			5-23-2022	EUR	100,000		106,982
Jyske Bank AS (5 Year EUR Swap +1.90%) ±		2.25			4-5-2029	EUR	200,000		215,715
Kutxabank SA		0.50			9-25-2024	EUR	100,000		102,865
Landesbank Baden-Wurttemberg (5 Year EUR Swap +1.77%) ±		2.88			5-27-2026	EUR	100,000		108,410
Landsbankinn HF		1.38			3-14-2022	EUR	100,000		109,220
Lloyds Banking Group plc (1 Year EUR Swap +0.85%) ±		0.50			11-12-2025	EUR	100,000		99,858
Lloyds Banking Group plc		2.25			10-16-2024	GBP	100,000		119,849
Mizuho Financial Group		0.80			4-15-2030	EUR	600,000		563,696
NIBC Bank NV		2.00			4-9-2024	EUR	200,000		216,692
Omnicom Finance Holdings plc		1.40			7-8-2031	EUR	100,000		100,065
Royal Bank of Canada		1.97			3-2-2022	CAD	200,000		141,747
Royal Bank of Canada		2.00			3-21-2022	CAD	400,000		283,650
Royal Bank of Scotland Group plc (GBP Swap Semi Annual (vs. 6 Month LIBOR) 1 Year +1.49%) ±		2.88			9-19-2026	GBP	200,000		241,233
Tesco Personal Finance Group plc		3.50			7-25-2025	GBP	100,000		120,637
Toronto Dominion Bank		3.23			7-24-2024	CAD	1,000,000		745,172
Unicaja Banco SA (5 Year EUR Swap +3.11%) ±		2.88			11-13-2029	EUR	100,000		91,312
Unicredit SpA (5 Year EUR Swap +2.80%) ±		2.73			1-15-2032	EUR	200,000		175,444
									5,954,752
Capital Markets: 0.65%
Deutsche Bank AG		0.38			1-18-2021	EUR	200,000		214,708
UBS Group AG (1 Year EUR Swap +0.55%) ±		0.25			1-29-2026	EUR	200,000		200,644
									415,352
Consumer Finance: 1.23%
CPUK Finance Limited		7.24			2-28-2024	GBP	100,000		138,597
LeasePlan Corporation NV		1.38			3-7-2024	EUR	100,000		107,292
PSA Banque France		0.63			6-21-2024	EUR	200,000		206,221
Transurban Finance Company		1.75			3-29-2028	EUR	300,000		328,924
									781,034
Diversified Financial Services: 1.49%
Bevco Lux Sarl		1.75			2-9-2023	EUR	200,000		216,335
FCE Bank plc		1.88			6-24-2021	EUR	300,000		304,400
Nykredit Realkredit AS		0.88			1-17-2024	EUR	200,000		209,921
SELP Finance Sarl		1.50			11-20-2025	EUR	200,000		217,132
									947,788

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

Wells Fargo Global Investment Grade Credit Fund  |  11

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Insurance: 3.03%
Aviva plc (5 Year EUR Swap +5.13%) ±		6.13	%		7-5-2043	EUR	100,000	$	120,049
Aviva plc (ICE LIBOR GBP 6 Month +4.14%) ±		6.63			6-3-2041	GBP	200,000		258,672
Legal & General Group plc (U.S. Treasury 3 Month Bill +9.33%) ±		10.00			7-23-2041	GBP	200,000		270,340
Liberty Mutual Finance Europe Designated Activity Company		1.75			3-27-2024	EUR	100,000		109,252
Mandatum Life Insurance Company Limited (3 Month EURIBOR +2.30%) ±		1.88			10-4-2049	EUR	200,000		194,121
Munich Re Group (ICE LIBOR GBP 3 Month +4.95%) ±		6.63			5-26-2042	GBP	100,000		133,762
Sampo Oyj		1.63			2-21-2028	EUR	200,000		218,228
Sampo Oyj (3 Month EURIBOR +4.05%) ±		3.38			5-23-2049	EUR	200,000		218,498
Swiss Re Finance (Luxembourg) SA (EURIBOR ICE Swap Rate 11:00am +2.85%) ±		2.53			4-30-2050	EUR	200,000		204,814
UMG Groupe VYV		1.63			7-2-2029	EUR	200,000		204,707
									1,932,443
Mortgage REITs: 0.36%
Digital Euro Finco LLC		2.63			4-15-2024	EUR	200,000		227,927
Thrifts & Mortgage Finance: 0.34%
Aareal Bank AG (5 Year EUR Swap +2.90%) ±		4.25			3-18-2026	EUR	200,000		214,741
Health Care: 0.91%
Health Care Equipment & Supplies: 0.28%
Motability Operations Group plc		2.38			7-3-2039	GBP	150,000		179,892
Pharmaceuticals: 0.63%
Bayer AG (EURIBOR ICE Swap Rate 11:00am +2.65%) ±		2.38			11-12-2079	EUR	100,000		97,191
Bayer AG (5 Year EUR Swap +3.11%) ±		3.13			11-12-2079	EUR	100,000		101,301
Merck KGaA (EURIBOR ICE Swap Rate 11:00am +1.95%) ±		1.63			6-25-2079	EUR	200,000		199,393
									397,885
Industrials: 0.88%
Containers & Packaging: 0.17%
Brambles Finance plc		1.50			10-4-2027	EUR	100,000		110,932
Industrial Conglomerates: 0.71%
CK Hutchison Group Company		1.50			10-17-2031	EUR	200,000		199,872
DH Europe Finance SA		0.20			3-18-2026	EUR	150,000		152,826
DH Europe Finance SA		0.45			3-18-2028	EUR	100,000		98,618
									451,316
Information Technology: 0.51%
IT Services: 0.51%
Edenred		1.88			3-6-2026	EUR	100,000		113,504
Worldline SA		0.25			9-18-2024	EUR	200,000		209,286
									322,790
Materials: 2.17%
Chemicals: 1.83%
Arkema SA (5 Year EUR Swap +1.57%) ±(s)		1.50			10-21-2025	EUR	500,000		456,718
Arkema SA (5 Year EUR Swap +2.87%) ±(s)		2.75			6-17-2024	EUR	200,000		198,471
Sika Capital BV		0.88			4-29-2027	EUR	200,000		203,371
Sika Capital BV		1.50			4-29-2031	EUR	200,000		199,356

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

12  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Solvay SA (5 Year EUR Swap +3.92%) ±(s)		4.25	%		12-4-2023	EUR	100,000	$	109,266
									1,167,182
Paper & Forest Products: 0.34%
Mondi Finance plc		1.63			4-27-2026	EUR	200,000		213,456
Real Estate: 1.61%
Equity REITs: 0.68%
Inmobiliaria Colonial SA		1.45			10-28-2024	EUR	400,000		435,254
Real Estate Management & Development: 0.93%
Akelius Residential Property AB (5 Year EUR Swap +2.48%) ±		2.25			5-17-2081	EUR	200,000		181,351
Akelius Residential Property AB		3.88			10-5-2078	EUR	200,000		199,217
Heimstaden Bostad AB		1.13			1-21-2026	EUR	200,000		211,485
									592,053
Utilities: 2.74%
Electric Utilities: 2.57%
Electricite de France SA (12 Year EUR Swap +3.79%) ±		5.38			1-29-2049	EUR	200,000		225,350
Electricite de France SA		5.50			10-17-2041	GBP	200,000		335,076
Enel Finance International NV		0.38			6-17-2027	EUR	100,000		102,492
Energias De Portugal SA (5 Year EUR Swap +1.84%) ±		1.70			7-20-2080	EUR	100,000		97,894
ESB Finance Designated Activity Company		1.13			6-11-2030	EUR	200,000		215,192
Fortum Oyj		0.88			2-27-2023	EUR	300,000		326,281
Orsted A/S (EURIBOR ICE Swap Rate 11:00am +1.95%) ±(s)		1.75			9-9-2027	EUR	100,000		97,715
Reseau de Transport d’Electricite		1.88			10-23-2037	EUR	200,000		234,834
									1,634,834
Water Utilities: 0.17%
FCC Aqualia SA		1.41			6-8-2022	EUR	100,000		110,114
Total Foreign Corporate Bonds and Notes (Cost $19,542,192)									17,935,027
Municipal Obligations: 0.38%
New Jersey: 0.38%
Transportation Revenue: 0.38%
New Jersey State Transportation Trust Fund Authority Transportation System Refunding Bond Series B		4.13			6-15-2042	$	250,000		242,060
Total Municipal Obligations (Cost $250,000)									242,060
Yankee Corporate Bonds and Notes: 13.43%
Communication Services: 2.73%
Diversified Telecommunication Services: 0.73%
Telefonica Emisiones SAU		4.10			3-8-2027		450,000		466,704
Interactive Media & Services: 1.14%
Tencent Holdings Limited 144A		3.60			1-19-2028		685,000		725,051
Wireless Telecommunication Services: 0.86%
Vodafone Group plc		4.38			5-30-2028		525,000		551,968

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

Wells Fargo Global Investment Grade Credit Fund  |  13

Portfolio of investments—March 31, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Staples: 1.01%
Household Products: 0.86%
Reckitt Benckiser Treasury Services plc 144A		2.75	%		6-26-2024	$	555,000	$	549,993
Tobacco: 0.15%
Imperial Brands Finance plc 144A		3.50			7-26-2026		100,000		92,317
Energy: 0.12%
Oil, Gas & Consumable Fuels: 0.12%
Saudi Arabian Oil Company 144A		4.38			4-16-2049		75,000		74,521
Financials: 8.80%
Banks: 5.71%
Banco Santander SA (3 Month LIBOR +1.56%) ±		3.41			4-11-2022		600,000		574,500
Credit Suisse New York		3.63			9-9-2024		580,000		612,652
HSBC Holdings plc		4.30			3-8-2026		430,000		459,028
ING Groep NV (3 Month LIBOR +1.15%) ±		2.52			3-29-2022		290,000		279,625
Royal Bank of Scotland Group plc		3.88			9-12-2023		490,000		494,967
Sumitomo Mitsui Financial Group		2.06			7-14-2021		375,000		371,903
Sumitomo Mitsui Financial Group		3.10			1-17-2023		445,000		445,542
Westpac Banking Corporation		3.65			5-15-2023		385,000		401,461
									3,639,678
Capital Markets: 0.43%
Macquarie Group Limited (3 Month LIBOR +1.02%) ±144A		3.19			11-28-2023		265,000		271,539
Diversified Financial Services: 2.31%
GE Capital International Funding Company		4.42			11-15-2035		280,000		302,504
Invesco Finance plc		3.13			11-30-2022		505,000		504,350
Siemens Financieringsmaatschappij NV 144A		2.35			10-15-2026		380,000		382,951
WPP Finance Limited 2010		3.75			9-19-2024		280,000		284,618
									1,474,423
Insurance: 0.35%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		216,000		220,565
Information Technology: 0.77%
Semiconductors & Semiconductor Equipment: 0.77%
NXP BV 144A		3.88			6-18-2026		505,000		491,170
Total Yankee Corporate Bonds and Notes (Cost $8,480,637)									8,557,929
	Yield					Shares
Short-Term Investments: 0.72%
Investment Companies: 0.72%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.35					462,060		462,060
Total Short-Term Investments (Cost $462,060)									462,060

Total investments in securities (Cost $64,923,224)	99.01	%		63,090,731
Other assets and liabilities, net	0.99			631,166
Total net assets	100.00	%	$	63,721,897

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

14  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2020 (unaudited)

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

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

(s) Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.

(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.

Abbreviation:

CAD Canadian dollar

EUR Euro

EURIBOR Euro Interbank Offered Rate

GBP Great British pound

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
2,830,908 USD	2,380,000 GBP	State Street Bank	5-28-2020	$	0	$	(128,464	)
210,000 USD	175,729 GBP	State Street Bank	5-28-2020		0		(8,508	)
14,828,798 USD	13,700,000 EUR	State Street Bank	5-28-2020		0		(313,612	)
1,266,840 USD	1,800,000 CAD	State Street Bank	5-28-2020		0		(12,901	)
				$	0	$	(463,485	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,834,198		8,596,715		(9,968,853	)		462,060	$	0	$	0	$	5,642	$	462,060		0.72	%

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

Wells Fargo Global Investment Grade Credit Fund  |  15

Statement of assets and liabilities—March 31, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $64,461,164)	$	62,628,671
Investments in affiliated securities, at value (cost $462,060)		462,060
Foreign currency, at value (cost $39,744)		40,964
Receivable for investments sold		522,706
Receivable for interest		610,369
Receivable from manager		323
Prepaid expenses and other assets		5,845
Total assets		64,270,938
Liabilities
Unrealized losses on forward foreign currency contracts		463,485
Administration fees payable		1,682
Professional fees payable		28,430
Trustees’ fees and expenses payable		3,770
Accrued expenses and other liabilities		51,674
Total liabilities		549,041
Total net assets	$	63,721,897
Net assets consist of
Paid-in capital	$	64,376,035
Total distributable loss		(654,138	)
Total net assets	$	63,721,897
Computation of net asset value per share
Net assets – Class R6	$	63,696,932
Shares outstanding – Class R61		6,377,961
Net asset value per share – Class R6		$9.99
Net assets – Institutional Class	$	24,965
Shares outstanding – Institutional Class1		2,500
Net asset value per share – Institutional Class		$9.99

¹ The Fund has an unlimited number of authorized shares.

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

16  |  Wells Fargo Global Investment Grade Credit Fund

Statement of operations—six months ended March 31, 2020 (unaudited)

Investment income
Interest	$	1,037,899
Income from affiliated securities		5,642
Total investment income		1,043,541
Expenses
Management fee		146,457
Administration fees
Class R6		10,980
Institutional Class		11
Custody and accounting fees		18,049
Professional fees		43,228
Registration fees		31,686
Shareholder report expenses		22,317
Trustees’ fees and expenses		11,028
Other fees and expenses		14,541
Total expenses		298,297
Less: Fee waivers and/or expense reimbursements
Fund-level		(133,526	)
Institutional Class		(1	)
Net expenses		164,770
Net investment income		878,771
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		553,357
Forward foreign currency contracts		815,886
Net realized gains on investments		1,369,243
Net change in unrealized gains (losses) on
Unaffiliated securities		(4,234,383	)
Forward foreign currency contracts		(875,050	)
Net change in unrealized gains (losses) on investments		(5,109,433	)
Net realized and unrealized gains (losses) on investments		(3,740,190	)
Net decrease in net assets resulting from operations	$	(2,861,419	)

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

Wells Fargo Global Investment Grade Credit Fund  |  17

Statement of changes in net assets

	Six months ended March 31, 2020 (unaudited)						Year ended September 30, 20191
Operations
Net investment income				$	878,771					$	891,407
Net realized gains on investments					1,369,243						1,479,319
Net change in unrealized gains (losses) on investments					(5,109,433	)					2,812,716
Net increase (decrease) in net assets resulting from operations					(2,861,419	)					5,183,442
Distributions to shareholders from net investment income and net realized gains
Class R6					(2,247,330	)					(727,723	)
Institutional Class					(829	)					(279	)
Total distributions to shareholders					(2,248,159	)					(728,002	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class R6		176,643			1,813,591			9,630,811			99,080,247
Institutional Class		0			0			2,500			25,000
					1,813,591						99,105,247
Reinvestment of distributions
Class R6		141,763			1,492,541			20,783			222,474
Payment for shares redeemed
Class R6		(2,946,367	)		(31,336,923	)		(645,672	)		(6,920,895	)
Net increase (decrease) in net assets resulting from capital share transactions					(28,030,791	)					92,406,826
Total increase (decrease) in net assets					(33,140,369	)					96,862,266
Net assets
Beginning of period					96,862,266						0
End of period				$	63,721,897					$	96,862,266

¹  For the period from February 28, 2019 (commencement of operations) to September 30, 2019

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

18  |  Wells Fargo Global Investment Grade Credit Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2020 (unaudited)			Year ended September 30, 20191
CLASS R6
Net asset value, beginning of period		$10.75			$10.00
Net investment income		0.18			0.13
Net realized and unrealized gains (losses) on investments		(0.61	)		0.73
Total from investment operations		(0.43	)		0.86
Distributions to shareholders from
Net investment income		(0.20	)		(0.11	)
Net realized gains		(0.13	)		0.00
Total distributions to shareholders		(0.33	)		(0.11	)
Net asset value, end of period		$9.99			$10.75
Total return2		(4.08	)%		8.64	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.86	%
Net expenses		0.45	%		0.45	%
Net investment income		2.40	%		2.34	%
Supplemental data
Portfolio turnover rate		23	%		36	%
Net assets, end of period (000s omitted)		$63,697			$96,835

¹  For the period from February 28, 2019 (commencement of class operations) to September 30, 2019

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

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

Wells Fargo Global Investment Grade Credit Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31,  2020 (unaudited)			Year ended September 30, 20191
INSTITUTIONAL CLASS
Net asset value, beginning of period		$10.75			$10.00
Net investment income		0.12			0.14
Net realized and unrealized gains (losses) on investments		(0.55	)		0.72
Total from investment operations		(0.43	)		0.86
Distributions to shareholders from
Net investment income		(0.20	)		(0.11	)
Net realized gains		(0.13	)		0.00
Total distributions to shareholders		(0.33	)		(0.11	)
Net asset value, end of period		$9.99			$10.75
Total return2		(4.11	)%		8.64	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.97	%
Net expenses		0.50	%		0.50	%
Net investment income		2.35	%		2.34	%
Supplemental data
Portfolio turnover rate		23	%		36	%
Net assets, end of period (000s omitted)		$25			$27

¹  For the period from February 28, 2019 (commencement of class operations) to September 30, 2019

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

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

20  |  Wells Fargo Global Investment Grade Credit Fund

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Forward foreign currency contracts are recorded at the forward rate 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”).

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.

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

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

Foreign currency translation

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

Forward foreign currency contracts

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

Wells Fargo Global Investment Grade Credit Fund  |  21

Notes to financial statements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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 fiscal year since commencement of operations will be subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of March 31, 2020, the aggregate cost of all investments for federal income tax purposes was $64,466,173 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,646,255
Gross unrealized losses		(3,485,182	)
Net unrealized losses	$	(1,838,927	)

Class allocations

The separate classes of shares offered by the Fund differ principally in administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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:

22  |  Wells Fargo Global Investment Grade Credit Fund

Notes to financial statements

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Asset-backed securities	$	0	$	1,403,102	$	0	$	1,403,102
Corporate bonds and notes		0		34,490,553		0		34,490,553
Foreign corporate bonds and notes		0		17,935,027		0		17,935,027
Municipal obligations		0		242,060		0		242,060
Yankee corporate bonds and notes		0		8,557,929		0		8,557,929
Short-term investments
Investment companies		462,060		0		0		462,060
Total assets	$	462,060	$	62,628,671	$	0	$	63,090,731
Liabilities
Forward foreign currency contracts	$	0	$	463,485	$	0	$	463,485
Total liabilities	$	0	$	463,485	$	0	$	463,485

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

For the six months ended March 31, 2020, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.290
Over $10 billion	0.280

For the six months ended March 31, 2020, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated and Wells Fargo Asset

Wells Fargo Global Investment Grade Credit Fund  |  23

Notes to financial statements

Management (International) Limited, each an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, serve as subadvisers to the Fund and are each entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class R6	0.03%
Institutional Class	0.08

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 January 31, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.45% for Class R6 shares and 0.50% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$4,848,441	$12,188,704	$5,075,956	$39,013,476

6. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2020, the Fund entered into forward foreign currency contracts for hedging purposes. The Fund had average contract amounts of $502,512 and $25,080,758 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended March 31, 2020.

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

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities

24  |  Wells Fargo Global Investment Grade Credit Fund

Notes to financial statements

in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

Counterparty	Gross amounts of liabilities in the Statement of Assets  and Liabilities	Amounts subject to netting agreements	Collateral pledged		Net amount of liabilities
State Street Bank	$463,485	$0	$	0	$	463,485

7. BANK BORROWINGS

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

For the six months ended March 31, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium 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 Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused by COVID-19.

Wells Fargo Global Investment Grade Credit Fund  |  25

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 as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

26  |  Wells Fargo Global Investment Grade Credit 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 147 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 Global Investment Grade Credit Fund  |  27

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.

28  |  Wells Fargo Global Investment Grade Credit 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 Rhee (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 Kennedy (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 82 funds and Assistant Treasurer of 65 funds in the Fund Complex.

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

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

Wells Fargo Global Investment Grade Credit Fund  |  29

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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.

PAR-0420-06226 05-20

SA294/SAR294 03-20

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) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Andrew Owen
Andrew Owen
President
Date: May 28, 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: May 28, 2020
By:	/s/ Nancy Wiser
Nancy Wiser
Treasurer
Date: May 28, 2020
By:	/s/ Jeremy DePalma
Jeremy DePalma
Treasurer
Date: May 28, 2020

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Diversified Capital Builder Fund, Wells Fargo Diversified Income Builder Fund, Wells Fargo Index Asset Allocation Fund, Wells Fargo International Bond Fund, Wells Fargo Strategic Income Fund, Wells Fargo Global Investment Grade Credit Fund, Wells Fargo C&B Mid Cap Value Fund, Wells Fargo Common Stock Fund, Wells Fargo Discovery Fund, Wells Fargo Enterprise Fund, Wells Fargo Opportunity Fund, and Wells Fargo Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent 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: May 28, 2020

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo International Bond Fund, Wells Fargo Strategic Income Fund, Wells Fargo C&B Mid Cap Value Fund, Wells Fargo Common Stock Fund, Wells Fargo Discovery Fund, Wells Fargo Enterprise Fund, Wells Fargo Opportunity Fund, and Wells Fargo Special Mid Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent 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: May 28, 2020

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Diversified Capital Builder Fund, Wells Fargo Diversified Income Builder Fund, Wells Fargo Index Asset Allocation Fund and Wells Fargo Global Investment Grade Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent 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: May 28, 2020

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

EX-99.906CERT

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 March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 28, 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.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSRS for the six months ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 28, 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.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: May 28, 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.