N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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 Income Plus 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: September 30, 2020

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

September 30, 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	8
Fund expenses	12
Portfolio of investments	13
Financial statements
Statement of assets and liabilities	32
Statement of operations	33
Statement of changes in net assets	34
Financial highlights	35
Notes to financial statements	39
Report of independent registered public accounting firm	46
Other information	47
Appendix I	55
Appendix II	56

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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Index Asset Allocation Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Index Asset Allocation Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Index Asset Allocation Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Index Asset Allocation Fund  |  5

Letter to shareholders (unaudited)

Notice to Shareholders

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021, which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

6  |  Wells Fargo Index Asset Allocation Fund

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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 September 30, 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		6.59		8.30		10.14		13.08		9.58		10.80		1.11		1.08
Class C (WFALX)	4-1-1998		11.22		8.76		9.96		12.22		8.76		9.96		1.86		1.83
Administrator Class (WFAIX)	11-8-1999		–		–		–		13.26		9.78		11.04		1.03		0.90
Institutional Class (WFATX)3	10-31-2016		–		–		–		13.44		9.91		11.10		0.78		0.75
Index Asset Allocation Blended Index4	–		–		–		–		13.17		10.25		10.92		–		–
Bloomberg Barclays U.S. Treasury Index5	–		–		–		–		8.04		3.75		3.15		–		–
S&P 500 Index6	–		–		–		–		15.15		14.15		13.74		–		–

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 9.

8  |  Wells Fargo Index Asset Allocation Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 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 1.08% 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 chart compares the performance of Class A shares for the most recent ten years with the Index Asset Allocation Blended Index, Bloomberg Barclays U.S. Treasury Index, and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁸  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. You cannot invest directly in an index.

⁹  The Bloomberg Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

¹⁰  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹¹  The effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified.

Wells Fargo Index Asset Allocation Fund  |  9

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund (Class A, excluding sales charges) underperformed its benchmark, the Index Asset Allocation Blended Index, for the 12-month period that ended September 30, 2020.

∎ Tactical defensive positions detracted from relative performance late in 2019.

∎ The Fund’s tactical asset allocation overlay, which is implemented with liquid futures contracts, contributed to performance during the period.

∎ The Fund’s stock allocation performed in line with its respective benchmark, the S&P 500 Index, while the Fund’s bond allocation outperformed its respective benchmark, the Bloomberg Barclays U.S. Treasury Index.

Equity markets posted more-than-decent gains during the 12-month period, despite the sharp sell-off in the first quarter. After a relatively quiet start to the year, mounting fears of the rapid spread of the coronavirus and the economic impact of shutdowns in the U.S. and across the globe sent markets reeling in February and March. In fact, markets experienced their fastest bear market in history. The subsequent recovery, which picked up steam in the second quarter, was just as remarkable. After a miserable first quarter, equity markets posted their strongest second-quarter gains in more than 20 years. During the 12-month period as a whole, U.S. equity markets—as measured by the S&P 500 Index—rose by 15.15%. International equity returns, meanwhile, were more muted. The MSCI ACWI ex USA Index (Net)⁸—a measure of international developed and emerging market stocks—gained 3.00% during the same period.

Longer-duration U.S. government bond prices rose sharply amid a precipitous decline in yields. For the 12-month period, the yield on 30-year U.S. Treasury bonds fell by 0.65%, from 2.11% to 1.46%, while yields on 10-year U.S. Treasury notes fell by 0.98%, from 1.67% to 0.69%. The Bloomberg Barclays U.S. Treasury Index, a broad measure of U.S. Treasury notes and bonds, gained 8.04% during the 12-month period, while the Bloomberg Barclays U.S. Treasury 20+ Year Index⁹ returned 16.62%.

Ten largest holdings (%) as of September 30, 202010
Apple Incorporated	4.01
Microsoft Corporation	3.42
Amazon.com Incorporated	2.88
Facebook Incorporated Class A	1.37
Alphabet Incorporated Class A	0.95
Alphabet Incorporated Class C	0.93
Berkshire Hathaway Incorporated Class B	0.91
Johnson & Johnson	0.85
The Procter & Gamble Company	0.75
Visa Incorporated Class A	0.72

Tactical asset allocation shifts contributed to performance during the 12-month period.

The Fund’s stock holdings seek to replicate the holdings of the S&P 500 Index, while its bond holdings seek to replicate the holdings of the Bloomberg Barclays U.S. Treasury Index. The Fund’s neutral target allocation is 60% stocks and 40% bonds. As of fiscal year-end, the Fund had an effective target allocation of 60% stocks, 34% bonds, and 6% effective cash.

During the period, the portfolio management team implemented tactical shifts between stocks and bonds in order to adjust the Fund’s effective allocations based on the relative attractiveness of the two asset classes. The Fund’s positioning can be divided into two periods: the final three months of 2019 and the first nine months of 2020.

Allocation (%) as of September 30, 2020
	Neutral Allocation		Effective Allocation11
Bonds		40		34
Stocks		60		60
Effective Cash		0		6

During the fourth quarter of 2019, the team maintained a defensively tilted posture, which was initiated in the summer of 2019. Specifically, the team started the quarter with a short position in S&P 500 futures and a long position in 10-year U.S. Treasury futures. The team closed out the short S&P 500 futures position in October 2019 and also trimmed the long 10-year U.S. Treasury position toward the end of November.

The tactical positions detracted from performance in the last three months of 2019 amid a rise in risk markets.

In January 2020, as bond prices rose, the team decided to lock in some gains by closing out its long exposure to 10-year U.S. Treasury futures. After a brief period in which the team maintained a neutral allocation between stocks and bonds, we found an opportunity to add risk to the portfolio amid the height of the COVID-19-induced sell-off. Specifically, in mid-March, the team

Please see footnotes on page 9.

10  |  Wells Fargo Index Asset Allocation Fund

Performance highlights (unaudited)

initiated a long position in S&P 500 futures, which was held until July when the team sold the position at a handsome profit. The team reestablished a long position in August along with a short position in the Ultra U.S. Treasury futures (the longest-dated U.S. Treasury futures traded on the Chicago Mercantile Exchange). The team closed the long S&P 500 futures position toward the end of September.

The Fund’s effective allocation is determined by a combination of inputs from multiple quantitative and qualitative factors. As of the close of the period, relative to its benchmark, the Fund maintained a neutral weight to stocks and an underweight to bonds. All of the changes to the effective asset allocation were implemented with liquid futures contracts.

On the whole, the tactical positions implemented during the 12-month period contributed approximately 0.70% to the performance of the overall Fund.

Looking ahead, the team is cautiously optimistic.

Our macroeconomic outlook is best defined as cautious optimism. There is a massive amount of uncertainty surrounding the virus, as well as the upcoming U.S. elections, that this view is subject to change quickly. On the positive side of the ledger, coordinated global policy action has released trillions of dollars into the market, which is one reason we believe it is unlikely that we will hit the March 2020 market lows again. From an investor psychology aspect, we suspect that even if a significant second wave of the coronavirus strikes, the economy now has a path to follow forward and that markets should not behave as negatively as they did in March. However, the “easy money” off the low may have been realized; upside from here should be limited. We have moved from a market-wide beta-driven market recovery to more of a sector- and issuer-driven market. Market participants went from fear of recession to the reality of recession faster than at any other time in history. We find it reasonable to conclude that the recovery should be in proportion to the decline.

We will continue to monitor the situation very carefully and stand ready to adjust exposures as needed.

Wells Fargo Index Asset Allocation Fund  |  11

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,183.83	$	5.90		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.46		1.08	%
Class C
Actual	$	1,000.00	$	1,179.32	$	10.00		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Administrator Class
Actual	$	1,000.00	$	1,184.90	$	4.93		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,185.66	$	4.11		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		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).

12  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.00%
FNMA Series 2002-T1 Class A4		9.50	%		11-25-2031	$	29,884	$	36,944
Total Agency Securities (Cost $29,884)									36,944
						Shares
Common Stocks: 60.05%
Communication Services: 6.50%
Diversified Telecommunication Services: 0.99%
AT&T Incorporated							226,935		6,469,917
CenturyLink Incorporated							31,346		316,281
Verizon Communications Incorporated							131,489		7,822,281
									14,608,479
Entertainment: 1.24%
Activision Blizzard Incorporated							24,458		1,979,875
Electronic Arts Incorporated †							9,157		1,194,164
Live Nation Entertainment Incorporated †							4,502		242,568
Netflix Incorporated †							14,068		7,034,422
Take-Two Interactive Software Incorporated †							3,611		596,609
The Walt Disney Company							57,705		7,160,036
									18,207,674
Interactive Media & Services: 3.32%
Alphabet Incorporated Class A †							9,569		14,024,326
Alphabet Incorporated Class C †							9,346		13,734,882
Facebook Incorporated Class A †							76,885		20,136,182
Twitter Incorporated †							25,089		1,116,461
									49,011,851
Media: 0.81%
Charter Communications Incorporated Class A †							4,738		2,958,123
Comcast Corporation Class A							144,213		6,671,293
Discovery Communications Incorporated Class C †							9,804		192,158
Discovery Incorporated Class A †							5,087		110,744
DISH Network Corporation Class A †							7,846		227,769
Fox Corporation Class A							11,000		306,130
Fox Corporation Class B							5,006		140,018
Interpublic Group of Companies Incorporated							12,356		205,975
News Corporation Class A							12,330		172,867
News Corporation Class B							3,850		53,823
Omnicom Group Incorporated							6,817		337,442
ViacomCBS Incorporated Class B							17,824		499,250
									11,875,592
Wireless Telecommunication Services: 0.14%
T-Mobile US Incorporated †							18,441		2,108,913
Consumer Discretionary: 6.93%
Auto Components: 0.07%
Aptiv plc							8,622		790,465
BorgWarner Incorporated							6,563		254,251
									1,044,716

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

Wells Fargo Index Asset Allocation Fund  |  13

Portfolio of investments—September 30, 2020

	Shares		Value
Automobiles: 0.14%
Ford Motor Company		124,089	$	826,433
General Motors Company		39,904		1,180,759
				2,007,192
Distributors: 0.05%
Genuine Parts Company		4,574		435,308
LKQ Corporation †		8,832		244,911
				680,219
Hotels, Restaurants & Leisure: 0.99%
Carnival Corporation		16,476		250,106
Chipotle Mexican Grill Incorporated †		891		1,108,146
Darden Restaurants Incorporated		4,162		419,280
Domino’s Pizza Incorporated		1,247		530,324
Hilton Worldwide Holdings Incorporated		8,749		746,465
Las Vegas Sands Corporation		10,428		486,570
Marriott International Incorporated Class A		8,417		779,246
McDonald’s Corporation		23,598		5,179,525
MGM Resorts International		12,986		282,446
Norwegian Cruise Line Holdings Limited †«		8,782		150,260
Royal Caribbean Cruises Limited		5,650		365,725
Starbucks Corporation		37,057		3,183,937
Wynn Resorts Limited		3,071		220,529
Yum! Brands Incorporated		9,573		874,015
				14,576,574
Household Durables: 0.25%
D.R. Horton Incorporated		10,509		794,796
Garmin Limited		4,736		449,257
Leggett & Platt Incorporated		4,182		172,173
Lennar Corporation Class A		8,728		712,903
Mohawk Industries Incorporated †		1,895		184,933
Newell Rubbermaid Incorporated		12,006		206,023
NVR Incorporated †		111		453,226
Pulte Group Incorporated		8,500		393,465
Whirlpool Corporation		1,966		361,528
				3,728,304
Internet & Direct Marketing Retail: 3.16%
Amazon.com Incorporated †		13,479		42,441,732
Booking Holdings Incorporated †		1,297		2,218,752
eBay Incorporated		20,963		1,092,172
Etsy Incorporated †		3,792		461,221
Expedia Group Incorporated		4,311		395,276
				46,609,153
Leisure Products: 0.02%
Hasbro Incorporated		4,088		338,159
Multiline Retail: 0.33%
Dollar General Corporation		7,891		1,654,111
Dollar Tree Incorporated †		7,504		685,415
Target Corporation		15,900		2,502,978
				4,842,504

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

14  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Specialty Retail: 1.49%
Advance Auto Parts Incorporated		2,190	$	336,165
AutoZone Incorporated †		741		872,631
Best Buy Company Incorporated		7,309		813,419
CarMax Incorporated †		5,167		474,899
L Brands Incorporated		7,335		233,326
Lowe’s Companies Incorporated		23,949		3,972,181
O’Reilly Automotive Incorporated †		2,346		1,081,694
Ross Stores Incorporated		11,316		1,056,009
The Gap Incorporated		6,529		111,189
The Home Depot Incorporated		34,187		9,494,072
The TJX Companies Incorporated		38,036		2,116,703
Tiffany & Company		3,439		398,408
Tractor Supply Company		3,681		527,635
Ulta Beauty Incorporated †		1,801		403,388
				21,891,719
Textiles, Apparel & Luxury Goods: 0.43%
HanesBrands Incorporated		11,043		173,927
Nike Incorporated Class B		39,676		4,980,925
PVH Corporation		2,233		133,176
Ralph Lauren Corporation		1,512		102,771
Tapestry Incorporated		8,664		135,418
Under Armour Incorporated Class A †		6,006		67,447
Under Armour Incorporated Class C †		6,192		60,929
VF Corporation		10,153		713,248
				6,367,841
Consumer Staples: 4.22%
Beverages: 1.00%
Brown-Forman Corporation Class B		5,776		435,048
Constellation Brands Incorporated Class A		5,324		1,008,951
Molson Coors Brewing Company Class B		5,867		196,897
Monster Beverage Corporation †		11,695		937,939
PepsiCo Incorporated		43,807		6,071,650
The Coca-Cola Company		122,516		6,048,615
				14,699,100
Food & Staples Retailing: 0.94%
Costco Wholesale Corporation		14,075		4,996,625
Sysco Corporation		16,150		1,004,853
The Kroger Company		24,800		840,968
Walgreens Boots Alliance Incorporated		22,696		815,240
Walmart Incorporated		44,132		6,174,508
				13,832,194
Food Products: 0.66%
Archer Daniels Midland Company		17,638		819,991
Campbell Soup Company		6,443		311,648
ConAgra Foods Incorporated		15,542		555,005
General Mills Incorporated		19,422		1,197,949
Hormel Foods Corporation		8,894		434,828
Kellogg Company		8,065		520,918
Lamb Weston Holdings Incorporated		4,596		304,577
McCormick & Company Incorporated		3,966		769,801
Mondelez International Incorporated Class A		45,339		2,604,726

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

Wells Fargo Index Asset Allocation Fund  |  15

Portfolio of investments—September 30, 2020

	Shares		Value
Food Products (continued)
The Hershey Company		4,679	$	670,688
The J.M. Smucker Company		3,629		419,222
The Kraft Heinz Company		20,584		616,491
Tyson Foods Incorporated Class A		9,336		555,305
				9,781,149
Household Products: 1.10%
Church & Dwight Company Incorporated		7,846		735,249
Colgate-Palmolive Company		27,244		2,101,875
Kimberly-Clark Corporation		10,824		1,598,272
The Clorox Company		3,998		840,260
The Procter & Gamble Company		79,177		11,004,811
				16,280,467
Personal Products: 0.11%
The Estee Lauder Companies Incorporated Class A		7,171		1,565,071
Tobacco: 0.41%
Altria Group Incorporated		58,777		2,271,143
Philip Morris International Incorporated		49,270		3,694,757
				5,965,900
Energy: 1.24%
Energy Equipment & Services: 0.10%
Baker Hughes Incorporated		20,828		276,804
Halliburton Company		27,578		332,315
National Oilwell Varco Incorporated		12,335		111,755
Schlumberger Limited		43,826		681,933
TechnipFMC plc		13,451		84,876
				1,487,683
Oil, Gas & Consumable Fuels: 1.14%
Apache Corporation		11,864		112,352
Cabot Oil & Gas Corporation		12,779		221,843
Chevron Corporation		59,304		4,269,888
Concho Resources Incorporated		6,299		277,912
ConocoPhillips		33,883		1,112,718
Devon Energy Corporation		12,473		117,995
Diamondback Energy Incorporated		5,078		152,949
EOG Resources Incorporated		18,724		672,941
Exxon Mobil Corporation		134,208		4,607,361
Hess Corporation		8,762		358,629
HollyFrontier Corporation		4,707		92,775
Kinder Morgan Incorporated		61,894		763,153
Marathon Oil Corporation		25,312		103,526
Marathon Petroleum Corporation		20,579		603,788
Noble Energy Incorporated		15,402		131,687
Occidental Petroleum Corporation		26,582		266,086
ONEOK Incorporated		14,177		368,318
Phillips 66		13,822		716,532
Pioneer Natural Resources Company		5,262		452,479
The Williams Companies Incorporated		38,438		755,307
Valero Energy Corporation		12,869		557,485
				16,715,724

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

16  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Financials: 5.81%
Banks: 2.00%
Bank of America Corporation		242,428	$	5,840,091
Citigroup Incorporated		66,233		2,855,305
Citizens Financial Group Incorporated		13,549		342,519
Comerica Incorporated		4,432		169,524
Fifth Third Bancorp		22,644		482,770
First Republic Bank		5,457		595,140
Huntington Bancshares Incorporated		32,395		297,062
JPMorgan Chase & Company		97,067		9,344,640
KeyCorp		31,065		370,605
M&T Bank Corporation		4,080		375,727
People’s United Financial Incorporated		13,553		139,731
PNC Financial Services Group Incorporated		13,528		1,486,862
Regions Financial Corporation		30,536		352,080
SVB Financial Group †		1,647		396,301
Truist Financial Corporation		43,052		1,638,129
US Bancorp		43,661		1,565,247
Wells Fargo & Company (l)		130,650		3,071,582
Zions Bancorporation		5,205		152,090
				29,475,405
Capital Markets: 1.53%
Ameriprise Financial Incorporated		3,831		590,395
Bank of New York Mellon Corporation		25,904		889,543
BlackRock Incorporated		4,501		2,536,539
Cboe Global Markets Incorporated		3,455		303,142
CME Group Incorporated		11,352		1,899,303
E*TRADE Financial Corporation		6,995		350,100
Franklin Resources Incorporated		8,518		173,341
Intercontinental Exchange Incorporated		17,822		1,783,091
Invesco Limited		12,040		137,376
MarketAxess Holdings Incorporated		1,209		582,242
Moody’s Corporation		5,122		1,484,612
Morgan Stanley		37,918		1,833,335
MSCI Incorporated		2,655		947,251
Northern Trust Corporation		6,599		514,524
Raymond James Financial Incorporated		3,875		281,945
S&P Global Incorporated		7,650		2,758,590
State Street Corporation		11,211		665,149
T. Rowe Price Group Incorporated		7,206		923,953
The Charles Schwab Corporation		36,827		1,334,242
The Goldman Sachs Group Incorporated		10,941		2,198,813
The NASDAQ OMX Group Incorporated		3,645		447,278
				22,634,764
Consumer Finance: 0.28%
American Express Company		20,661		2,071,265
Capital One Financial Corporation		14,474		1,040,102
Discover Financial Services		9,691		559,946
Synchrony Financial		17,222		450,700
				4,122,013
Diversified Financial Services: 0.91%
Berkshire Hathaway Incorporated Class B †		62,813		13,375,400

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

Wells Fargo Index Asset Allocation Fund  |  17

Portfolio of investments—September 30, 2020

	Shares		Value
Insurance: 1.09%
AFLAC Incorporated		21,111	$	767,385
American International Group Incorporated		27,376		753,661
Aon plc Class A		7,398		1,526,207
Arthur J. Gallagher & Company		6,083		642,243
Assurant Incorporated		1,903		230,853
Chubb Limited		14,348		1,666,090
Cincinnati Financial Corporation		4,765		371,527
Everest Reinsurance Group Limited		1,269		250,678
Globe Life Incorporated		3,111		248,569
Lincoln National Corporation		5,757		180,367
Loews Corporation		7,577		263,301
Marsh & McLennan Companies Incorporated		16,096		1,846,211
MetLife Incorporated		24,508		910,962
Principal Financial Group Incorporated		8,160		328,603
Prudential Financial Incorporated		12,557		797,621
The Allstate Corporation		9,949		936,599
The Hartford Financial Services Group Incorporated		11,441		421,715
The Progressive Corporation		18,613		1,762,093
The Travelers Companies Incorporated		8,036		869,415
Unum Group		6,477		109,008
W.R. Berkley Corporation		4,471		273,402
Willis Towers Watson plc		4,106		857,415
				16,013,925
Health Care: 8.54%
Biotechnology: 1.29%
AbbVie Incorporated		56,191		4,921,770
Alexion Pharmaceuticals Incorporated †		6,961		796,547
Amgen Incorporated		18,686		4,749,234
Biogen Incorporated †		5,024		1,425,208
Gilead Sciences Incorporated		39,809		2,515,531
Incyte Corporation †		5,867		526,505
Regeneron Pharmaceuticals Incorporated †		3,317		1,856,790
Vertex Pharmaceuticals Incorporated †		8,304		2,259,684
				19,051,269
Health Care Equipment & Supplies: 2.37%
Abbott Laboratories		56,108		6,106,234
ABIOMED Incorporated †		1,428		395,642
Align Technology Incorporated †		2,259		739,506
Baxter International Incorporated		15,972		1,284,468
Becton Dickinson & Company		9,203		2,141,354
Boston Scientific Corporation †		45,403		1,734,849
Danaher Corporation		20,084		4,324,688
Dentsply Sirona Incorporated		6,899		301,693
DexCom Incorporated †		3,038		1,252,355
Edwards Lifesciences Corporation †		19,640		1,567,665
Hologic Incorporated †		8,223		546,583
IDEXX Laboratories Incorporated †		2,691		1,057,859
Intuitive Surgical Incorporated †		3,684		2,613,945
Medtronic plc		42,577		4,424,602
ResMed Incorporated		4,606		789,607
STERIS plc		2,702		476,065
Stryker Corporation		10,373		2,161,422

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

18  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Health Care Equipment & Supplies (continued)
Teleflex Incorporated		1,471	$	500,758
The Cooper Companies Incorporated		1,558		525,233
Varian Medical Systems Incorporated †		2,898		498,456
West Pharmaceutical Services Incorporated		2,339		642,991
Zimmer Biomet Holdings Incorporated		6,575		895,121
				34,981,096
Health Care Providers & Services: 1.58%
AmerisourceBergen Corporation		4,658		451,453
Anthem Incorporated		8,007		2,150,600
Cardinal Health Incorporated		9,267		435,086
Centene Corporation †		18,474		1,077,588
Cigna Corporation		11,694		1,981,081
CVS Health Corporation		41,662		2,433,061
DaVita HealthCare Partners Incorporated †		2,395		205,132
HCA Healthcare Incorporated		8,440		1,052,299
Henry Schein Incorporated †		4,526		266,038
Humana Incorporated		4,208		1,741,649
Laboratory Corporation of America Holdings †		3,104		584,390
McKesson Corporation		5,133		764,458
Quest Diagnostics Incorporated		4,275		489,445
UnitedHealth Group Incorporated		30,316		9,451,619
Universal Health Services Incorporated Class B		2,486		266,052
				23,349,951
Health Care Technology: 0.05%
Cerner Corporation		9,667		698,827
Life Sciences Tools & Services: 0.74%
Agilent Technologies Incorporated		9,798		989,010
Bio-Rad Laboratories Incorporated Class A †		679		349,997
Illumina Incorporated †		4,645		1,435,677
IQVIA Holdings Incorporated †		6,057		954,765
Mettler-Toledo International Incorporated †		763		736,867
PerkinElmer Incorporated		3,557		446,439
Thermo Fisher Scientific Incorporated		12,585		5,556,529
Waters Corporation †		1,968		385,098
				10,854,382
Pharmaceuticals: 2.51%
Bristol-Myers Squibb Company		71,241		4,295,120
Catalent Incorporated †		5,215		446,717
Eli Lilly & Company		25,130		3,719,743
Johnson & Johnson		83,802		12,476,442
Merck & Company Incorporated		80,136		6,647,281
Mylan NV †		16,332		242,204
Perrigo Company plc		4,336		199,066
Pfizer Incorporated		176,387		6,473,403
Zoetis Incorporated		15,093		2,495,929
				36,995,905
Industrials: 4.97%
Aerospace & Defense: 0.96%
General Dynamics Corporation		7,380		1,021,613
Howmet Aerospace Incorporated		12,455		208,248

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

Wells Fargo Index Asset Allocation Fund  |  19

Portfolio of investments—September 30, 2020

	Shares		Value
Aerospace & Defense (continued)
Huntington Ingalls Industries Incorporated		1,283	$	180,582
L3Harris Technologies Incorporated		6,852		1,163,744
Lockheed Martin Corporation		7,813		2,994,567
Northrop Grumman Corporation		4,921		1,552,526
Raytheon Technologies Corporation		48,381		2,783,843
Teledyne Technologies Incorporated †		1,171		363,256
Textron Incorporated		7,254		261,797
The Boeing Company		16,863		2,786,779
TransDigm Group Incorporated		1,719		816,731
				14,133,686
Air Freight & Logistics: 0.45%
C.H. Robinson Worldwide Incorporated		4,276		436,964
Expeditors International of Washington Incorporated		5,330		482,472
FedEx Corporation		7,626		1,918,092
United Parcel Service Incorporated Class B		22,426		3,736,844
				6,574,372
Airlines: 0.13%
Alaska Air Group Incorporated		3,926		143,809
American Airlines Group Incorporated «		16,085		197,685
Delta Air Lines Incorporated		20,246		619,123
Southwest Airlines Company		18,765		703,688
United Airlines Holdings Incorporated †		9,202		319,770
				1,984,075
Building Products: 0.27%
A.O. Smith Corporation		4,298		226,934
Allegion plc		2,926		289,411
Carrier Global Corporation		25,896		790,864
Fortune Brands Home & Security Incorporated		4,379		378,871
Johnson Controls International plc		23,640		965,694
Masco Corporation		8,295		457,303
Trane Technologies plc		7,591		920,409
				4,029,486
Commercial Services & Supplies: 0.26%
Cintas Corporation		2,760		918,611
Copart Incorporated †		6,562		690,060
Republic Services Incorporated		6,663		621,991
Rollins Incorporated		4,675		253,338
Waste Management Incorporated		12,329		1,395,273
				3,879,273
Construction & Engineering: 0.04%
Jacobs Engineering Group Incorporated		4,131		383,233
Quanta Services Incorporated		4,379		231,474
				614,707
Electrical Equipment: 0.28%
AMETEK Incorporated		7,299		725,521
Eaton Corporation plc		12,685		1,294,251
Emerson Electric Company		18,973		1,244,060
Rockwell Automation Incorporated		3,689		814,089
				4,077,921

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

20  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Industrial Conglomerates: 0.65%
3M Company		18,279	$	2,927,930
General Electric Company		278,336		1,734,033
Honeywell International Incorporated		22,299		3,670,638
Roper Technologies Incorporated		3,328		1,314,926
				9,647,527
Machinery: 0.99%
Caterpillar Incorporated		17,207		2,566,424
Cummins Incorporated		4,698		992,030
Deere & Company		9,960		2,207,435
Dover Corporation		4,577		495,872
Flowserve Corporation		4,128		112,653
Fortive Corporation		10,729		817,657
IDEX Corporation		2,400		437,784
Illinois Tool Works Incorporated		9,116		1,761,302
Ingersoll Rand Incorporated †		11,786		419,582
Otis Worldwide Corporation		12,944		807,964
PACCAR Incorporated		10,987		936,971
Parker-Hannifin Corporation		4,087		826,964
Pentair plc		5,274		241,391
Snap-on Incorporated		1,730		254,535
Stanley Black & Decker Incorporated		5,054		819,759
Wabtec Corporation		5,686		351,850
Xylem Incorporated		5,719		481,082
				14,531,255
Professional Services: 0.19%
Equifax Incorporated		3,851		604,222
IHS Markit Limited		11,762		923,435
Nielsen Holdings plc		11,314		160,433
Robert Half International Incorporated		3,632		192,278
Verisk Analytics Incorporated		5,130		950,640
				2,831,008
Road & Rail: 0.63%
CSX Corporation		24,160		1,876,507
J.B. Hunt Transport Services Incorporated		2,637		333,264
Kansas City Southern		2,986		539,958
Norfolk Southern Corporation		8,015		1,715,130
Old Dominion Freight Line Incorporated		3,054		552,530
Union Pacific Corporation		21,521		4,236,839
				9,254,228
Trading Companies & Distributors: 0.12%
Fastenal Company		18,191		820,232
United Rentals Incorporated †		2,291		399,780
W.W. Grainger Incorporated		1,431		510,538
				1,730,550
Information Technology: 16.90%
Communications Equipment: 0.47%
Arista Networks Incorporated †		1,747		361,507
Cisco Systems Incorporated		134,464		5,296,537
F5 Networks Incorporated †		1,942		238,419

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

Wells Fargo Index Asset Allocation Fund  |  21

Portfolio of investments—September 30, 2020

	Shares		Value
Communications Equipment (continued)
Juniper Networks Incorporated		10,535	$	226,503
Motorola Solutions Incorporated		5,388		844,892
				6,967,858
Electronic Equipment, Instruments & Components: 0.32%
Amphenol Corporation Class A		9,500		1,028,565
CDW Corporation of Delaware		4,545		543,264
Corning Incorporated		24,120		781,729
FLIR Systems Incorporated		4,173		149,602
IPG Photonics Corporation †		1,136		193,086
Keysight Technologies Incorporated †		5,924		585,173
TE Connectivity Limited		10,502		1,026,465
Zebra Technologies Corporation Class A †		1,691		426,910
				4,734,794
IT Services: 3.38%
Accenture plc Class A		20,240		4,574,038
Akamai Technologies Incorporated †		5,172		571,713
Automatic Data Processing Incorporated		13,661		1,905,573
Broadridge Financial Solutions Incorporated		3,657		482,724
Cognizant Technology Solutions Corporation Class A		17,193		1,193,538
DXC Technology Company		8,202		146,406
Fidelity National Information Services Incorporated		19,733		2,904,895
Fiserv Incorporated †		17,652		1,819,039
FleetCor Technologies Incorporated †		2,664		634,298
Gartner Incorporated †		2,828		353,359
Global Payments Incorporated		9,488		1,684,879
International Business Machines Corporation		28,300		3,443,261
Jack Henry & Associates Incorporated		2,430		395,094
Leidos Holdings Incorporated		4,249		378,798
MasterCard Incorporated Class A		27,985		9,463,687
Paychex Incorporated		10,169		811,181
PayPal Holdings Incorporated †		37,342		7,357,494
The Western Union Company		13,026		279,147
VeriSign Incorporated †		3,209		657,364
Visa Incorporated Class A		53,340		10,666,400
				49,722,888
Semiconductors & Semiconductor Equipment: 3.04%
Advanced Micro Devices Incorporated †		37,586		3,081,676
Analog Devices Incorporated		11,741		1,370,644
Applied Materials Incorporated		29,054		1,727,260
Broadcom Incorporated		12,721		4,634,515
Intel Corporation		135,026		6,991,646
KLA Corporation		4,932		955,526
Lam Research Corporation		4,616		1,531,358
Maxim Integrated Products Incorporated		8,470		572,657
Microchip Technology Incorporated		8,029		825,060
Micron Technology Incorporated †		35,335		1,659,332
NVIDIA Corporation		19,641		10,630,102
Qorvo Incorporated †		3,623		467,403
QUALCOMM Incorporated		35,738		4,205,648
Skyworks Solutions Incorporated		5,292		769,986
Teradyne Incorporated		5,273		418,993
Texas Instruments Incorporated		29,078		4,152,048
Xilinx Incorporated		7,764		809,319
				44,803,173

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

22  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Software: 5.52%
Adobe Incorporated †		15,256	$	7,482,000
ANSYS Incorporated †		2,731		893,665
Autodesk Incorporated †		6,972		1,610,602
Cadence Design Systems Incorporated †		8,836		942,183
Citrix Systems Incorporated		3,909		538,308
Fortinet Incorporated †		4,254		501,164
Intuit Incorporated		8,294		2,705,586
Microsoft Corporation		239,819		50,441,130
NortonLifeLock Incorporated		18,751		390,771
Oracle Corporation		61,290		3,659,013
Paycom Software Incorporated †		1,570		488,741
Salesforce.com Incorporated †		29,048		7,300,343
ServiceNow Incorporated †		6,114		2,965,290
Synopsys Incorporated †		4,809		1,029,030
Tyler Technologies Incorporated †		1,278		445,460
				81,393,286
Technology Hardware, Storage & Peripherals: 4.17%
Apple Incorporated		510,848		59,161,307
Hewlett Packard Enterprise Company		40,751		381,837
HP Incorporated		43,610		828,154
NetApp Incorporated		7,063		309,642
Seagate Technology plc		7,094		349,521
Western Digital Corporation		9,587		350,405
Xerox Holdings Corporation		5,693		106,858
				61,487,724
Materials: 1.57%
Chemicals: 1.10%
Air Products & Chemicals Incorporated		7,017		2,090,084
Albemarle Corporation		3,384		302,124
Celanese Corporation Series A		3,748		402,723
CF Industries Holdings Incorporated		6,765		207,753
Corteva Incorporated		23,728		683,604
Dow Incorporated		23,491		1,105,252
DuPont de Nemours Incorporated		23,236		1,289,133
Eastman Chemical Company		4,286		334,822
Ecolab Incorporated		7,877		1,574,140
FMC Corporation		4,116		435,926
International Flavors & Fragrances Incorporated «		3,394		415,595
Linde plc		16,667		3,968,913
LyondellBasell Industries NV Class A		8,142		573,930
PPG Industries Incorporated		7,466		911,449
The Mosaic Company		10,891		198,979
The Sherwin-Williams Company		2,594		1,807,344
				16,301,771
Construction Materials: 0.07%
Martin Marietta Materials Incorporated		1,988		467,896
Vulcan Materials Company		4,219		571,843
				1,039,739
Containers & Packaging: 0.21%
Amcor plc		49,844		550,776
Avery Dennison Corporation		2,656		339,543

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

Wells Fargo Index Asset Allocation Fund  |  23

Portfolio of investments—September 30, 2020

	Shares		Value
Containers & Packaging (continued)
Ball Corporation		10,383	$	863,035
International Paper Company		12,461		505,169
Packaging Corporation of America		2,992		326,278
Sealed Air Corporation		4,958		192,420
WestRock Company		8,234		286,049
				3,063,270
Metals & Mining: 0.19%
Freeport-McMoRan Incorporated		45,571		712,730
Newmont Corporation		25,474		1,616,325
Nucor Corporation		9,562		428,951
				2,758,006
Real Estate: 1.59%
Equity REITs: 1.56%
Alexandria Real Estate Equities Incorporated		3,730		596,800
American Tower Corporation		14,098		3,407,910
Apartment Investment & Management Company Class A		4,720		159,158
AvalonBay Communities Incorporated		4,471		667,699
Boston Properties Incorporated		4,501		361,430
Crown Castle International Corporation		13,373		2,226,605
Digital Realty Trust Incorporated		8,565		1,256,999
Duke Realty Corporation		11,818		436,084
Equinix Incorporated		2,813		2,138,246
Equity Residential		10,882		558,573
Essex Property Trust Incorporated		2,063		414,230
Extra Space Storage Incorporated		4,104		439,087
Federal Realty Investment Trust		2,195		161,201
Healthpeak Properties Incorporated		17,167		466,084
Host Hotels & Resorts Incorporated		22,574		243,573
Iron Mountain Incorporated		9,204		246,575
Kimco Realty Corporation		13,841		155,850
Mid-America Apartment Communities Incorporated		3,633		421,246
Prologis Incorporated		23,457		2,360,243
Public Storage Incorporated		4,842		1,078,410
Realty Income Corporation		10,979		666,974
Regency Centers Corporation		5,018		190,784
SBA Communications Corporation		3,571		1,137,292
Simon Property Group Incorporated		9,738		629,854
SL Green Realty Corporation		2,333		108,181
UDR Incorporated		9,349		304,871
Ventas Incorporated		11,936		500,835
Vornado Realty Trust		5,010		168,887
Welltower Incorporated		13,374		736,774
Weyerhaeuser Company		23,674		675,182
				22,915,637
Real Estate Management & Development: 0.03%
CBRE Group Incorporated Class A †		10,671		501,217
Utilities: 1.78%
Electric Utilities: 1.11%
Alliant Energy Corporation		7,907		408,397
American Electric Power Company Incorporated		15,771		1,288,964
Duke Energy Corporation		23,299		2,063,359

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

24  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

						Shares		Value
Electric Utilities (continued)
Edison International							11,988	$	609,470
Entergy Corporation							6,355		626,158
Evergy Incorporated							7,204		366,107
Eversource Energy							10,887		909,609
Exelon Corporation							30,892		1,104,698
FirstEnergy Corporation							17,293		496,482
NextEra Energy Incorporated							15,539		4,313,005
NRG Energy Incorporated							7,755		238,389
Pinnacle West Capital Corporation							3,567		265,920
PPL Corporation							24,374		663,217
The Southern Company							33,580		1,820,708
Xcel Energy Incorporated							16,671		1,150,466
									16,324,949
Gas Utilities: 0.02%
Atmos Energy Corporation							3,918		374,522
Independent Power & Renewable Electricity Producers: 0.02%
AES Corporation							21,129		382,646
Multi-Utilities: 0.57%
Ameren Corporation							7,863		621,806
CenterPoint Energy Incorporated							17,320		335,142
CMS Energy Corporation							9,078		557,480
Consolidated Edison Incorporated							10,638		827,636
Dominion Energy Incorporated							26,620		2,101,117
DTE Energy Company							6,122		704,275
NiSource Incorporated							12,197		268,334
Public Service Enterprise Group Incorporated							16,089		883,447
Sempra Energy							9,170		1,085,361
WEC Energy Group Incorporated							10,024		971,326
									8,355,924
Water Utilities: 0.06%
American Water Works Company Incorporated							5,755		833,784
Total Common Stocks (Cost $336,570,424)									885,028,391
	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%) ±		0.48	%		12-25-2034	$	4,904		4,891
Total Non-Agency Mortgage-Backed Securities (Cost $4,904)									4,891
U.S. Treasury Securities: 37.91%
U.S. Treasury Bond		0.25			6-30-2025		2,925,000		2,923,286
U.S. Treasury Bond		0.25			8-31-2025		3,153,000		3,149,798
U.S. Treasury Bond		0.38			7-31-2027		2,771,000		2,756,712
U.S. Treasury Bond		0.50			8-31-2027		2,918,000		2,925,637
U.S. Treasury Bond		0.63			8-15-2030		4,582,000		4,556,047
U.S. Treasury Bond		1.13			5-15-2040		2,251,000		2,215,476
U.S. Treasury Bond		1.13			8-15-2040		2,981,000		2,924,873
U.S. Treasury Bond		1.25			5-15-2050		3,785,000		3,586,879
U.S. Treasury Bond		1.38			8-15-2050		3,103,000		3,036,334

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

Wells Fargo Index Asset Allocation Fund  |  25

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		1.50	%		1-31-2027	$	1,873,000	$	2,001,257
U.S. Treasury Bond		1.50			2-15-2030		4,305,000		4,643,346
U.S. Treasury Bond		2.00			2-15-2050		3,135,000		3,545,979
U.S. Treasury Bond		2.13			9-30-2024		1,844,000		1,984,245
U.S. Treasury Bond		2.13			11-30-2024		1,852,000		1,997,339
U.S. Treasury Bond		2.25			8-15-2046		1,961,000		2,315,742
U.S. Treasury Bond		2.25			8-15-2049		3,118,000		3,707,862
U.S. Treasury Bond		2.38			11-15-2049		2,096,000		2,559,003
U.S. Treasury Bond		2.50			2-15-2045		2,144,000		2,638,711
U.S. Treasury Bond		2.50			2-15-2046		1,960,000		2,419,758
U.S. Treasury Bond		2.50			5-15-2046		1,949,000		2,407,852
U.S. Treasury Bond		2.75			8-15-2042		1,218,000		1,560,658
U.S. Treasury Bond		2.75			11-15-2042		1,369,000		1,752,908
U.S. Treasury Bond		2.75			8-15-2047		1,864,000		2,419,341
U.S. Treasury Bond		2.75			11-15-2047		1,853,000		2,407,959
U.S. Treasury Bond		2.88			5-15-2028		3,462,000		4,072,989
U.S. Treasury Bond		2.88			5-15-2043		1,822,000		2,378,991
U.S. Treasury Bond		2.88			8-15-2045		2,027,000		2,663,050
U.S. Treasury Bond		2.88			11-15-2046		1,779,000		2,351,268
U.S. Treasury Bond		2.88			5-15-2049		2,582,000		3,456,955
U.S. Treasury Bond		3.00			5-15-2042		776,000		1,031,534
U.S. Treasury Bond		3.00			11-15-2044		1,951,000		2,606,795
U.S. Treasury Bond		3.00			5-15-2045		1,907,000		2,553,145
U.S. Treasury Bond		3.00			11-15-2045		1,791,000		2,406,097
U.S. Treasury Bond		3.00			2-15-2047		1,889,000		2,555,094
U.S. Treasury Bond		3.00			5-15-2047		1,921,000		2,602,430
U.S. Treasury Bond		3.00			2-15-2048		2,119,000		2,879,605
U.S. Treasury Bond		3.00			8-15-2048		2,099,000		2,860,789
U.S. Treasury Bond		3.00			2-15-2049		2,614,000		3,573,215
U.S. Treasury Bond		3.13			11-15-2041		846,000		1,143,158
U.S. Treasury Bond		3.13			2-15-2042		919,000		1,244,958
U.S. Treasury Bond		3.13			2-15-2043		1,334,000		1,807,518
U.S. Treasury Bond		3.13			8-15-2044		1,999,000		2,720,046
U.S. Treasury Bond		3.13			5-15-2048		2,283,000		3,173,905
U.S. Treasury Bond		3.38			5-15-2044		1,848,000		2,607,629
U.S. Treasury Bond		3.38			11-15-2048		2,541,000		3,697,056
U.S. Treasury Bond		3.50			2-15-2039		731,000		1,026,141
U.S. Treasury Bond		3.63			8-15-2043		1,504,000		2,192,785
U.S. Treasury Bond		3.63			2-15-2044		1,897,000		2,771,917
U.S. Treasury Bond		3.75			8-15-2041		929,000		1,363,598
U.S. Treasury Bond		3.75			11-15-2043		1,660,000		2,465,878
U.S. Treasury Bond		3.88			8-15-2040		946,000		1,400,191
U.S. Treasury Bond		4.25			5-15-2039		681,000		1,044,803
U.S. Treasury Bond		4.25			11-15-2040		977,000		1,516,754
U.S. Treasury Bond		4.38			2-15-2038		381,000		586,204
U.S. Treasury Bond		4.38			11-15-2039		757,000		1,182,724
U.S. Treasury Bond		4.38			5-15-2040		1,078,000		1,692,123
U.S. Treasury Bond		4.38			5-15-2041		842,000		1,332,531
U.S. Treasury Bond		4.50			2-15-2036		837,000		1,266,551
U.S. Treasury Bond		4.50			5-15-2038		428,000		668,600
U.S. Treasury Bond		4.50			8-15-2039		721,000		1,140,109
U.S. Treasury Bond		4.63			2-15-2040		730,000		1,175,443
U.S. Treasury Bond		4.75			2-15-2037		264,000		415,975
U.S. Treasury Bond		4.75			2-15-2041		1,084,000		1,787,965
U.S. Treasury Bond		5.00			5-15-2037		375,000		607,544
U.S. Treasury Bond		5.25			11-15-2028		479,000		658,868

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

26  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		5.25	%		2-15-2029	$	349,000	$	483,324
U.S. Treasury Bond		5.38			2-15-2031		752,000		1,107,849
U.S. Treasury Bond		5.50			8-15-2028		369,000		511,137
U.S. Treasury Bond		6.13			11-15-2027		525,000		734,262
U.S. Treasury Bond		6.13			8-15-2029		293,000		434,041
U.S. Treasury Bond		6.25			5-15-2030		478,000		729,790
U.S. Treasury Bond		6.38			8-15-2027		224,000		314,195
U.S. Treasury Bond		6.88			8-15-2025		224,000		295,593
U.S. Treasury Note		0.13			4-30-2022		2,499,000		2,498,707
U.S. Treasury Note		0.13			5-31-2022		2,659,000		2,658,377
U.S. Treasury Note		0.13			5-15-2023		2,501,000		2,499,242
U.S. Treasury Note		0.25			4-15-2023		2,385,000		2,390,963
U.S. Treasury Note		0.25			5-31-2025		2,714,000		2,713,576
U.S. Treasury Note		0.25			7-31-2025		3,039,000		3,036,270
U.S. Treasury Note		0.38			4-30-2025		2,591,000		2,605,878
U.S. Treasury Note		0.50			3-15-2023		2,052,000		2,069,554
U.S. Treasury Note		0.50			3-31-2025		2,469,000		2,496,969
U.S. Treasury Note		0.50			4-30-2027		2,015,000		2,023,894
U.S. Treasury Note		0.50			5-31-2027		2,282,000		2,291,181
U.S. Treasury Note		0.50			6-30-2027		2,520,000		2,529,253
U.S. Treasury Note		0.63			3-31-2027		1,681,000		1,702,275
U.S. Treasury Note		0.63			5-15-2030		3,675,000		3,661,793
U.S. Treasury Note		1.13			8-31-2021		1,807,000		1,822,811
U.S. Treasury Note		1.13			9-30-2021		2,188,000		2,209,196
U.S. Treasury Note		1.13			2-28-2025		2,444,000		2,539,182
U.S. Treasury Note		1.13			2-28-2027		964,000		1,007,305
U.S. Treasury Note		1.25			10-31-2021		2,188,000		2,214,153
U.S. Treasury Note		1.25			7-31-2023		1,829,000		1,885,227
U.S. Treasury Note		1.25			8-31-2024		1,400,000		1,456,383
U.S. Treasury Note		1.38			1-31-2022		2,315,000		2,352,800
U.S. Treasury Note		1.38			10-15-2022		2,223,000		2,278,836
U.S. Treasury Note		1.38			2-15-2023		1,589,000		1,635,056
U.S. Treasury Note		1.38			6-30-2023		1,733,000		1,791,218
U.S. Treasury Note		1.38			8-31-2023		1,817,000		1,881,305
U.S. Treasury Note		1.38			9-30-2023		1,778,000		1,842,522
U.S. Treasury Note		1.38			1-31-2025		2,372,000		2,488,191
U.S. Treasury Note		1.38			8-31-2026		1,787,000		1,891,916
U.S. Treasury Note		1.50			10-31-2021		2,358,000		2,392,449
U.S. Treasury Note		1.50			11-30-2021		2,360,000		2,396,691
U.S. Treasury Note		1.50			1-31-2022		1,625,000		1,654,326
U.S. Treasury Note		1.50			8-15-2022		2,254,000		2,311,407
U.S. Treasury Note		1.50			9-15-2022		2,264,000		2,324,226
U.S. Treasury Note		1.50			1-15-2023		2,250,000		2,319,434
U.S. Treasury Note		1.50			2-28-2023		1,635,000		1,688,393
U.S. Treasury Note		1.50			3-31-2023		1,679,000		1,735,469
U.S. Treasury Note		1.50			9-30-2024		2,442,000		2,566,676
U.S. Treasury Note		1.50			10-31-2024		2,391,000		2,514,940
U.S. Treasury Note		1.50			11-30-2024		2,394,000		2,520,246
U.S. Treasury Note		1.50			8-15-2026		3,430,000		3,655,764
U.S. Treasury Note		1.63			12-31-2021		2,357,000		2,400,089
U.S. Treasury Note		1.63			8-15-2022		1,250,000		1,284,912
U.S. Treasury Note		1.63			8-31-2022		1,827,000		1,878,955
U.S. Treasury Note		1.63			11-15-2022		3,435,000		3,542,478
U.S. Treasury Note		1.63			12-15-2022		2,239,000		2,312,205
U.S. Treasury Note		1.63			4-30-2023		1,711,000		1,776,031
U.S. Treasury Note		1.63			5-31-2023		1,714,000		1,781,288

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

Wells Fargo Index Asset Allocation Fund  |  27

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.63	%		10-31-2023	$	1,824,000	$	1,906,080
U.S. Treasury Note		1.63			2-15-2026		3,342,000		3,573,851
U.S. Treasury Note		1.63			5-15-2026		3,385,000		3,625,917
U.S. Treasury Note		1.63			9-30-2026		1,851,000		1,988,017
U.S. Treasury Note		1.63			10-31-2026		1,800,000		1,934,086
U.S. Treasury Note		1.63			11-30-2026		1,912,000		2,055,624
U.S. Treasury Note		1.63			8-15-2029		2,854,000		3,106,401
U.S. Treasury Note		1.75			11-30-2021		2,003,000		2,040,322
U.S. Treasury Note		1.75			2-28-2022		1,637,000		1,674,152
U.S. Treasury Note		1.75			3-31-2022		1,640,000		1,679,463
U.S. Treasury Note		1.75			4-30-2022		1,612,000		1,652,993
U.S. Treasury Note		1.75			5-15-2022		1,448,000		1,485,784
U.S. Treasury Note		1.75			5-31-2022		1,819,000		1,867,744
U.S. Treasury Note		1.75			6-15-2022		2,235,000		2,296,113
U.S. Treasury Note		1.75			6-30-2022		1,819,000		1,870,159
U.S. Treasury Note		1.75			7-15-2022		2,129,000		2,190,042
U.S. Treasury Note		1.75			9-30-2022		1,771,000		1,828,142
U.S. Treasury Note		1.75			1-31-2023		1,684,000		1,746,821
U.S. Treasury Note		1.75			5-15-2023		3,117,000		3,246,916
U.S. Treasury Note		1.75			6-30-2024		2,424,000		2,564,327
U.S. Treasury Note		1.75			7-31-2024		2,406,000		2,547,916
U.S. Treasury Note		1.75			12-31-2024		2,381,000		2,533,719
U.S. Treasury Note		1.75			12-31-2026		1,893,000		2,051,391
U.S. Treasury Note		1.75			11-15-2029		3,007,000		3,310,402
U.S. Treasury Note		1.88			11-30-2021		1,649,000		1,682,109
U.S. Treasury Note		1.88			1-31-2022		1,826,000		1,868,226
U.S. Treasury Note		1.88			2-28-2022		1,725,000		1,766,980
U.S. Treasury Note		1.88			3-31-2022		1,810,000		1,856,947
U.S. Treasury Note		1.88			4-30-2022		1,812,000		1,861,688
U.S. Treasury Note		1.88			5-31-2022		1,795,000		1,846,887
U.S. Treasury Note		1.88			7-31-2022		1,815,000		1,872,711
U.S. Treasury Note		1.88			8-31-2022		1,754,000		1,812,170
U.S. Treasury Note		1.88			9-30-2022		2,248,000		2,325,978
U.S. Treasury Note		1.88			10-31-2022		1,650,000		1,709,490
U.S. Treasury Note		1.88			8-31-2024		1,345,000		1,432,162
U.S. Treasury Note		1.88			6-30-2026		1,825,000		1,982,691
U.S. Treasury Note		1.88			7-31-2026		1,828,000		1,987,450
U.S. Treasury Note		2.00			8-31-2021		1,641,000		1,668,435
U.S. Treasury Note		2.00			10-31-2021		1,649,000		1,681,916
U.S. Treasury Note		2.00			11-15-2021		2,485,000		2,536,156
U.S. Treasury Note		2.00			12-31-2021		1,821,000		1,862,968
U.S. Treasury Note		2.00			2-15-2022		1,679,000		1,721,696
U.S. Treasury Note		2.00			7-31-2022		1,778,000		1,838,494
U.S. Treasury Note		2.00			10-31-2022		2,238,000		2,324,723
U.S. Treasury Note		2.00			11-30-2022		3,346,000		3,480,363
U.S. Treasury Note		2.00			2-15-2023		3,077,000		3,211,138
U.S. Treasury Note		2.00			4-30-2024		1,930,000		2,054,319
U.S. Treasury Note		2.00			5-31-2024		1,934,000		2,061,145
U.S. Treasury Note		2.00			6-30-2024		1,939,000		2,069,277
U.S. Treasury Note		2.00			2-15-2025		3,537,000		3,806,973
U.S. Treasury Note		2.00			8-15-2025		3,491,000		3,782,144
U.S. Treasury Note		2.00			11-15-2026		3,370,000		3,698,575
U.S. Treasury Note		2.13			8-15-2021		2,440,000		2,482,033
U.S. Treasury Note		2.13			9-30-2021		1,633,000		1,664,958
U.S. Treasury Note		2.13			12-31-2021		1,626,000		1,666,015
U.S. Treasury Note		2.13			5-15-2022		2,105,000		2,172,508

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

28  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.13	%		6-30-2022	$	1,615,000	$	1,671,020
U.S. Treasury Note		2.13			12-31-2022		3,385,000		3,535,606
U.S. Treasury Note		2.13			11-30-2023		1,638,000		1,738,903
U.S. Treasury Note		2.13			2-29-2024		1,298,000		1,383,840
U.S. Treasury Note		2.13			3-31-2024		1,961,000		2,093,444
U.S. Treasury Note		2.13			7-31-2024		1,927,000		2,068,062
U.S. Treasury Note		2.13			5-15-2025		3,005,000		3,262,421
U.S. Treasury Note		2.13			5-31-2026		1,793,000		1,971,530
U.S. Treasury Note		2.25			7-31-2021		1,573,000		1,600,528
U.S. Treasury Note		2.25			4-15-2022		2,204,000		2,275,200
U.S. Treasury Note		2.25			12-31-2023		1,247,000		1,330,783
U.S. Treasury Note		2.25			1-31-2024		1,334,000		1,425,660
U.S. Treasury Note		2.25			4-30-2024		2,418,000		2,595,383
U.S. Treasury Note		2.25			10-31-2024		1,882,000		2,037,044
U.S. Treasury Note		2.25			11-15-2024		3,535,000		3,827,742
U.S. Treasury Note		2.25			12-31-2024		1,911,000		2,073,808
U.S. Treasury Note		2.25			11-15-2025		3,473,000		3,816,908
U.S. Treasury Note		2.25			3-31-2026		1,872,000		2,067,536
U.S. Treasury Note		2.25			2-15-2027		3,350,000		3,739,307
U.S. Treasury Note		2.25			8-15-2027		3,338,000		3,743,645
U.S. Treasury Note		2.25			11-15-2027		3,248,000		3,651,209
U.S. Treasury Note		2.38			3-15-2022		2,243,000		2,315,898
U.S. Treasury Note		2.38			1-31-2023		2,325,000		2,445,700
U.S. Treasury Note		2.38			2-29-2024		1,671,000		1,795,542
U.S. Treasury Note		2.38			8-15-2024		3,101,000		3,359,982
U.S. Treasury Note		2.38			4-30-2026		1,812,000		2,015,921
U.S. Treasury Note		2.38			5-15-2027		3,375,000		3,803,994
U.S. Treasury Note		2.38			5-15-2029		3,295,000		3,791,181
U.S. Treasury Note		2.50			1-15-2022		2,241,000		2,309,018
U.S. Treasury Note		2.50			2-15-2022		2,245,000		2,317,612
U.S. Treasury Note		2.50			3-31-2023		2,278,000		2,411,744
U.S. Treasury Note		2.50			8-15-2023		2,662,000		2,840,437
U.S. Treasury Note		2.50			1-31-2024		1,876,000		2,020,511
U.S. Treasury Note		2.50			5-15-2024		3,424,000		3,708,754
U.S. Treasury Note		2.50			1-31-2025		1,936,000		2,125,138
U.S. Treasury Note		2.50			2-28-2026		1,888,000		2,108,734
U.S. Treasury Note		2.63			12-15-2021		2,277,000		2,344,776
U.S. Treasury Note		2.63			2-28-2023		2,359,000		2,499,895
U.S. Treasury Note		2.63			6-30-2023		2,304,000		2,459,970
U.S. Treasury Note		2.63			12-31-2023		2,404,000		2,594,254
U.S. Treasury Note		2.63			3-31-2025		1,884,000		2,084,396
U.S. Treasury Note		2.63			12-31-2025		1,914,000		2,144,727
U.S. Treasury Note		2.63			1-31-2026		1,869,000		2,097,149
U.S. Treasury Note		2.63			2-15-2029		3,512,000		4,101,358
U.S. Treasury Note		2.75			4-30-2023		2,279,000		2,431,319
U.S. Treasury Note		2.75			5-31-2023		2,334,000		2,495,010
U.S. Treasury Note		2.75			7-31-2023		2,347,000		2,518,716
U.S. Treasury Note		2.75			8-31-2023		2,402,000		2,582,431
U.S. Treasury Note		2.75			11-15-2023		3,078,000		3,324,721
U.S. Treasury Note		2.75			2-15-2024		2,325,000		2,526,167
U.S. Treasury Note		2.75			2-28-2025		1,955,000		2,170,508
U.S. Treasury Note		2.75			6-30-2025		1,959,000		2,188,341
U.S. Treasury Note		2.75			8-31-2025		2,020,000		2,263,663
U.S. Treasury Note		2.75			2-15-2028		3,068,000		3,568,707
U.S. Treasury Note		2.88			10-15-2021		2,081,000		2,139,853
U.S. Treasury Note		2.88			11-15-2021		2,137,000		2,201,945

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

Wells Fargo Index Asset Allocation Fund  |  29

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		2.88	%		9-30-2023	$	2,444,000	$	2,641,620
U.S. Treasury Note		2.88			10-31-2023		2,318,000		2,510,503
U.S. Treasury Note		2.88			11-30-2023		2,370,000		2,571,913
U.S. Treasury Note		2.88			4-30-2025		1,884,000		2,109,050
U.S. Treasury Note		2.88			5-31-2025		1,939,000		2,174,104
U.S. Treasury Note		2.88			7-31-2025		1,949,000		2,192,473
U.S. Treasury Note		2.88			11-30-2025		1,880,000		2,127,998
U.S. Treasury Note		2.88			8-15-2028		3,133,000		3,698,021
U.S. Treasury Note		3.00			9-30-2025		1,994,000		2,262,645
U.S. Treasury Note		3.00			10-31-2025		1,814,000		2,061,441
U.S. Treasury Note		3.13			11-15-2028		3,621,000		4,361,466
U.S. Treasury Note		6.00			2-15-2026		445,000		579,543
U.S. Treasury Note		6.25			8-15-2023		378,000		444,180
U.S. Treasury Note		6.50			11-15-2026		296,000		405,890
U.S. Treasury Note		6.63			2-15-2027		215,000		299,497
U.S. Treasury Note		6.75			8-15-2026		221,000		303,288
U.S. Treasury Note		7.13			2-15-2023		260,000		303,144
U.S. Treasury Note		7.25			8-15-2022		261,000		295,746
U.S. Treasury Note		7.50			11-15-2024		240,000		312,019
U.S. Treasury Note		7.63			11-15-2022		140,000		162,269
U.S. Treasury Note		7.63			2-15-2025		216,000		285,542
U.S. Treasury Note		8.00			11-15-2021		511,000		555,872
U.S. Treasury Note		8.13			8-15-2021		175,000		187,182
Total U.S. Treasury Securities (Cost $508,234,187)									558,688,900
	Yield					Shares
Short-Term Investments: 3.20%
Investment Companies: 3.20%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					727,900		727,900
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05					46,480,772		46,480,772
Total Short-Term Investments (Cost $47,208,672)									47,208,672

Total investments in securities (Cost $892,048,071)	101.16	%		1,490,967,798
Other assets and liabilities, net	(1.16	)		(17,121,360	)
Total net assets	100.00	%	$	1,473,846,438

† Non-income-earning security

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

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

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

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

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

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.

30  |  Wells Fargo Index Asset Allocation Fund

Portfolio of investments—September 30, 2020

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
10-Year U.S. Treasury Notes		82		12-21-2020	$	11,442,342		$	11,441,563		$	0	$	(779	)
U.S. Long Term Bonds		13		12-21-2020		2,295,566			2,291,656			0		(3,910	)
U.S. Ultra Bond		61		12-21-2020		13,565,695			13,530,563			0		(35,132	)
2-Year U.S. Treasury Notes		21		12-31-2020		4,639,570			4,640,180			610		0
5-Year U.S. Treasury Notes		119		12-31-2020		14,986,008			14,997,719			11,711		0
Short
U.S. Long Term Bonds		(11)		12-21-2020		(1,945,127	)		(1,939,093	)		6,034		0
U.S. Ultra Bond		(407)		12-21-2020		(89,279,031	)		(90,277,688	)		0		(998,657	)
5-Year U.S. Treasury Notes		(31)		12-31-2020		(3,908,097	)		(3,906,969	)		1,128		0
											$	19,483	$	(1,038,478	)

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	6,533,039	$	555,566	$	(776,700	)	$	62,177	$	(3,302,500	)	$	200,684		$	3,071,582		0.21	%
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		819,373		18,620,545		(18,712,200	)		182		0			8,149	#		727,900
Wells Fargo Government Money Market Fund Select Class		12,325,531		322,216,978		(288,061,737	)		0		0			114,104			46,480,772		3.20
								$	62,359	$	(3,302,500	)	$	322,937		$	50,280,254		3.41	%

^#  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  |  31

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities (including $720,661 of securities loaned), at value (cost $841,196,071)	$	1,440,687,544
Investments in affiliated securities, at value (cost $50,852,000)		50,280,254
Cash		4,891
Segregated cash for futures contracts		5,447,235
Receivable for investments sold		5,205,572
Receivable for Fund shares sold		1,275,398
Receivable for dividends and interest		3,138,529
Receivable for daily variation margin on open futures contracts		600,716
Receivable for securities lending income, net		275
Prepaid expenses and other assets		473,487
Total assets		1,507,113,901
Liabilities
Payable upon receipt of securities loaned		727,900
Payable for investments purchased		30,544,007
Payable for Fund shares redeemed		811,023
Management fee payable		687,355
Administration fees payable		226,524
Distribution fee payable		89,149
Trustees’ fees and expenses payable		3,313
Accrued expenses and other liabilities		178,192
Total liabilities		33,267,463
Total net assets	$	1,473,846,438
Net assets consist of
Paid-in capital	$	863,970,458
Total distributable earnings		609,875,980
Total net assets	$	1,473,846,438
Computation of net asset value and offering price per share
Net assets – Class A	$	907,134,363
Shares outstanding – Class A1		23,328,359
Net asset value per share – Class A		$38.89
Maximum offering price per share – Class A2		$41.26
Net assets – Class C	$	144,828,093
Shares outstanding – Class C1		6,126,512
Net asset value per share – Class C		$23.64
Net assets – Administrator Class	$	281,988,256
Shares outstanding – Administrator Class1		7,250,948
Net asset value per share – Administrator Class		$38.89
Net assets – Institutional Class	$	139,895,726
Shares outstanding – Institutional Class1		3,601,743
Net asset value per share – Institutional Class		$38.84

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.

32  |  Wells Fargo Index Asset Allocation Fund

Statement of operations—year ended September 30, 2020

Investment income
Dividends	$	15,475,165
Interest		10,411,665
Income from affiliated securities		318,814
Total investment income		26,205,644
Expenses
Management fee		8,300,974
Administration fees
Class A		1,789,415
Class C		305,756
Administrator Class		322,594
Institutional Class		165,171
Shareholder servicing fees
Class A		2,129,454
Class C		363,846
Administrator Class		620,147
Distribution fee
Class C		1,091,361
Custody and accounting fees		94,392
Professional fees		50,215
Registration fees		92,569
Shareholder report expenses		111,821
Trustees’ fees and expenses		21,260
Other fees and expenses		147,149
Total expenses		15,606,124
Less: Fee waivers and/or expense reimbursements
Fund-level		(301,125	)
Class A		(39,833	)
Class C		(58	)
Administrator Class		(249,324	)
Net expenses		15,015,784
Net investment income		11,189,860
Realized and unrealized gains on investments
Net realized gains on
Unaffiliated securities		23,993,467
Affiliated securities		62,359
Futures contracts		15,988,206
Net realized gains on investments		40,044,032
Net change in unrealized gains (losses) on
Unaffiliated securities		119,020,835
Affiliated securities		(3,302,500	)
Futures contracts		13,775
Net change in unrealized gains (losses) on investments		115,732,110
Net realized and unrealized gains (losses) on investments		155,776,142
Net increase in net assets resulting from operations	$	166,966,002

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

Wells Fargo Index Asset Allocation Fund  |  33

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	11,189,860					$	12,377,035
Net realized gains on investments					40,044,032						12,893,012
Net change in unrealized gains (losses) on investments					115,732,110						43,905,080
Net increase in net assets resulting from operations					166,966,002						69,175,127
Distributions to shareholders from net investment income and net realized gains
Class A					(17,758,837	)					(30,578,240	)
Class C					(2,008,094	)					(4,678,185	)
Administrator Class					(5,552,976	)					(8,535,707	)
Institutional Class					(3,074,796	)					(4,671,806	)
Total distributions to shareholders					(28,394,703	)					(48,463,938	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,620,062			59,463,146			1,611,898			53,557,954
Class C		1,140,277			25,072,330			1,502,173			30,141,540
Administrator Class		2,246,311			82,510,100			1,697,812			56,951,283
Institutional Class		941,118			34,233,056			1,028,853			34,231,892
					201,278,632						174,882,669
Reinvestment of distributions
Class A		487,086			17,291,503			923,477			29,806,219
Class C		82,795			1,783,971			218,202			4,231,633
Administrator Class		155,359			5,523,135			262,175			8,483,181
Institutional Class		59,824			2,126,023			94,639			3,065,617
					26,724,632						45,586,650
Payment for shares redeemed
Class A		(2,527,189	)		(90,588,709	)		(2,768,227	)		(92,564,816	)
Class C		(1,850,849	)		(40,492,095	)		(2,243,406	)		(45,218,687	)
Administrator Class		(1,679,186	)		(60,419,227	)		(1,685,138	)		(56,224,079	)
Institutional Class		(918,575	)		(32,675,213	)		(800,255	)		(26,710,901	)
					(224,175,244	)					(220,718,483	)
Net increase (decrease) in net assets resulting from capital share transactions					3,828,020						(249,164	)
Total increase in net assets					142,399,319						20,462,025
Net assets
Beginning of period					1,331,447,119						1,310,985,094
End of period				$	1,473,846,438					$	1,331,447,119

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

34  |  Wells Fargo Index Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$35.13			$34.63			$31.99			$29.61			$28.72
Net investment income		0.30			0.33			0.27			0.25			0.22
Net realized and unrealized gains (losses) on investments		4.22			1.46			2.83			2.67			2.45
Total from investment operations		4.52			1.79			3.10			2.92			2.67
Distributions to shareholders from
Net investment income		(0.30	)		(0.33	)		(0.27	)		(0.27	)		(0.21	)
Net realized gains		(0.46	)		(0.96	)		(0.19	)		(0.27	)		(1.57	)
Total distributions to shareholders		(0.76	)		(1.29	)		(0.46	)		(0.54	)		(1.78	)
Net asset value, end of period		$38.89			$35.13			$34.63			$31.99			$29.61
Total return1		13.08	%		5.54	%		9.76	%		9.99	%		9.68	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.11	%		1.08	%		1.09	%		1.10	%
Net expenses		1.08	%		1.08	%		1.07	%		1.09	%		1.10	%
Net investment income		0.83	%		0.99	%		0.80	%		0.79	%		0.79	%
Supplemental data
Portfolio turnover rate		19	%		14	%		9	%		9	%		8	%
Net assets, end of period (000s omitted)		$907,134			$834,289			$830,487			$822,769			$828,421

¹  Total return calculations do not include any sales charges.

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

Wells Fargo Index Asset Allocation Fund  |  35

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.36			$21.07			$19.45			$17.99			$17.47
Net investment income		0.01			0.05			0.01			0.01			0.01	1
Net realized and unrealized gains (losses) on investments		2.57			0.88			1.73			1.62			1.48
Total from investment operations		2.58			0.93			1.74			1.63			1.49
Distributions to shareholders from
Net investment income		(0.02	)		(0.06	)		(0.00	)2		(0.01	)		(0.02	)
Net realized gains		(0.28	)		(0.58	)		(0.12	)		(0.16	)		(0.95	)
Total distributions to shareholders		(0.30	)		(0.64	)		(0.12	)		(0.17	)		(0.97	)
Net asset value, end of period		$23.64			$21.36			$21.07			$19.45			$17.99
Total return3		12.22	%		4.75	%		8.97	%		9.14	%		8.86	%
Ratios to average net assets (annualized)
Gross expenses		1.85	%		1.86	%		1.83	%		1.84	%		1.85	%
Net expenses		1.83	%		1.83	%		1.82	%		1.84	%		1.85	%
Net investment income		0.08	%		0.24	%		0.05	%		0.04	%		0.03	%
Supplemental data
Portfolio turnover rate		19	%		14	%		9	%		9	%		8	%
Net assets, end of period (000s omitted)		$144,828			$144,264			$153,322			$152,820			$136,881

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

36  |  Wells Fargo Index Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$35.14			$34.64			$31.99			$29.63			$28.75
Net investment income		0.37			0.39			0.32			0.30			0.28
Net realized and unrealized gains (losses) on investments		4.20			1.46			2.84			2.68			2.45
Total from investment operations		4.57			1.85			3.16			2.98			2.73
Distributions to shareholders from
Net investment income		(0.36	)		(0.39	)		(0.32	)		(0.35	)		(0.28	)
Net realized gains		(0.46	)		(0.96	)		(0.19	)		(0.27	)		(1.57	)
Total distributions to shareholders		(0.82	)		(1.35	)		(0.51	)		(0.62	)		(1.85	)
Net asset value, end of period		$38.89			$35.14			$34.64			$31.99			$29.63
Total return		13.26	%		5.73	%		9.94	%		10.20	%		9.91	%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.03	%		1.00	%		0.99	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		1.01	%		1.17	%		0.97	%		0.96	%		0.98	%
Supplemental data
Portfolio turnover rate		19	%		14	%		9	%		9	%		8	%
Net assets, end of period (000s omitted)		$281,988			$229,390			$216,611			$268,512			$206,908

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

Wells Fargo Index Asset Allocation Fund  |  37

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			20171
Net asset value, beginning of period		$35.09			$34.59			$31.96			$29.27
Net investment income		0.42			0.44			0.39			0.35
Net realized and unrealized gains (losses) on investments		4.21			1.46			2.81			3.03
Total from investment operations		4.63			1.90			3.20			3.38
Distributions to shareholders from
Net investment income		(0.42	)		(0.44	)		(0.38	)		(0.42	)
Net realized gains		(0.46	)		(0.96	)		(0.19	)		(0.27	)
Total distributions to shareholders		(0.88	)		(1.40	)		(0.57	)		(0.69	)
Net asset value, end of period		$38.84			$35.09			$34.59			$31.96
Total return2		13.44	%		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		1.16	%		1.32	%		1.13	%		1.08	%
Supplemental data
Portfolio turnover rate		19	%		14	%		9	%		9	%
Net assets, end of period (000s omitted)		$139,896			$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.

38  |  Wells Fargo Index Asset Allocation 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 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 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.

Wells Fargo Index Asset Allocation Fund  |  39

Notes to financial statements

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $924,477,481 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	586,306,591
Gross unrealized losses		(20,835,269	)
Net unrealized gains	$	565,471,322

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.

40  |  Wells Fargo Index Asset Allocation Fund

Notes to financial statements

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	36,944	$	0	$	36,944
Common stocks
Communication services		95,812,509		0		0		95,812,509
Consumer discretionary		102,086,381		0		0		102,086,381
Consumer staples		62,123,881		0		0		62,123,881
Energy		18,203,407		0		0		18,203,407
Financials		85,621,507		0		0		85,621,507
Health care		125,931,430		0		0		125,931,430
Industrials		73,288,088		0		0		73,288,088
Information technology		249,109,723		0		0		249,109,723
Materials		23,162,786						23,162,786
Real estate		23,416,854		0		0		23,416,854
Utilities		26,271,825		0		0		26,271,825
Non-agency mortgage-backed securities		0		4,891		0		4,891
U.S. Treasury securities		558,688,900		0		0		558,688,900
Short-term investments
Investment companies		47,208,672		0		0		47,208,672
		1,490,925,963		41,835		0		1,490,967,798
Futures contracts		19,483		0		0		19,483
Total assets	$	1,490,945,446	$	41,835	$	0	$	1,490,987,281
Liabilities
Futures contracts	$	1,038,478	$	0	$	0	$	1,038,478
Total liabilities	$	1,038,478	$	0	$	0	$	1,038,478

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 year ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Index Asset Allocation Fund  |  41

Notes to financial statements

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 year ended September 30, 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 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.

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

42  |  Wells Fargo Index Asset Allocation Fund

Notes to financial statements

contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2020, Funds Distributor received $82,626 from the sale of Class A shares and $14 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 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 year ended September 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$146,800,140	$105,742,295	$135,203,574	$124,076,473

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 Federal 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 September 30, 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
BNP Paribas Securities Corp.	$	328,821	$	(328,821	)	$	0
Morgan Stanley & Co. LLC		391,840		(391,840	)		0

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

7. DERIVATIVE TRANSACTIONS

During the year ended September 30, 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 $102,342,405 in long futures contracts and $16,597,655 in short futures contracts during the year ended September 30, 2020.

The cumulative unrealized gains (losses) reported in the table following the Portfolio of Investments represents the fair value of futures contracts at the end of the period. Only the current day’s variation margin as of September 30, 2020 is reported separately on the Statement of Assets and Liabilities.

Wells Fargo Index Asset Allocation Fund  |  43

Notes to financial statements

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	16,703,280		$	(359,280	)
Interest rate risk		(715,074	)		373,055
	$	15,988,206		$	13,775

8. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	13,174,894	$	16,601,787
Long-term capital gain		15,219,809		31,862,151

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$15,180,788	$29,223,870	$565,471,322

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

44  |  Wells Fargo Index Asset Allocation Fund

Notes to 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.

Wells Fargo Index Asset Allocation Fund  |  45

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Index Asset Allocation Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

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Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 60.64% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $15,219,809 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $8,265,187 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $4,133,053 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $2,102,311 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, 33.58% of the ordinary income distributed was derived from interest on U.S. government securities.

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 Index Asset Allocation Fund  |  47

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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

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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
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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

¹ Jeremy DePalma acts as Treasurer of 77 funds in the Fund Complex.

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

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Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Index Asset Allocation Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Index Asset Allocation Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Index Asset Allocation Fund  |  51

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”)to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average performance of the Universe for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Index Asset Allocation Blended Index, for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Index Asset Allocation Blended Index, for the one-, three-, and ten-year periods ended March 31, 2020, but in range of its benchmark index for the five-year period ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

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Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Index Asset Allocation Fund  |  53

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

54  |  Wells Fargo Index Asset Allocation Fund

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Wells Fargo Index Asset Allocation Fund  |  55

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

56  |  Wells Fargo Index Asset Allocation 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-020-00569 11-20

A227/AR227 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Report of independent registered public accounting firm	27
Other information	28
Appendix I	36
Appendix II	37

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/
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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo C&B Mid Cap Value Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo C&B Mid Cap Value Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo C&B Mid Cap Value Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo C&B Mid Cap Value Fund  |  5

Performance highlights (unaudited)

Investment objective

The Fund seeks maximum long-term 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 September 30, 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		-15.94		5.92		9.30		-10.81		7.18		9.94		1.30		1.26
Class C (CBMCX)	7-26-2004		-12.32		6.42		9.14		-11.32		6.42		9.14		2.05		2.01
Class R6 (CBMYX)3	7-31-2018		–		–		–		-10.42		7.60		10.32		0.87		0.81
Administrator Class (CBMIX)	7-26-2004		–		–		–		-10.74		7.28		10.02		1.22		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		-10.52		7.55		10.30		0.97		0.91
Russell Midcap® Value Index4	–		–		–		–		-7.30		6.38		9.71		–		–

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 7.

6  |  Wells Fargo C&B Mid Cap Value Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁵

^‡  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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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, returns for the Class R6 shares 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 chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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.

* This security was no longer held at the end of the reporting period.

Wells Fargo C&B Mid Cap Value Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell Midcap^® Value Index, for the 12-month period that ended September 30, 2020.

∎ Stock selection was significantly negative, with industrials stocks detracting most from relative performance. Health care and consumer discretionary stocks also detracted from relative results.

∎ Sector allocation effect was significantly positive, particularly due to the underweight to real estate and energy as well as the overweight to industrials. Stock selection within financials also added to relative results.

Overview

Although markets remain down overall during the trailing 12 months, especially due to COVID-19-related market lows in March, U.S. equity markets continued higher in the third quarter on the heels of further government stimulus, improving economic data, encouraging readouts from COVID-19 vaccine trials, and better clinical outcomes for COVID-19 patients. Even though the trend somewhat reversed in September, growth stocks again led the charge, as has been the case over the last number of years. Given continued resilience in consumer spending and increasing evidence of economic recovery over the past two quarters, the generally broad-based market advance included particular strength among consumer discretionary and other economically sensitive constituents, though energy stocks declined meaningfully during the quarter and the trailing 12 months in the face of persistently low oil prices.

Ten largest holdings (%) as of September 30, 20206
American Eagle Outfitters Incorporated	3.62
Arrow Electronics Incorporated	3.46
Helen of Troy Limited	3.05
Whirlpool Corporation	2.83
Gildan Activewear Incorporated	2.67
Colfax Corporation	2.61
The Progressive Corporation	2.57
Synchrony Financial	2.56
Essent Group Limited	2.55
Alleghany Corporation	2.49

Fund updates

We continue to find compelling opportunities for the Fund as market disruptions create pockets of valuation weakness despite strong fundamentals. This has been especially true in 2020, as portfolio turnover increased due to COVID-19-related volatility. We initiated positions across multiple industries, including consumer discretionary company Gentex, health care company Integra LifeSciences, two financials companies (Alleghany and Essent Group), and two industrials companies (Huntington Ingalls and IAA).

In order to make room for these holdings, we eliminated communication services company Activision Blizzard, consumer discretionary holding Williams-Sonoma, health care company MEDNAX, materials company Crown, and two information technology companies (Alliance Data Systems and Applied Materials).

Sector allocation as of September 30, 2020⁷

The five largest detractors from the Fund were balanced across multiple sectors, with cruise operator Norwegian having the most negative impact on the Fund.

Norwegian Cruise Lines*, the third-largest cruise operator in the world, was forced to cease operations indefinitely as cruise ships were deemed vectors for COVID-19 transmission early in the pandemic. Hexcel, a global leader in designing and manufacturing advanced composites, lagged due to uncertainty regarding the length and depth of Airbus and Boeing’s COVID-19-related production cuts, which led to continued weakness of exposed aerospace suppliers. AerCap, the largest independent aircraft lessor, suffered from investor

Please see footnotes on page 7.

8  |  Wells Fargo C&B Mid Cap Value Fund

Performance highlights (unaudited)

concerns about the financial health of its airline customers as the pandemic roils the global airline industry. Gildan and TCF Financial were the fourth- and fifth-largest detractors, respectively. From a positioning standpoint, the Fund’s overweight to financials and underweight to materials were headwinds.

The five largest stock contributors to the Fund’s return were led by consumer goods company Helen of Troy.

Helen of Troy, a consumer goods company with leading brands in niche categories, demonstrated strong organic trends prior to the emergence of COVID-19 but has also emerged as a slight net beneficiary of the pandemic.

Colfax, an acquisitive conglomerate with strong welding and orthopedic franchises, showed evidence that management had successfully integrated a recent acquisition, and investor optimism about end market recovery benefited the stock. Progressive, a leading personal auto insurer in North America, continued to demonstrate strong growth and profitability during the period. TE Connectivity and Arrow Electronics were the fourth- and fifth-largest contributors, respectively. From a positioning standpoint, the Fund benefited from the underweight to real estate and energy—the two worst sectors in terms of performance over the period—as well as the overweight to industrials.

Outlook

We remain generally constructive on the investing environment. The U.S. economy is exiting a recession and we expect the nascent recovery to persist as people slowly return to many pre-COVID-19 routines, driven by human nature and emboldened by improving therapies and eventually vaccines. This process likely will not be linear, and we expect market volatility along the way, but highly accommodative fiscal and monetary policy should provide continuing support. Offsetting the improving fundamental backdrop to some degree are very high expectations embedded in valuations in parts of the market. As the economy normalizes, we expect investors will better appreciate the enormous valuation disparity between the stocks of companies that have benefited from the pandemic and those that have been negatively affected. We have selectively favored the latter group, emphasizing reasonably valued stocks of the best positioned, financially strong companies that possess both staying power and latent fundamental improvement potential. We expect the portfolio to perform well as underlying fundamentals progress and these characteristics are better recognized.

Please see footnotes on page 7.

Wells Fargo C&B Mid Cap Value Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,255.47	$	7.05		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.81	$	6.31		1.25	%
Class C
Actual	$	1,000.00	$	1,253.04	$	11.28		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.05	$	10.09		2.00	%
Class R6
Actual	$	1,000.00	$	1,258.41	$	4.53		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,255.86	$	6.50		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,257.33	$	5.09		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		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).

10  |  Wells Fargo C&B Mid Cap Value Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 97.99%
Communication Services: 1.73%
Media: 1.73%
Omnicom Group Incorporated		160,200	$	7,929,900
Consumer Discretionary: 15.94%
Auto Components: 1.00%
Gentex Corporation		178,800		4,604,100
Hotels, Restaurants & Leisure: 0.77%
Extended Stay America Incorporated		296,550		3,543,773
Household Durables: 5.88%
Helen of Troy Limited †		72,500		14,030,200
Whirlpool Corporation		70,700		13,001,023
				27,031,223
Specialty Retail: 3.62%
American Eagle Outfitters Incorporated		1,123,600		16,640,514
Textiles, Apparel & Luxury Goods: 4.67%
Gildan Activewear Incorporated		624,300		12,279,981
HanesBrands Incorporated		581,300		9,155,475
				21,435,456
Financials: 23.68%
Banks: 3.24%
Commerce Bancshares Incorporated		81,703		4,599,062
TCF Financial Corporation		440,510		10,290,314
				14,889,376
Capital Markets: 2.30%
State Street Corporation		178,600		10,596,338
Consumer Finance: 4.90%
FirstCash Financial Services Incorporated		187,600		10,732,596
Synchrony Financial		450,200		11,781,734
				22,514,330
Insurance: 10.69%
Alleghany Corporation		22,000		11,449,900
Arch Capital Group Limited †		331,750		9,703,688
Fidelity National Financial Incorporated		167,300		5,238,163
Globe Life Incorporated		136,200		10,882,380
The Progressive Corporation		124,900		11,824,283
				49,098,414
Thrifts & Mortgage Finance: 2.55%
Essent Group Limited		316,400		11,709,964
Health Care: 11.48%
Health Care Equipment & Supplies: 4.46%
Hill-Rom Holdings Incorporated		108,900		9,094,239
Integra LifeSciences Holdings Corporation †		241,500		11,403,630
				20,497,869

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

Wells Fargo C&B Mid Cap Value Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Health Care Providers & Services: 2.46%
Laboratory Corporation of America Holdings †		60,000	$	11,296,200
Life Sciences Tools & Services: 2.47%
Syneos Health Incorporated †		213,800		11,365,608
Pharmaceuticals: 2.09%
Perrigo Company plc		208,700		9,581,417
Industrials: 27.17%
Aerospace & Defense: 5.29%
BWX Technologies Incorporated		190,400		10,721,424
Hexcel Corporation		118,800		3,985,740
Huntington Ingalls Industries Incorporated		68,100		9,585,075
				24,292,239
Building Products: 1.39%
Johnson Controls International plc		157,000		6,413,450
Commercial Services & Supplies: 3.40%
IAA Incorporated †		219,200		11,413,744
Steelcase Incorporated Class A		416,200		4,207,782
				15,621,526
Electrical Equipment: 6.42%
Acuity Brands Incorporated		86,600		8,863,510
AMETEK Incorporated		95,200		9,462,880
Eaton Corporation plc		109,700		11,192,691
				29,519,081
Machinery: 8.74%
Colfax Corporation †		382,300		11,988,928
Donaldson Company Incorporated		91,900		4,265,998
Gates Industrial Corporation plc †		400,650		4,455,228
Snap-on Incorporated		67,500		9,931,275
Woodward Governor Company		118,600		9,506,976
				40,148,405
Trading Companies & Distributors: 1.93%
AerCap Holdings NV †		351,600		8,856,804
Information Technology: 11.36%
Electronic Equipment, Instruments & Components: 5.70%
Arrow Electronics Incorporated †		202,100		15,897,186
TE Connectivity Limited		105,200		10,282,248
				26,179,434
IT Services: 3.96%
Amdocs Limited		165,000		9,472,650
Leidos Holdings Incorporated		97,700		8,709,955
				18,182,605
Semiconductors & Semiconductor Equipment: 1.70%
MKS Instruments Incorporated		71,600		7,820,868

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

12  |  Wells Fargo C&B Mid Cap Value Fund

Portfolio of investments—September 30, 2020

				Shares		Value
Materials: 4.80%
Chemicals: 1.55%
Axalta Coating Systems Limited †					320,700	$	7,109,919
Metals & Mining: 2.22%
Reliance Steel & Aluminum Company					100,000		10,204,000
Paper & Forest Products: 1.03%
Schweitzer-Mauduit International Incorporated					155,200		4,716,528
Real Estate: 1.83%
Real Estate Management & Development: 1.83%
CBRE Group Incorporated Class A †					179,000		8,407,630
Total Common Stocks (Cost $423,107,192)							450,206,971
	Yield
Short-Term Investments: 2.29%
Investment Companies: 2.29%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05	%		10,498,142		10,498,142
Total Short-Term Investments (Cost $10,498,142)							10,498,142

Total investments in securities (Cost $433,605,334)	100.28	%		460,705,113
Other assets and liabilities, net	(0.28	)		(1,270,213	)
Total net assets	100.00	%	$	459,434,900

† 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:

	Value, beginning of period		Purchases		Sales proceeds			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 *	$	5,733,750	$	18,977,050	$	(24,710,655	)	$	(145	)	$	0	$	3,957	#	$	0
Wells Fargo Government Money Market Fund Select Class		17,446,499		241,557,419		(248,505,776	)		0			0		213,947			10,498,142
								$	(145	)	$	0	$	217,904		$	10,498,142		2.29	%

* 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  |  13

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities, at value (cost $423,107,192)	$	450,206,971
Investments in affiliated securities, at value (cost $10,498,142)		10,498,142
Receivable for investments sold		135,939
Receivable for Fund shares sold		1,240,110
Receivable for dividends		293,156
Prepaid expenses and other assets		93,706
Total assets		462,468,024
Liabilities
Payable for investments purchased		1,707,223
Payable for Fund shares redeemed		979,237
Management fee payable		274,973
Administration fees payable		56,098
Distribution fee payable		1,983
Trustees’ fees and expenses payable		3,445
Accrued expenses and other liabilities		10,165
Total liabilities		3,033,124
Total net assets	$	459,434,900
Net assets consist of
Paid-in capital	$	447,128,391
Total distributable earnings		12,306,509
Total net assets	$	459,434,900
Computation of net asset value and offering price per share
Net assets – Class A	$	104,921,741
Shares outstanding – Class A1		3,050,122
Net asset value per share – Class A		$34.40
Maximum offering price per share – Class A2		$36.50
Net assets – Class C	$	3,217,079
Shares outstanding – Class C1		100,734
Net asset value per share – Class C		$31.94
Net assets – Class R6	$	12,156,030
Shares outstanding – Class R61		349,648
Net asset value per share – Class R6		$34.77
Net assets – Administrator Class	$	23,690,907
Shares outstanding – Administrator Class1		680,700
Net asset value per share – Administrator Class		$34.80
Net assets – Institutional Class	$	315,449,143
Shares outstanding – Institutional Class1		9,080,353
Net asset value per share – Institutional Class		$34.74

¹  The Fund has an unlimited number of authorized shares.

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

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

14  |  Wells Fargo C&B Mid Cap Value Fund

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $18,778)	$	6,516,198
Income from affiliated securities		214,745
Total investment income		6,730,943
Expenses
Management fee		3,291,258
Administration fees
Class A		224,655
Class C		8,093
Class R6		4,079
Administrator Class		35,284
Institutional Class		373,465
Shareholder servicing fees
Class A		267,060
Class C		9,618
Administrator Class		67,655
Distribution fee
Class C		28,664
Custody and accounting fees		22,190
Professional fees		40,168
Registration fees		101,439
Shareholder report expenses		65,400
Trustees’ fees and expenses		21,260
Other fees and expenses		16,277
Total expenses		4,576,565
Less: Fee waivers and/or expense reimbursements
Fund-level		(60,941	)
Class A		(11,852	)
Class R6		(3,585	)
Administrator Class		(6,886	)
Institutional Class		(77,816	)
Net expenses		4,415,485
Net investment income		2,315,458
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities		(13,737,741	)
Affiliated securities		(145	)
Net realized losses on investments		(13,737,886	)
Net change in unrealized gains (losses) on investments		(31,020,572	)
Net realized and unrealized gains (losses) on investments		(44,758,458	)
Net decrease in net assets resulting from operations	$	(42,443,000	)

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

Wells Fargo C&B Mid Cap Value Fund  |  15

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	2,315,458					$	2,205,049
Net realized gains (losses) on investments					(13,737,886	)					10,275,898
Net change in unrealized gains (losses) on investments					(31,020,572	)					6,365,733
Net increase (decrease) in net assets resulting from operations					(42,443,000	)					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		960,999			33,921,828			316,284			11,568,529
Class C		27,501			911,966			28,128			897,999
Class R6		81,470			2,854,895			475,263			17,075,950
Administrator Class		317,699			12,268,162			200,859			7,561,359
Institutional Class		7,166,530			244,342,104			3,096,014			113,109,321
					294,298,955						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		6,228			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		(686,660	)		(23,231,821	)		(564,439	)		(20,529,618	)
Class C		(53,935	)		(1,754,560	)		(139,702	)		(4,695,256	)
Class R6		(115,303	)		(4,078,132	)		(99,674	)		(3,641,646	)
Administrator Class		(258,443	)		(8,985,442	)		(150,211	)		(5,462,836	)
Institutional Class		(4,458,883	)		(151,411,494	)		(2,201,065	)		(78,294,383	)
					(189,461,449	)					(112,623,739	)
Net increase in net assets resulting from capital share transactions					118,104,521						38,831,638
Total increase in net assets					62,017,764						56,371,406
Net assets
Beginning of period					397,417,136						341,045,730
End of period				$	459,434,900					$	397,417,136

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)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$39.67			$37.88			$35.07			$29.27			$25.12
Net investment income (loss)		0.10	1		0.16			0.06			(0.00	)1,2		0.07	1
Net realized and unrealized gains (losses) on investments		(4.21	)		1.69			2.75			5.82			4.13
Total from investment operations		(4.11	)		1.85			2.81			5.82			4.20
Distributions to shareholders from
Net investment income		(0.15	)		(0.06	)		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.16	)		(0.06	)		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period		$34.40			$39.67			$37.88			$35.07			$29.27
Total return4		(10.81	)%		4.91	%		8.02	%		19.89	%		16.73	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.29	%		1.29	%		1.30	%		1.33	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.24	%
Net investment income (loss)		0.29	%		0.43	%		0.16	%		(0.00	)%		0.27	%
Supplemental data
Portfolio turnover rate		45	%		42	%		39	%		54	%		35	%
Net assets, end of period (000s omitted)		$104,922			$106,975			$111,354			$115,258			$120,020

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.

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

Wells Fargo C&B Mid Cap Value Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$36.98			$35.51			$33.12			$27.83			$24.02
Net investment loss		(0.16	)1		(0.12	)1		(0.20	)1		(0.26	)1		(0.14	)1
Net realized and unrealized gains (losses) on investments		(3.87	)		1.59			2.59			5.55			3.95
Total from investment operations		(4.03	)		1.47			2.39			5.29			3.81
Distributions to shareholders from
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$31.94			$36.98			$35.51			$33.12			$27.83
Total return2		(11.32	)%		4.14	%		7.22	%		19.01	%		15.86	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.04	%		2.04	%		2.05	%		2.08	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		1.98	%
Net investment loss		(0.47	)%		(0.36	)%		(0.59	)%		(0.74	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		45	%		42	%		39	%		54	%		35	%
Net assets, end of period (000s omitted)		$3,217			$4,592			$8,371			$8,567			$7,314

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo C&B Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			2019			20181
Net asset value, beginning of period		$40.06			$38.27			$37.39
Net investment income		0.27			0.35	2		0.08	2
Net realized and unrealized gains (losses) on investments		(4.25	)		1.67			0.80
Total from investment operations		(3.98	)		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	)		(0.23	)		0.00
Net asset value, end of period		$34.77			$40.06			$38.27
Total return3		(10.42	)%		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		0.73	%		0.95	%		1.24	%
Supplemental data
Portfolio turnover rate		45	%		42	%		39	%
Net assets, end of period (000s omitted)		$12,156			$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  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.14			$38.35			$35.52			$29.63			$25.42
Net investment income		0.14	1		0.20	1		0.10	1		0.04	1		0.08	1
Net realized and unrealized gains (losses) on investments		(4.27	)		1.70			2.78			5.89			4.19
Total from investment operations		(4.13	)		1.90			2.88			5.93			4.27
Distributions to shareholders from
Net investment income		(0.20	)		(0.11	)		(0.05	)		(0.04	)		(0.06	)
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.21	)		(0.11	)		(0.05	)		(0.04	)		(0.06	)
Net asset value, end of period		$34.80			$40.14			$38.35			$35.52			$29.63
Total return		(10.74	)%		5.03	%		8.13	%		20.02	%		16.82	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.21	%		1.21	%		1.22	%		1.25	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.38	%		0.53	%		0.26	%		0.12	%		0.28	%
Supplemental data
Portfolio turnover rate		45	%		42	%		39	%		54	%		35	%
Net assets, end of period (000s omitted)		$23,691			$24,036			$20,960			$21,267			$8,302

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo C&B Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.04			$38.26			$35.41			$29.53			$25.34
Net investment income		0.23	1		0.28			0.19			0.16			0.16
Net realized and unrealized gains (losses) on investments		(4.25	)		1.70			2.78			5.82			4.17
Total from investment operations		(4.02	)		1.98			2.97			5.98			4.33
Distributions to shareholders from
Net investment income		(0.27	)		(0.20	)		(0.12	)		(0.10	)		(0.14	)
Net realized gains		(1.01	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.28	)		(0.20	)		(0.12	)		(0.10	)		(0.14	)
Net asset value, end of period		$34.74			$40.04			$38.26			$35.41			$29.53
Total return		(10.52	)%		5.29	%		8.41	%		20.30	%		17.11	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.96	%		0.96	%		0.97	%		1.00	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.64	%		0.79	%		0.56	%		0.37	%		0.54	%
Supplemental data
Portfolio turnover rate		45	%		42	%		39	%		54	%		35	%
Net assets, end of period (000s omitted)		$315,449			$246,702			$200,335			$105,550			$38,161

¹  Calculated based upon average shares outstanding

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

Wells Fargo C&B Mid Cap Value Fund  |  21

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 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 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. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

22  |  Wells Fargo C&B Mid Cap Value Fund

Notes to financial statements

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $444,558,274 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	46,255,983
Gross unrealized losses		(30,109,144	)
Net unrealized gains	$	16,146,839

As of September 30, 2020, the Fund had capital loss carryforwards which consist of $5,283,545 in short-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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  |  23

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	7,929,900	$	0	$	0	$	7,929,900
Consumer discretionary		73,255,066		0		0		73,255,066
Financials		108,808,422		0		0		108,808,422
Health care		52,741,094		0		0		52,741,094
Industrials		124,851,505		0		0		124,851,505
Information technology		52,182,907		0		0		52,182,907
Materials		22,030,447		0		0		22,030,447
Real estate		8,407,630		0		0		8,407,630
Short-term investments
Investment companies		10,498,142		0		0		10,498,142
Total assets	$	460,705,113	$	0	$	0	$	460,705,113

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

For the year ended September 30, 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 year ended September 30, 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 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.

24  |  Wells Fargo C&B Mid Cap Value Fund

Notes to financial statements

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 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 year ended September 30, 2020, Funds Distributor received $5,145 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended September 30, 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 year ended September 30, 2020 were $301,302,733 and $187,244,248, 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 Federal Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

Wells Fargo C&B Mid Cap Value Fund  |  25

Notes to financial statements

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 September 30, 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 $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	5,458,221	$	1,306,912
Long-term capital gain		8,185,536		0

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$1,443,215	$16,146,839	$(5,283,545)

9. 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.

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the 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.

26  |  Wells Fargo C&B Mid Cap Value Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo C&B Mid Cap Value Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo C&B Mid Cap Value Fund  |  27

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 82.69% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $8,185,536 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $5,434,615 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $136,204 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $2,841,539 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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.

28  |  Wells Fargo C&B Mid Cap Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo C&B Mid Cap Value Fund  |  29

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

30  |  Wells Fargo C&B Mid Cap Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
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 the Treasurer of 77 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.

Wells Fargo C&B Mid Cap Value Fund  |  31

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo C&B Mid Cap Value Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo C&B Mid Cap Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Cooke & Bieler, L.P. (the “Sub-Adviser”). The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management is a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

32  |  Wells Fargo C&B Mid Cap Value Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the five- and ten-year periods ended March 31, 2020, but lower than the average investment performance of the Universe for the one- and three-year periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell Midcap^® Value Index, for all periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell Midcap^® Value Index, for all periods ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Broadridge to be similar to the Fund. The Board noted the small size of the sub-advised expense universe. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s length basis.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Wells Fargo C&B Mid Cap Value Fund  |  33

Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management, the Sub-Adviser, and their affiliates as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and its affiliate from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management, the Sub-Adviser, and their affiliates were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

34  |  Wells Fargo C&B Mid Cap Value Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo C&B Mid Cap Value Fund  |  35

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

36  |  Wells Fargo C&B Mid Cap Value Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo C&B Mid Cap Value Fund  |  37

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2020 Wells Fargo & Company. All rights reserved.

PAR-1020-00562 11-20

A228/AR228 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30
Appendix I	38
Appendix II	39

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Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/
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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Common Stock Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Common Stock Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Common Stock Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Common Stock Fund  |  5

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 September 30, 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		-9.05		6.36		8.66		-3.48		7.63		9.31		1.27		1.27
Class C (STSAX)	11-30-2000		-4.88		6.89		8.53		-3.88		6.89		8.53		2.02		2.02
Class R6 (SCSRX)3	6-28-2013		–		–		–		-3.10		8.08		9.77		0.83		0.83
Administrator Class (SCSDX)	7-30-2010		–		–		–		-1.68		8.16		9.67		1.19		1.11
Institutional Class (SCNSX)	7-30-2010		–		–		–		-3.13		8.06		9.74		0.94		0.86
Russell 2500TM Index4	–		–		–		–		2.22		8.97		10.81		–		–

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 7.

6  |  Wells Fargo Common Stock Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁵

^‡ 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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^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.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Russell 2500^TM Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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 Common Stock Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights    

∎ The Fund underperformed its benchmark, the Russell 2500^TM Index, for the 12-month period that ended September 30, 2020.

∎ Stock selection in health care, consumer discretionary, and information technology (IT) detracted from relative performance, even though IT and health care were the sources of absolute return.

∎ Stock selection in real estate and low exposure to utilities and energy contributed to relative performance.

The global pandemic caused market volatility to spike, prompting aggressive monetary and fiscal policy responses.

The U.S. equity markets were extremely volatile and moved sharply in both directions during the reporting period. The markets rose in all four quarters in 2019 and into mid-February, hitting new all-time highs along the way. Then, as the global pandemic took hold, the equity markets proceeded to lose more than 35% of their value in less than six weeks, ending the longest bull market in U.S. history while entering bear market territory in record time. Beginning in the last week of March, U.S. equities began to recover and rose for the next five months before retreating a bit in September. The Fund’s benchmark followed a similar pattern and ended up gaining 15% for the 12-month period. IT, consumer discretionary, and health care were the best-performing sectors in the benchmark while energy, financials, and real estate declined the most. Growth stocks generally outperformed value.

Leading up to the mid-February high, U.S. equities benefited from a dovish U.S. Federal Reserve (Fed), lower corporate taxes, less regulation, share buybacks, capital spending, and high-profile merger and acquisition activity that boosted optimism in U.S. businesses. Rising wages, low unemployment, low inflation, and declining household debt fueled consumer confidence. COVID-19 evolved into a global pandemic, largely shutting down the international economy and eventually accumulating a worldwide death toll of around 1 million by the end of the period. The six-week market decline was followed by a recovery that can mostly be attributed to the speed and aggressiveness of the U.S. government’s fiscal and monetary policy response. Sentiment ebbed and flowed with news of infection rates, mortality rates, vaccines, therapeutics, and partial business openings. The legislature approved three stimulus bills, including the Coronavirus Aid, Relief, and Economic Security Act, representing the largest stimulus bill in U.S. history at $2.2 trillion. The Fed had cut interest rates to near zero by mid-March and announced an aggressive open-ended commitment to keep buying assets under its quantitative easing measures to also include corporate bonds for the first time in its history. The Fed’s “whatever it takes” mantra increased its balance sheet to over $7.2 trillion. Through the period, we continued to seek companies with solid business models, strong management teams, and healthy cash flow prospects.

Holdings in health care, consumer discretionary, and IT were the largest detractors to relative performance.

Ten largest holdings (%) as of September 30, 20206
Masonite International Corporation	2.88
Bio-Rad Laboratories Incorporated Class A	2.31
United Rentals Incorporated	2.05
Marvell Technology Group Limited	2.01
VICI Properties Incorporated	1.99
AMETEK Incorporated	1.91
Sun Communities Incorporated	1.87
Discover Financial Services	1.85
Zendesk Incorporated	1.81
ITT Incorporated	1.72

Holdings in health care generally underperformed their peers in the benchmark, particularly in medical technologies and biopharma, with a few notable exceptions in life sciences and insurance. LivaNova PLC (LIVN) is a medical technology company that specializes in neuromodulation, cardiac surgery, and cardiac rhythm management. The stock declined 39% during the period, affected by a pandemic-related delay in clinical trial timelines and postponement of non-emergent procedures that hurt the firm’s neuromodulation business. Conversely, in the life sciences industry, Bio-Rad Laboratories, Incorporated (BIO), was one of the largest relative contributors to the Fund. BIO is a leading life science company providing instruments, software, consumables, reagents, and related content. The

stock rose 55% on increased demand for its products, including a real-time PCR screening assay and a blood-based immunoassay kit to identify antibodies to COVID-19. Holdings in the consumer discretionary sector were hurt by the pandemic, especially in the leisure, travel, restaurant, and retail industries. Norwegian Cruise Line Holdings Limited (NCLH) operates brands with a combined fleet of 28 ships. The stock declined 69% as cruise lines were at the epicenter of the pandemic and all major carriers were suspending voyages. The Fund’s holdings in IT made the largest contribution to overall returns but underperformed their peers in the benchmark. The largest individual detractor was Hexcel Corporation (HXL) in the industrials

Please see footnotes on page 7.

8  |  Wells Fargo Common Stock Fund

Performance highlights (unaudited)

sector, a leading producer of carbon fiber reinforcements and resin systems and honeycomb manufacturing for the commercial aerospace, industrial, and defense industries. Travel restrictions severely curtailed demand from aircraft manufacturers, causing the stock to decline 59% during the period.

Sector allocation as of September 30, 2020⁷

Real estate, utilities, and energy contributed the most to relative performance.

The real estate sector in the benchmark declined during the period, but the Fund’s holdings outperformed the group. Cell towers and data centers benefited from increased use of cloud computing and electronic commerce by businesses and increased electronic communications between/among people and things. SBA Communications Corporation (SBA) rose 33% as an owner and operator of wireless communications infrastructure. The energy sector was affected by the collapse in the price of crude oil, as global demand faded from the pandemic-induced economic slowdown without a proportional reduction in supply. Energy

was the worst-performing sector in the benchmark with a decline of 55%, but an underweight position made it a relative contributor to the Fund. Utilities also declined during the period and lack of exposure there was also a source of relative gains. The largest individual contributor was Nuance Communications, Incorporated (NUAN), which provides voice and language solutions for the health care, mobile, consumer, enterprise customer service, and imaging markets. The stock rose 134%, benefiting from corporate partnerships and the new normal of virtual communications.

Our focus is constant: To add value by investing in attractively priced holdings.

We seek to buy stocks at a discount to their estimated private market valuation (PMV) and sell them as they reach the top of their PMV range. The PMV represents the expected price an investor would pay for the entire company as a stand-alone private entity. Our disciplined, bottom-up investment process leads us to be overweight or underweight certain sectors. This positioning changes over time based on macroeconomic and industry-specific factors. During the reporting period, we were most overweight the industrials and IT sectors while being most underweight utilities and communication services. Through our disciplined investment process, we remain keenly aware of both price and enterprise values on a company-by-company basis.

The economic impact of the global coronavirus pandemic will consume the equity markets for the foreseeable future. As infection rates have slowed down and patient recovery rates have improved, the country has been gradually opening up and eventually the economy will get back in motion. The U.S. economy is in a recession, but it’s too early to know how deep the economic damage will be, how soon it can begin to recover, and whether the extraordinary responses to date will be effective. We now know a lot more about COVID-19, and we believe there is a lot of promise in the vaccines and therapeutics under development. This economic downturn has been different from anything else in recent history, and there is the possibility that things could get back to normal sooner than expected.

Please see footnotes on page 7.

Wells Fargo Common Stock Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,344.36	$	7.32		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.82	$	6.30		1.25	%
Class C
Actual	$	1,000.00	$	1,344.83	$	11.79		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.01	$	10.13		2.01	%
Class R6
Actual	$	1,000.00	$	1,347.40	$	4.88		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.20		0.83	%
Administrator Class
Actual	$	1,000.00	$	1,368.77	$	6.49		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.59	$	5.54		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,347.21	$	5.00		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		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).

10  |  Wells Fargo Common Stock Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 98.63%
Consumer Discretionary: 12.16%
Auto Components: 1.50%
Dana Incorporated		1,077,585	$	13,275,843
Diversified Consumer Services: 0.12%
Houghton Mifflin Harcourt Company †		628,107		1,086,625
Hotels, Restaurants & Leisure: 3.92%
Jack in the Box Incorporated		143,610		11,389,709
Norwegian Cruise Line Holdings Limited Ǡ		205,710		3,519,698
Planet Fitness Incorporated Class A †		195,111		12,022,740
Texas Roadhouse Incorporated		125,569		7,633,340
				34,565,487
Household Durables: 0.93%
Mohawk Industries Incorporated †		83,734		8,171,601
Internet & Direct Marketing Retail: 0.81%
The RealReal Incorporated †		491,582		7,113,192
Specialty Retail: 3.78%
Burlington Stores Incorporated †		72,881		15,020,045
Tractor Supply Company		46,735		6,698,995
Ulta Beauty Incorporated †		51,831		11,609,107
				33,328,147
Textiles, Apparel & Luxury Goods: 1.10%
Levi Strauss & Company Class A		722,067		9,675,698
Consumer Staples: 0.88%
Household Products: 0.88%
Church & Dwight Company Incorporated		83,139		7,790,956
Financials: 12.28%
Banks: 1.47%
Pinnacle Financial Partners Incorporated		185,017		6,584,755
Sterling Bancorp		603,606		6,349,935
				12,934,690
Capital Markets: 1.74%
Cboe Global Markets Incorporated		108,218		9,495,047
Raymond James Financial Incorporated		80,197		5,835,134
				15,330,181
Consumer Finance: 1.84%
Discover Financial Services		281,565		16,268,826
Insurance: 5.97%
Arch Capital Group Limited †		288,991		8,452,987
Axis Capital Holdings Limited		214,811		9,460,276
CNO Financial Group Incorporated		828,994		13,297,064
Reinsurance Group of America Incorporated		104,187		9,917,561
Willis Towers Watson plc		54,922		11,468,812
				52,596,700

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

Wells Fargo Common Stock Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Thrifts & Mortgage Finance: 1.26%
Essent Group Limited		301,272	$	11,150,077
Health Care: 12.19%
Biotechnology: 1.71%
Acceleron Pharma Incorporated †		31,192		3,510,036
Agios Pharmaceuticals Incorporated †		73,361		2,567,635
Neurocrine Biosciences Incorporated †		59,060		5,679,210
Sage Therapeutics Incorporated †		54,125		3,308,120
				15,065,001
Health Care Equipment & Supplies: 4.02%
Haemonetics Corporation †		154,817		13,507,783
Integer Holdings Corporation †		154,679		9,127,608
LivaNova plc †		283,008		12,794,792
				35,430,183
Health Care Providers & Services: 3.75%
Humana Incorporated		33,485		13,859,107
Laboratory Corporation of America Holdings †		76,554		14,412,822
Universal Health Services Incorporated Class B		44,831		4,797,814
				33,069,743
Life Sciences Tools & Services: 2.71%
Bio-Rad Laboratories Incorporated Class A †		39,430		20,324,588
Codexis Incorporated †		308,115		3,617,270
				23,941,858
Industrials: 23.20%
Aerospace & Defense: 1.83%
Hexcel Corporation		131,726		4,419,407
MTU Aero Engines AG †		70,477		11,683,017
				16,102,424
Building Products: 2.88%
Masonite International Corporation †		258,315		25,418,196
Commercial Services & Supplies: 4.42%
IAA Incorporated †		268,610		13,986,523
Republic Services Incorporated		144,528		13,491,689
Stericycle Incorporated †		182,353		11,499,180
				38,977,392
Construction & Engineering: 0.67%
API Group Corporation 144A†		414,149		5,893,340
Electrical Equipment: 3.41%
AMETEK Incorporated		169,252		16,823,649
Sensata Technologies Holding plc †		308,175		13,294,670
				30,118,319
Industrial Conglomerates: 1.23%
Carlisle Companies Incorporated		88,430		10,821,179

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

12  |  Wells Fargo Common Stock Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Machinery: 4.47%
Altra Industrial Motion Corporation		373,274	$	13,799,940
Ingersoll Rand Incorporated †		293,781		10,458,604
ITT Incorporated		256,676		15,156,718
				39,415,262
Road & Rail: 0.59%
Saia Incorporated †		40,951		5,165,559
Trading Companies & Distributors: 3.70%
Air Lease Corporation		494,051		14,534,980
United Rentals Incorporated †		103,600		18,078,200
				32,613,180
Information Technology: 21.59%
IT Services: 4.14%
Black Knight Incorporated †		147,128		12,807,492
EVO Payments Incorporated Class A †		487,408		12,112,089
Genpact Limited		297,609		11,591,871
				36,511,452
Semiconductors & Semiconductor Equipment: 6.36%
Brooks Automation Incorporated		323,990		14,987,777
Marvell Technology Group Limited		445,647		17,692,186
Maxim Integrated Products Incorporated		170,763		11,545,286
ON Semiconductor Corporation †		547,146		11,867,597
				56,092,846
Software: 11.09%
8x8 Incorporated †		756,884		11,769,546
Fair Isaac Corporation †		30,441		12,948,993
Medallia Incorporated †		384,081		10,531,501
Nuance Communications Incorporated		412,147		13,679,159
Proofpoint Incorporated †		116,361		12,281,904
RealPage Incorporated †		201,482		11,613,422
SPS Commerce Incorporated †		115,002		8,955,206
Zendesk Incorporated †		154,820		15,934,074
				97,713,805
Materials: 5.19%
Chemicals: 1.48%
Westlake Chemical Corporation		206,276		13,040,769
Containers & Packaging: 1.30%
Crown Holdings Incorporated †		149,250		11,471,355
Metals & Mining: 2.41%
Royal Gold Incorporated		64,214		7,716,596
Steel Dynamics Incorporated		472,104		13,516,338
				21,232,934
Real Estate: 11.14%
Equity REITs: 10.19%
American Homes 4 Rent Class A		217,917		6,206,276
Camden Property Trust		92,995		8,274,695
CoreSite Realty Corporation		91,773		10,909,974

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

Wells Fargo Common Stock Fund  |  13

Portfolio of investments—September 30, 2020

				Shares		Value
Equity REITs (continued)
Four Corners Property Trust Incorporated					411,389	$	10,527,445
SBA Communications Corporation					36,227		11,537,575
STAG Industrial Incorporated					275,682		8,405,544
Sun Communities Incorporated					117,241		16,485,257
VICI Properties Incorporated					749,219		17,509,248
							89,856,014
Real Estate Management & Development: 0.95%
Jones Lang LaSalle Incorporated					87,784		8,397,417
Total Common Stocks (Cost $682,761,988)							869,636,251
Exchange-Traded Funds: 1.25%
SPDR S&P Biotech ETF «					99,390		11,075,028
Total Exchange-Traded Funds (Cost $6,115,593)							11,075,028
	Yield
Short-Term Investments: 1.80%
Investment Companies: 1.80%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		14,083,400		14,083,400
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05			1,768,345		1,768,345
Total Short-Term Investments (Cost $15,851,745)							15,851,745

Total investments in securities (Cost $704,729,326)	101.68	%		896,563,024
Other assets and liabilities, net	(1.68	)		(14,850,384	)
Total net assets	100.00	%	$	881,712,640

† Non-income-earning security

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

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

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

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

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

Abbreviations:

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	9,519,016	$	108,335,256	$	(103,771,246	)	$	610	$	(236	)	$	88,824	#	$	14,083,400
Wells Fargo Government Money Market Fund Select Class		15,119,436		281,175,232		(294,526,323	)		0		0			107,095			1,768,345
								$	610	$	(236	)	$	195,919		$	15,851,745		1.80	%

^#  Amount shown represents income before fees and rebates.

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

14  |  Wells Fargo Common Stock Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities (including $13,862,286 of securities loaned), at value (cost $688,877,581)	$	880,711,279
Investments in affiliated securities, at value (cost $15,851,745)		15,851,745
Receivable for Fund shares sold		57,451
Receivable for dividends		1,082,657
Receivable for securities lending income, net		8,231
Total assets		897,711,363
Liabilities
Payable upon receipt of securities loaned		14,083,400
Payable for Fund shares redeemed		801,394
Management fee payable		610,259
Administration fees payable		140,855
Distribution fee payable		1,912
Trustees’ fees and expenses payable		5,395
Accrued expenses and other liabilities		355,508
Total liabilities		15,998,723
Total net assets	$	881,712,640
Net assets consist of
Paid-in capital	$	687,264,141
Total distributable earnings		194,448,499
Total net assets	$	881,712,640
Computation of net asset value and offering price per share
Net assets – Class A	$	722,546,862
Shares outstanding – Class A1		40,408,182
Net asset value per share – Class A		$17.88
Maximum offering price per share – Class A2		$18.97
Net assets – Class C	$	3,019,798
Shares outstanding – Class C1		258,105
Net asset value per share – Class C		$11.70
Net assets – Class R6	$	27,627,518
Shares outstanding – Class R61		1,441,861
Net asset value per share – Class R6		$19.16
Net assets – Administrator Class	$	2,239,113
Shares outstanding – Administrator Class1		119,928
Net asset value per share – Administrator Class		$18.67
Net assets – Institutional Class	$	126,279,349
Shares outstanding – Institutional Class1		6,614,535
Net asset value per share – Institutional Class		$19.09

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  |  15

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $501)	$	10,161,021
Income from affiliated securities		147,811
Total investment income		10,308,832
Expenses
Management fee		7,304,119
Administration fees
Class A		1,607,607
Class C		9,854
Class R6		9,752
Administrator Class		3,373
Institutional Class		179,072
Shareholder servicing fees
Class A		1,909,772
Class C		11,686
Administrator Class		5,967
Distribution fee
Class C		34,979
Custody and accounting fees		64,355
Professional fees		50,991
Registration fees		75,795
Shareholder report expenses		63,246
Trustees’ fees and expenses		23,368
Other fees and expenses		33,992
Total expenses		11,387,928
Less: Fee waivers and/or expense reimbursements
Fund-level		(43,170	)
Class A		(255,218	)
Class C		(9	)
Class R6		(1,006	)
Administrator Class		(1,703	)
Institutional Class		(113,963	)
Net expenses		10,972,859
Net investment loss		(664,027	)
Payment from affiliate		50,779
Realized and unrealized gains (losses) on investments
Net realized gains on investments
Unaffiliated securities		27,865,620
Affiiliated securities		610
Net realized gains on investments		27,866,230
Net change in unrealized gains (losses) on
Unaffiliated securities		(71,533,875	)
Affiiliated securities		(236	)
Net change in unrealized gains (losses) on investments		(71,534,111	)
Net realized and unrealized gains (losses) on investments		(43,667,881	)
Net decrease in net assets resulting from operations	$	(44,281,129	)

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

16  |  Wells Fargo Common Stock Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income (loss)				$	(664,027	)				$	399,291
Payment from affiliate					50,779						0
Net realized gains on investments					27,866,230						120,517,533
Net change in unrealized gains (losses) on investments					(71,534,111	)					(119,779,061	)
Net increase (decrease) in net assets resulting from operations					(44,281,129	)					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		829,934			14,670,933			957,344			19,146,985
Class C		30,986			364,118			120,120			1,584,422
Class R6		435,113			8,658,699			410,149			9,044,599
Administrator Class		40,426			781,386			7,616			156,460
Institutional Class		936,815			17,943,308			958,488			21,044,807
					42,418,444						50,977,273
Reinvestment of distributions
Class A		5,292,160			101,875,798			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
					126,402,485						150,809,413
Payment for shares redeemed
Class A		(7,019,117	)		(123,527,409	)		(5,755,346	)		(115,611,722	)
Class C		(386,221	)		(4,798,830	)		(683,062	)		(9,629,160	)
Class R6		(826,169	)		(14,778,156	)		(453,488	)		(10,013,010	)
Administrator Class		(107,155	)		(1,980,852	)		(124,075	)		(2,358,961	)
Institutional Class		(2,368,945	)		(43,202,567	)		(1,546,702	)		(33,665,647	)
					(188,287,814	)					(171,278,500	)
Net increase (decrease) in net assets resulting from capital share transactions					(19,466,885	)					30,508,186
Total decrease in net assets					(195,648,949	)					(125,726,351	)
Net assets
Beginning of period					1,077,361,589						1,203,087,940
End of period				$	881,712,640					$	1,077,361,589

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)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.07			$24.58			$24.06			$21.50			$21.62
Net investment loss		(0.03	)		(0.01	)		(0.04	)		(0.09	)		(0.01	)1
Net realized and unrealized gains (losses) on investments		(0.52	)		(0.20	)		3.10			3.48			2.45
Total from investment operations		(0.55	)		(0.21	)		3.06			3.39			2.44
Distributions to shareholders from
Net investment income		(0.00	)2		0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Total distributions to shareholders		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Net asset value, end of period		$17.88			$21.07			$24.58			$24.06			$21.50
Total return3		(3.48	)%		0.91	%		13.62	%		16.10	%		12.43	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.26	%		1.25	%		1.25	%		1.25	%
Net expenses		1.23	%		1.26	%		1.25	%		1.25	%		1.25	%
Net investment loss		(0.14	)%		(0.03	)%		(0.18	)%		(0.38	)%		(0.05	)%
Supplemental data
Portfolio turnover rate		61	%		40	%		33	%		35	%		32	%
Net assets, end of period (000s omitted)		$722,547			$870,369			$971,731			$942,596			$924,864

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.72			$18.40			$18.75			$17.04			$17.77
Net investment loss		(0.11	)1		(0.11	)1		(0.17	)1		(0.20	)1		(0.14	)1
Payment from affiliate		0.05			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		(0.32	)		(0.27	)		2.36			2.74			1.97
Total from investment operations		(0.38	)		(0.38	)		2.19			2.54			1.83
Distributions to shareholders from
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Net asset value, end of period		$11.70			$14.72			$18.40			$18.75			$17.04
Total return2		(3.88	)%3		0.17	%		12.74	%		15.29	%		11.52	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		2.00	%		2.00	%		2.00	%
Net expenses		2.01	%		2.01	%		2.00	%		2.00	%		2.00	%
Net investment loss		(0.92	)%		(0.78	)%		(0.94	)%		(1.14	)%		(0.87	)%
Supplemental data
Portfolio turnover rate		61	%		40	%		33	%		35	%		32	%
Net assets, end of period (000s omitted)		$3,020			$7,925			$16,541			$18,978			$22,902

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

³  During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 0.39% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

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

Wells Fargo Common Stock Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			2019			2018			2017			2016
Net asset value, beginning of period		$22.39			$25.80			$25.03			$22.25			$22.20
Net investment income		0.05	1		0.09	1		0.05	1		0.01			0.07	1
Net realized and unrealized gains (losses) on investments		(0.56	)		(0.20	)		3.26			3.60			2.54
Total from investment operations		(0.51	)		(0.11	)		3.31			3.61			2.61
Distributions to shareholders from
Net investment income		(0.08	)		0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Total distributions to shareholders		(2.72	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Net asset value, end of period		$19.16			$22.39			$25.80			$25.03			$22.25
Total return		(3.10	)%		1.31	%		14.12	%		16.56	%		12.91	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.82	%		0.82	%		0.82	%
Net expenses		0.83	%		0.83	%		0.82	%		0.82	%		0.82	%
Net investment income		0.27	%		0.40	%		0.20	%		0.05	%		0.32	%
Supplemental data
Portfolio turnover rate		61	%		40	%		33	%		35	%		32	%
Net assets, end of period (000s omitted)		$27,628			$36,069			$36,477			$115,641			$101,436

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.56			$25.04			$24.42			$21.78			$21.84
Net investment income (loss)		0.00	1,2		0.03			(0.01	)1		(0.06	)1		0.02
Payment from affiliate		0.32			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		(0.54	)		(0.21	)		3.17			3.53			2.48
Total from investment operations		(0.22	)		(0.18	)		3.16			3.47			2.50
Distributions to shareholders from
Net investment income		(0.03	)		0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Total distributions to shareholders		(2.67	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Net asset value, end of period		$18.67			$21.56			$25.04			$24.42			$21.78
Total return		(1.68	)%3		1.03	%		13.84	%		16.26	%		12.59	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.18	%		1.17	%		1.17	%		1.17	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income (loss)		0.01	%		0.14	%		(0.04	)%		(0.27	)%		0.03	%
Supplemental data
Portfolio turnover rate		61	%		40	%		33	%		35	%		32	%
Net assets, end of period (000s omitted)		$2,239			$3,572			$6,141			$6,336			$16,720

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 1.69% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

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

Wells Fargo Common Stock Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$22.32			$25.73			$24.97			$22.20			$22.16
Net investment income		0.05	1		0.08	1		0.05	1		0.00	1,2		0.06	1
Net realized and unrealized gains (losses) on investments		(0.56	)		(0.19	)		3.25			3.60			2.54
Total from investment operations		(0.51	)		(0.11	)		3.30			3.60			2.60
Distributions to shareholders from
Net investment income		(0.08	)		0.00			0.00			0.00			0.00
Net realized gains		(2.64	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Total distributions to shareholders		(2.72	)		(3.30	)		(2.54	)		(0.83	)		(2.56	)
Net asset value, end of period		$19.09			$22.32			$25.73			$24.97			$22.20
Total return		(3.13	)%		1.31	%		14.12	%		16.55	%		12.88	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.93	%		0.92	%		0.92	%		0.92	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		0.24	%		0.37	%		0.21	%		0.02	%		0.28	%
Supplemental data
Portfolio turnover rate		61	%		40	%		33	%		35	%		32	%
Net assets, end of period (000s omitted)		$126,279			$159,426			$172,197			$167,552			$173,175

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

22  |  Wells Fargo Common Stock 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 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 September 30, 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  |  23

Notes to financial statements

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, 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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $725,142,845 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	214,080,616
Gross unrealized losses		(42,660,437	)
Net unrealized gains	$	171,420,179

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(164,981)	$164,981

24  |  Wells Fargo Common Stock Fund

Notes to financial statements

As of September 30, 2020, the Fund had current year net deferred post-October capital losses consisting of $23,458,101 in short-term losses which will be recognized on the first day of the following fiscal year.

As of September 30, 2020, the Fund had a qualified late-year ordinary loss of $908,184 which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	107,216,593	$	0	$	0	$	107,216,593
Consumer staples		7,790,956		0		0		7,790,956
Financials		108,280,474		0		0		108,280,474
Health care		107,506,785		0		0		107,506,785
Industrials		192,841,834		11,683,017		0		204,524,851
Information technology		190,318,103		0		0		190,318,103
Materials		45,745,058		0		0		45,745,058
Real estate		98,253,431		0		0		98,253,431
Exchange-traded funds		11,075,028		0		0		11,075,028
Short-term investments
Investment companies		15,851,745		0		0		15,851,745
Total assets	$	884,880,007	$	11,683,017	$	0	$	896,563,024

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

For the year ended September 30, 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

Wells Fargo Common Stock Fund  |  25

Notes to financial statements

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 year ended September 30, 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.

Other transactions

On September 30, 2020, Class C and Administrator Class of the Fund were reimbursed by Funds Management in the amount of $12,380 and $38,399, respectively. The reimbursements were made in connection with resolving certain fee reimbursements.

Distribution fee

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

26  |  Wells Fargo Common Stock Fund

Notes to financial statements

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 year ended September 30, 2020, Funds Distributor received $1,598 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended September 30, 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 year ended September 30, 2020 were $569,050,484 and $708,501,052, 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 September 30, 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
BNP Paribas Securities Corp.	$	3,343,294	$	(3,343,294	)	$	0
Credit Suisse Securities (USA) LLC		2,228,600		(2,228,600	)		0
SG Americas Securities LLC		8,290,392		(8,290,392	)		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 $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

Wells Fargo Common Stock Fund  |  27

Notes to financial statements

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	11,024,481	$	16,373,230
Long-term capital gain		120,876,454		140,999,070

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred	Post-October capital losses deferred
$47,397,630	$171,420,179	$(908,184)	$(23,458,101)

9. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

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.

28  |  Wells Fargo Common Stock Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Common Stock Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo Common Stock Fund  |  29

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $120,876,454 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $11,024,481 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $16,791 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $5,751,461 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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.

30  |  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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo Common Stock Fund  |  31

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.    

32  |  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.
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 the Treasurer of 77 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.    

Wells Fargo Common Stock Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Common Stock Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Common Stock Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

34  |  Wells Fargo Common Stock Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was in range of or higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was in range of or higher than the average investment performance of the Universe for the three-, five- and ten-year periods ended March 31, 2020, and lower than the average investment performance of the Universe for the one-year period ended March 31, 2020. The Board also noted that the investment performance of the Fund was in range of or higher than its benchmark index, the Russell 2500™ Index, for the three- and five-year periods ended December 31, 2019, and lower than its benchmark for the one- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 2500™ Index, for all periods ended March 31, 2020.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Wells Fargo Common Stock Fund  |  35

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36  |  Wells Fargo Common Stock Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo Common Stock Fund  |  37

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

38  |  Wells Fargo Common Stock Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo Common Stock Fund  |  39

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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-1020-00568 11-20

A229/AR229 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30
Appendix I	38
Appendix II	39

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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 September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Discovery Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Discovery Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Discovery Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Discovery Fund  |  5

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 September 30, 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		29.58		17.15		15.27		37.49		18.55		15.96		1.21		1.21
Class C (WDSCX)	7-31-2007		35.54		17.67		15.09		36.54		17.67		15.09		1.96		1.96
Class R6 (WFDRX)3	6-28-2013		–		–		–		38.06		19.06		16.44		0.78		0.78
Administrator Class (WFDDX)	4-8-2005		–		–		–		37.61		18.65		16.07		1.13		1.13
Institutional Class (WFDSX)	8-31-2006		–		–		–		37.91		18.94		16.37		0.88		0.88
Russell 2500TM Growth Index4	–		–		–		–		23.37		14.19		14.06		–		–

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.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Discovery Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁵

^‡ 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 2500™ Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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 Discovery Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell 2500^TM Growth Index, for the 12-month period that ended September 30, 2020.

∎ Stock selection in the health care and consumer discretionary sectors contributed to performance.

∎ Stock selection in the consumer staples sector and select holdings within information technology (IT) detracted from performance.

Global pandemic triggers massive policy response.

Over the past 12 months, global economies shifted from long-toothed bull markets to rapid recessions, spurred by a global pandemic and shelter-at-home orders to combat the coronavirus. Central banks and governments rallied quickly to prevent a possible depression by proposing massive stimulus packages. Within the United States, the Federal Reserve (Fed) took extraordinary measures to provide liquidity, including purchasing corporate bonds and indicating short-term interest rates would stay near zero until at least 2023. These aggressive actions signaled the Fed would effectively take any measures to support the economy. With persistently low Treasury bond yields, U.S. stocks were propelled by the sentiment of “there is no alternative.” The equity markets were further fueled by optimism as progress continued on the development of therapeutic treatments and vaccines for the coronavirus.

Our investment process has long focused on companies harnessing technology to create superior growth. The Fund remains positioned toward companies that we believe are on the right side of change. As a result, our portfolios were well positioned for the changes in 2020 and we have not made significant changes to our portfolio.

Ten largest holdings (%) as of September 30, 20206
iRhythm Technologies Incorporated	2.71
MercadoLibre Incorporated	2.50
Black Knight Incorporated	2.36
Generac Holdings Incorporated	2.34
Chipotle Mexican Grill Incorporated	2.26
Veeva Systems Incorporated Class A	2.16
MongoDB Incorporated	2.08
Five9 Incorporated	1.96
Booz Allen Hamilton Holding Corporation	1.90
StoneCo Limited Class A	1.89

Stock selection in the health care and consumer discretionary sectors contributed to performance relative to the index.

Veeva Systems Incorporated was a standout health care performer. Veeva is at the intersection of health care and technology. The company provides cloud-based customer relationship management software with a specific emphasis on the biotechnology and life sciences industries. Its software suite spans the full lifecycle from drug development to commercialization. The opportunity to penetrate a large target market, as well as upgrade offerings for additional services, has driven rapid growth for the company. Furthermore, the subscription revenue business model gives Veeva high visibility

into future growth, an attractive trait to investors in a slow-growth environment. Recent financial results supported our thesis by meaningfully exceeding expectations. Veeva is also expanding into new industries beyond health care, which allowed the company to raise future guidance.

Within consumer discretionary, MercadoLibre, Incorporated, contributed to performance. MercadoLibre is the dominant Latin American e-commerce provider, where e-commerce penetration rates are accelerating but remain far below that of developed countries. The company also owns MercadoPago, a digital payment application, which has been fueling strong growth and is now the leading online payment solution in Latin America. In addition to growth in the core e-commerce marketplace, we believe MercadoPago will significantly contribute to earnings going forward.

Please see footnotes on page 7.

8  |  Wells Fargo Discovery Fund

Performance highlights (unaudited)

Sector allocation as of September 30, 2020⁷

Stock selection within the consumer staples sector and select IT holdings detracted from relative performance.

Within consumer staples, shares of foodservice distributor US Foods Holding Corporation were negatively affected by the global pandemic. Diminished demand from restaurants, hospitals, and hotels weighed on the shares for most of the year. With uncertainty as to when demand may return to pre-pandemic levels, we exited our position.

Within IT, shares of Euronet Worldwide, Incorporated, underperformed as a result of the coronavirus crisis. Euronet is an electronic payments and financial transaction processor for banks and retailers, with most of its transactions originating from tourists in Europe. As travel has been halted, lower transaction volumes at automated teller machines exerted pressure on the shares.

While volatility remains high, companies on the “right side of change” should provide resiliency.

We do not believe the recovery will unfold in a linear, V-shaped fashion. The vexing challenges of an intertwined health care crisis, financial crisis, and social crisis will likely remain. Progress is being made toward containing and treating the coronavirus, but cases continue to spike and the distribution of a vaccine will take considerable time. Political and policy uncertainty will represent an ongoing risk to markets. Given the lack of clarity, we remain cautious in our outlook and anticipate that volatility will continue.

We continue to emphasizing companies on the “right side of change.” These are dynamic businesses positioned to take advantage of the massive shift around digital transformation. Trillions of dollars have moved online from offline. Growth themes, such as telemedicine, cloud software, digital payments, and e-commerce, will likely continue for the foreseeable future. We are long-term investors focused on opportunities well beyond 2020. As economic growth remains scarce, stocks with superior fundamentals should have defensive qualities and continue to be rewarded with premium valuations. As financial guidance continues to be revised, we believe this is a great time for active management and deep fundamental research. While we are cautious on the markets overall, we remain optimistic and confident in companies that we believe are positioned on the “right side of change.”

Please see footnotes on page 7.

Wells Fargo Discovery Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,569.13	$	7.72		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.06	$	6.06		1.20	%
Class C
Actual	$	1,000.00	$	1,564.22	$	12.54		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.86		1.95	%
Class R6
Actual	$	1,000.00	$	1,572.73	$	5.00		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.18	$	3.93		0.77	%
Administrator Class
Actual	$	1,000.00	$	1,569.87	$	7.22		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.68		1.12	%
Institutional Class
Actual	$	1,000.00	$	1,571.58	$	5.64		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.68	$	4.43		0.87	%

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

10  |  Wells Fargo Discovery Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 99.71%
Communication Services: 1.40%
Interactive Media & Services: 1.40%
Match Group Incorporated †		337,700	$	37,366,505
Consumer Discretionary: 12.74%
Diversified Consumer Services: 3.21%
Bright Horizons Family Solutions Incorporated †		303,940		46,211,038
Chegg Incorporated †		552,500		39,470,600
				85,681,638
Hotels, Restaurants & Leisure: 3.64%
Chipotle Mexican Grill Incorporated †		48,600		60,444,306
Domino’s Pizza Incorporated		86,365		36,729,307
				97,173,613
Internet & Direct Marketing Retail: 5.04%
Chewy Incorporated Class A †		482,800		26,471,924
Etsy Incorporated †		340,000		41,354,200
MercadoLibre Incorporated †		61,811		66,909,171
				134,735,295
Specialty Retail: 0.85%
Carvana Company †		102,600		22,885,956
Financials: 0.92%
Consumer Finance: 0.92%
LendingTree Incorporated †		80,063		24,570,534
Health Care: 32.07%
Biotechnology: 8.81%
Black Diamond Therapeutics Incorporated †«		222,300		6,720,129
CRISPR Therapeutics AG †		189,700		15,866,508
Deciphera Pharmaceuticals Incorporated †		207,900		10,665,270
Exact Sciences Corporation †		492,400		50,200,180
Mirati Therapeutics Incorporated †		79,000		13,117,950
Natera Incorporated †		453,800		32,782,512
ORIC Pharmaceuticals Incorporated †«		311,800		7,798,118
Sarepta Therapeutics Incorporated †		171,035		24,018,445
Turning Point Therapeutics Incorporated †		244,800		21,385,728
Twist Bioscience Corporation †		323,400		24,568,698
Zai Lab Limited ADR †		235,344		19,573,560
Zymeworks Incorporated †		187,400		8,729,092
				235,426,190
Health Care Equipment & Supplies: 10.93%
ABIOMED Incorporated †		88,600		24,547,516
Align Technology Incorporated †		130,700		42,785,952
DexCom Incorporated †		76,100		31,370,703
Haemonetics Corporation †		283,000		24,691,750
Inari Medical Incorporated †		237,900		16,419,858
Insulet Corporation †		169,541		40,111,705
iRhythm Technologies Incorporated †		303,900		72,361,629
Shockwave Medical Incorporated †		525,409		39,826,002
				292,115,115

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

Wells Fargo Discovery Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Health Care Providers & Services: 6.55%
Amedisys Incorporated †		170,400	$	40,287,672
Chemed Corporation		85,600		41,117,960
Guardant Health Incorporated †		316,397		35,366,857
HealthEquity Incorporated †		492,200		25,284,314
Molina Healthcare Incorporated †		179,628		32,879,109
				174,935,912
Health Care Technology: 2.16%
Veeva Systems Incorporated Class A †		204,900		57,615,831
Life Sciences Tools & Services: 2.18%
Berkeley Lights Incorporated †		260,061		19,858,258
Bio-Rad Laboratories Incorporated Class A †		74,600		38,453,316
				58,311,574
Pharmaceuticals: 1.44%
Catalent Incorporated †		447,600		38,341,416
Industrials: 17.71%
Aerospace & Defense: 3.56%
HEICO Corporation		267,500		27,996,550
Mercury Systems Incorporated †		480,619		37,228,748
Teledyne Technologies Incorporated †		96,600		29,966,286
				95,191,584
Building Products: 1.61%
Trex Company Incorporated †		601,600		43,074,560
Commercial Services & Supplies: 5.95%
Casella Waste Systems Incorporated Class A †		780,457		43,588,523
IAA Incorporated †		784,600		40,854,122
Tetra Tech Incorporated		393,000		37,531,500
Waste Connections Incorporated		356,529		37,007,710
				158,981,855
Electrical Equipment: 2.35%
Generac Holdings Incorporated †		323,520		62,646,413
Professional Services: 1.73%
Clarivate plc †		1,488,330		46,123,347
Road & Rail: 1.22%
Saia Incorporated †		259,100		32,682,874
Trading Companies & Distributors: 1.29%
SiteOne Landscape Supply Incorporated †		282,543		34,456,119
Information Technology: 33.29%
Electronic Equipment, Instruments & Components: 1.10%
Novanta Incorporated †		279,070		29,397,234
IT Services: 17.46%
Black Knight Incorporated †		724,885		63,101,239
Booz Allen Hamilton Holding Corporation		610,200		50,634,396
EPAM Systems Incorporated †		132,179		42,730,827

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

12  |  Wells Fargo Discovery Fund

Portfolio of investments—September 30, 2020

				Shares		Value
IT Services (continued)
Euronet Worldwide Incorporated †					237,200	$	21,608,920
MongoDB Incorporated †					239,756		55,505,912
Okta Incorporated †					164,100		35,092,785
Square Incorporated Class A †					237,900		38,670,645
StoneCo Limited Class A †					953,973		50,455,632
Twilio Incorporated Class A †					190,800		47,144,772
WEX Incorporated †					208,100		28,919,657
WNS Holdings Limited ADR †					507,300		32,446,908
							466,311,693
Semiconductors & Semiconductor Equipment: 3.74%
Lattice Semiconductor Corporation †					1,046,700		30,312,432
MKS Instruments Incorporated					362,800		39,628,644
Universal Display Corporation					166,400		30,075,136
							100,016,212
Software: 10.99%
Avalara Incorporated †					278,800		35,502,392
Bill.com Holdings Incorporated †					272,946		27,379,213
Crowdstrike Holdings Incorporated Class A †					281,895		38,709,821
Elastic NV †					389,500		42,023,155
Envestnet Incorporated †					376,325		29,037,237
Five9 Incorporated †					404,442		52,448,039
Globant SA †					247,401		44,339,207
Unity Software Incorporated †					275,775		24,069,642
							293,508,706
Real Estate: 1.58%
Equity REITs: 1.58%
QTS Realty Trust Incorporated Class A					670,757		42,271,107
Total Common Stocks (Cost $1,557,583,255)							2,663,821,283
	Yield
Short-Term Investments: 0.83%
Investment Companies: 0.83%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		11,803,125		11,803,125
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05			10,524,388		10,524,388
Total Short-Term Investments (Cost $22,327,513)							22,327,513

Total investments in securities (Cost $1,579,910,768)	100.54	%		2,686,148,796
Other assets and liabilities, net	(0.54	)		(14,507,179	)
Total net assets	100.00	%	$	2,671,641,617

† 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

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

Wells Fargo Discovery Fund  |  13

Portfolio of investments—September 30, 2020

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	125,456,815	$	399,582,065	$	(513,228,410	)	$	(7,049	)	$	(296	)	$	678,579	#	$	11,803,125
Wells Fargo Government Money Market Fund Select Class		34,896,690		646,068,691		(670,440,993	)		0			0			229,134			10,524,388
								$	(7,049	)	$	(296	)	$	907,713		$	22,327,513		0.83	%

^#  Amount shown represents income before fees and rebates.

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

14  |  Wells Fargo Discovery Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities (including $12,002,991 of securities loaned), at value (cost $1,557,583,255)	$	2,663,821,283
Investments in affiliated securities, at value (cost $22,327,513)		22,327,513
Receivable for Fund shares sold		1,948,160
Receivable for dividends		315,899
Receivable for securities lending income, net		7,177
Prepaid expenses and other assets		2,617
Total assets		2,688,422,649
Liabilities
Payable upon receipt of securities loaned		11,803,125
Payable for Fund shares redeemed		2,464,574
Management fee payable		1,621,285
Administration fees payable		278,447
Distribution fee payable		17,069
Trustees’ fees and expenses payable		3,678
Accrued expenses and other liabilities		592,854
Total liabilities		16,781,032
Total net assets	$	2,671,641,617
Net assets consist of
Paid-in capital	$	1,425,228,705
Total distributable earnings		1,246,412,912
Total net assets	$	2,671,641,617
Computation of net asset value and offering price per share
Net assets – Class A	$	762,758,316
Shares outstanding – Class A1		19,091,146
Net asset value per share – Class A		$39.95
Maximum offering price per share – Class A2		$42.39
Net assets – Class C	$	28,509,465
Shares outstanding – Class C1		867,051
Net asset value per share – Class C		$32.88
Net assets – Class R6	$	597,851,094
Shares outstanding – Class R61		13,290,805
Net asset value per share – Class R6		$44.98
Net assets – Administrator Class	$	374,365,586
Shares outstanding – Administrator Class1		8,958,699
Net asset value per share – Administrator Class		$41.79
Net assets – Institutional Class	$	908,157,156
Shares outstanding – Institutional Class1		20,373,757
Net asset value per share – Institutional Class		$44.57

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  |  15

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $48,848)	$	5,616,653
Securities lending income from affiliates, net		777,870
Income from affiliated securities		229,134
Total investment income		6,623,657
Expenses
Management fee		16,764,664
Administration fees
Class A		1,364,361
Class C		57,407
Class R6		140,514
Administrator Class		428,373
Institutional Class		1,071,817
Shareholder servicing fees
Class A		1,622,193
Class C		68,213
Administrator Class		817,285
Distribution fee
Class C		204,406
Custody and accounting fees		148,609
Professional fees		44,858
Registration fees		62,000
Shareholder report expenses		137,636
Trustees’ fees and expenses		21,260
Interest expense		3,081
Other fees and expenses		49,642
Total expenses		23,006,319
Less: Fee waivers and/or expense reimbursements
Fund-level		(24,007	)
Class A		(90,835	)
Administrator Class		(27	)
Net expenses		22,891,450
Net investment loss		(16,267,793	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		196,920,981
Affiliated securities		(7,049	)
Net realized gains on investments		196,913,932
Net change in unrealized gains (losses) on
Unaffiliated securities		560,078,991
Affiiliated securities		(296	)
Net change in unrealized gains (losses) on investments		560,078,695
Net realized and unrealized gains (losses) on investments		756,992,627
Net increase in net assets resulting from operations	$	740,724,834

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

16  |  Wells Fargo Discovery Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment loss				$	(16,267,793	)				$	(13,725,416	)
Net realized gains on investments					196,913,932						288,857,556
Net change in unrealized gains (losses) on investments					560,078,695						(222,176,352	)
Net increase in net assets resulting from operations					740,724,834						52,955,788
Distributions to shareholders from net investment income and net 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		1,810,982			59,278,614			1,673,589			53,100,356
Class C		108,226			2,824,773			124,395			3,331,641
Class R6		5,528,146			196,888,388			3,358,382			119,049,338
Administrator Class		1,559,841			48,274,606			1,093,053			36,588,024
Institutional Class		6,616,298			239,218,211			7,459,402			263,872,998
					546,484,592						475,942,357
Reinvestment of distributions
Class A		2,585,318			78,180,006			3,194,495			86,155,536
Class C		155,290			3,886,912			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
					259,646,677						348,528,575
Payment for shares redeemed
Class A		(4,177,689	)		(132,866,024	)		(3,794,967	)		(119,681,413	)
Class C		(492,255	)		(13,351,854	)		(483,874	)		(12,595,548	)
Class R6		(4,667,957	)		(169,978,976	)		(7,308,955	)		(259,235,727	)
Administrator Class		(3,531,376	)		(112,276,268	)		(1,998,197	)		(66,501,847	)
Institutional Class		(18,973,610	)		(664,126,116	)		(15,416,303	)		(512,299,731	)
					(1,092,599,238	)					(970,314,266	)
Net decrease in net assets resulting from capital share transactions					(286,467,969	)					(145,843,334	)
Total increase (decrease) in net assets					177,011,677						(459,108,547	)
Net assets
Beginning of period					2,494,629,940						2,953,738,487
End of period				$	2,671,641,617					$	2,494,629,940

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)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$33.24			$38.03			$36.47			$29.94			$30.48
Net investment loss		(0.31	)		(0.26	)		(0.26	)		(0.23	)		(0.18	)1
Net realized and unrealized gains (losses) on investments		11.37			0.53			7.85			7.17			2.23
Total from investment operations		11.06			0.27			7.59			6.94			2.05
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)
Net asset value, end of period		$39.95			$33.24			$38.03			$36.47			$29.94
Total return2		37.49	%		3.81	%		23.86	%		23.42	%		7.33	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.21	%		1.20	%
Net expenses		1.19	%		1.20	%		1.20	%		1.21	%		1.20	%
Net investment loss		(0.91	)%		(0.77	)%		(0.69	)%		(0.70	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		53	%		71	%		67	%		73	%		78	%
Net assets, end of period (000s omitted)		$762,758			$627,336			$676,930			$607,318			$641,786

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Discovery Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$28.27			$33.46			$32.99			$27.32			$28.24
Net investment loss		(0.45	)1		(0.41	)1		(0.46	)		(0.42	)1		(0.37	)1
Net realized and unrealized gains (losses) on investments		9.41			0.28			6.96			6.50			2.04
Total from investment operations		8.96			(0.13	)		6.50			6.08			1.67
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)
Net asset value, end of period		$32.88			$28.27			$33.46			$32.99			$27.32
Total return2		36.54	%		3.01	%		22.94	%		22.51	%		6.51	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.95	%		1.95	%		1.96	%		1.95	%
Net expenses		1.96	%		1.95	%		1.95	%		1.96	%		1.95	%
Net investment loss		(1.66	)%		(1.51	)%		(1.45	)%		(1.45	)%		(1.41	)%
Supplemental data
Portfolio turnover rate		53	%		71	%		67	%		73	%		78	%
Net assets, end of period (000s omitted)		$28,509			$30,982			$40,860			$40,070			$49,538

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Discovery Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			2019			2018			2017			2016
Net asset value, beginning of period		$36.76			$41.26			$38.93			$31.80			$32.08
Net investment loss		(0.18	)1		(0.12	)1		(0.10	)1		(0.08	)		(0.07	)
Net realized and unrealized gains (losses) on investments		12.75			0.68			8.46			7.62			2.38
Total from investment operations		12.57			0.56			8.36			7.54			2.31
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)
Net asset value, end of period		$44.98			$36.76			$41.26			$38.93			$31.80
Total return		38.06	%		4.26	%		24.39	%		23.98	%		7.77	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.77	%		0.78	%		0.78	%		0.77	%
Net expenses		0.78	%		0.77	%		0.78	%		0.78	%		0.77	%
Net investment loss		(0.50	)%		(0.33	)%		(0.26	)%		(0.27	)%		(0.22	)%
Supplemental data
Portfolio turnover rate		53	%		71	%		67	%		73	%		78	%
Net assets, end of period (000s omitted)		$597,851			$405,610			$530,879			$351,268			$300,118

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Discovery Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$34.55			$39.27			$37.44			$30.70			$31.17
Net investment loss		(0.29	)1		(0.23	)1		(0.23	)		(0.20	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		11.88			0.57			8.09			7.35			2.29
Total from investment operations		11.59			0.34			7.86			7.15			2.12
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)
Net asset value, end of period		$41.79			$34.55			$39.27			$37.44			$30.70
Total return		37.61	%		3.88	%		23.97	%		23.52	%		7.40	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.13	%		1.12	%		1.13	%		1.12	%
Net expenses		1.13	%		1.13	%		1.12	%		1.13	%		1.12	%
Net investment loss		(0.84	)%		(0.70	)%		(0.62	)%		(0.62	)%		(0.58	)%
Supplemental data
Portfolio turnover rate		53	%		71	%		67	%		73	%		78	%
Net assets, end of period (000s omitted)		$374,366			$333,814			$353,042			$335,898			$400,997

¹  Calculated based upon average shares outstanding

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

Wells Fargo Discovery Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$36.50			$41.05			$38.79			$31.72			$32.04
Net investment loss		(0.21	)1		(0.15	)1		(0.18	)		(0.13	)1		(0.10	)
Net realized and unrealized gains (losses) on investments		12.63			0.66			8.47			7.61			2.37
Total from investment operations		12.42			0.51			8.29			7.48			2.27
Distributions to shareholders from
Net realized gains		(4.35	)		(5.06	)		(6.03	)		(0.41	)		(2.59	)
Net asset value, end of period		$44.57			$36.50			$41.05			$38.79			$31.72
Total return		37.91	%		4.15	%		24.25	%		23.88	%		7.68	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.87	%		0.87	%		0.88	%		0.87	%
Net expenses		0.88	%		0.87	%		0.87	%		0.88	%		0.87	%
Net investment loss		(0.58	)%		(0.42	)%		(0.36	)%		(0.37	)%		(0.32	)%
Supplemental data
Portfolio turnover rate		53	%		71	%		67	%		73	%		78	%
Net assets, end of period (000s omitted)		$908,157			$1,096,888			$1,352,027			$1,157,148			$1,316,107

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Discovery 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 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  |  23

Notes to financial statements

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. 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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $1,593,568,091 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,106,839,885
Gross unrealized losses		(14,259,180	)
Net unrealized gains	$	1,092,580,705

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassification are due to net operating losses and redemptions in-kind. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(7,318,897)	$7,318,897

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

24  |  Wells Fargo Discovery Fund

Notes to financial statements

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communications services	$	37,366,505	$	0	$	0	$	37,366,505
Consumer discretionary		340,476,502		0		0		340,476,502
Financials		24,570,534		0		0		24,570,534
Health care		856,746,038		0		0		856,746,038
Industrials		473,156,752		0		0		473,156,752
Information technology		889,233,845		0		0		889,233,845
Real estate		42,271,107		0		0		42,271,107
Short-term investments
Investment companies		22,327,513		0		0		22,327,513
Total assets		2,686,148,796		0		0		2,686,148,796

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

For the year ended September 30, 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 Discovery Fund  |  25

Notes to financial statements

For the year ended September 30, 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 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, and 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 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 year ended September 30, 2020, Funds Distributor received $10,827 from the sale of Class A shares and $37 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 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 year ended September 30, 2020 were $1,217,038,507 and $1,597,646,144, respectively.

26  |  Wells Fargo Discovery Fund

Notes to financial statements

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 Federal 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 September 30, 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.	$	637,755	$	(605,625	)	$	32,130
JPMorgan Securities LLC		4,812,616		(4,812,616	)		0
National Financial Services LLC		6,487,594		(6,160,750	)		326,844
UBS Securities LLC		65,026		(61,750	)		3,276

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 $350,000,000 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 year ended September 30, 2020, the Fund had average borrowings outstanding of $107,352 at an average rate of 2.87% and paid interest in the amount of $3,081.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	18,015,375	$	51,161,930
Long-term capital gain		259,229,813		315,059,071

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains
$153,832,517	$1,092,580,705

9. 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.

Wells Fargo Discovery Fund  |  27

Notes to financial statements

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

11. REDEMPTIONS IN-KIND

During the year ended September 30, 2020, the Fund redeemed assets through in-kind redemptions for shareholders in Class R6 and 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 distributed 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 distributed		Cash		Realized gains (losses)			Share class redeemed		% of the Fund
10-2-2019	$	102,113,126	$	2,769,688	$	(1,236,201	)		Institutional Class		4.32	%
12-20-2019		32,614,848		412,769		5,934,047			Institutional Class		1.39
8-25-2020		15,911,701		33,846		4,564,841			Class R6		0.61

12. 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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

13. 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.

28  |  Wells Fargo Discovery Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Discovery Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo Discovery Fund  |  29

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 32.57% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $259,229,813 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $6,289,167 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $18,015,375 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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.

30  |  Wells Fargo Discovery Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo Discovery Fund  |  31

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

32  |  Wells Fargo Discovery Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
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 the Treasurer of 77 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.

Wells Fargo Discovery Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Discovery Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Discovery Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

34  |  Wells Fargo Discovery Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 2500™ Growth Index, for all periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 2500™ Growth Index, for all periods ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were equal to or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Wells Fargo Discovery Fund  |  35

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36  |  Wells Fargo Discovery Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo Discovery Fund  |  37

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

38  |  Wells Fargo Discovery Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo Discovery Fund  |  39

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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-1020-00570 11-20

A230/AR230 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30
Appendix I	38
Appendix II	39

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 September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Enterprise Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Enterprise Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Enterprise Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Enterprise Fund  |  5

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 September 30, 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		29.30		17.37		14.34		37.19		18.78		15.02		1.25		1.18
Class C (WENCX)	3-31-2008		35.13		17.88		14.17		36.13		17.88		14.17		2.00		1.93
Class R6 (WENRX)3	10-31-2014		–		–		–		37.69		19.23		15.44		0.82		0.80
Administrator Class (SEPKX)	8-30-2002		–		–		–		37.29		18.87		15.13		1.17		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		37.63		19.17		15.41		0.92		0.85
Russell Midcap® Growth Index4	–		–		–		–		23.23		15.53		14.55		–		–

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.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

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

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Enterprise Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁵

^‡ 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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, 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 chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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 Enterprise Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Russell Midcap^® Growth Index, for the 12-month period that ended September 30, 2020.

∎ Stock selection within the information technology (IT) and health care sectors contributed to performance.

∎ Stock selection in the consumer staples and materials sectors negatively affected performance.

Global pandemic triggers massive policy response.

Over the past 12 months, global economies shifted from long-toothed bull markets to rapid recessions, spurred by a global pandemic and shelter-at-home orders to combat the coronavirus. Central banks and governments rallied quickly to prevent a possible depression by proposing massive stimulus packages. Within the United States, the Federal Reserve (Fed) took extraordinary measures to provide liquidity, including purchasing corporate bonds and indicating short-term interest rates would stay near zero until at least 2023. These aggressive actions signaled the Fed would effectively take any measures to support the economy. With persistently low Treasury bond yields, U.S. stocks were propelled by the sentiment of “there is no alternative.” The equity markets were further fueled by optimism as progress continued on the development of therapeutic treatments and vaccines for the coronavirus.

Our investment process has long focused on companies harnessing technology to create superior growth. The Fund remains positioned toward companies that we believe are on the right side of change. As a result, our portfolios were well positioned for the changes in 2020, and we have not made significant changes to our portfolio.

Ten largest holdings (%) as of September 30, 20206
Veeva Systems Incorporated Class A	3.06
Twilio Incorporated Class A	2.96
Cadence Design Systems Incorporated	2.85
Chipotle Mexican Grill Incorporated	2.84
Align Technology Incorporated	2.51
MercadoLibre Incorporated	2.48
Advanced Micro Devices Incorporated	2.39
EPAM Systems Incorporated	2.27
lululemon athletica Incorporated	2.22
Waste Connections Incorporated	2.21

Stock selection in the IT and health care sectors contributed to performance relative to the index.

Within IT, shares of Twilio Incorporated outperformed. The company’s software has become an essential tool for developers looking to speed up and simplify the code-writing and development process for digital communications. The company reported strong new user growth, which helped deliver results ahead of expectations and raise financial guidance for the full year.

Within the health care sector, DexCom, Incorporated, was a key contributor. In lieu of the traditional finger-prick method, DexCom has created wearable sensors and

software to continuously monitor glucose levels for diabetes patients. By expanding to patients with Type 1 and Type 2 diabetes, DexCom has an opportunity to serve an expansive and growing addressable market. The ability for doctors to write virtual prescriptions along with DexCom’s next-generation contactless monitoring device drove shares higher.

Please see footnotes on page 7.

8  |  Wells Fargo Enterprise Fund

Performance highlights (unaudited)

Sector allocation as of September 30, 2020⁷

Stock selection within the consumer staples and materials sectors detracted from relative performance.

Within consumer staples, shares of foodservice distributor US Foods Holding Corp. were negatively affected by the global pandemic. Diminished demand from restaurants, hospitals, and hotels weighed on the shares for most of the year. With uncertainty as to when demand may return to pre-pandemic levels, we exited our position.

Within materials, shares of Vulcan Materials Company underperformed as investors became concerned that stressed state and local budgets would lead to lower demand for infrastructure and road construction projects. As construction projects continued to be delayed in 2020, resulting in weakening fundamentals, we followed our sell discipline and exited the position.

While volatility remains high, companies on the “right side of change” should provide resiliency.

We do not believe the recovery will unfold in a linear, V-shaped fashion. The vexing challenges of an intertwined health care crisis, financial crisis, and social crisis will likely remain. Progress is being made toward containing and treating the coronavirus, but cases continue to spike and the distribution of a vaccine will take considerable time. Political and policy uncertainty will represent an ongoing risk to markets. Given the lack of clarity, we remain cautious in our outlook and anticipate that volatility will continue.    

We continue to emphasize companies on the “right side of change.” These are dynamic businesses positioned to take advantage of the massive shift around digital transformation. Trillions of dollars have moved online from offline. Growth themes, such as telemedicine, cloud software, digital payments, and e-commerce, will likely continue for the foreseeable future. We are long-term investors focused on opportunities well beyond 2020. As economic growth remains scarce, stocks with superior fundamentals should have defensive qualities and continue to be rewarded with premium valuations. As financial guidance continues to be revised, we believe this is a great time for active management and deep fundamental research. While we are cautious on the markets overall, we remain optimistic and confident in companies that we believe are positioned on the “right side of change.”

Please see footnotes on page 7.

Wells Fargo Enterprise Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,555.85	$	7.51		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.19	$	5.94		1.17	%
Class C
Actual	$	1,000.00	$	1,549.99	$	12.34		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Class R6
Actual	$	1,000.00	$	1,558.88	$	5.11		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,556.31	$	7.05		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,558.56	$	5.45		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		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).    

10  |  Wells Fargo Enterprise Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 99.69%
Communication Services: 6.78%
Entertainment: 3.63%
Roku Incorporated †		78,700	$	14,858,560
Spotify Technology †		82,200		19,939,254
				34,797,814
Interactive Media & Services: 3.15%
Match Group Incorporated †		168,158		18,606,683
Pinterest Incorporated Class A †		281,000		11,664,310
				30,270,993
Consumer Discretionary: 15.36%
Automobiles: 0.91%
Ferrari NV		47,541		8,751,823
Diversified Consumer Services: 1.56%
Bright Horizons Family Solutions Incorporated †		98,800		15,021,552
Hotels, Restaurants & Leisure: 4.79%
Chipotle Mexican Grill Incorporated †		21,935		27,280,779
Domino’s Pizza Incorporated		43,900		18,669,792
				45,950,571
Internet & Direct Marketing Retail: 3.64%
Chewy Incorporated Class A †		201,848		11,067,326
MercadoLibre Incorporated †		22,004		23,818,890
				34,886,216
Leisure Products: 0.99%
Peloton Interactive Incorporated Class A †		95,600		9,487,344
Specialty Retail: 1.25%
Carvana Company †		53,700		11,978,322
Textiles, Apparel & Luxury Goods: 2.22%
lululemon athletica Incorporated †		64,800		21,343,176
Financials: 1.57%
Capital Markets: 1.57%
MarketAxess Holdings Incorporated		31,200		15,025,608
Health Care: 19.27%
Biotechnology: 3.93%
Exact Sciences Corporation †		198,517		20,238,808
Sarepta Therapeutics Incorporated †		47,681		6,695,843
Turning Point Therapeutics Incorporated †		68,800		6,010,368
Zai Lab Limited ADR †		57,500		4,782,275
				37,727,294
Health Care Equipment & Supplies: 7.23%
ABIOMED Incorporated †		41,275		11,435,652
Align Technology Incorporated †		73,510		24,064,234
DexCom Incorporated †		34,577		14,253,677
Insulet Corporation †		83,039		19,646,197
				69,399,760

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

Wells Fargo Enterprise Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Health Care Providers & Services: 3.62%
Chemed Corporation		28,682	$	13,777,399
Guardant Health Incorporated †		120,800		13,503,024
HealthEquity Incorporated †		144,442		7,419,986
				34,700,409
Health Care Technology: 3.06%
Veeva Systems Incorporated Class A †		104,405		29,357,642
Life Sciences Tools & Services: 1.43%
Bio-Rad Laboratories Incorporated Class A †		26,586		13,704,020
Industrials: 13.84%
Aerospace & Defense: 3.43%
HEICO Corporation		109,843		11,496,168
Mercury Systems Incorporated †		129,000		9,992,340
Teledyne Technologies Incorporated †		36,900		11,446,749
				32,935,257
Commercial Services & Supplies: 5.55%
Cintas Corporation		55,160		18,358,903
IAA Incorporated †		262,540		13,670,458
Waste Connections Incorporated		204,312		21,207,586
				53,236,947
Electrical Equipment: 1.02%
Generac Holdings Incorporated †		50,600		9,798,184
Professional Services: 2.85%
Clarivate plc †		481,133		14,910,312
Equifax Incorporated		79,000		12,395,100
				27,305,412
Road & Rail: 0.99%
Saia Incorporated †		75,641		9,541,356
Information Technology: 40.43%
Electronic Equipment, Instruments & Components: 1.40%
Zebra Technologies Corporation Class A †		53,168		13,422,793
IT Services: 20.90%
Black Knight Incorporated †		238,107		20,727,214
Booz Allen Hamilton Holding Corporation		193,920		16,091,482
EPAM Systems Incorporated †		67,365		21,777,757
Fiserv Incorporated †		177,500		18,291,375
MongoDB Incorporated †		71,602		16,576,579
Okta Incorporated †		93,978		20,097,195
Shopify Incorporated Class A †		10,892		11,142,189
Square Incorporated Class A †		125,290		20,365,890
StoneCo Ltd Class A †		311,983		16,500,781
Twilio Incorporated Class A †		115,110		28,442,530
WEX Incorporated †		75,700		10,520,029
				200,533,021

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

12  |  Wells Fargo Enterprise Fund

Portfolio of investments—September 30, 2020

				Shares		Value
Semiconductors & Semiconductor Equipment: 4.52%
Advanced Micro Devices Incorporated †					280,040	$	22,960,480
Micron Technology Incorporated †					227,747		10,694,999
Universal Display Corporation					53,600		9,687,664
							43,343,143
Software: 13.61%
Atlassian Corporation plc Class A †					98,234		17,857,959
Autodesk Incorporated †					51,612		11,922,888
Cadence Design Systems Incorporated †					256,416		27,341,633
Crowdstrike Holdings Incorporated Class A †					120,383		16,530,994
Datadog Incorporated Class A †					147,500		15,068,600
ServiceNow Incorporated †					33,777		16,381,845
Unity Software Incorporated Ǡ					98,371		8,585,821
Zoom Video Communications Incorporated †					36,060		16,952,167
							130,641,907
Materials: 2.44%
Chemicals: 2.44%
Air Products & Chemicals Incorporated					37,983		11,313,616
The Sherwin-Williams Company					17,326		12,071,717
							23,385,333
Total Common Stocks (Cost $578,675,841)							956,545,897
	Yield
Short-Term Investments: 0.90%
Investment Companies: 0.90%
Securities Lending Cash Investments LLC (I)(r)(u)		0.12	%		2,915,185		2,915,185
Wells Fargo Government Money Market Fund Select Class (I)(u)		0.05			5,703,013		5,703,013
Total Short-Term Investments (Cost $8,618,198)							8,618,198

Total investments in securities (Cost $587,294,039)	100.59	%		965,164,095
Other assets and liabilities, net	(0.59	)		(5,634,937	)
Total net assets	100.00	%	$	959,529,158

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

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

Wells Fargo Enterprise Fund  |  13

Portfolio of investments—September 30, 2020

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	25,581,368	$	211,067,731	$	(233,731,310	)	$	(2,604	)	$	0	$	222,478	#	$	2,915,185
Wells Fargo Government Money Market Fund Select Class		2,635,132		192,501,944		(189,434,063	)		0			0		44,187			5,703,013
								$	(2,604	)	$	0	$	266,665		$	8,618,198		0.90	%

^#  Amount shown represents income before fees and rebates.

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

14  |  Wells Fargo Enterprise Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities (Including $2,627,128 of securities loaned), at value (cost $578,675,841)	$	956,545,897
Investment in affiliated securities, at value (cost $8,618,198)		8,618,198
Receivable for investments sold		20,095,543
Receivable for Fund shares sold		125,310
Receivable for dividends		167,957
Receivable for securities lending income, net		473
Prepaid expenses and other assets		19,622
Total assets		985,573,000
Liabilities
Payable upon receipt of securities loaned		2,915,185
Payable for investments purchased		21,271,060
Payable for Fund shares redeemed		787,556
Management fee payable		630,299
Administration fees payable		145,372
Distribution fee payable		1,361
Trustees’ fees and expenses payable		1,962
Accrued expenses and other liabilities		291,047
Total liabilities		26,043,842
Total net assets	$	959,529,158
Net assets consist of
Paid-in capital	$	492,437,276
Total distributable earnings		467,091,882
Total net assets	$	959,529,158
Computation of net asset value and offering price per share
Net assets – Class A	$	813,724,581
Shares outstanding – Class A1		12,672,799
Net asset value per share – Class A		$64.21
Maximum offering price per share – Class A2		$68.13
Net assets – Class C	$	2,223,577
Shares outstanding – Class C1		41,091
Net asset value per share – Class C		$54.11
Net assets – Class R6	$	71,641,075
Shares outstanding – Class R61		982,153
Net asset value per share – Class R6		$72.94
Net assets – Administrator Class	$	4,205,092
Shares outstanding – Administrator Class1		61,348
Net asset value per share – Administrator Class		$68.54
Net assets – Institutional Class	$	67,734,833
Shares outstanding – Institutional Class1		932,258
Net asset value per share – Institutional Class		$72.66

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  |  15

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $80,683)	$	2,743,004
Securities lending income from affiliates, net		203,223
Income from affiliated securities		44,187
Total investment income		2,990,414
Expenses
Management fee		5,939,510
Administration fees
Class A		1,430,112
Class C		4,513
Class R6		17,245
Administrator Class		4,884
Institutional Class		74,886
Shareholder servicing fees
Class A		1,699,936
Class C		5,363
Administrator Class		8,936
Distribution fee
Class C		16,048
Custody and accounting fees		56,854
Professional fees		42,656
Registration fees		92,626
Shareholder report expenses		67,860
Trustees’ fees and expenses		21,260
Other fees and expenses		17,505
Total expenses		9,500,194
Less: Fee waivers and/or expense reimbursements
Fund-level		(79,241	)
Class A		(434,639	)
Class C		(965	)
Administrator Class		(1,347	)
Institutional Class		(27,832	)
Net expenses		8,956,170
Net investment loss		(5,965,756	)
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		105,475,300
Affiliated securities		(2,604	)
Net realized gains on investments		105,472,696
Net change in unrealized gains (losses) on investments		164,486,707
Net realized and unrealized gains (losses) on investments		269,959,403
Net increase in net assets resulting from operations	$	263,993,647

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

16  |  Wells Fargo Enterprise Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment loss				$	(5,965,756	)				$	(3,924,917	)
Net realized gains on investments					105,472,696						40,830,879
Net change in unrealized gains (losses) on investments					164,486,707						16,452,262
Net increase in net assets resulting from operations					263,993,647						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		209,379			10,822,879			314,721			14,539,690
Class C		12,820			570,917			6,455			248,651
Class R6		117,768			7,229,301			95,098			5,042,506
Administrator Class		13,354			720,970			7,854			408,606
Institutional Class		454,409			25,643,025			329,158			17,257,242
					44,987,092						37,496,695
Reinvestment of distributions
Class A		824,197			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		4,403			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		(1,348,785	)		(68,998,770	)		(1,374,541	)		(63,202,802	)
Class C		(34,314	)		(1,501,923	)		(134,665	)		(5,157,166	)
Class R6		(130,426	)		(7,451,430	)		(88,918	)		(4,650,355	)
Administrator Class		(25,846	)		(1,339,682	)		(12,643	)		(610,976	)
Institutional Class		(508,996	)		(28,322,291	)		(327,960	)		(16,479,135	)
					(107,614,096	)					(90,100,434	)
Net increase (decrease) in net assets resulting from capital share transactions					(16,347,613	)					24,418,044
Total increase (decrease) in net assets					199,144,310						(3,078,354	)
Net assets
Beginning of period					760,384,848						763,463,202
End of period				$	959,529,158					$	760,384,848

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)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$49.98			$52.96			$48.80			$41.94			$41.90
Net investment loss		(0.41	)1		(0.29	)		(0.31	)		(0.25	)		(0.21	)1
Net realized and unrealized gains (losses) on investments		17.93			3.05			9.66			8.94			3.61
Total from investment operations		17.52			2.76			9.35			8.69			3.40
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)
Net asset value, end of period		$64.21			$49.98			$52.96			$48.80			$41.94
Total return2		37.19	%		8.00	%		20.83	%		21.55	%		8.63	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.25	%		1.25	%		1.26	%		1.26	%
Net expenses		1.16	%		1.18	%		1.18	%		1.18	%		1.18	%
Net investment loss		(0.79	)%		(0.59	)%		(0.61	)%		(0.55	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		62	%		50	%		62	%		75	%		99	%
Net assets, end of period (000s omitted)		$813,725			$649,106			$655,338			$591,002			$542,077

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18  |  Wells Fargo Enterprise Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$42.93			$46.74			$43.95			$38.23			$38.75
Net investment loss		(0.68	)1		(0.52	)1		(0.60	)1		(0.85	)		(0.47	)1
Net realized and unrealized gains (losses) on investments		15.15			2.45			8.58			8.40			3.31
Total from investment operations		14.47			1.93			7.98			7.55			2.84
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)
Net asset value, end of period		$54.11			$42.93			$46.74			$43.95			$38.23
Total return2		36.13	%		7.20	%		19.93	%		20.66	%		7.80	%
Ratios to average net assets (annualized)
Gross expenses		1.98	%		2.00	%		2.00	%		2.01	%		2.01	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.55	)%		(1.29	)%		(1.37	)%		(1.13	)%		(1.28	)%
Supplemental data
Portfolio turnover rate		62	%		50	%		62	%		75	%		99	%
Net assets, end of period (000s omitted)		$2,224			$2,513			$7,629			$8,898			$9,181

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Enterprise Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			2019			2018			2017			2016
Net asset value, beginning of period		$56.15			$58.47			$53.17			$45.37			$44.89
Net investment loss		(0.25	)1		(0.11	)1		(0.13	)1		(0.08	)		(0.06	)1
Net realized and unrealized gains (losses) on investments		20.33			3.53			10.62			9.71			3.90
Total from investment operations		20.08			3.42			10.49			9.63			3.84
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)
Net asset value, end of period		$72.94			$56.15			$58.47			$53.17			$45.37
Total return		37.69	%		8.41	%		21.30	%		22.01	%		9.06	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.82	%		0.82	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment loss		(0.43	)%		(0.21	)%		(0.23	)%		(0.17	)%		(0.14	)%
Supplemental data
Portfolio turnover rate		62	%		50	%		62	%		75	%		99	%
Net assets, end of period (000s omitted)		$71,641			$52,783			$48,363			$35,923			$29,861

¹  Calculated based upon average shares outstanding

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

20  |  Wells Fargo Enterprise Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$53.10			$55.82			$51.12			$43.81			$43.58
Net investment loss		(0.40	)1		(0.25	)1		(0.28	)1		(0.20	)1		(0.18	)1
Net realized and unrealized gains (losses) on investments		19.13			3.27			10.17			9.34			3.77
Total from investment operations		18.73			3.02			9.89			9.14			3.59
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)
Net asset value, end of period		$68.54			$53.10			$55.82			$51.12			$43.81
Total return		37.29	%		8.06	%		20.95	%		21.66	%		8.74	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.16	%		1.16	%		1.18	%		1.15	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.07	%
Net investment loss		(0.72	)%		(0.51	)%		(0.53	)%		(0.44	)%		(0.41	)%
Supplemental data
Portfolio turnover rate		62	%		50	%		62	%		75	%		99	%
Net assets, end of period (000s omitted)		$4,205			$3,687			$3,687			$3,705			$4,693

¹  Calculated based upon average shares outstanding

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

Wells Fargo Enterprise Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$55.97			$58.33			$53.08			$45.32			$44.87
Net investment loss		(0.28	)1		(0.14	)1		(0.15	)1		(0.09	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		20.26			3.52			10.59			9.68			3.90
Total from investment operations		19.98			3.38			10.44			9.59			3.81
Distributions to shareholders from
Net realized gains		(3.29	)		(5.74	)		(5.19	)		(1.83	)		(3.36	)
Net asset value, end of period		$72.66			$55.97			$58.33			$53.08			$45.32
Total return		37.63	%		8.36	%		21.24	%		21.97	%		8.97	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.92	%		0.92	%		0.93	%		0.93	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment loss		(0.48	)%		(0.26	)%		(0.29	)%		(0.19	)%		(0.21	)%
Supplemental data
Portfolio turnover rate		62	%		50	%		62	%		75	%		99	%
Net assets, end of period (000s omitted)		$67,735			$52,296			$48,446			$54,877			$61,563

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Enterprise 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 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 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. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Wells Fargo Enterprise Fund  |  23

Notes to financial statements

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $588,588,234 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	381,014,627
Gross unrealized losses		(4,438,766	)
Net unrealized gains	$	376,575,861

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(1,834,504)	$1,834,504

As of September 30, 2020, the Fund had a qualified late-year ordinary loss of $4,881,867 which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

24  |  Wells Fargo Enterprise Fund

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	65,068,807	$	0	$	0	$	65,068,807
Consumer discretionary		147,419,004		0		0		147,419,004
Financials		15,025,608		0		0		15,025,608
Health care		184,889,125		0		0		184,889,125
Industrials		132,817,156		0		0		132,817,156
Information technology		387,940,864		0		0		387,940,864
Materials		23,385,333		0		0		23,385,333
Short-term investments
Investment companies		8,618,198		0		0		8,618,198
Total assets	$	965,164,095	$	0	$	0	$	965,164,095

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

For the year ended September 30, 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 year ended September 30, 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  |  25

Notes to financial statements

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 year ended September 30, 2020, Funds Distributor received $5,202 amount from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended September 30, 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 year ended September 30, 2020 were $500,862,571 and $568,458,969, 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

26  |  Wells Fargo Enterprise Fund

Notes to financial statements

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 September 30, 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.	$	2,627,128	$	(2,627,128	)	$	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 $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	0	$	14,372,015
Long-term capital gain		48,501,724		66,482,607

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$95,415,382	$376,575,861	$(4,881,867)

9. 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.

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 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

Wells Fargo Enterprise Fund  |  27

Notes to financial statements

requirements on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the 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.

28  |  Wells Fargo Enterprise Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Enterprise Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo Enterprise Fund  |  29

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $48,501,724 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

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.

30  |  Wells Fargo Enterprise 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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo Enterprise Fund  |  31

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

32  |  Wells Fargo Enterprise 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.
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 the Treasurer of 77 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.

Wells Fargo Enterprise Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Enterprise Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Enterprise Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

34  |  Wells Fargo Enterprise Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell Midcap^® Growth Index, for the one-, three- and five-year periods ended December 31, 2019, and lower than its benchmark for the ten-year period ended December 31, 2019. The Board also noted that the investment performance of the Fund was higher than or in range of its benchmark index, the Russell Midcap^® Growth Index, for all periods ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than, equal to or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Wells Fargo Enterprise Fund  |  35

Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36  |  Wells Fargo Enterprise Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo Enterprise Fund  |  37

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

38  |  Wells Fargo Enterprise Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo Enterprise Fund  |  39

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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-1020-00574 11-20

A231/AR231 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
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	25
Report of independent registered public accounting firm	31
Other information	32
Appendix I	40
Appendix II	41

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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Special Mid Cap Value Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Special Mid Cap Value Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Special Mid Cap Value Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Special Mid Cap Value Fund  |  5

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 September 30, 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		-12.56		5.39		9.74		-7.22		6.64		10.39		1.15		1.15
Class C (WFPCX)	7-31-2007		-8.89		5.85		9.57		-7.89		5.85		9.57		1.90		1.90
Class R (WFHHX)3	9-30-2015		–		–		–		-7.45		6.37		10.12		1.40		1.40
Class R6 (WFPRX)4	6-28-2013		–		–		–		-6.84		7.10		10.86		0.72		0.72
Administrator Class (WFMDX)	4-8-2005		–		–		–		-7.15		6.72		10.50		1.07		1.07
Institutional Class (WFMIX)	4-8-2005		–		–		–		-6.93		6.99		10.79		0.82		0.82
Russell Midcap® Value Index5	–		–		–		–		-7.30		6.38		9.71		–		–

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 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 7.

6  |  Wells Fargo Special Mid Cap Value Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 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 1.16% 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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 Special Mid Cap Value Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION    

Fund highlights    

∎ The Fund (Class A, excluding sales charges) outperformed its benchmark, the Russell Midcap^® Value Index, for the 12-month period that ended September 30, 2020.

∎ Contributors to performance included stock selection in the health care sector and an underweight to the real estate sector.

∎ Detractors from performance included stock selection in the consumer discretionary and information technology (IT) sectors.

Volatility increased significantly surrounding the coronavirus.

Over the 12-month period, the equity markets and mid-cap value stocks experienced significant volatility as the coronavirus pandemic emerged in early 2020. As the economy screeched to a halt in an attempt to slow the spread of the virus, the equity market experienced one of the sharpest drawdowns in history. This was met with robust fiscal and monetary stimulus, which led to a sharp recovery in the calendar second quarter. Macro events and political headlines were the largest drivers of stocks in the period. We expect these short-term macro influences to eventually subside as transparency surrounding the virus, the economy, and the November U.S. election improves. Despite this near-term uncertainty, our bottom-up selection process is designed to find companies that can control their own destiny via their clear competitive advantages, sustainable free cash flows, and flexible balance sheets that can be used to grow shareholder value across numerous market environments.

We made modest changes to sector weightings.

Our stock selection process is predominantly driven by our bottom-up stock analysis. This process led to modest changes to the Fund’s sector weightings during the period. The Fund increased its overweights to the industrials and IT sectors as the coronavirus volatility created some attractive buying opportunities when seen through our multiyear lens. The Fund’s energy and financials weights were reduced as the risks surrounding the pandemic increased dramatically, causing the reward-to-risk ratios to be less attractive. The team’s reward-to-risk process continues to guide portfolio decisions as we strive to properly compensate the Fund’s shareholders for each unit of risk being taken.

Stock selection in the health care sector and an underweight to real estate benefited the Fund’s performance.

In the health care sector, Humana Incorporated was the Fund’s largest contributor. Humana is a predominantly Medicare-focused managed care organization in what we believe to be the best positioned subcategory of the health insurance market. Humana has been investing capital to modernize and make a more efficient general health care system. We believe those investments continue to pay off, as evidenced through strong growth in membership, which caused the stock to outperform.

The Fund’s underweight to real estate contributed to relative performance. The sector was one of the worst-performing sectors within the index as concerns around coronavirus-related closures and general economic softness weighed on the sector. Our underweight is driven by the view that we are finding better reward-to-risk value that meets our process in other sectors and also provide similar protection if 10-year yields were to fall further.

Stock selection in the IT and consumer discretionary sectors detracted from performance.

Ten largest holdings (%) as of September 30, 20207
Brown & Brown Incorporated	2.93
Alcon Incorporated	2.93
Carlisle Companies Incorporated	2.88
CBRE Group Incorporated Class A	2.88
Republic Services Incorporated	2.87
Reynolds Consumer Products Incorporated	2.85
Amdocs Limited	2.64
Arch Capital Group Limited	2.57
American Water Works Company Incorporated	2.47
Jacobs Engineering Group Incorporated	2.26

IT stock selection was hurt by our preference for the reoccurring cash flow associated with the IT services holdings, opposed to the more cyclical semiconductor industry. Semiconductor companies significantly outperformed as investors expected a strong supply/demand tailwind. IT services companies were held back by slowing transaction activity related to the pandemic, but we believe this to be a short-term concern.

Consumer discretionary retailer Kohl’s Corporation detracted from relative performance as the pandemic-related slowdown dramatically affected sales. We chose to exit the position during the early stages of the pandemic as we believed long-term free cash flow would suffer from changing consumer behavior related to the pandemic and the company’s balance sheet would no longer be able to support the company’s growth initiatives.

Please see footnotes on page 7.

8  |  Wells Fargo Special Mid Cap Value Fund

Performance highlights (unaudited)

Sector allocation as of September 30, 2020⁸

Our outlook for the Fund and our process remain positive.

As we look out over the next 6 to 12 months, we see numerous forces at play that could bring increased volatility. Equity investors continue to balance a potential second wave of the virus, a U.S. political regime change, and the prospects for a vaccine and an improving economy. We are not experts in forecasting macro events or the direction of the market. However, it is commonly the sources of macro-driven volatility, such as political events, interest rates, and regulatory changes, that create inefficiencies in individual stock prices. We believe it is prudent to manage downside risks, and we will continue to invest in companies that we believe have taken steps to control their own destinies.

We believe our team’s fundamental analysis, risk management, and active investment process are well suited to take advantage of new opportunities as the stock market evolves. While volatility may increase, we look to the strong balance sheets and stable cash flows of the companies within the Fund to support consistent long-term performance. We maintain a favorable outlook for the Fund.

Please see footnotes on page 7.

Wells Fargo Special Mid Cap Value Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,259.99	$	6.44		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.37	$	5.76		1.14	%
Class C
Actual	$	1,000.00	$	1,255.32	$	10.66		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.61	$	9.53		1.89	%
Class R
Actual	$	1,000.00	$	1,258.01	$	7.85		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.11	$	7.02		1.39	%
Class R6
Actual	$	1,000.00	$	1,262.23	$	4.03		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.51	$	3.60		0.71	%
Administrator Class
Actual	$	1,000.00	$	1,260.32	$	5.99		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.77	$	5.35		1.06	%
Institutional Class
Actual	$	1,000.00	$	1,261.90	$	4.59		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.10		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).

10  |  Wells Fargo Special Mid Cap Value Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 96.83%
Communication Services: 1.80%
Media: 1.80%
Discovery Communications Incorporated Class C †		5,599,442	$	109,749,063
Omnicom Group Incorporated		961,300		47,584,350
				157,333,413
Consumer Discretionary: 7.38%
Auto Components: 3.62%
Aptiv plc		2,148,115		196,939,183
Lear Corporation		1,092,900		119,180,745
				316,119,928
Diversified Consumer Services: 0.28%
Terminix Global Holdings Incorporated †		623,500		24,865,180
Hotels, Restaurants & Leisure: 2.29%
Vail Resorts Incorporated		203,100		43,457,307
Yum China Holdings Incorporated		2,949,200		156,160,140
				199,617,447
Household Durables: 0.60%
D.R. Horton Incorporated		696,600		52,683,858
Specialty Retail: 0.20%
Best Buy Company Incorporated		154,600		17,205,434
Textiles, Apparel & Luxury Goods: 0.39%
PVH Corporation #		570,600		34,030,584
Consumer Staples: 5.78%
Beverages: 1.27%
Keurig Dr. Pepper Incorporated		4,013,969		110,785,544
Food & Staples Retailing: 1.66%
BJ’s Wholesale Club Holdings Incorporated †		3,490,581		145,033,641
Household Products: 2.85%
Reynolds Consumer Products Incorporated		8,137,900		249,182,498
Energy: 2.23%
Energy Equipment & Services: 0.92%
Baker Hughes Incorporated		3,224,634		42,855,386
National Oilwell Varco Incorporated		4,067,000		36,847,020
				79,702,406
Oil, Gas & Consumable Fuels: 1.31%
Devon Energy Corporation		2,645,300		25,024,538
Hess Corporation		1,011,300		41,392,509
Valero Energy Corporation		1,111,800		48,163,176
				114,580,223

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

Wells Fargo Special Mid Cap Value Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Financials: 17.77%
Banks: 4.85%
Fifth Third Bancorp		7,141,600	$	152,258,912
PacWest Bancorp		3,283,000		56,073,640
Regions Financial Corporation		12,621,500		145,525,895
Zions Bancorporation		2,373,900		69,365,358
				423,223,805
Capital Markets: 1.74%
Pershing Square Tontine Holdings Limited Class A †		6,701,100		152,047,959
Consumer Finance: 0.82%
Discover Financial Services		1,245,100		71,941,878
Insurance: 8.92%
Arch Capital Group Limited †		7,674,208		224,470,584
Brown & Brown Incorporated		5,651,200		255,829,824
Fidelity National Financial Incorporated		1,408,700		44,106,397
Loews Corporation		3,082,700		107,123,825
The Allstate Corporation		1,558,400		146,707,776
				778,238,406
Mortgage REITs: 1.44%
Annaly Capital Management Incorporated		17,624,500		125,486,440
Health Care: 9.57%
Health Care Equipment & Supplies: 4.92%
Alcon Incorporated †		4,489,200		255,659,940
Zimmer Biomet Holdings Incorporated		1,278,300		174,027,762
				429,687,702
Health Care Providers & Services: 3.22%
Humana Incorporated		346,700		143,495,663
Universal Health Services Incorporated Class B		1,285,200		137,542,104
				281,037,767
Life Sciences Tools & Services: 1.43%
Charles River Laboratories International Incorporated †		551,100		124,796,595
Industrials: 19.83%
Aerospace & Defense: 1.82%
General Dynamics Corporation		613,700		84,954,491
L3Harris Technologies Incorporated		434,300		73,761,512
				158,716,003
Building Products: 1.15%
Masco Corporation		1,824,100		100,562,633
Commercial Services & Supplies: 2.87%
Republic Services Incorporated		2,686,100		250,747,435
Construction & Engineering: 2.26%
Jacobs Engineering Group Incorporated		2,124,300		197,071,311
Industrial Conglomerates: 2.88%
Carlisle Companies Incorporated		2,058,000		251,837,460

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

12  |  Wells Fargo Special Mid Cap Value Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Machinery: 3.68%
Cummins Incorporated		409,700	$	86,512,252
Pentair plc		1,411,000		64,581,470
Stanley Black & Decker Incorporated		1,048,700		170,099,140
				321,192,862
Road & Rail: 1.97%
Kansas City Southern		950,200		171,824,666
Trading Companies & Distributors: 3.20%
AerCap Holdings NV †		5,043,500		127,045,765
United Rentals Incorporated †		874,100		152,530,450
				279,576,215
Information Technology: 11.25%
Communications Equipment: 1.14%
Juniper Networks Incorporated		4,617,500		99,276,250
Electronic Equipment, Instruments & Components: 1.80%
CDW Corporation of Delaware		519,700		62,119,741
FLIR Systems Incorporated		2,656,000		95,217,600
				157,337,341
IT Services: 4.69%
Amdocs Limited		4,009,100		230,162,431
Euronet Worldwide Incorporated †		1,358,100		123,722,910
Paychex Incorporated		694,600		55,408,242
				409,293,583
Semiconductors & Semiconductor Equipment: 1.71%
Analog Devices Incorporated		1,167,100		136,247,254
CMC Materials Incorporated		90,000		12,852,900
				149,100,154
Software: 0.40%
Synopsys Incorporated †		162,700		34,814,546
Technology Hardware, Storage & Peripherals: 1.51%
NCR Corporation †		5,971,320		132,205,025
Materials: 7.73%
Chemicals: 3.65%
Celanese Corporation Series A		1,332,900		143,220,105
PPG Industries Incorporated		1,438,200		175,575,456
				318,795,561
Construction Materials: 1.20%
Vulcan Materials Company		773,800		104,880,852
Containers & Packaging: 1.99%
AptarGroup Incorporated		760,000		86,032,000
Packaging Corporation of America		799,913		87,230,513
				173,262,513

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

Wells Fargo Special Mid Cap Value Fund  |  13

Portfolio of investments—September 30, 2020

						Shares		Value
Metals & Mining: 0.89%
Barrick Gold Corporation							2,760,900	$	77,608,899
Real Estate: 7.70%
Equity REITs: 4.82%
American Campus Communities Incorporated							3,396,705		118,612,939
Invitation Homes Incorporated							6,811,000		190,639,890
Mid-America Apartment Communities Incorporated							959,400		111,242,430
									420,495,259
Real Estate Management & Development: 2.88%
CBRE Group Incorporated Class A †							5,352,700		251,416,319
Utilities: 5.79%
Electric Utilities: 3.32%
American Electric Power Company Incorporated							2,006,300		163,974,899
FirstEnergy Corporation							4,391,900		126,091,449
									290,066,348
Water Utilities: 2.47%
American Water Works Company Incorporated							1,488,700		215,682,856
Total Common Stocks (Cost $7,534,989,343)									8,453,364,799
				Expiration date
Warrants: 0.06%
Financials: 0.06%
Capital Markets: 0.06%
Pershing Square Tontine Holdings Limited Class A †					7-24-2025		739,021		5,298,782
Total Warrants (Cost $4,270,666)									5,298,782
	Yield
Short-Term Investments: 2.74%
Investment Companies: 2.74%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%				500		500
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05					239,359,353		239,359,353
Total Short-Term Investments (Cost $239,359,853)									239,359,853

Total investments in securities (Cost $7,778,619,862)	99.63	%		8,698,023,434
Other assets and liabilities, net	0.37			32,492,768
Total net assets	100.00	%	$	8,730,516,202

† Non-income-earning security

# 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.

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

Abbreviations:

REIT Real estate investment trust

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

14  |  Wells Fargo Special Mid Cap Value Fund

Portfolio of investments—September 30, 2020

Written Options

Description	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Call
PVH Corporation		(4,900)	$	(36,750,000	)	$	75.00		10-16-2020	$	(98,000	)
Put
ServiceMaster Global Holdings Incorporated		2,000		8,000,000			40.00		11-20-2020		(535,000	)
										$	(633,000	)

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	84,710,046	$	(84,714,216	)	$	4,670	$	0	$	24,804	#	$	500
Wells Fargo Government Money Market Fund Select Class		528,149,536		2,567,644,863		(2,856,435,046	)		0		0		3,382,896			239,359,353
								$	4,670	$	0	$	3,407,700		$	239,359,853		2.74	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Special Mid Cap Value Fund  |  15

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities, at value (cost $7,539,260,009)	$	8,458,663,581
Investments in affiliated securities, at value (cost $239,359,853)		239,359,853
Cash segregated for written options		8,000,000
Receivable for investments sold		87,891,124
Receivable for Fund shares sold		15,502,246
Receivable for dividends		11,957,255
Receivable for securities lending income, net		2,710
Prepaid expenses and other assets		104,772
Total assets		8,821,481,541
Liabilities
Payable for investments purchased		72,117,547
Payable for Fund shares redeemed		11,043,602
Written options, at value (premiums received $2,230,817)		633,000
Management fee payable		5,546,654
Administration fees payable		830,667
Distribution fees payable		74,328
Trustees’ fees and expenses payable		3,170
Accrued expenses and other liabilities		716,371
Total liabilities		90,965,339
Total net assets	$	8,730,516,202
Net assets consist of
Paid-in capital	$	7,982,221,973
Total distributable earnings		748,294,229
Total net assets	$	8,730,516,202
Computation of net asset value and offering price per share
Net assets – Class A	$	969,508,246
Shares outstanding – Class A1		27,443,882
Net asset value per share – Class A		$35.33
Maximum offering price per share – Class A2		$37.49
Net assets – Class C	$	110,317,929
Shares outstanding – Class C1		3,280,308
Net asset value per share – Class C		$33.63
Net assets – Class R	$	24,705,095
Shares outstanding – Class R1		691,150
Net asset value per share – Class R		$35.74
Net assets – Class R6	$	2,103,895,312
Shares outstanding – Class R61		57,810,205
Net asset value per share – Class R6		$36.39
Net assets – Administrator Class	$	324,727,212
Shares outstanding – Administrator Class1		9,014,447
Net asset value per share – Administrator Class		$36.02
Net assets – Institutional Class	$	5,197,362,408
Shares outstanding – Institutional Class1		143,042,097
Net asset value per share – Institutional Class		$36.33

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.

16  |  Wells Fargo Special Mid Cap Value Fund

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $154,513)	$	152,848,064
Income from affiliated securities		3,410,693
Total investment income		156,258,757
Expenses
Management fee		61,101,759
Administration fees
Class A		2,067,417
Class C		269,136
Class R		59,792
Class R6		659,555
Administrator Class		601,168
Institutional Class		6,988,280
Shareholder servicing fees
Class A		2,458,421
Class C		319,865
Class R		71,034
Administrator Class		1,151,162
Distribution fees
Class C		959,318
Class R		70,979
Custody and accounting fees		350,369
Professional fees		44,324
Registration fees		304,901
Shareholder report expenses		649,407
Trustees’ fees and expenses		21,260
Other fees and expenses		139,561
Total expenses		78,287,708
Less: Fee waivers and/or expense reimbursements
Fund-level		(10,063	)
Class A		(44,780	)
Class C		(1	)
Administrator Class		(215	)
Net expenses		78,232,649
Net investment income		78,026,108
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(185,015,267	)
Affiliated securities		4,670
Written options		5,299,727
Net realized losses on investments		(179,710,870	)
Net change in unrealized gains (losses) on
Unaffiliated securities		(521,066,944	)
Written options		1,597,817
Net change in unrealized gains (losses) on investments		(519,469,127	)
Net realized and unrealized gains (losses) on investments		(699,179,997	)
Net decrease in net assets resulting from operations	$	(621,153,889	)

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

Wells Fargo Special Mid Cap Value Fund  |  17

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	78,026,108					$	77,380,134
Net realized gains (losses) on investments					(179,710,870	)					303,691,561
Net change in unrealized gains (losses) on investments					(519,469,127	)					233,760,522
Net increase (decrease) in net assets resulting from operations					(621,153,889	)					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		9,854,743			348,696,853			5,327,538			192,757,937
Class C		407,609			14,546,860			395,515			13,743,148
Class R		219,967			7,988,211			312,326			11,470,210
Class R6		25,955,043			962,352,547			19,811,243			753,877,254
Administrator Class		2,021,462			74,053,375			2,524,441			92,078,365
Institutional Class		73,446,153			2,568,631,752			49,318,478			1,865,932,723
					3,976,269,598						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		(8,719,115	)		(308,529,296	)		(8,214,077	)		(295,833,462	)
Class C		(1,144,867	)		(38,288,578	)		(1,443,715	)		(49,286,556	)
Class R		(357,364	)		(13,041,741	)		(177,050	)		(6,492,936	)
Class R6		(21,827,939	)		(779,801,393	)		(8,066,799	)		(299,782,094	)
Administrator Class		(8,570,743	)		(280,525,180	)		(13,653,775	)		(493,668,005	)
Institutional Class		(67,358,421	)		(2,411,269,322	)		(48,844,550	)		(1,804,574,146	)
					(3,831,455,510	)					(2,949,637,199	)
Net increase in net assets resulting from capital share transactions					537,423,198						160,539,751
Total increase (decrease) in net assets					(501,030,778	)					583,193,892
Net assets
Beginning of period					9,231,546,980						8,648,353,088
End of period				$	8,730,516,202					$	9,231,546,980

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)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$39.63			$37.59			$37.49			$33.12			$29.91
Net investment income		0.18			0.26			0.15			0.33			0.19
Net realized and unrealized gains (losses) on investments		(2.85	)		2.54			1.50			4.42			4.23
Total from investment operations		(2.67	)		2.80			1.65			4.75			4.42
Distributions to shareholders from
Net investment income		(0.23	)		(0.17	)		(0.23	)		(0.19	)		(0.08	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)
Total distributions to shareholders		(1.63	)		(0.76	)		(1.55	)		(0.38	)		(1.21	)
Net asset value, end of period		$35.33			$39.63			$37.59			$37.49			$33.12
Total return1		(7.22	)%		7.81	%		4.50	%		14.41	%		15.34	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.15	%		1.15	%		1.18	%		1.19	%
Net expenses		1.14	%		1.15	%		1.15	%		1.18	%		1.19	%
Net investment income		0.56	%		0.67	%		0.40	%		0.78	%		0.82	%
Supplemental data
Portfolio turnover rate		51	%		37	%		37	%		46	%		30	%
Net assets, end of period (000s omitted)		$969,508			$1,003,560			$1,038,883			$1,070,690			$1,363,213

¹  Total return calculations do not include any sales charges.

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)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$37.85			$36.02			$36.03			$31.91			$29.00
Net investment income (loss)		(0.11	)		(0.07	)		(0.14	)		0.06			0.03
Net realized and unrealized gains (losses) on investments		(2.71	)		2.49			1.46			4.26			4.02
Total from investment operations		(2.82	)		2.42			1.32			4.32			4.05
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		(0.01	)		(0.01	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)
Total distributions to shareholders		(1.40	)		(0.59	)		(1.33	)		(0.20	)		(1.14	)
Net asset value, end of period		$33.63			$37.85			$36.02			$36.03			$31.91
Total return1		(7.89	)%		7.00	%		3.72	%		13.56	%		14.47	%
Ratios to average net assets (annualized)
Gross expenses		1.89	%		1.90	%		1.90	%		1.92	%		1.94	%
Net expenses		1.89	%		1.90	%		1.90	%		1.92	%		1.94	%
Net investment income (loss)		(0.19	)%		(0.09	)%		(0.35	)%		0.14	%		0.03	%
Supplemental data
Portfolio turnover rate		51	%		37	%		37	%		46	%		30	%
Net assets, end of period (000s omitted)		$110,318			$147,086			$174,839			$191,954			$116,022

¹  Total return calculations do not include any sales charges.

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

20  |  Wells Fargo Special Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.10			$38.09			$38.08			$33.78			$30.70
Net investment income		0.09			0.17			0.09			0.32			0.12	1
Net realized and unrealized gains (losses) on investments		(2.90	)		2.57			1.49			4.43			4.32
Total from investment operations		(2.81	)		2.74			1.58			4.75			4.44
Distributions to shareholders from
Net investment income		(0.15	)		(0.14	)		(0.25	)		(0.26	)		(0.23	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)
Total distributions to shareholders		(1.55	)		(0.73	)		(1.57	)		(0.45	)		(1.36	)
Net asset value, end of period		$35.74			$40.10			$38.09			$38.08			$33.78
Total return		(7.45	)%		7.52	%		4.23	%		14.13	%		15.05	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.40	%		1.40	%		1.42	%		1.44	%
Net expenses		1.39	%		1.40	%		1.40	%		1.42	%		1.44	%
Net investment income		0.31	%		0.43	%		0.18	%		0.77	%		0.37	%
Supplemental data
Portfolio turnover rate		51	%		37	%		37	%		46	%		30	%
Net assets, end of period (000s omitted)		$24,705			$31,961			$24,575			$14,505			$1,778

¹  Calculated based upon average shares outstanding

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

Wells Fargo Special Mid Cap Value Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.76			$38.67			$38.52			$34.03			$30.71
Net investment income		0.36			0.40			0.32	1		0.50	1		0.38	1
Net realized and unrealized gains (losses) on investments		(2.94	)		2.62			1.55			4.53			4.30
Total from investment operations		(2.58	)		3.02			1.87			5.03			4.68
Distributions to shareholders from
Net investment income		(0.39	)		(0.34	)		(0.40	)		(0.35	)		(0.23	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)
Total distributions to shareholders		(1.79	)		(0.93	)		(1.72	)		(0.54	)		(1.36	)
Net asset value, end of period		$36.39			$40.76			$38.67			$38.52			$34.03
Total return		(6.84	)%		8.28	%		4.95	%		14.88	%		15.84	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.72	%		0.72	%		0.74	%		0.76	%
Net expenses		0.71	%		0.72	%		0.72	%		0.74	%		0.76	%
Net investment income		0.99	%		1.12	%		0.85	%		1.37	%		1.21	%
Supplemental data
Portfolio turnover rate		51	%		37	%		37	%		46	%		30	%
Net assets, end of period (000s omitted)		$2,103,895			$2,094,860			$1,493,787			$906,784			$374,557

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Special Mid Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.35			$38.23			$38.12			$33.67			$30.45
Net investment income		0.24	1		0.27	1		0.18	1		0.34	1		0.26
Net realized and unrealized gains (losses) on investments		(2.93	)		2.61			1.52			4.52			4.26
Total from investment operations		(2.69	)		2.88			1.70			4.86			4.52
Distributions to shareholders from
Net investment income		(0.24	)		(0.17	)		(0.27	)		(0.22	)		(0.17	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)
Total distributions to shareholders		(1.64	)		(0.76	)		(1.59	)		(0.41	)		(1.30	)
Net asset value, end of period		$36.02			$40.35			$38.23			$38.12			$33.67
Total return		(7.15	)%		7.88	%		4.58	%		14.50	%		15.42	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.07	%		1.07	%		1.09	%		1.10	%
Net expenses		1.06	%		1.07	%		1.07	%		1.09	%		1.10	%
Net investment income		0.65	%		0.72	%		0.47	%		0.95	%		0.88	%
Supplemental data
Portfolio turnover rate		51	%		37	%		37	%		46	%		30	%
Net assets, end of period (000s omitted)		$324,727			$604,126			$978,368			$1,156,796			$834,134

¹  Calculated based upon average shares outstanding

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

Wells Fargo Special Mid Cap Value Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.70			$38.61			$38.47			$34.00			$30.70
Net investment income		0.32			0.38	1		0.26			0.41			0.35	1
Net realized and unrealized gains (losses) on investments		(2.94	)		2.60			1.56			4.58			4.29
Total from investment operations		(2.62	)		2.98			1.82			4.99			4.64
Distributions to shareholders from
Net investment income		(0.35	)		(0.30	)		(0.36	)		(0.33	)		(0.21	)
Net realized gains		(1.40	)		(0.59	)		(1.32	)		(0.19	)		(1.13	)
Total distributions to shareholders		(1.75	)		(0.89	)		(1.68	)		(0.52	)		(1.34	)
Net asset value, end of period		$36.33			$40.70			$38.61			$38.47			$34.00
Total return		(6.93	)%		8.17	%		4.84	%		14.76	%		15.73	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.82	%		0.84	%		0.86	%
Net expenses		0.81	%		0.82	%		0.82	%		0.84	%		0.86	%
Net investment income		0.89	%		1.00	%		0.73	%		1.24	%		1.07	%
Supplemental data
Portfolio turnover rate		51	%		37	%		37	%		46	%		30	%
Net assets, end of period (000s omitted)		$5,197,362			$5,349,953			$4,937,901			$4,595,274			$2,325,777

¹  Calculated based upon average shares outstanding

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

24  |  Wells Fargo Special Mid Cap Value 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 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  |  25

Notes to financial statements

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 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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $7,793,385,732 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,582,813,384
Gross unrealized losses		(676,577,865	)
Net unrealized gains	$	906,235,519

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$59,673	$(59,673)

As of September 30, 2020, the Fund had current year deferred post-October capital losses consisting of $205,403,024 in short-term losses and $3,124,039 in long-term losses which will be recognized on the first day of the following fiscal year.

26  |  Wells Fargo Special Mid Cap Value Fund

Notes to financial statements

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	157,333,413	$	0	$	0	$	157,333,413
Consumer discretionary		644,522,431		0		0		644,522,431
Consumer staples		505,001,683		0		0		505,001,683
Energy		194,282,629		0		0		194,282,629
Financials		1,550,938,488		0		0		1,550,938,488
Health care		835,522,064		0		0		835,522,064
Industrials		1,731,528,585		0		0		1,731,528,585
Information technology		982,026,899		0		0		982,026,899
Materials		674,547,825		0		0		674,547,825
Real estate		671,911,578		0		0		671,911,578
Utilities		505,749,204		0		0		505,749,204
Warrants
Financials		0		5,298,782		0		5,298,782
Short-term investments
Investment companies		239,359,853		0		0		239,359,853
Total assets	$	8,692,724,652	$	5,298,782	$	0	$	8,698,023,434
Liabilities
Written options	$	0	$	633,000	$	0	$	633,000
Total liabilities	$	0	$	633,000	$	0	$	633,000

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

For the year ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Special Mid Cap Value Fund  |  27

Notes to financial statements

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 year ended September 30, 2020, the management fee was equivalent to an annual rate of 0.67% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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.

28  |  Wells Fargo Special Mid Cap Value Fund

Notes to financial statements

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2020, Funds Distributor received $55,769 from the sale of Class A shares and $318 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended September 30, 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 year ended September 30, 2020 were $4,970,946,162 and $4,454,983,200, 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 Federal 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 September 30, 2020, the Fund did not have any securities on loan.

7. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2020, the Fund entered into written options for hedging purposes. The Fund had an average of 11,137 written option contracts during the year ended September 30, 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.

8. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

Wells Fargo Special Mid Cap Value Fund  |  29

Notes to financial statements

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	161,129,912	$	61,719,949
Long-term capital gain		256,170,175		130,458,127

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Post-October capital losses deferred
$50,585,755	$906,235,519	$(208,527,063)

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

11. 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 distributed 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.

12. 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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

13. 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.

30  |  Wells Fargo Special Mid Cap Value Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Special Mid Cap Value Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo Special Mid Cap Value Fund  |  31

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 85.29% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $256,170,175 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $142,830,983 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $3,174,756 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $68,765,061 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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.

32  |  Wells Fargo Special Mid Cap Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo Special Mid Cap Value Fund  |  33

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

34  |  Wells Fargo Special Mid Cap Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
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 the Treasurer of 77 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.

Wells Fargo Special Mid Cap Value Fund  |  35

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Special Mid Cap Value Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Special Mid Cap Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

36  |  Wells Fargo Special Mid Cap Value Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell Midcap^® Value Index, for all periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell Midcap^® Value Index, for all periods ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Wells Fargo Special Mid Cap Value Fund  |  37

Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

38  |  Wells Fargo Special Mid Cap Value Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo Special Mid Cap Value Fund  |  39

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

40  |  Wells Fargo Special Mid Cap Value Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo Special Mid Cap Value Fund  |  41

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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-1120-01039 11-20

A234/AR234 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30
Appendix I	38
Appendix II	39

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Save trees.

Sign up for electronic delivery of prospectuses and
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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Opportunity Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Opportunity Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Opportunity Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Opportunity Fund  |  5

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 September 30, 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		5.19		10.80		10.16		11.62		12.11		10.82		1.21		1.18
Class C (WFOPX)	3-31-2008		11.13		11.54		10.12		12.13		11.54		10.12		1.96		1.93
Class R6 (WOFRX)3	5-29-2020		–		–		–		12.09		12.61		11.32		0.78		0.72
Administrator Class (WOFDX)	8-30-2002		–		–		–		11.85		12.33		11.05		1.13		1.00
Institutional Class (WOFNX)	7-30-2010		–		–		–		12.09		12.61		11.32		0.88		0.75
Russell 3000® Index4	–		–		–		–		15.00		13.69		13.48		–		–

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 7.

6  |  Wells Fargo Opportunity Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁵

^†  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 (January 31, 2022 for Class R6), 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, 0.72% for Class R6, 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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, returns for the Class R6 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶  The ten largest holdings, excluding cash, cash equivalents and 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 Opportunity Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Russell 3000^® Index, for the 12-month period that ended September 30, 2020.

∎ Stock selection in the industrials, information technology (IT), and health care sectors contributed to relative underperformance even though IT and health care were the largest sources of absolute return.

∎ Stock selection in financials and real estate and an underweight positioning in the energy sector were the largest sources of relative outperformance.

The U.S. equity markets were extremely volatile and moved sharply in both directions during the reporting period. The markets rose in all four quarters in 2019 and into mid-February, hitting new all-time highs along the way. Then, as the global pandemic took hold, the equity markets proceeded to lose more than 35% of their value in less than six weeks, ending the longest bull market in U.S. history while entering bear market territory in record time. Beginning in the last week of March, U.S. equities began to recover and rose for the next five months before retreating a bit in September. The Fund’s benchmark followed a similar pattern and ended up gaining 15% for the 12-month period. IT, consumer discretionary, and health care were the best-performing sectors in the benchmark while energy, financials, and real estate declined the most. Growth stocks generally outperformed value.

Leading up to the mid-February high, the U.S. equities benefited from a dovish U.S. Federal Reserve (Fed), lower corporate taxes, less regulation, share buybacks, capital spending, and high-profile merger and acquisition activity that boosted optimism in U.S. businesses. Rising wages, low unemployment, low inflation, and declining household debt fueled consumer confidence. COVID-19 evolved into a global pandemic, largely shutting down the international economy and eventually accumulating a worldwide death toll of around 1 million by the end of the period. The six-week market decline was followed by a recovery that can mostly be attributed to the speed and aggressiveness of the U.S. government’s fiscal and monetary policy response. Sentiment ebbed and flowed with news of infection rates, mortality rates, vaccines, therapeutics, and partial business openings. The legislature approved three stimulus bills, including the Coronavirus Aid, Relief, and Economic Security Act, representing the largest stimulus bill in U.S. history at $2.2 trillion. The Fed had cut interest rates to near zero by mid-March and announced an aggressive open-ended commitment to keep buying assets under its quantitative easing measures to also include corporate bonds for the first time in its history. The Fed’s “whatever it takes” mantra increased its balance sheet to over $7.2 trillion. Through the period, we continued to seek companies with solid business models, strong management teams, and healthy cash flow prospects.

Holdings in industrials, IT, and health care contributed to relative underperformance.

The Fund’s holdings in industrials, particularly in aerospace/defense and building products, were overweight and underperformed the benchmark. Hexcel Corporation (HXL) is a leading producer of carbon fiber reinforcements and resin systems and honeycomb manufacturing for the commercial aerospace, industrial, and defense industries. Travel restrictions severely curtailed demand from aircraft manufacturers and the stock declined 55% during the period. The Fund’s holdings in IT made the largest contribution to overall returns but underperformed the benchmark. Apple Incorporated (AAPL) rose 109% during the period after consistently beating expectations on financial performance, product sales, new product launches, and future demand. AAPL is one of the top holdings in the Fund but is still underweight the top-heavy benchmark, turning it into a relative underperformer. Health care was the second-largest contributor to overall returns but underperformed the benchmark. LivaNova PLC (LIVN) is a medical technology company that specializes in neuromodulation, cardiac surgery, and cardiac rhythm management. The stock declined 39% during the period, affected by a pandemic-related delay in clinical trial timelines and postponement of non-emergent procedures that hurt the firm’s neuromodulation business. Conversely, in the life sciences industry, Bio-Rad Laboratories, Incorporated (BIO), was one of the largest relative contributors to the Fund. BIO is a leading life science company providing instruments, software, consumables, reagents, and related content. The stock rose 55% on increased demand for its products, including a real-time PCR screening assay and a blood-based immunoassay kit to identify antibodies to COVID-19.

8  |  Wells Fargo Opportunity Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of September 30, 20206
Apple Incorporated	4.32
Alphabet Incorporated Class C	4.08
Amazon.com Incorporated	3.81
Salesforce.com Incorporated	3.68
Facebook Incorporated Class A	2.91
Texas Instruments Incorporated	2.71
MasterCard Incorporated Class A	2.60
UnitedHealth Group Incorporated	1.99
Thermo Fisher Scientific Incorporated	1.97
Novartis AG ADR	1.95

Financials, real estate, and energy contributed the most to relative performance.

The financials sector was the largest detractor from overall returns in the benchmark, but the Fund’s holdings outperformed the benchmark, turning it into a relative contributor. The Fund was underweight banks, a group that declined from falling interest rates and elevated credit risks associated with the economic impact of the pandemic. The Fund was overweight and outperformed the capital markets group, which generally benefited from low interest rates as well as activity in the equity and debt markets. S&P Global Incorporated (SPGI), which provides transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets, rose 48% during the period.

The real estate sector in the benchmark declined during the period, but the Fund was overweight and outperformed the group. Fund holdings in data centers and cell towers benefited from increased use of cloud computing and electronic commerce by businesses and increased electronic communications between/among people and things. Equinix, Incoporated (EQIX), is a data center and co-location provider operating in 52 markets across five continents, with a portfolio of interconnection-dense data centers that have limited supply and strong demand. EQIX rose 34% during the period on increased demand as more people work from home and more economic activity is conducted online. The energy sector was hurt by the collapse in the price of crude oil, as global demand faded from the pandemic-induced economic slowdown without a proportional reduction in supply. Energy was the worst-performing sector in the benchmark with a decline of 45%, but it was a relative contributor to the Fund from being underweight. Utilities also declined during the period and lack of exposure there was also a source of relative gains.

Sector allocation as of September 30, 2020⁷

Our focus is constant: To add value by investing in attractively priced holdings.

We seek to buy stocks at a discount to their estimated private market valuation (PMV) and sell them as they reach the top of their PMV range. The PMV represents the expected price an investor would pay for the entire company as a stand-alone private entity. Our disciplined, bottom-up investment process leads us to be overweight or underweight certain sectors. This positioning changes over time based on macroeconomic and industry-specific factors. During the reporting period, we were overweight the industrials, health care, and real estate sectors and underweight consumer staples, utilities, and consumer discretionary. Through our disciplined investment process, we remain keenly aware of both price and enterprise values on a company-by-company basis.

The economic impact of the global COVID-19 pandemic will consume the equity markets for the foreseeable future. As infection rates have slowed down and patient recovery rates have improved, the country has been gradually opening up and eventually the economy will get back in motion. The U.S. economy went into a recession in the first quarter of 2020, but it’s too early to know how deep the economic damage will be, how soon it can begin to recover, and whether the extraordinary responses to date will be effective. We now know a lot more about COVID-19, and we believe there is a lot of promise in the vaccines and therapeutics under development. This economic downturn has been different from anything else in recent history, and there is the possibility that things could get back to normal sooner than expected.

Please see footnotes on page 7.

Wells Fargo Opportunity Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,331.00	$	6.84		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.93		1.17	%
Class C
Actual	$	1,000.00	$	1,342.35	$	11.23		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.66		1.91	%
Class R6
Actual	$	1,000.00	$	1,333.76	$	2.79		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.19	$	2.40		0.72	%
Administrator Class
Actual	$	1,000.00	$	1,332.28	$	5.77		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.12	$	5.00		0.99	%
Institutional Class
Actual	$	1,000.00	$	1,333.76	$	4.39		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		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).

10  |  Wells Fargo Opportunity Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 98.70%
Communication Services: 8.48%
Interactive Media & Services: 7.00%
Alphabet Incorporated Class C †		47,392	$	69,647,282
Facebook Incorporated Class A †		189,942		49,745,810
				119,393,092
Wireless Telecommunication Services: 1.48%
T-Mobile US Incorporated †		221,056		25,279,964
Consumer Discretionary: 10.13%
Automobiles: 1.82%
General Motors Company		1,048,248		31,017,658
Internet & Direct Marketing Retail: 3.81%
Amazon.com Incorporated †		20,633		64,967,746
Multiline Retail: 1.28%
Dollar General Corporation		104,574		21,920,802
Specialty Retail: 3.22%
Burlington Stores Incorporated †		156,501		32,253,291
Ulta Beauty Incorporated †		101,663		22,770,479
				55,023,770
Consumer Staples: 2.62%
Food & Staples Retailing: 1.51%
Sysco Corporation		414,432		25,785,959
Household Products: 1.11%
Church & Dwight Company Incorporated		201,474		18,880,129
Financials: 9.20%
Capital Markets: 5.18%
CME Group Incorporated		91,094		15,240,937
Intercontinental Exchange Incorporated		319,835		31,999,492
S&P Global Incorporated		71,785		25,885,671
The Charles Schwab Corporation		422,483		15,306,559
				88,432,659
Consumer Finance: 1.19%
Discover Financial Services		352,668		20,377,157
Insurance: 2.83%
Chubb Limited		166,999		19,391,924
Marsh & McLennan Companies Incorporated		251,521		28,849,459
				48,241,383
Health Care: 16.48%
Biotechnology: 0.99%
Alexion Pharmaceuticals Incorporated †		147,877		16,921,565
Health Care Equipment & Supplies: 5.52%
Align Technology Incorporated †		48,447		15,859,610
Boston Scientific Corporation †		717,989		27,434,360

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

Wells Fargo Opportunity Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Health Care Equipment & Supplies (continued)
LivaNova plc †		516,651	$	23,357,792
Medtronic plc		264,842		27,522,381
				94,174,143
Health Care Providers & Services: 1.99%
UnitedHealth Group Incorporated		109,033		33,993,218
Life Sciences Tools & Services: 5.44%
Agilent Technologies Incorporated		293,741		29,650,217
Bio-Rad Laboratories Incorporated Class A †		57,138		29,452,353
Thermo Fisher Scientific Incorporated		76,275		33,676,938
				92,779,508
Pharmaceuticals: 2.54%
Mylan NV †		674,828		10,007,699
Novartis AG ADR		382,770		33,285,679
				43,293,378
Industrials: 15.59%
Aerospace & Defense: 3.26%
Hexcel Corporation		315,073		10,570,699
MTU Aero Engines AG †		124,736		20,677,566
Teledyne Technologies Incorporated †		78,861		24,463,471
				55,711,736
Commercial Services & Supplies: 1.24%
Republic Services Incorporated		225,987		21,095,886
Electrical Equipment: 1.81%
AMETEK Incorporated		310,847		30,898,192
Industrial Conglomerates: 1.51%
Carlisle Companies Incorporated		210,169		25,718,381
Machinery: 6.38%
Fortive Corporation		320,686		24,439,480
Ingersoll Rand Incorporated †		638,812		22,741,707
ITT Incorporated		481,908		28,456,667
Otis Worldwide Corporation		272,268		16,994,969
SPX Corporation †		349,978		16,231,980
				108,864,803
Trading Companies & Distributors: 1.39%
United Rentals Incorporated †		136,003		23,732,524
Information Technology: 26.51%
Electronic Equipment, Instruments & Components: 1.72%
Amphenol Corporation Class A		270,200		29,254,554
IT Services: 3.99%
Fidelity National Information Services Incorporated		160,830		23,675,784
MasterCard Incorporated Class A		131,443		44,450,079
				68,125,863

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

12  |  Wells Fargo Opportunity Fund

Portfolio of investments—September 30, 2020

				Shares		Value
Semiconductors & Semiconductor Equipment: 4.53%
Marvell Technology Group Limited					783,786	$	31,116,304
Texas Instruments Incorporated					323,846		46,241,970
							77,358,274
Software: 11.95%
Fair Isaac Corporation †					55,300		23,523,514
Palo Alto Networks Incorporated †					95,797		23,446,316
Proofpoint Incorporated †					211,831		22,358,762
RealPage Incorporated †					361,710		20,848,964
Salesforce.com Incorporated †					249,796		62,778,731
ServiceNow Incorporated †					38,683		18,761,255
Workday Incorporated Class A †					149,866		32,240,673
							203,958,215
Technology Hardware, Storage & Peripherals: 4.32%
Apple Incorporated					636,373		73,698,357
Materials: 3.20%
Chemicals: 2.19%
The Sherwin-Williams Company					34,648		24,140,648
Westlake Chemical Corporation					210,239		13,291,310
							37,431,958
Metals & Mining: 1.01%
Steel Dynamics Incorporated					602,352		17,245,338
Real Estate: 6.49%
Equity REITs: 6.49%
American Tower Corporation					107,741		26,044,232
Equinix Incorporated					33,533		25,489,439
Sun Communities Incorporated					199,147		28,002,060
VICI Properties Incorporated					1,336,098		31,224,610
							110,760,341
Total Common Stocks (Cost $1,078,928,826)							1,684,336,553
	Yield
Short-Term Investments: 1.33%
Investment Companies: 1.33%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05	%		22,715,468		22,715,468
Total Short-Term Investments (Cost $22,715,468)							22,715,468

Total investments in securities (Cost $1,101,644,294)	100.03	%		1,707,052,021
Other assets and liabilities, net	(0.03	)		(467,312	)
Total net assets	100.00	%	$	1,706,584,709

† 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

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

Wells Fargo Opportunity Fund  |  13

Portfolio of investments—September 30, 2020

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:

	Value, beginning of period		Purchases		Sales proceeds			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*	$	25,484,000	$	25,880,225	$	(51,364,225	)	$	0	$	0	$	10,809	#	$	0
Wells Fargo Government Money Market Fund Select Class		18,124,846		350,692,096		(346,101,474	)		0		0		170,981			22,715,468
								$	0	$	0	$	181,790		$	22,715,468		1.33	%

* 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.

14  |  Wells Fargo Opportunity Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities, at value (cost $1,078,928,826)	$	1,684,336,553
Investments in affiliated securities, at value (cost $22,715,468)		22,715,468
Foreign currency, at value (cost $63)		63
Receivable for investments sold		2,330,282
Receivable for Fund shares sold		32,479
Receivable for dividends		2,178,080
Prepaid expenses and other assets		41,921
Total assets		1,711,634,846
Liabilities
Payable for investments purchased		2,606,890
Payable for Fund shares redeemed		485,309
Management fee payable		1,056,621
Administration fees payable		279,398
Distribution fee payable		1,348
Shareholder servicing fees payable		346,703
Accrued expenses and other liabilities		273,868
Total liabilities		5,050,137
Total net assets	$	1,706,584,709
Net assets consist of
Paid-in capital	$	999,466,853
Total distributable earnings		707,117,856
Total net assets	$	1,706,584,709
Computation of net asset value and offering price per share
Net assets – Class A	$	1,453,975,000
Shares outstanding – Class A1		31,858,206
Net asset value per share – Class A		$45.64
Maximum offering price per share – Class A2		$48.42
Net assets – Class C	$	2,268,288
Shares outstanding – Class C1		53,760
Net asset value per share – Class C		$42.19
Net assets – Class R6	$	27,675
Shares outstanding – Class R61		534
Net asset value per share – Class R6		$51.83
Net assets – Administrator Class	$	225,604,135
Shares outstanding – Administrator Class1		4,451,902
Net asset value per share – Administrator Class		$50.68
Net assets – Institutional Class	$	24,709,611
Shares outstanding – Institutional Class1		476,748
Net asset value per share – Institutional Class		$51.83

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Opportunity Fund  |  15

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $194,326)	$	19,651,587
Income from affiliated securities		172,956
Total investment income		19,824,543
Expenses
Management fee		11,969,836
Administration fees
Class A		2,962,148
Class C		5,505
Class R6		2	1
Administrator Class		281,941
Institutional Class		34,256
Shareholder servicing fees
Class A		3,522,367
Class C		6,542
Administrator Class		540,047
Distribution fee
Class C		19,243
Custody and accounting fees		89,279
Professional fees		51,769
Registration fees		80,018
Shareholder report expenses		111,710
Trustees’ fees and expenses		21,260
Other fees and expenses		50,962
Total expenses		19,746,885
Less: Fee waivers and/or expense reimbursements
Fund-level		(405,523	)
Class A		(321,994	)
Class C		(170	)
Administrator Class		(278,415	)
Institutional Class		(26,989	)
Net expenses		18,713,794
Net investment income		1,110,749
Payment from affiliate		34,135
Realized and unrealized gains (losses) on investments
Net realized gains on investments		104,293,081
Net change in unrealized gains (losses) on investments		74,954,479
Net realized and unrealized gains (losses) on investments		179,247,560
Net increase in net assets resulting from operations	$	180,392,444

¹  For the period from May 29, 2020 (commencement of class operations) to September 30, 2020

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

16  |  Wells Fargo Opportunity Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	1,110,749					$	4,276,187
Payment from affiliate					34,135						0
Net realized gains on investments					104,293,081						94,543,210
Net change in unrealized gains (losses) on investments					74,954,479						(20,640,995	)
Net increase in net assets resulting from operations					180,392,444						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		366,718			15,359,130			930,098			37,142,175
Class C		7,277			279,818			12,229			460,797
Class R6		534	1		25,000	1		N/A			N/A
Administrator Class		33,759			1,562,280			46,303			2,094,423
Institutional Class		161,022			7,664,409			228,906			10,662,670
					24,890,637						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		(4,164,215	)		(173,332,142	)		(4,134,053	)		(168,457,293	)
Class C		(51,203	)		(1,993,712	)		(732,350	)		(26,708,914	)
Administrator Class		(588,564	)		(27,709,639	)		(620,318	)		(27,798,000	)
Institutional Class		(252,821	)		(12,074,682	)		(320,957	)		(14,616,198	)
					(215,110,175	)					(237,580,405	)
Net decrease in net assets resulting from capital share transactions					(93,658,793	)					(16,187,173	)
Total decrease in net assets					(12,909,844	)					(114,410,514	)
Net assets
Beginning of period					1,719,494,553						1,833,905,067
End of period				$	1,706,584,709					$	1,719,494,553

¹  For the period from May 29, 2020 (commencement of class operations) to September 30, 2020

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

Wells Fargo Opportunity Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$43.37			$46.31			$45.83			$41.86			$43.35
Net investment income (loss)		0.01			0.10			(0.01	)1		0.04			0.13	1
Payment from affiliate		0.00	2		0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		4.85			1.54			6.41			6.60			4.72
Total from investment operations		4.86			1.64			6.40			6.64			4.85
Distributions to shareholders from
Net investment income		(0.10	)		0.00			(0.17	)		(0.13	)		(0.57	)
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)
Total distributions to shareholders		(2.59	)		(4.58	)		(5.92	)		(2.67	)		(6.34	)
Net asset value, end of period		$45.64			$43.37			$46.31			$45.83			$41.86
Total return3		11.62	%4		5.18	%		15.16	%		16.49	%		12.46	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.21	%		1.21	%
Net expenses		1.16	%		1.19	%		1.20	%		1.21	%		1.21	%
Net investment income (loss)		0.04	%		0.23	%		(0.01	)%		0.11	%		0.33	%
Supplemental data
Portfolio turnover rate		43	%		28	%		30	%		43	%		34	%
Net assets, end of period (000s omitted)		$1,453,975			$1,461,345			$1,528,852			$1,479,457			$1,418,614

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges.

⁴  During the year ended September 30, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on the total return. See Note 4 in the Notes to Financial Statements for additional information.

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

18  |  Wells Fargo Opportunity Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.02			$43.43			$43.46			$39.99			$41.60
Net investment loss		(0.28	)1		(0.26	)1		(0.43	)		(0.26	)1		(0.16	)1
Payment from affiliate		0.54			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		4.40			1.43			6.15			6.27			4.51
Total from investment operations		4.66			1.17			5.72			6.01			4.35
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.19	)
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)
Total distributions to shareholders		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.96	)
Net asset value, end of period		$42.19			$40.02			$43.43			$43.46			$39.99
Total return2		12.13	%3		4.37	%		14.31	%		15.62	%		11.62	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.96	%		1.95	%		1.96	%		1.96	%
Net expenses		1.92	%		1.95	%		1.95	%		1.96	%		1.96	%
Net investment loss		(0.71	)%		(0.69	)%		(0.76	)%		(0.64	)%		(0.40	)%
Supplemental data
Portfolio turnover rate		43	%		28	%		30	%		43	%		34	%
Net assets, end of period (000s omitted)		$2,268			$3,739			$31,381			$33,057			$34,721

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

³  During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 1.44% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

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

Wells Fargo Opportunity Fund  |  19

Financial highlights

(For a share outstanding throughout the period)

	Year ended
CLASS R6	September 30, 20201
Net asset value, beginning of period		$46.84
Net investment income		0.04
Net realized and unrealized gains (losses) on investments		4.95
Total from investment operations		4.99
Net asset value, end of period		$51.83
Total return2		10.65	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%
Net expenses		0.72	%
Net investment income		0.25	%
Supplemental data
Portfolio turnover rate		43	%
Net assets, end of period (000s omitted)		$28

¹  For the period from May 29, 2020 (commencement of class operations) to September 30, 2020

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 Opportunity Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$47.85			$50.50			$49.45			$44.93			$46.11
Net investment income		0.18			0.21			0.07			0.15	1		0.24	1
Net realized and unrealized gains (losses) on investments		5.30			1.73			6.97			7.09			5.04
Total from investment operations		5.48			1.94			7.04			7.24			5.28
Distributions to shareholders from
Net investment income		(0.16	)		(0.01	)		(0.24	)		(0.18	)		(0.69	)
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)
Total distributions to shareholders		(2.65	)		(4.59	)		(5.99	)		(2.72	)		(6.46	)
Net asset value, end of period		$50.68			$47.85			$50.50			$49.45			$44.93
Total return		11.85	%		5.37	%		15.38	%		16.74	%		12.68	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.13	%		1.12	%		1.13	%		1.13	%
Net expenses		0.97	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		0.22	%		0.42	%		0.19	%		0.31	%		0.56	%
Supplemental data
Portfolio turnover rate		43	%		28	%		30	%		43	%		34	%
Net assets, end of period (000s omitted)		$225,604			$227,963			$244,110			$237,315			$226,140

¹  Calculated based upon average shares outstanding

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

Wells Fargo Opportunity Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$48.89			$51.50			$50.30			$45.63			$46.76
Net investment income		0.34			0.35			0.22			0.22	1		0.35	1
Net realized and unrealized gains (losses) on investments		5.37			1.74			7.08			7.25			5.12
Total from investment operations		5.71			2.09			7.30			7.47			5.47
Distributions to shareholders from
Net investment income		(0.28	)		(0.12	)		(0.35	)		(0.26	)		(0.83	)
Net realized gains		(2.49	)		(4.58	)		(5.75	)		(2.54	)		(5.77	)
Total distributions to shareholders		(2.77	)		(4.70	)		(6.10	)		(2.80	)		(6.60	)
Net asset value, end of period		$51.83			$48.89			$51.50			$50.30			$45.63
Total return		12.09	%		5.63	%		15.69	%		17.02	%		12.97	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.87	%		0.88	%		0.88	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		0.44	%		0.66	%		0.44	%		0.47	%		0.79	%
Supplemental data
Portfolio turnover rate		43	%		28	%		30	%		43	%		34	%
Net assets, end of period (000s omitted)		$24,710			$26,447			$29,562			$29,709			$17,222

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Opportunity 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 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 September 30, 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 Opportunity Fund  |  23

Notes to financial statements

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $1,112,147,686 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	649,593,665
Gross unrealized losses		(54,689,330	)
Net unrealized gains	$	594,904,335

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

24  |  Wells Fargo Opportunity Fund

Notes to financial statements

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	144,673,056	$	0	$	0	$	144,673,056
Consumer discretionary		172,929,976		0		0		172,929,976
Consumer staples		44,666,088		0		0		44,666,088
Financials		157,051,199		0		0		157,051,199
Health care		281,161,812		0		0		281,161,812
Industrials		245,343,956		20,677,566		0		266,021,522
Information technology		452,395,263		0		0		452,395,263
Materials		54,677,296		0		0		54,677,296
Real estate		110,760,341		0		0		110,760,341
Short-term investments
Investment companies		22,715,468		0		0		22,715,468
Total assets	$	1,686,374,455	$	20,677,566	$	0	$	1,707,052,021

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

For the year ended September 30, 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

Wells Fargo Opportunity Fund  |  25

Notes to financial statements

For the year ended September 30, 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	%
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 (January 31, 2022 for Class R6) 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, 0.72% for Class R6 shares, 1.00% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 year ended September 30, 2020, Funds Distributor received $3,907 from the sale of Class A shares and $52 and $63 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

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.

Other transactions

On August 14, 2020, Class A and Class C of the Fund were reimbursed by Funds Management in the amount of $5,051 and $29,084, respectively. The reimbursements were made in connection with resolving certain fee reimbursements.

26  |  Wells Fargo Opportunity Fund

Notes to financial statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2020 were $698,870,699 and $897,000,123, 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 Federal 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 September 30, 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 $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	11,352,682	$	20,040,871
Long-term capital gain		88,290,813		156,360,872

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$1,084,056	$111,209,866	$594,904,335

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invested 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.

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

Wells Fargo Opportunity Fund  |  27

Notes to financial statements

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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the 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.

28  |  Wells Fargo Opportunity Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Opportunity Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo Opportunity Fund  |  29

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $88,290,813 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $11,352,682 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $115,335 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $7,080,567 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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.

30  |  Wells Fargo Opportunity Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo Opportunity Fund  |  31

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

32  |  Wells Fargo Opportunity Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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.
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 the Treasurer of 77 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.

Wells Fargo Opportunity Fund  |  33

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Opportunity Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Opportunity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

34  |  Wells Fargo Opportunity Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 3000^® Index, for the three-, five- and ten-year periods ended December 31, 2019, and higher than its benchmark for the one-year period ended December 31, 2019. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Russell 3000^® Index, for all periods ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes, except the Institutional Class. The Board noted that the Management Rates of the Fund was higher than the sum of these average rates for the Fund’s expense Groups for the Institutional Class. However, the Board also noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Wells Fargo Opportunity Fund  |  35

Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

36  |  Wells Fargo Opportunity Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo Opportunity Fund  |  37

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

38  |  Wells Fargo Opportunity Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo Opportunity Fund  |  39

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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-1020-00573 11-20

A232/AR232 09-20

Annual Report

September 30, 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.

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Contents

Letter to shareholders	2
Performance highlights	8
Fund expenses	12
Portfolio of investments	13
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	27
Report of independent registered public accounting firm	33
Other information	34
Appendix I	42
Appendix II	43

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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo International Bond Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo International Bond Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo International Bond Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo International Bond Fund  |  5

Letter to shareholders (unaudited)

Notice to Shareholders

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021, which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

6  |  Wells Fargo International Bond Fund

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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 September 30, 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 (ESIYX)	9-30-2003		1.28		2.03		0.45		6.03		2.97		0.92		1.28		1.03
Class C (ESIVX)	9-30-2003		4.81		2.31		0.21		5.81		2.31		0.21		2.03		1.78
Class R6 (ESIRX)3	11-30-2012		–		–		–		6.37		3.35		1.30		0.90		0.65
Administrator Class (ESIDX)	7-30-2010		–		–		–		6.27		3.15		1.09		1.22		0.85
Institutional Class (ESICX)	12-15-1993		–		–		–		6.30		3.28		1.24		0.95		0.70
Bloomberg Barclays Global Aggregate ex-USD Index4	–		–		–		–		5.48		3.60		1.35		–		–

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 9.

8  |  Wells Fargo International Bond Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁵

^‡ 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 1.03% 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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, returns for the Class R6 shares would be higher.

⁴  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.

⁵  The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Barclays Global Aggregate ex-USD Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%.

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 International Bond Fund  |  9

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Bloomberg Barclays Global Aggregate ex-USD Index, for the 12-month period that ended September 30, 2020.

∎ Country allocation was the main driver of value-add over the reporting period, led by an overweight to Canada and the off-benchmark overweight to the U.S. bond market. An underweight to the Japanese interest rate environment and an overweight to Indonesia and Mexico were also large contributors. An underweight to the U.K. detracted from value marginally. Duration positioning was a net contributor to performance.

∎ Currency exposure was a net detractor from performance, with positives from the euro, Malaysian ringgit, Russian ruble, and Thai baht offset by positioning in the Brazilian real, U.K. sterling, Indonesian rupiah, and Norwegian krona. The hedge cost also detracted.

The coronavirus pandemic caused volatility to spike.

While the past 12 months have been constructive for the Fund, the background cannot be described as calm. The Fund finished 2019 on a strong note, but the global impact of the coronavirus pandemic caused a large risk-off environment in the first quarter of 2020. The Fund’s bias to liquid developed market sovereign bond markets was a good support, but the allocations to developing and emerging markets was a drag on overall performance. The portfolio had limited credit exposure when spreads widened significantly in the first quarter. This sell-off in risk assets was very swift and the managers took the opportunity to increase exposure to credit spreads in the second quarter, which it maintained. There was also a material rebound in the smaller (developing and emerging) markets. Over this time, the U.S. dollar also declined. The third quarter was less volatile, marked by an uptick in yields.

Ten largest holdings (%) as of September 30, 20206
Japan, 0.10%, 6-20-2030	12.70
Realkredit Danmark AS, 1.00%, 10-1-2050	4.93
Nykredit Realkredit AS, 1.00%, 10-1-2050	4.93
Canada, 2.55%, 3-15-2025	4.37
Italy Buoni Poliennali del Tesoro, 0.95%, 8-1-2030	4.17
Mexico, 8.50%, 5-31-2029	3.79
Spain Bonos y Obligaciones del Estado, 0.60%, 10-31-2029	3.65
Japan, 0.10%, 3-20-2027	3.60
Nordea Kredit Realkredit AS, 1.00%, 10-1-2050	2.82
Italy Buoni Poliennali del Tesoro, 0.35%, 2-1-2025	2.81

As we move through the impact of the pandemic, there has been a significant hit to global growth, and while growth is rebounding, it is coming off a low base and economies are much smaller than at the beginning of the year. That means that central banks will remain accommodative, with short-term interest rates anchored around zero. Longer yields can fluctuate more and 10-year yields have fallen to new all-time lows.

Yields have been in a cyclical decline that we think ended in 2020, as it did in previous election years: 2008, 2012, and 2016. However, we do not foresee a huge rise in longer-maturity yields as the global economy recovers. Over the longer term, yields are likely to remain low as central banks keep short-term rates at or close to zero. The Fund did shorten duration over this year, and we are monitoring the yield increase to determine the time to add some duration once more.

Portfolio composition as of September 30, 2020⁷

Debt dynamics of major economies are expected to deteriorate.

Over the two-year period spanning 2020 and 2021, nominal gross domestic product in developed economies is forecast to remain unchanged or falling. This comes at a time when budget deficits have exploded in response to the COVID-19-induced slowdown. The net result will be a sharp deterioration in the debt dynamics of major economies (and many others, too). The past two decades in developed economies, particularly Japan and Europe, have shown that over-indebtedness is a strong deflationary backdrop. At the moment, there is no sign of an uptick in inflation expectations, but there is potential for inflation to pick up, and this should be closely monitored. The rise in the gold price, which has accelerated and continues to make new all-time highs, could be an early indication of a rise in inflation.

Please see footnotes on page 9.

10  |  Wells Fargo International Bond Fund

Performance highlights (unaudited)

The significant accommodation by central banks globally has also added to debt levels and government deficits, putting increased downward pressure on some currencies—in particular, the U.S. dollar. We believe this has increased the downward pressure on the dollar overall, making the asset class more attractive, and while it will not decline on a linear basis, the probability of a multiyear U.S. dollar decline has increased. Although we do not believe the dollar will lose its reserve currency status anytime soon, a decline seems probable. We are also conscious that to support and increase growth, some countries could devalue their currencies to encourage exports.

There have been three major periods of U.S. dollar strength over the past four decades (October 1978 to February 1985, September 1992 to July 2001, and March 2008 to January 2017). The first two periods were both followed by 40%/50% declines in the U.S. dollar that lasted several years. It may be too early to say that January 2017 was a major peak, but as the twin deficits (trade and budget deficits) continues to deteriorate and the fact that the U.S. has lost its interest rate advantage, it may well prove to be.

Please see footnotes on page 9.

Wells Fargo International Bond Fund  |  11

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,091.63	$	5.41		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class C
Actual	$	1,000.00	$	1,093.17	$	9.35		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.13	$	9.01		1.78	%
Class R6
Actual	$	1,000.00	$	1,093.36	$	3.42		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.80	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,091.71	$	4.47		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.80	$	4.31		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,092.75	$	3.68		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.55	$	3.56		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).

12  |  Wells Fargo International Bond Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 8.60%
United States: 8.60%
Abbvie Incorporated (Health Care, Biotechnology)		2.60	%		11-21-2024	$	200,000	$	212,098
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		3.15			8-22-2027		300,000		341,894
American International Group Incorporated (Financials, Insurance)		2.50			6-30-2025		150,000		160,305
Anthem Incorporated (Health Care, Health Care Providers & Services)		2.25			5-15-2030		275,000		282,229
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		2.90			9-12-2027		300,000		336,701
AT&T Incorporated (Communication Services, Diversified Telecommunication Services)		4.35			3-1-2029		250,000		293,440
Bank of America Corporation (3 Month LIBOR +1.21%) (Financials, Banks) ±		3.97			2-7-2030		300,000		348,650
BP Capital Markets America Incorporated (Energy, Oil, Gas & Consumable Fuels)		3.22			4-14-2024		275,000		296,537
Broadcom Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3.15			11-15-2025		175,000		188,750
Campbell Soup Company (Consumer Staples, Food Products)		3.65			3-15-2023		72,000		77,077
Chevron Corporation (Energy, Oil, Gas & Consumable Fuels)		2.00			5-11-2027		200,000		211,427
Chevron USA Incorporated (Energy, Oil, Gas & Consumable Fuels)		0.69			8-12-2025		375,000		373,461
Citigroup Incorporated (Financials, Banks)		3.20			10-21-2026		325,000		358,355
Comcast Corporation (Communication Services, Media)		3.70			4-15-2024		400,000		441,690
CVS Health Corporation (Health Care, Health Care Providers & Services)		1.30			8-21-2027		400,000		393,761
CVS Health Corporation (Health Care, Health Care Providers & Services)		4.10			3-25-2025		73,000		82,479
Discovery Communications LLC (Communication Services, Media)		3.95			3-20-2028		300,000		341,102
Ford Motor Company (Consumer Discretionary, Automobiles)		8.50			4-21-2023		75,000		81,750
General Motors Company (Consumer Discretionary, Automobiles)		5.40			10-2-2023		50,000		55,115
Global Payments Incorporated (Information Technology, IT Services)		3.20			8-15-2029		350,000		381,784
IBM Corporation (Information Technology, IT Services)		3.30			5-15-2026		400,000		450,706
IQVIA Incorporated (Health Care, Health Care Providers & Services)		2.88			6-15-2028		225,000		266,439
JPMorgan Chase & Company (Financials, Banks)		3.30			4-1-2026		200,000		221,583
Mastercard Incorporated (Information Technology, IT Services)		2.95			6-1-2029		400,000		451,520
Microsoft Corporation (Information Technology, Software)		2.40			8-8-2026		300,000		326,790
Oracle Corporation (Information Technology, Software)		2.80			4-1-2027		250,000		274,280
Paypal Holdings Incorporated (Information Technology, IT Services)		1.65			6-1-2025		175,000		181,213
PepsiCo Incorporated (Consumer Staples, Beverages)		1.63			5-1-2030		250,000		256,619
Pfizer Incorporated (Health Care, Pharmaceuticals)		1.70			5-28-2030		175,000		180,138
Qualcomm Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		2.15			5-20-2030		150,000		157,159
The Procter & Gamble Company (Consumer Staples, Household Products)		3.00			3-25-2030		150,000		173,900
The Upjohn Company (Health Care, Health Care Providers & Services) 144A		1.65			6-22-2025		75,000		76,757
Unilever Capital Corporation (Consumer Staples, Household Products)		1.38			9-14-2030		150,000		150,947
UnitedHealth Group Incorporated (Health Care, Health Care Providers & Services)		1.25			1-15-2026		75,000		76,773
Verizon Communications Incorporated (Communication Services, Diversified Telecommunication Services)		4.33			9-21-2028		250,000		302,446
Visa Incorporated (Information Technology, IT Services)		1.90			4-15-2027		75,000		79,573
Walmart Incorporated (Consumer Staples, Food & Staples Retailing)		3.70			6-26-2028		300,000		354,546
Walt Disney Company (Communication Services, Entertainment)		3.80			3-22-2030		150,000		177,833
Total Corporate Bonds and Notes (Cost $8,724,049)									9,417,827

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

Wells Fargo International Bond Fund  |  13

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Foreign Corporate Bonds and Notes: 18.17%
Denmark: 12.69%
Nordea Kredit Realkredit AS (Financials, Thrifts & Mortgage Finance)		1.00	%		10-1-2050	DKK	19,508,059	$	3,088,466
Nykredit Realkredit AS (Financials, Thrifts & Mortgage Finance)		1.00			10-1-2050	DKK	34,117,204		5,394,364
Realkredit Danmark AS (Financials, Thrifts & Mortgage Finance)		1.00			10-1-2050	DKK	34,173,947		5,400,645
									13,883,475
France: 0.61%
Altice France SA (Communication Services, Diversified Telecommunication Services) 144A		4.13			1-15-2029	EUR	100,000		117,169
Banijay Group SAS (Communication Services, Media)		3.50			3-1-2025	EUR	175,000		199,776
Rubis Terminal Infra SAS (Energy, Oil, Gas & Consumable Fuels)		5.63			5-15-2025	EUR	100,000		120,880
SPCM SA (Materials, Chemicals) 144A		2.00			2-1-2026	EUR	200,000		234,134
									671,959
Germany: 0.21%
Rebecca Bidco (Consumer Discretionary, Diversified Consumer Services)		5.75			7-15-2025	EUR	200,000		235,193
India: 1.17%
International Finance Corporation (Financials, Capital Markets)		6.30			11-25-2024	INR	92,750,000		1,284,144
Italy: 0.21%
Gamma Bidco SpA (Industrials, Electrical Equipment)		6.25			7-15-2025	EUR	200,000		232,145
Luxembourg: 0.11%
PLT VII Finance (Financials, Diversified Financial Services)		4.63			1-5-2026	EUR	100,000		119,080
Netherlands: 0.55%
Maxeda DIY Holding BV (Consumer Discretionary, Household Durables) 144A		5.88			10-1-2026	EUR	100,000		117,063
Sigma Holdco BV (Consumer Staples, Food Products)		5.75			5-15-2026	EUR	200,000		230,683
United Group BV (Communication Services, Media)		3.13			2-15-2026	EUR	125,000		137,798
Ziggo Bond Company BV (Communication Services, Media)		3.38			2-28-2030	EUR	100,000		111,305
									596,849
Philippines: 0.54%
Asian Development Bank (Financials, Capital Markets)		5.90			12-20-2022	INR	43,000,000		592,139
Sweden: 0.11%
Verisure Holding AB (Industrials, Commercial Services & Supplies)		3.88			7-15-2026	EUR	100,000		117,304
United Kingdom: 1.97%
European Bank for Reconstruction and Development (Financials, Capital Markets)		6.50			6-19-2023	INR	55,000,000		771,191
FCE Bank plc (Financials, Banks)		1.66			2-11-2021	EUR	200,000		232,462
Galaxy Bidco Limited (Financials, Insurance)		6.50			7-31-2026	GBP	200,000		262,844
Pinewood Finance Company Limited (Financials, Diversified Financial Services)		3.25			9-30-2025	GBP	100,000		128,467
Playtech plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		3.75			10-12-2023	EUR	175,000		204,278
Synthomer plc (Materials, Chemicals)		3.88			7-1-2025	EUR	100,000		119,297
Victoria plc (Consumer Discretionary, Household Durables)		5.25			7-15-2024	EUR	100,000		116,454
Virgin Media Secured Finance plc (Communication Services, Media)		4.25			1-15-2030	GBP	250,000		317,485
									2,152,478
Total Foreign Corporate Bonds and Notes (Cost $19,291,274)									19,884,766

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

14  |  Wells Fargo International Bond Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds: 64.98%
Brazil		10.00	%		1-1-2023	BRL	1,775,000	$	350,701
Brazil		10.00			1-1-2025	BRL	3,870,000		779,122
Canada 144A		2.55			3-15-2025	CAD	5,850,000		4,786,232
Colombia		6.00			4-28-2028	COP	1,235,000,000		340,926
India		7.32			1-28-2024	INR	24,000,000		347,932
Indonesia		7.50			8-15-2032	IDR	42,500,000,000		2,898,740
Indonesia		8.25			5-15-2029	IDR	5,750,000,000		420,739
Indonesia		6.50			6-15-2025	IDR	9,500,000,000		658,552
Italy Buoni Poliennali del Tesoro		0.35			2-1-2025	EUR	2,600,000		3,072,756
Italy Buoni Poliennali del Tesoro		0.95			8-1-2030	EUR	3,850,000		4,569,002
Japan ††		0.10			3-20-2027	JPY	410,000,000		3,940,261
Japan		0.10			6-20-2030	JPY	1,455,000,000		13,902,276
Korea Treasury Bond		1.88			6-10-2029	KRW	1,425,000,000		1,263,359
Korea Treasury Bond		2.38			3-10-2023	KRW	1,375,000,000		1,218,731
Malaysia		3.90			11-30-2026	MYR	1,100,000		287,002
Malaysia		3.96			9-15-2025	MYR	600,000		155,729
Mexico		5.75			3-5-2026	MXN	7,850,000		363,447
Mexico		8.00			11-7-2047	MXN	7,150,000		357,321
Mexico		8.50			5-31-2029	MXN	77,510,000		4,144,769
New South Wales		3.00			5-20-2027	AUD	1,815,000		1,493,656
New South Wales		5.00			8-20-2024	AUD	900,000		760,899
Poland		2.50			1-25-2023	PLN	1,000,000		273,148
Poland		2.75			10-25-2029	PLN	325,000		94,757
Queensland Treasury Corporation 144A		4.75			7-21-2025	AUD	3,200,000		2,761,252
Republic of Peru		5.70			8-12-2024	PEN	400,000		130,664
Republic of South Africa		8.75			2-28-2048	ZAR	25,750,000		1,181,425
Republic of South Africa		8.75			2-28-2048	ZAR	5,185,000		237,891
Republic of South Africa		10.50			12-21-2026	ZAR	25,285,000		1,746,900
Romania		3.25			4-29-2024	RON	4,240,000		1,021,562
Romania		3.40			3-8-2022	RON	600,000		144,976
Romania		4.85			4-22-2026	RON	3,725,000		963,021
Romania		5.00			2-12-2029	RON	3,535,000		941,343
Russia		4.50			7-16-2025	RUB	176,000,000		2,187,945
Russia		6.50			2-28-2024	RUB	38,600,000		517,862
Russia		7.00			12-15-2021	RUB	26,000,000		344,821
Spain Bonos y Obligaciones del Estado		0.01			1-31-2025	EUR	1,115,000		1,323,753
Spain Bonos y Obligaciones del Estado 144A		0.60			10-31-2029	EUR	3,275,000		3,998,371
Swedish 144A		0.13			5-12-2031	SEK	26,600,000		3,007,123
United Kingdom Gilt Bond		0.63			6-7-2025	GBP	2,305,000		3,069,895
United Kingdom Gilt Bond		0.75			7-22-2023	GBP	800,000		1,056,335
Total Foreign Government Bonds (Cost $70,792,245)									71,115,196
U.S. Treasury Securities: 3.78%
U.S. Treasury Bond		0.25			8-31-2025	$	1,575,000		1,573,400
U.S. Treasury Bond		0.50			8-31-2027		1,450,000		1,453,398
U.S. Treasury Bond		1.50			2-15-2030		1,025,000		1,105,559
Total U.S. Treasury Securities (Cost $4,134,230)									4,132,357
Yankee Corporate Bonds and Notes: 2.86%
Cayman Islands: 0.49%
Tencent Holdings Limited (Communication Services, Interactive Media & Services) 144A		3.28			4-11-2024		500,000		532,540

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

Wells Fargo International Bond Fund  |  15

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
France: 0.72%
Danone SA (Consumer Staples, Food Products)		2.95	%		11-2-2026	$	500,000	$	554,339
Electricite de France SA (Utilities, Electric Utilities)		4.50			9-21-2028		200,000		237,576
									791,915
Japan: 0.19%
Takeda Pharmaceutical (Health Care, Pharmaceuticals)		2.05			3-31-2030		200,000		202,555
Netherlands: 0.29%
Shell International Finance BV (Energy, Oil, Gas & Consumable Fuels)		2.38			4-6-2025		300,000		319,952
Norway: 0.28%
Equinor ASA (Energy, Oil, Gas & Consumable Fuels)		1.75			1-22-2026		300,000		311,150
Spain: 0.29%
Telefonica Emisiones SAU (Communication Services, Diversified Telecommunication Services)		4.10			3-8-2027		275,000		312,651
United Kingdom: 0.60%
State Grid Overseas Investment Limited (Utilities, Multi-Utilities)		3.50			5-4-2027		275,000		307,264
Vodafone Group plc (Communication Services, Wireless Telecommunication Services)		4.38			5-30-2028		300,000		355,034
									662,298
Total Yankee Corporate Bonds and Notes (Cost $2,864,348)									3,133,061
	Yield					Shares
Short-Term Investments: 0.92%
Investment Companies: 0.92%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05					1,002,714		1,002,714
Total Short-Term Investments (Cost $1,002,714)									1,002,714

Total investments in securities (Cost $106,808,860)	99.31	%		108,685,921
Other assets and liabilities, net	0.69			760,550
Total net assets	100.00	%	$	109,446,471

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

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.

†† On the last interest date, partial interest was paid.

(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.

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

16  |  Wells Fargo International Bond Fund

Portfolio of investments—September 30, 2020

Abbreviations:

AUD Australian dollar

BRL Brazilian real

CAD Canadian dollar

COP Colombian peso

DKK Danish krone

EUR Euro

GBP Great British pound

IDR Indonesian rupiah

INR Indian Rupee

JPY Japanese yen

KRW Republic of Korea won

LIBOR London Interbank Offered Rate

MXN Mexican peso

MYR Malaysian ringgit

PEN Peruvian sol

PLN Polish zloty

RON Romanian lei

RUB Russian ruble

SEK Swedish krona

ZAR South African rand

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
915,000 PLN	231,201 USD	State Street Bank	10-6-2020	$	5,517	$	0
1,150,000,000 IDR	77,504 USD	State Street Bank	10-6-2020		0		(247	)
1,050,000,000 IDR	70,338 USD	State Street Bank	10-6-2020		201		0
11,375,000 INR	153,903 USD	State Street Bank	10-6-2020		257		0
148,850 USD	2,200,000,000 IDR	State Street Bank	10-6-2020		1,054		0
150,563 USD	11,375,000 INR	State Street Bank	10-6-2020		0		(3,598	)
13,419 USD	50,000 PLN	State Street Bank	10-6-2020		484		0
4,000,000 BRL	774,234 USD	State Street Bank	10-8-2020		0		(62,122	)
800,000 BRL	154,847 USD	State Street Bank	10-8-2020		0		(12,424	)
1,615,000 BRL	291,832 USD	State Street Bank	10-8-2020		0		(4,317	)
75,202 USD	400,000 BRL	State Street Bank	10-8-2020		3,991		0
204,994 USD	1,100,000 BRL	State Street Bank	10-8-2020		9,164		0
78,254 USD	425,000 BRL	State Street Bank	10-8-2020		2,593		0
630,000 GBP	801,976 USD	State Street Bank	10-9-2020		10,970		0
2,375,000 GBP	2,964,427 USD	State Street Bank	10-9-2020		100,247		0
17,425,000 CNY	2,478,522 USD	State Street Bank	10-26-2020		77,491		0
3,225,000 CNY	471,698 USD	State Street Bank	10-26-2020		1,366		0
495,000,000 JPY	4,642,743 USD	State Street Bank	10-30-2020		52,199		0
145,000,000 JPY	1,382,034 USD	State Street Bank	10-30-2020		0		(6,748	)
170,000,000 JPY	1,612,527 USD	State Street Bank	10-30-2020		0		(123	)
26,500,000 JPY	251,635 USD	State Street Bank	10-30-2020		0		(290	)
6,785,000 EUR	8,048,984 USD	State Street Bank	11-10-2020		0		(87,504	)
4,585,000 EUR	5,346,825 USD	State Street Bank	11-10-2020		33,188		0
175,000 EUR	203,769 USD	State Street Bank	11-10-2020		1,575		0

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

Wells Fargo International Bond Fund  |  17

Portfolio of investments—September 30, 2020

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
583,705 USD	8,640,000,000 IDR	State Street Bank	11-10-2020	$	5,128	$	0
83,367 USD	1,250,000,000 IDR	State Street Bank	11-10-2020		0		(339	)
151,905 USD	2,700,000 ZAR	State Street Bank	11-12-2020		0		(8,509	)
737,019 USD	13,100,000 ZAR	State Street Bank	11-12-2020		0		(41,283	)
203,324 USD	3,475,000 ZAR	State Street Bank	11-12-2020		0		(3,134	)
2,125,000 CAD	1,618,533 USD	State Street Bank	11-23-2020		0		(22,398	)
2,850,000 CAD	2,168,570 USD	State Street Bank	11-23-2020		0		(27,870	)
3,919,593 USD	5,175,000 CAD	State Street Bank	11-23-2020		32,533		0
37,327 USD	50,000 CAD	State Street Bank	11-23-2020		0		(229	)
1,393,379 USD	107,750,000 RUB	State Street Bank	11-24-2020		14,385		0
565,095 USD	44,100,000 RUB	State Street Bank	11-24-2020		699		0
228,479 USD	17,175,000 RUB	State Street Bank	11-25-2020		8,694		0
123,766 USD	9,200,000 INR	State Street Bank	11-27-2020		0		(260	)
1,802,220 USD	40,010,000 MXN	State Street Bank	11-27-2020		4,394		0
129,502 USD	2,875,000 MXN	State Street Bank	11-27-2020		316		0
70,879 USD	1,575,000 MXN	State Street Bank	11-27-2020		107		0
2,174,935 USD	162,000,000 INR	State Street Bank	11-27-2020		0		(8,989	)
472,733 USD	10,675,000 MXN	State Street Bank	11-27-2020		0		(6,942	)
508,206 USD	37,700,000 INR	State Street Bank	11-27-2020		0		(28	)
5,200,000 CZK	234,282 USD	State Street Bank	12-8-2020		0		(8,865	)
11,077,615 USD	69,450,000 DKK	State Street Bank	12-8-2020		126,699		0
2,903,170 USD	18,525,000 DKK	State Street Bank	12-8-2020		0		(17,863	)
17,000,000 THB	540,369 USD	State Street Bank	12-9-2020		0		(3,932	)
2,021,046 USD	2,780,000 AUD	State Street Bank	12-14-2020		29,485		0
527,401 USD	750,000 AUD	State Street Bank	12-14-2020		0		(9,891	)
10,475,000 EUR	12,431,992 USD	State Street Bank	12-15-2020		0		(130,252	)
				$	522,737	$	(468,157	)

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:

	Value, beginning of period		Purchases		Shares proceeds			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	$	57,463,295	$	(56,906,633	)	$	0	$	0	$	12,597	$	1,002,714		0.92	%

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

18  |  Wells Fargo International Bond Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities, at value (cost $105,806,146)	$	107,683,207
Investments in affiliated securities, at value (cost $1,002,714)		1,002,714
Cash		215,012
Foreign currency, at value (cost $122,649)		122,027
Receivable for Fund shares sold		104,581
Receivable for interest		696,844
Unrealized gains on forward foreign currency contracts		522,737
Prepaid expenses and other assets		109,033
Total assets		110,456,155
Liabilities
Payable for investments purchased		416,486
Payable for Fund shares redeemed		82,453
Unrealized losses on forward foreign currency contracts		468,157
Management fee payable		18,854
Administration fees payable		6,947
Distribution fee payable		436
Trustees’ fees and expenses payable		2,678
Accrued expenses and other liabilities		13,673
Total liabilities		1,009,684
Total net assets	$	109,446,471
Net assets consist of
Paid-in capital	$	112,810,780
Total distributable loss		(3,364,309	)
Total net assets	$	109,446,471
Computation of net asset value and offering price per share
Net assets – Class A	$	11,236,927
Shares outstanding – Class A1		1,014,579
Net asset value per share – Class A		$11.08
Maximum offering price per share – Class A2		$11.60
Net assets – Class C	$	704,059
Shares outstanding – Class C1		66,699
Net asset value per share – Class C		$10.56
Net assets – Class R6	$	6,020,232
Shares outstanding – Class R61		529,975
Net asset value per share – Class R6		$11.36
Net assets – Administrator Class	$	34,220,853
Shares outstanding – Administrator Class1		3,059,168
Net asset value per share – Administrator Class		$11.19
Net assets – Institutional Class	$	57,264,400
Shares outstanding – Institutional Class1		5,062,746
Net asset value per share – Institutional Class		$11.31

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.

Wells Fargo International Bond Fund  |  19

Statement of operations—year ended September 30, 2020

Investment income
Interest (net of foreign withholding taxes of $39,333)	$	2,676,533
Income from affiliated securities		12,597
Total investment income		2,689,130
Expenses
Management fee		590,191
Administration fees
Class A		18,519
Class C		1,239
Class R6		2,314
Administrator Class		14,460
Institutional Class		51,075
Shareholder servicing fees
Class A		28,921
Class C		1,934
Administrator Class		36,029
Distribution fee
Class C		5,786
Custody and accounting fees		181,835
Professional fees		56,920
Registration fees		125,542
Shareholder report expenses		80,042
Trustees’ fees and expenses		21,260
Interest expense		750
Other fees and expenses		17,867
Total expenses		1,234,684
Less: Fee waivers and/or expense reimbursements
Fund-level		(464,387	)
Class A		(53	)
Administrator Class		(16,600	)
Net expenses		753,644
Net investment income		1,935,486
Payment from affiliate		3,879
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(1,273,216	)
Forward foreign currency contracts		1,532,243
Net realized gains on investments		259,027
Net change in unrealized gains (losses) on
Unaffiliated securities		2,150,995
Forward foreign currency contracts		762,408
Net change in unrealized gains (losses) on investments		2,913,403
Net realized and unrealized gains (losses) on investments		3,172,430
Net increase in net assets resulting from operations	$	5,111,795

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

20  |  Wells Fargo International Bond Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	1,935,486					$	7,564,786
Payment from affiliate					3,879						0
Net realized gains (losses) on investments					259,027						(17,627,770	)
Net change in unrealized gains (losses) on investments					2,913,403						25,851,494
Net increase in net assets resulting from operations					5,111,795						15,788,510
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		163,139			1,732,816			382,864			3,845,786
Class C		18,134			168,996			4,716			45,352
Class R6		976			10,383			240,845			2,428,431
Administrator Class		2,400,187			26,527,800			326,113			3,274,172
Institutional Class		1,866,137			20,194,483			1,734,775			17,401,980
					48,634,478						26,995,721
Payment for shares redeemed
Class A		(328,420	)		(3,481,337	)		(3,796,911	)		(36,769,127	)
Class C		(54,324	)		(544,461	)		(186,284	)		(1,790,879	)
Class R6		(312,094	)		(3,404,671	)		(4,444,880	)		(44,590,677	)
Administrator Class		(1,070,419	)		(11,406,831	)		(1,459,494	)		(14,446,041	)
Institutional Class		(4,110,389	)		(43,737,008	)		(19,409,739	)		(197,377,886	)
					(62,574,308	)					(294,974,610	)
Net decrease in net assets resulting from capital share transactions					(13,939,830	)					(267,978,889	)
Total decrease in net assets					(8,828,035	)					(252,190,379	)
Net assets
Beginning of period					118,274,506						370,464,885
End of period				$	109,446,471					$	118,274,506

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

Wells Fargo International Bond Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
CLASS A	2020			2019			2018			2017			20161
Net asset value, beginning of period		$10.45			$9.69			$10.31			$10.77			$9.74			$10.84
Net investment income		0.18	2		0.32	2		0.27	2		0.26	2		0.24	2		0.31	2
Payment from affiliate		0.00	3		0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		0.45			0.44			(0.89	)		(0.57	)		0.85			(1.33	)
Total from investment operations		0.63			0.76			(0.62	)		(0.31	)		1.09			(1.02	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.08	)
Net asset value, end of period		$11.08			$10.45			$9.69			$10.31			$10.77			$9.74
Total return4		6.03	%5		7.84	%		(6.01	)%		(2.78	)%		11.24	%		(9.50	)%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.30	%		1.08	%		1.03	%		1.08	%		1.06	%
Net expenses		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income		1.68	%		3.21	%		2.75	%		2.61	%		2.64	%		3.07	%
Supplemental data
Portfolio turnover rate		158	%		129	%		99	%		68	%		96	%		136	%
Net assets, end of period (000s omitted)		$11,237			$12,329			$44,519			$69,885			$54,399			$79,727

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

⁵  During the year ended September 30, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information.

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

22  |  Wells Fargo International Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
CLASS C	2020			2019			2018			2017			20161
Net asset value, beginning of period		$9.98			$9.32			$10.00			$10.52			$9.58			$10.70
Net investment income		0.09	2		0.24	2		0.19	2		0.18	2		0.17	2		0.23	2
Payment from affiliate		0.06			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		0.43			0.42			(0.87	)		(0.55	)		0.83			(1.32	)
Total from investment operations		0.58			0.66			(0.68	)		(0.37	)		1.00			(1.09	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)
Net asset value, end of period		$10.56			$9.98			$9.32			$10.00			$10.52			$9.58
Total return3		5.81	%4		7.08	%		(6.80	)%		(3.43	)%		10.49	%		(10.21	)%
Ratios to average net assets (annualized)
Gross expenses		2.25	%		2.04	%		1.83	%		1.78	%		1.83	%		1.81	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%		1.78	%
Net investment income		0.94	%		2.51	%		2.00	%		1.88	%		1.86	%		2.33	%
Supplemental data
Portfolio turnover rate		158	%		129	%		99	%		68	%		96	%		136	%
Net assets, end of period (000s omitted)		$704			$1,027			$2,652			$3,493			$5,520			$6,895

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.

⁴  During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 0.58% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

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

Wells Fargo International Bond Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
CLASS R6	2020			2019			2018			2017			20161
Net asset value, beginning of period		$10.68			$9.86			$10.45			$10.88			$9.80			$10.88
Net investment income		0.23	2		0.37	2		0.31	2		0.30	2		0.28	2		0.35	2
Net realized and unrealized gains (losses) on investments		0.45			0.45			(0.90	)		(0.58	)		0.86			(1.34	)
Total from investment operations		0.68			0.82			(0.59	)		(0.28	)		1.14			(0.99	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.06	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.09	)
Net asset value, end of period		$11.36			$10.68			$9.86			$10.45			$10.88			$9.80
Total return3		6.37	%		8.32	%		(5.65	)%		(2.48	)%		11.69	%		(9.18	)%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		0.90	%		0.72	%		0.65	%		0.70	%		0.68	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		2.08	%		3.68	%		3.18	%		3.01	%		3.00	%		3.46	%
Supplemental data
Portfolio turnover rate		158	%		129	%		99	%		68	%		96	%		136	%
Net assets, end of period (000s omitted)		$6,020			$8,979			$49,749			$30,876			$12,501			$13,152

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.

24  |  Wells Fargo International Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
ADMINISTRATOR CLASS	2020			2019			2018			2017			20161
Net asset value, beginning of period		$10.53			$9.75			$10.36			$10.80			$9.75			$10.84
Net investment income		0.20	2		0.34	2		0.29	2		0.28	2		0.26	2		0.33	2
Net realized and unrealized gains (losses) on investments		0.46			0.44			(0.90	)		(0.57	)		0.85			(1.34	)
Total from investment operations		0.66			0.78			(0.61	)		(0.29	)		1.11			(1.01	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.05	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.08	)
Net asset value, end of period		$11.19			$10.53			$9.75			$10.36			$10.80			$9.75
Total return3		6.27	%		8.00	%		(5.89	)%		(2.59	)%		11.44	%		(9.36	)%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.24	%		1.01	%		0.97	%		1.02	%		0.99	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		1.87	%		3.37	%		2.93	%		2.80	%		2.85	%		3.26	%
Supplemental data
Portfolio turnover rate		158	%		129	%		99	%		68	%		96	%		136	%
Net assets, end of period (000s omitted)		$34,221			$18,213			$27,911			$41,045			$50,825			$266,849

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  |  25

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
INSTITUTIONAL CLASS	2020			2019			2018			2017			20161
Net asset value, beginning of period		$10.64			$9.83			$10.43			$10.86			$9.79			$10.87
Net investment income		0.22	2		0.37	2		0.31	2		0.29	2		0.27	2		0.35	2
Net realized and unrealized gains (losses) on investments		0.45			0.44			(0.91	)		(0.57	)		0.86			(1.34	)
Total from investment operations		0.67			0.81			(0.60	)		(0.28	)		1.13			(0.99	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.06	)
Net realized gains		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.03	)
Total distributions to shareholders		0.00			0.00			0.00			(0.15	)		(0.06	)		(0.09	)
Net asset value, end of period		$11.31			$10.64			$9.83			$10.43			$10.86			$9.79
Total return3		6.30	%		8.24	%		(5.75	)%		(2.48	)%		11.60	%		(9.20	)%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		0.95	%		0.74	%		0.70	%		0.75	%		0.73	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.04	%		3.61	%		3.06	%		2.96	%		2.95	%		3.41	%
Supplemental data
Portfolio turnover rate		158	%		129	%		99	%		68	%		96	%		136	%
Net assets, end of period (000s omitted)		$57,264			$77,727			$245,633			$443,888			$553,208			$689,964

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.

26  |  Wells Fargo International Bond 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 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

Wells Fargo International Bond Fund  |  27

Notes to financial statements

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.

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $106,832,876 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	3,325,969
Gross unrealized losses		(1,418,344	)
Net unrealized gains	$	1,907,625

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable loss
$(7,952,111)	$7,952,111

As of September 30, 2020, the Fund had capital loss carryforwards which consist of $810,128 in short-term capital losses and $3,299,562 in long-term capital losses.

28  |  Wells Fargo International Bond Fund

Notes to financial statements

As of September 30, 2020, the Fund had a qualified late-year ordinary loss of $1,142,908 which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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 September 30, 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	$	9,417,827	$	0	$	9,417,827
Foreign corporate bonds and notes		0		19,884,766		0		19,884,766
Foreign government bonds		0		71,115,196		0		71,115,196
U.S. Treasury securities		4,132,357		0		0		4,132,357
Yankee corporate bonds and notes		0		3,133,061		0		3,133,061
Short-term investments
Investment companies		1,002,714		0		0		1,002,714
		5,135,071		103,550,850		0		108,685,921
Forward foreign currency contracts		0		522,737		0		522,737
Total assets	$	5,135,071	$	104,073,587	$	0	$	109,208,658
Liabilities
Forward foreign currency contracts	$	0	$	468,157	$	0	$	468,157
Total liabilities	$	0	$	468,157	$	0	$	468,157

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 year ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo International Bond Fund  |  29

Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the year ended September 30, 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.

30  |  Wells Fargo International Bond Fund

Notes to financial statements

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 year ended September 30, 2020, Funds Distributor received $249 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended September 30, 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.

Other transactions

On August 14, 2020, Class A and Class C of the Fund were reimbursed by Funds Management in the amount of $11 and $3,868 respectively. The reimbursements were made in connection with resolving certain fee reimbursements.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$11,627,709	$142,571,363	$14,460,013	$149,058,149

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2020, the Fund entered into forward foreign currency contracts for hedging purposes. The Fund had average contract amounts of $63,877,842 and $45,773,959 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the year ended September 30, 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	$522,737	$(468,157)	$	0	$	54,580

Wells Fargo International Bond Fund  |  31

Notes to financial statements

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	$468,157	$(468,157)	$	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 $350,000,000 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 September 30, 2020, the Fund had average borrowings outstanding of $55,556 at an average interest rate of 1.35% and paid interest in the amount of $750.

8. DISTRIBUTIONS TO SHAREHOLDERS

For the years ended September 30, 2020 and September 30, 2019, the Fund did not pay any distributions to shareholders.

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Unrealized gains	Late-year ordinary losses deferred	Capital loss carryforward
$1,907,229	$(1,142,908)	$(4,109,690)

9. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

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.

32  |  Wells Fargo International Bond Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo International Bond Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the four-year period then ended, for the period ended September 30, 2016, and for the year ended October 31, 2015. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, for the period ended September 30, 2016, and for the year ended October 31, 2015, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo International Bond Fund  |  33

Other information (unaudited)

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund 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.

34  |  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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

Wells Fargo International Bond Fund  |  35

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

36  |  Wells Fargo 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.
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 the Treasurer of 77 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.

Wells Fargo International Bond Fund  |  37

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo International Bond Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo International Bond Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Fargo Asset Management (International) Limited (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

38  |  Wells Fargo International Bond Fund

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the one- and three-year periods ended December 31, 2019, and lower than the average investment performance of the Universe for the five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one-, three- and five-year periods ended March 31, 2020, and lower than the average investment performance of the Universe for the ten-year period ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than or in range of its benchmark index, the Bloomberg Barclays Global Aggregate ex-USD Index, for the one-, three- and ten-year periods ended December 31, 2019, and lower than its benchmark index for the five-year period ended December 31, 2019. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays Global Aggregate ex-USD Index, for the three-, five- and ten-year periods ended March 31, 2020, and higher than its benchmark for the one-year period ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Wells Fargo International Bond Fund  |  39

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

40  |  Wells Fargo International Bond Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo International Bond Fund  |  41

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

42  |  Wells Fargo International Bond Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo International Bond Fund  |  43

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For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2020 Wells Fargo & Company. All rights reserved.

PAR-1020-00553 11-20

A235/AR235 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	24
Report of independent registered public accounting firm	30
Other information	31
Appendix I	39
Appendix II	40

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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 September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Diversified Capital Builder Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Diversified Capital Builder Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Diversified Capital Builder Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Diversified Capital Builder Fund  |  5

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 September 30, 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 (EKBAX)	1-20-1998		1.13		10.72		10.53		7.26			12.05		11.19		1.12		1.12
Class C (EKBCX)	1-22-1998		5.44		11.23		10.37		6.44			11.23		10.37		1.87		1.87
Administrator Class (EKBDX)	7-30-2010		–		–		–		7.33			12.16		11.37		1.04		1.04
Institutional Class (EKBYX)	1-26-1998		–		–		–		7.58	*		12.44		11.62		0.79		0.78
Diversified Capital Builder Blended Index3	–		–		–		–		12.63			12.29		11.92		–		–
ICE BofA U.S. Cash Pay High Yield Index4	–		–		–		–		2.35			6.61		6.26		–		–
Russell 1000® Index5	–		–		–		–		16.01			14.09		13.76		–		–

* Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles.

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 7.

6  |  Wells Fargo Diversified Capital Builder Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁶

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 1.13% 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Source: Wells Fargo Funds Management, LLC. The Diversified 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.

⁴  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.

⁵  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.

⁶  The chart compares the performance of Class A shares for the most recent ten years with the Diversified Capital Builder Blended Index, the ICE BofA U.S. Cash Pay High Yield Index, and the Russell 1000^® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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.

* This security was no longer held at the end of the reporting period.

Wells Fargo Diversified Capital Builder Fund  |  7

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Diversified Capital Builder Blended Index, for the 12-month period that ended September 30, 2020.

∎ Underperforming sectors were in economically sensitive areas such as industrials, materials, and financials.

∎ Information technology (IT) holdings contributed to results. Although our holdings somewhat underperformed the sector’s performance in the Russell 1000^® Index, the Fund’s IT holdings substantially outperformed other industries in the market.

∎ Our health care holdings significantly outperformed the stocks in the index’s health care sector.

∎ In the Fund’s bond portfolio, holdings notably outperformed the ICE BofA U.S. Cash Pay High Yield Index due to our above-average quality holdings. Better-quality below-investment-grade bonds outperformed lower-quality high-yield issues.

The Russell 1000^® Index made steady gains from the start of the Fund’s fiscal year on September 30, 2019, until mid-February 2020. After reaching a high for the fiscal year in February, the stock market fell sharply in reaction to the closure of a number of economic sectors as federal and state governments attempted to slow the spread of the coronavirus. The Federal Reserve (Fed) worked to limit the effect of economic closures and rapidly increasing unemployment by establishing measures to provide short-term liquidity to the financial markets. In addition, it substantially lowered U.S. Treasury interest rates.

As a result of these actions, the stock market stabilized in late March 2020 and began a long climb upward, reflecting expectations of subsequent improvement in the economy. By month-end September 2020, the index climbed to levels slightly below its mid-February high.

From the beginning of the fiscal year on September 30, 2019, until mid-February 2020, interest rates on Treasury issues with 10-year maturities were relatively stable and fluctuated between 1.50% and 1.95%. After the stock market decline in mid-February, the Fed quickly acted to ensure market liquidity and substantially lowered interest rates. Yields on 10-year maturity Treasuries fell and, by April 2020, were trading in a range of 0.50% to 0.75% and remained in this range for the rest of the fiscal year.

Ten largest holdings (%) as of September 30, 20207
Broadcom Incorporated	5.21
AbbVie Incorporated	4.34
Bristol-Myers Squibb Company	3.68
Akamai Technologies Incorporated	3.58
Amgen Incorporated	3.39
Amphenol Corporation Class A	3.09
Leidos Holdings Incorporated	2.97
Thermo Fisher Scientific Incorporated	2.94
Danaher Corporation	2.87
Vistra Energy Corporation	2.79

Stocks gained in value during the period.

Most stocks gained in value from the start of the fiscal year, reflecting a growing economy with rising sales and profits. However, after reaching a peak in mid-February 2020, the market began a sharp correction that lasted until late March. The market declined because of concerns that shutting down the economy to reduce the risk of the coronavirus would badly damage corporate profits, resulting in continued market erosion. After Fed actions to provide liquidity and lower interest rates, along with the federal government’s very large provisions of unemployment payments and loans to businesses hurt by the reduction in activity, the market began to rebound, optimistic that these monetary and fiscal measures would backstop the economy and help business grow again. As a result of these efforts, the market finished the 12-month period ending September 30, 2020, at levels only slightly below its mid-February peak.

Please see footnotes on page 7.

8  |  Wells Fargo Diversified Capital Builder Fund

Performance highlights (unaudited)

Portfolio composition as of September 30, 2020⁸

The Fund underperformed its benchmark primarily due to holdings of a number of economically sensitive stocks, which declined and did not make a full recovery by the end of the fiscal year. Holdings in industrials, materials, and financials declined as investors were concerned about the strength of the economic recovery. Within the equity portfolio, its holdings in consumer discretionary, health care, and IT outperformed the return of the equity benchmark. In addition, the Fund’s IT holdings, while slightly lagging the sector return of the benchmark, substantially outpaced the average market gain and thus materially added to incremental returns. Detracting from performance were holdings in industrials, financials, materials, and utilities.

Equity outperformers in IT included Advanced Micro Devices, Incorporated; Broadcom Incorporated; and Adobe Systems Incorporated. In health care, Thermo Fisher Scientific Incorporated; Danaher Corporation; and Horizon Therapeutics PLC contributed to relative performance. In the consumer discretionary sector, The Home Depot, Incorporated, added to performance.

Detractors in industrials included Curtiss-Wright Corporation; L3Harris Technologies, Incorporated; and Huntington Ingalls Industries, Incorporated. Utility companies Vistra Corporation; Atmos Energy Corporation; DTE Energy Company; and American Electric Power Company, Incorporated, detracted from performance. In materials, LyondellBasell Industries N.V.* underperformed.

U.S. Treasury rates moved lower.

In the bond market, interest rates were relatively stable in the first half of the fiscal year until mid-February, when Treasury rates plummeted as a result of the Fed substantially increasing liquidity in the financial system to help stabilize the economy from coronavirus-related shutdowns. To illustrate, short-term Treasury notes due in two years traded in a range of yields from 1.40% to 1.65% from month-end September 2019 until mid-February 2020, when they began to drop sharply from Fed actions. From the end of March 2020 until the end of the fiscal year in September 2020, the yields of these notes fluctuated between 0.15%, or 15 basis points (bps; 100 bps equal 1.00%) to 0.21% (21 bps).

The Fund’s bond holdings consisted primarily in high-yield, below-investment-grade issues. High-yield bonds historically have been more sensitive to prospects of future economic growth. In contrast, investment-grade bonds, because of their higher quality, are more sensitive to movements in Treasury bond yields than to the economic outlook. Thus, during the fiscal year, investment-grade bonds experienced substantially lower yields and higher prices and outperformed high-yield bonds, which increased only modestly in price due to concerns about their deteriorating financial prospects. Over the fiscal year, returns for high-yield bonds were moderately positive, as somewhat-higher prices added to the coupon income of these bonds. To illustrate, at month-end September 2019, the average yield to maturity of the index of high-yield bonds was 5.87%, with a yield advantage over comparable maturity Treasuries of +420 bps. By September 30, 2020, the average yield was 5.70%, but the yield advantage had widened to +539 bps, reflecting much lower Treasury yields.

In general, better-quality high-yield bonds outperformed lower-quality holdings because investors became more concerned with the prospects of poor credit quality, should future economic growth slow materially. The Fund’s high-yield bonds outperformed the index of high-yield bonds because our holdings were above the average quality of the index.

Relative outperformers in the bond portfolio included IT companies Western Digital Corporation; TTM Technologies, Incorporated; and Seagate HDD Cayman. Health care issues Centene Corporation, Davita HealthCare Partners Incorporated, and Bausch Health Companies added to performance. Materials companies Koppers Holdings Incorporated and Tronox Finance LLC also contributed. Bond detractors were industrial company Resideo Technologies, Incorporated; materials issuer Rayonier Advanced Materials Incorporated; and health care company Teleflex Incorporated.

Our outlook remains one of cautious optimism.

The Fund’s positioning reflects our expectation for continued economic growth over the next year, although at levels somewhat lower than recent economic growth rates. We find stock prices reasonable compared with the earnings growth potential of many stocks. Thus, we are optimistic that equities may provide returns above those available on the very low yields of risk-free alternatives. In addition, with yields of Treasuries likely to be at low levels for the foreseeable future, we feel stock dividend yields are attractive alternatives to yields offered on short-term fixed-income securities. Within the Fund’s fixed-income assets, virtually all of the bond holdings are of companies with U.S. public equity outstanding, which we think provides a more flexible capital structure and more transparent reporting of financial results. We expect these high-yield bonds to provide a competitive return to that available on lower-yielding, higher-rated bonds.

Please see footnotes on page 7.

Wells Fargo Diversified Capital Builder Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,246.22	$	6.29		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.47	$	5.66		1.12	%
Class C
Actual	$	1,000.00	$	1,242.10	$	10.50		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.70	$	9.44		1.87	%
Administrator Class
Actual	$	1,000.00	$	1,246.26	$	5.85		1.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.26		1.04	%
Institutional Class
Actual	$	1,000.00	$	1,249.09	$	4.40		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		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).

10  |  Wells Fargo Diversified Capital Builder Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Common Stocks: 85.13%
Communication Services: 2.33%
Diversified Telecommunication Services: 1.08%
Verizon Communications Incorporated		190,000	$	11,303,100
Interactive Media & Services: 1.25%
Alphabet Incorporated Class A †		9,000		13,190,400
Consumer Discretionary: 1.06%
Specialty Retail: 1.06%
The Home Depot Incorporated		40,000		11,108,400
Consumer Staples: 1.12%
Food Products: 0.19%
Lamb Weston Holdings Incorporated		30,001		1,988,166
Household Products: 0.93%
The Procter & Gamble Company		70,000		9,729,300
Health Care: 30.76%
Biotechnology: 10.85%
AbbVie Incorporated		520,000		45,546,800
Alexion Pharmaceuticals Incorporated †		140,000		16,020,200
Amgen Incorporated		140,000		35,582,400
Neurocrine Biosciences Incorporated †		75,000		7,212,000
Vertex Pharmaceuticals Incorporated †		35,000		9,524,200
				113,885,600
Health Care Equipment & Supplies: 5.76%
Abbott Laboratories		160,000		17,412,800
Becton Dickinson & Company		55,000		12,797,400
Danaher Corporation		140,000		30,146,200
ElectroCore LLC †«		30,000		51,900
				60,408,300
Health Care Providers & Services: 2.46%
Anthem Incorporated		35,000		9,400,650
McKesson Corporation		110,000		16,382,300
				25,782,950
Life Sciences Tools & Services: 4.58%
Bio-Rad Laboratories Incorporated Class A †		15,000		7,731,900
IQVIA Holdings Incorporated †		60,000		9,457,800
Thermo Fisher Scientific Incorporated		70,000		30,906,400
				48,096,100
Pharmaceuticals: 7.11%
Bausch Health Companies Incorporated †		540,000		8,391,600
Bristol-Myers Squibb Company		640,000		38,585,600
Horizon Therapeutics plc †		205,000		15,924,400
Merck KGaA ADR		400,000		11,728,000
				74,629,600

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

Wells Fargo Diversified Capital Builder Fund  |  11

Portfolio of investments—September 30, 2020

	Shares		Value
Industrials: 8.84%
Aerospace & Defense: 3.27%
Curtiss-Wright Corporation		45,000	$	4,196,700
Huntington Ingalls Industries Incorporated		30,000		4,222,500
L3Harris Technologies Incorporated		130,000		22,079,200
Lockheed Martin Corporation		10,000		3,832,800
				34,331,200
Electrical Equipment: 1.37%
AMETEK Incorporated		145,000		14,413,000
Industrial Conglomerates: 1.12%
Honeywell International Incorporated		35,000		5,761,350
Roper Technologies Incorporated		15,000		5,926,650
				11,688,000
Machinery: 3.08%
Crane Company		60,000		3,007,800
IDEX Corporation		80,000		14,592,800
John Bean Technologies Corporation		160,000		14,702,400
				32,303,000
Information Technology: 32.84%
Electronic Equipment, Instruments & Components: 4.26%
Amphenol Corporation Class A		300,000		32,481,000
FLIR Systems Incorporated		300,000		10,755,000
MTS Systems Corporation		75,000		1,433,250
				44,669,250
IT Services: 6.88%
Akamai Technologies Incorporated †		340,000		37,583,600
Leidos Holdings Incorporated		350,000		31,202,500
MasterCard Incorporated Class A		10,000		3,381,700
				72,167,800
Semiconductors & Semiconductor Equipment: 12.22%
Advanced Micro Devices Incorporated †		300,000		24,597,000
Analog Devices Incorporated		20,000		2,334,800
Broadcom Incorporated		150,000		54,648,000
Microchip Technology Incorporated		235,000		24,148,600
Micron Technology Incorporated †		25,000		1,174,000
QUALCOMM Incorporated		35,000		4,118,800
Texas Instruments Incorporated		70,000		9,995,300
Xilinx Incorporated		70,000		7,296,800
				128,313,300
Software: 7.41%
Adobe Incorporated †		50,000		24,521,500
ANSYS Incorporated †		30,000		9,816,900
Microsoft Corporation		120,000		25,239,600
Synopsys Incorporated †		85,000		18,188,300
				77,766,300

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

12  |  Wells Fargo Diversified Capital Builder Fund

Portfolio of investments—September 30, 2020

						Shares		Value
Technology Hardware, Storage & Peripherals: 2.07%
Apple Incorporated							172,000	$	19,919,320
Western Digital Corporation							50,000		1,827,500
									21,746,820
Materials: 3.66%
Chemicals: 1.73%
Eastman Chemical Company							30,000		2,343,600
Huntsman Corporation							80,000		1,776,800
The Sherwin-Williams Company							18,500		12,889,690
Tronox Holdings plc Class A							150,000		1,180,500
									18,190,590
Containers & Packaging: 1.93%
AptarGroup Incorporated							76,500		8,659,800
Berry Global Group Incorporated †							240,000		11,596,800
									20,256,600
Real Estate: 0.84%
Equity REITs: 0.84%
Crown Castle International Corporation							50,000		8,325,000
Saul Centers Incorporated							20,000		531,600
									8,856,600
Utilities: 3.68%
Electric Utilities: 0.39%
American Electric Power Company Incorporated							50,000		4,086,500
Gas Utilities: 0.18%
Atmos Energy Corporation							20,000		1,911,800
Independent Power & Renewable Electricity Producers: 2.78%
Vistra Energy Corporation							1,550,000		29,233,000
Multi-Utilities: 0.33%
DTE Energy Company							30,000		3,451,200
Total Common Stocks (Cost $688,752,538)									893,506,876
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 13.01%
Consumer Discretionary: 0.27%
Household Durables: 0.27%
Installed Building Company 144A		5.75	%		2-1-2028	$	2,700,000		2,841,750
Health Care: 3.57%
Health Care Equipment & Supplies: 0.52%
Hologic Incorporated 144A		3.25			2-15-2029		5,440,000		5,474,000
Health Care Providers & Services: 2.95%
AMN Healthcare Incorporated 144A		4.63			10-1-2027		1,000,000		1,025,000
Centene Corporation		4.63			12-15-2029		6,500,000		7,011,290
DaVita Incorporated 144A		4.63			6-1-2030		12,550,000		12,881,320

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

Wells Fargo Diversified Capital Builder Fund  |  13

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Encompass Health Corporation %%		4.63	%		4-1-2031	$	2,500,000	$	2,500,000
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		7,400,000		7,546,446
									30,964,056
Pharmaceuticals: 0.10%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		1,000,000		1,020,000
Industrials: 2.50%
Aerospace & Defense: 0.81%
TransDigm Group Incorporated		6.38			6-15-2026		7,000,000		7,027,510
TransDigm Group Incorporated		6.50			5-15-2025		1,500,000		1,495,313
									8,522,823
Commercial Services & Supplies: 0.15%
ACCO Brands Corporation 144A		5.25			12-15-2024		1,500,000		1,535,625
Electrical Equipment: 0.11%
Resideo Funding Incorporated 144A		6.13			11-1-2026		1,112,000		1,095,320
Machinery: 1.04%
SPX FLOW Incorporated 144A		5.88			8-15-2026		10,500,000		10,920,000
Trading Companies & Distributors: 0.39%
WESCO Distribution Incorporated		5.38			6-15-2024		4,000,000		4,105,000
Information Technology: 3.93%
Electronic Equipment, Instruments & Components: 1.69%
MTS Systems Corporation 144A		5.75			8-15-2027		4,000,000		3,938,800
TTM Technologies Incorporated 144A		5.63			10-1-2025		13,505,000		13,775,100
									17,713,900
Semiconductors & Semiconductor Equipment: 0.94%
Broadcom Incorporated		4.75			4-15-2029		4,000,000		4,645,402
Microchip Technology Incorporated 144A		4.25			9-1-2025		5,000,000		5,186,912
									9,832,314
Software: 0.41%
Citrix Systems Incorporated		3.30			3-1-2030		4,000,000		4,269,114
Technology Hardware, Storage & Peripherals: 0.89%
Western Digital Corporation		4.75			2-15-2026		8,700,000		9,396,000
Materials: 2.21%
Chemicals: 0.89%
Koppers Incorporated 144A		6.00			2-15-2025		8,190,000		8,302,612
Olin Corporation		5.50			8-15-2022		1,000,000		1,022,500
									9,325,112
Containers & Packaging: 1.32%
Ball Corporation		2.88			8-15-2030		12,000,000		11,865,000
Berry Global Incorporated 144A		4.50			2-15-2026		2,000,000		2,020,000
									13,885,000

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

14  |  Wells Fargo Diversified Capital Builder Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Real Estate: 0.43%
Equity REITs: 0.43%
Iron Mountain Incorporated 144A		4.50	%		2-15-2031	$	4,500,000	$	4,524,818
Utilities: 0.10%
Electric Utilities: 0.10%
NRG Energy Incorporated 144A		5.25			6-15-2029		1,000,000		1,087,500
Total Corporate Bonds and Notes (Cost $133,691,014)									136,512,332
Yankee Corporate Bonds and Notes: 1.96%
Financials: 0.47%
Diversified Financial Services: 0.47%
Tronox Finance plc 144A		5.75			10-1-2025		5,000,000		4,925,000
Health Care: 0.94%
Pharmaceuticals: 0.94%
Bausch Health Companies Incorporated 144A		5.25			1-30-2030		10,000,000		9,852,600
Information Technology: 0.36%
Technology Hardware, Storage & Peripherals: 0.36%
Seagate HDD 144A		4.09			6-1-2029		3,488,000		3,769,881
Materials: 0.19%
Chemicals: 0.19%
Methanex Corporation		5.13			10-15-2027		2,000,000		1,990,000
Total Yankee Corporate Bonds and Notes (Cost $20,511,210)									20,537,481
	Yield					Shares
Short-Term Investments: 0.88%
Investment Companies: 0.88%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					44,100		44,100
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.05					9,255,832		9,255,832
Total Short-Term Investments (Cost $9,299,932)									9,299,932

Total investments in securities (Cost $852,254,694)	100.98	%		1,059,856,621
Other assets and liabilities, net	(0.98	)		(10,300,713	)
Total net assets	100.00	%	$	1,049,555,908

† Non-income-earning security

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

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

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

(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.

Abbreviations:

ADR American depositary receipt

GO General obligation

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

Wells Fargo Diversified Capital Builder Fund  |  15

Portfolio of investments—September 30, 2020

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	5,715,472	$	112,184,118	$	(117,855,843	)	$	353	$	0	$	93,935	#	$	44,100
Wells Fargo Government Money Market Fund Select Class		5,712,610		200,984,199		(197,440,977	)		0		0		36,115			9,255,832
								$	353	$	0	$	130,050		$	9,299,932		0.88	%

^#  Amount shown represents income before fees and rebates.

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

16  |  Wells Fargo Diversified Capital Builder Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities (including $43,596 of securities on loan) at value (cost $842,954,762)	$	1,050,556,689
Investments in affiliated securities, at value (cost $9,299,932)		9,299,932
Receivable for Fund shares sold		289,987
Receivable for dividends and interest		2,008,369
Receivable for securities lending income, net		548
Prepaid expenses and other assets		82,176
Total assets		1,062,237,701
Liabilities
Payable upon receipt of securities loaned		44,100
Payable for investments purchased		7,550,347
Payable for when-issued securities		2,536,250
Payable for Fund shares redeemed		1,700,324
Management fee payable		533,211
Administration fees payable		159,506
Distribution fee payable		75,196
Accrued expenses and other liabilities		82,859
Total liabilities		12,681,793
Total net assets	$	1,049,555,908
Net assets consist of
Paid-in capital	$	830,093,794
Total distributable earnings		219,462,114
Total net assets	$	1,049,555,908
Computation of net asset value and offering price per share
Net assets – Class A	$	601,950,965
Shares outstanding – Class A1		55,344,374
Net asset value per share – Class A		$10.88
Maximum offering price per share – Class A2		$11.54
Net assets – Class C	$	121,946,977
Shares outstanding – Class C1		11,231,163
Net asset value per share – Class C		$10.86
Net assets – Administrator Class	$	6,429,070
Shares outstanding – Administrator Class1		590,621
Net asset value per share – Administrator Class		$10.89
Net assets – Institutional Class	$	319,228,896
Shares outstanding – Institutional Class1		29,573,992
Net asset value per share – Institutional Class		$10.79

¹  The Fund has an unlimited number of authorized shares.

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

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

Wells Fargo Diversified Capital Builder Fund  |  17

Statement of operations—year ended September 30, 2020

Investment income
Dividends (net of foreign withholding taxes of $17,481)	$	15,080,687
Interest		8,321,930
Income from affiliated securities		57,829
Total investment income		23,460,446
Expenses
Management fee		6,607,685
Administration fees
Class A		1,254,727
Class C		254,795
Administrator Class		10,314
Institutional Class		441,401
Shareholder servicing fees
Class A		1,491,566
Class C		303,145
Administrator Class		19,793
Distribution fee
Class C		909,234
Custody and accounting fees		49,752
Professional fees		47,390
Registration fees		99,407
Shareholder report expenses		103,575
Trustees’ fees and expenses		21,260
Other fees and expenses		40,493
Total expenses		11,654,537
Less: Fee waivers and/or expense reimbursements
Fund-level		(1,131	)
Class A		(18,101	)
Class C		(217	)
Administrator Class		(8	)
Institutional Class		(17,879	)
Net expenses		11,617,201
Net investment income		11,843,245
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		10,794,062
Affiliated securities		353
Net realized gains on investments		10,794,415
Net change in unrealized gains (losses) on investments		42,479,631
Net realized and unrealized gains (losses) on investments		53,274,046
Net increase in net assets resulting from operations	$	65,117,291

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

18  |  Wells Fargo Diversified Capital Builder Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	11,843,245					$	14,574,587
Net realized gains on investments					10,794,415						53,801,908
Net change in unrealized gains (losses) on investments					42,479,631						(8,891,274	)
Net increase in net assets resulting from operations					65,117,291						59,485,221
Distributions to shareholders from net investment income and net realized gains
Class A					(32,619,920	)					(36,253,338	)
Class C					(5,629,511	)					(7,460,798	)
Administrator Class					(491,553	)					(764,433	)
Institutional Class					(20,579,220	)					(21,977,654	)
Total distributions to shareholders					(59,320,204	)					(66,456,223	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,965,389			41,907,199			9,391,056			93,260,195
Class C		2,956,606			30,937,431			4,595,019			46,061,402
Administrator Class		151,606			1,529,330			227,726			2,281,752
Institutional Class		7,957,364			82,460,036			15,448,752			154,786,786
					156,833,996						296,390,135
Reinvestment of distributions
Class A		3,027,088			31,259,543			3,667,392			34,796,863
Class C		523,869			5,421,139			774,676			7,255,587
Administrator Class		47,212			487,564			79,989			758,159
Institutional Class		1,851,509			18,977,296			2,124,090			20,080,474
					56,145,542						62,891,083
Payment for shares redeemed
Class A		(9,176,945	)		(93,301,844	)		(8,342,798	)		(83,876,599	)
Class C		(3,315,378	)		(33,616,928	)		(6,420,901	)		(63,323,374	)
Administrator Class		(513,380	)		(5,090,942	)		(671,418	)		(7,048,173	)
Institutional Class		(14,006,603	)		(140,839,941	)		(13,982,283	)		(140,897,557	)
					(272,849,655	)					(295,145,703	)
Net increase (decrease) in net assets resulting from capital share transactions					(59,870,117	)					64,135,515
Total increase (decrease) in net assets					(54,073,030	)					57,164,513
Net assets
Beginning of period					1,103,628,938						1,046,464,425
End of period				$	1,049,555,908					$	1,103,628,938

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

Wells Fargo Diversified Capital Builder Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.71			$10.88			$10.30			$9.96			$9.12
Net investment income		0.11			0.14			0.10			0.14	1		0.17
Net realized and unrealized gains (losses) on investments		0.63			0.37			1.06			1.12			1.71
Total from investment operations		0.74			0.51			1.16			1.26			1.88
Distributions to shareholders from
Net investment income		(0.13	)		(0.14	)		(0.09	)		(0.14	)		(0.15	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)
Total distributions to shareholders		(0.57	)		(0.68	)		(0.58	)		(0.92	)		(1.04	)
Net asset value, end of period		$10.88			$10.71			$10.88			$10.30			$9.96
Total return2		7.26	%		5.60	%		11.72	%		13.62	%		22.85	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.12	%		1.11	%		1.12	%		1.14	%
Net expenses		1.11	%		1.12	%		1.11	%		1.12	%		1.14	%
Net investment income		1.09	%		1.38	%		0.96	%		1.43	%		1.77	%
Supplemental data
Portfolio turnover rate		44	%		61	%		31	%		54	%		73	%
Net assets, end of period (000s omitted)		$601,951			$616,346			$574,760			$551,272			$467,503

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

20  |  Wells Fargo Diversified Capital Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.69			$10.86			$10.28			$9.96			$9.12
Net investment income		0.03			0.06			0.02			0.08			0.10
Net realized and unrealized gains (losses) on investments		0.63			0.37			1.06			1.11			1.72
Total from investment operations		0.66			0.43			1.08			1.19			1.82
Distributions to shareholders from
Net investment income		(0.05	)		(0.06	)		(0.01	)		(0.09	)		(0.09	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)
Total distributions to shareholders		(0.49	)		(0.60	)		(0.50	)		(0.87	)		(0.98	)
Net asset value, end of period		$10.86			$10.69			$10.86			$10.28			$9.96
Total return1		6.44	%		4.81	%		10.88	%		12.85	%		21.96	%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.87	%		1.87	%		1.87	%		1.89	%
Net expenses		1.86	%		1.87	%		1.87	%		1.87	%		1.89	%
Net investment income		0.34	%		0.65	%		0.21	%		0.65	%		1.03	%
Supplemental data
Portfolio turnover rate		44	%		61	%		31	%		54	%		73	%
Net assets, end of period (000s omitted)		$121,947			$118,297			$131,601			$117,346			$67,630

¹  Total return calculations do not include any sales charges.

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

Wells Fargo Diversified Capital Builder Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.72			$10.89			$10.32			$9.97			$9.12
Net investment income		0.12	1		0.15	1		0.11	1		0.16	1		0.18	1
Net realized and unrealized gains (losses) on investments		0.63			0.37			1.06			1.12			1.73
Total from investment operations		0.75			0.52			1.17			1.28			1.91
Distributions to shareholders from
Net investment income		(0.14	)		(0.15	)		(0.11	)		(0.15	)		(0.17	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)
Total distributions to shareholders		(0.58	)		(0.69	)		(0.60	)		(0.93	)		(1.06	)
Net asset value, end of period		$10.89			$10.72			$10.89			$10.32			$9.97
Total return		7.33	%		5.67	%		11.73	%		13.75	%		23.14	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.04	%		1.03	%		1.04	%		1.06	%
Net expenses		1.03	%		1.04	%		1.03	%		1.04	%		1.03	%
Net investment income		1.19	%		1.47	%		1.04	%		1.58	%		1.89	%
Supplemental data
Portfolio turnover rate		44	%		61	%		31	%		54	%		73	%
Net assets, end of period (000s omitted)		$6,429			$9,708			$13,821			$10,225			$21,398

¹  Calculated based upon average shares outstanding

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

22  |  Wells Fargo Diversified Capital Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.64			$10.81			$10.25			$9.90			$9.07
Net investment income		0.14			0.18			0.14			0.19			0.20
Net realized and unrealized gains (losses) on investments		0.62			0.36			1.05			1.11			1.71
Total from investment operations		0.76			0.54			1.19			1.30			1.91
Distributions to shareholders from
Net investment income		(0.17	)		(0.17	)		(0.14	)		(0.17	)		(0.19	)
Net realized gains		(0.44	)		(0.54	)		(0.49	)		(0.78	)		(0.89	)
Total distributions to shareholders		(0.61	)		(0.71	)		(0.63	)		(0.95	)		(1.08	)
Net asset value, end of period		$10.79			$10.64			$10.81			$10.25			$9.90
Total return		7.48	%		5.98	%		12.04	%		14.11	%		23.28	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.79	%		0.79	%		0.79	%		0.81	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income		1.42	%		1.73	%		1.30	%		1.71	%		2.14	%
Supplemental data
Portfolio turnover rate		44	%		61	%		31	%		54	%		73	%
Net assets, end of period (000s omitted)		$319,229			$359,278			$326,283			$262,754			$122,769

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

Wells Fargo Diversified Capital Builder Fund  |  23

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 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 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.

24  |  Wells Fargo Diversified Capital Builder Fund

Notes to financial statements

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.

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

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

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $852,307,124 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	237,474,039
Gross unrealized losses		(29,924,542	)
Net unrealized gains	$	207,549,497

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(87,273)	$87,273

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 Diversified Capital Builder Fund  |  25

Notes to financial statements

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	24,493,500	$	0	$	0	$	24,493,500
Consumer discretionary		11,108,400		0		0		11,108,400
Consumer staples		11,717,466		0		0		11,717,466
Health care		322,802,550		0		0		322,802,550
Industrials		92,735,200		0		0		92,735,200
Information technology		344,663,470		0		0		344,663,470
Materials		38,447,190		0		0		38,447,190
Real estate		8,856,600		0		0		8,856,600
Utilities		38,682,500		0		0		38,682,500
Corporate bonds and notes		0		136,512,332		0		136,512,332
Yankee corporate bonds and notes		0		20,537,481		0		20,537,481
Short-term investments
Investment companies		9,299,932		0		0		9,299,932
Total assets	$	902,806,808	$	157,049,813	$	0	$	1,059,856,621

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

For the year ended September 30, 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

26  |  Wells Fargo Diversified Capital Builder Fund

Notes to financial statements

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 year ended September 30, 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.

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 share 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, and 1.95% for Class C shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2020, Funds Distributor received $63,679 from the sale of Class A shares and $983 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended September 30, 2020.

Wells Fargo Diversified Capital Builder Fund  |  27

Notes to financial statements

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 $6,633,750 and $0 in interfund purchases and sales, respectively, during the year ended September 30, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2020 were $463,471,638 and $551,605,173, 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 Federal 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 September 30, 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
Barclays Capital Inc.	$	43,596		(43,596	)	$	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 $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	16,013,965	$	14,455,943
Long-term capital gain		43,306,239		52,000,280

28  |  Wells Fargo Diversified Capital Builder Fund

Notes to financial statements

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$2,235,312	$9,761,299	$207,549,497

9. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Fund invested a concentration of its portfolio in the health care and information technology 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.

10. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the 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.

Wells Fargo Diversified Capital Builder Fund  |  29

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Diversified Capital Builder Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

30  |  Wells Fargo Diversified Capital Builder Fund

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 83.38% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 852 of the Internal Revenue Code, $43,306,239 was designated as a 20% rate gain distribution for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $13,758,614 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $5,092,900 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $2,206,403 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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  |  31

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

32  |  Wells Fargo Diversified Capital Builder Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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  |  33

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
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.

¹ Jeremy DePalma acts as Treasurer of 77 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.

34  |  Wells Fargo Diversified Capital Builder Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Diversified Capital Builder Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Diversified Capital Builder Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Diversified Capital Builder Fund  |  35

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the one-, three, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the three-, five- and ten-year periods ended March 31, 2020, and lower than the average investment performance of the Universe for one-year period ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Diversified Capital Builder Blended Index, for the one- and five-year periods ended December 31, 2019, and lower than its benchmark index for the three- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was higher than or in range of its benchmark index, the Diversified Capital Builder Blended Index, for the five- and ten-year periods ended March 31, 2020, and lower than its benchmark index for the one- and three-year periods ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to or in range of the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

36  |  Wells Fargo Diversified Capital Builder Fund

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

Wells Fargo Diversified Capital Builder Fund  |  37

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

38  |  Wells Fargo Diversified Capital Builder Fund

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Wells Fargo Diversified Capital Builder Fund  |  39

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

40  |  Wells Fargo Diversified Capital Builder 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-1020-00545 11-20

A225/AR225 09-20

Annual Report

September 30, 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 semiannual 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	6
Fund expenses	11
Portfolio of investments	12
Financial statements
Statement of assets and liabilities	27
Statement of operations	28
Statement of changes in net assets	29
Financial highlights	30
Notes to financial statements	35
Report of independent registered public accounting firm	43
Other information	44
Appendix I	52
Appendix II	53

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 September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Diversified Income Builder Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Diversified Income Builder Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Diversified Income Builder Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Diversified Income Builder Fund  |  5

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 September 30, 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 (EKSAX)	4-14-1987		-4.26		5.40		5.98		1.59		6.66		6.61		1.06		0.86
Class C (EKSCX)	2-1-1993		-0.02		5.89		5.82		0.98		5.89		5.82		1.81		1.61
Class R6 (EKSRX)3	7-31-2018		–		–		–		2.25		7.12		7.04		0.63		0.43
Administrator Class (EKSDX)	7-30-2010		–		–		–		1.89		6.79		6.79		0.98		0.78
Institutional Class (EKSYX)	1-13-1997		–		–		–		1.98		7.04		7.00		0.73		0.53
Diversified Income Builder Blended Index4	–		–		–		–		6.39		8.79		8.29		–		–
ICE BofA U.S. Cash Pay High Yield Index5	–		–		–		–		2.35		6.61		6.26		–		–
Russell 1000® Index6	–		–		–		–		16.01		14.09		13.76		–		–

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 7.

6  |  Wells Fargo Diversified Income Builder Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁷

^‡  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 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  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. 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.

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. You cannot invest directly in an index.

⁵  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.

⁶  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.

⁷  The chart compares the performance of Class A shares for the most recent ten years with the Diversified Income Builder Blended Index, ICE BofA U.S. Cash Pay High Yield Index, and the Russell 1000^® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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

⁹  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index.

¹⁰  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.

¹¹  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.

Wells Fargo Diversified Income Builder Fund  |  7

Performance highlights (unaudited)

¹²  The Bloomberg Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

¹³  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.

¹⁴  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.

8  |  Wells Fargo Diversified Income Builder Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund underperformed its benchmark, the Diversified Income Builder Blended Index, for the 12-month period that ended September 30, 2020.

∎ The Fund’s equity selection in information technology (IT) was the main detractor from performance. An overweight to the energy sector also detracted from performance.

∎ The Fund’s high-yield allocation outperformed the bond index from an underweight to energy companies.

Equity markets posted more-than-decent gains during the 12-month period, despite the sharp sell-off in the first quarter. After a relatively quiet start to the year, mounting fears of the rapid spread of the coronavirus and the economic impact of shutdowns in the U.S. and across the globe sent markets reeling in February and March. In fact, markets experienced their fastest bear market in history. The subsequent recovery, which picked up steam in the second quarter, was just as remarkable. After a miserable first quarter, equity markets posted their strongest second-quarter gains in more than 20 years. During the 12-month period as a whole, U.S. equity markets—as measured by the S&P 500 Index⁸—rose by 15.15%. International equity returns, meanwhile, were slightly muted. The MSCI ACWI (Net)⁹—a measure of international developed and emerging market stocks—gained 10.44% during the same period. The MSCI EM Index (Net)¹⁰ was up 10.54%.

Longer-duration U.S. government bond prices rose sharply amid a precipitous decline in yields. For the 12-month period, the yield on 30-year U.S. Treasury bonds fell by 0.65%, from 2.11% to 1.46%, while yields on 10-year U.S. Treasury notes fell by 0.98%, from 1.67% to 0.69%. The Bloomberg Barclays U.S. Treasury Index¹¹, a broad measure of U.S. Treasury notes and bonds, gained 8.04% during the 12-month period, while the Bloomberg Barclays 20+ Year U.S. Treasury Index¹² returned 16.62%. U.S. high-yield bonds were up 2.33% while high-yield municipal bonds gained 2.60%.

Ten largest holdings (%) as of September 30, 202013
TTM Technologies Incorporated, 5.63%, 10-1-2025	2.83
Koppers Incorporated, 6.00%, 2-15-2025	2.24
Installed Building Company, 5.75%, 2-1-2028	2.15
Iron Mountain Incorporated, 4.88%, 9-15-2027	2.06
Tronox Finance plc, 5.75%, 10-1-2025	1.99
Cheniere Corpus Christi Holdings LLC, 5.13%, 6-30-2027	1.78
HCA Incorporated, 5.38%, 2-1-2025	1.75
Valvoline Incorporated, 4.38%, 8-15-2025	1.73
AMN Healthcare Incorporated, 5.13%, 10-1-2024	1.61
Ball Corporation, 2.88%, 8-15-2030	1.58

Diversification continued to deliver.

In the third quarter of 2020, we removed the master limited partnership (MLP) holdings. Given the reduction in overall number of MLP securities, this asset class has become too concentrated to warrant its continued place in our allocation mix. We also decreased our emerging market equity exposure. Our current allocation helped maintain the portfolio’s overall yield while providing diversification. U.S. high-yield, high-yield municipal, securitized, and contingent convertible bonds all had positive performance for the trailing one-year period. High-yield holdings added to performance as higher-quality companies outperformed the lower-quality firms in the portfolio.

Portfolio composition as of September 30, 2020¹⁴

Within equities, the global equity allocation detracted from Fund performance due to selection in the poorly performing energy sector. This strategy is also tilted toward value stocks during a period of outperformance for growth stocks. Emerging market holdings also detracted from performance on global trade fears and a stronger dollar.

Looking ahead, the team is cautiously optimistic.

Our macroeconomic outlook is best defined as cautious optimism. There is such a massive amount of uncertainty surrounding the virus, as well as the upcoming U.S. elections, that this view is subject to change, and quickly. On the positive side of the ledger, coordinated global policy action has released trillions of dollars into the market, which is one reason we believe it is unlikely that we will hit the March 2020 market lows again. From an investor psychology aspect, we

Please see footnotes on page 7-8.

Wells Fargo Diversified Income Builder Fund  |  9

Performance highlights (unaudited)

suspect that even if a significant second wave of the coronavirus strikes, the economy now has a path to follow forward and that markets should not behave as negatively as they did in March. However, the “easy money” off the low may have been realized. The upside from here should be limited. We have moved from a “beta-driven” (risk embracing and broadly positive) market recovery to more of a sector- and issuer-driven market. Market participants went from fear of recession to the reality of recession faster than at any other time in history. We find it reasonable to conclude that the recovery should be in proportion to the decline.

We will continue to monitor the situation very carefully and stand ready to adjust exposures as needed.

10  |  Wells Fargo Diversified Income Builder Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,145.35	$	4.56		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.30		0.85	%
Class C
Actual	$	1,000.00	$	1,140.51	$	8.58		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.08		1.60	%
Class R6
Actual	$	1,000.00	$	1,149.89	$	2.26		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
Administrator Class
Actual	$	1,000.00	$	1,147.59	$	4.15		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.21	$	3.90		0.77	%
Institutional Class
Actual	$	1,000.00	$	1,147.09	$	2.80		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		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).

Wells Fargo Diversified Income Builder Fund  |  11

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 1.60%
Avis Budget Rental Car Funding Series 2019-2A Class C 144A		4.24	%		9-22-2025	$	2,000,000	$	2,048,978
Chesapeake Funding II LLC Series 2018-1A Class D 144A		3.92			4-15-2030		1,980,000		1,999,498
Hertz Vehicle Financing LLC Series 2019-1A Class B 144A		4.10			3-25-2023		1,380,000		1,372,816
Santander Retail Auto Lease Trust Series 2019-A Class D 144A		3.66			5-20-2024		2,000,000		2,061,244
SoFi Consumer Loan Program Trust Series 2019-2 Class C 144A		3.46			4-25-2028		2,000,000		2,044,294
Total Asset-Backed Securities (Cost $9,388,947)									9,526,830
						Shares
Common Stocks: 20.12%
Communication Services: 1.03%
Diversified Telecommunication Services: 0.22%
Bharti Infratel Limited							23,667		56,366
China Telecom Corporation Limited Class H							264,000		79,318
Hellenic Telecommunications Organization SA							3,922		56,486
PT Telekomunikasi Indonesia Persero Tbk							399,100		68,910
Verizon Communications Incorporated #							17,743		1,055,531
									1,316,611
Entertainment: 0.24%
Netease Incorporated							8,725		156,653
NetEase Incorporated ADR #							1,576		716,560
Nintendo Company Limited							1,000		566,691
									1,439,904
Interactive Media & Services: 0.21%
Alphabet Incorporated Class A †#							539		789,958
Facebook Incorporated Class A †#							1,718		449,944
									1,239,902
Media: 0.07%
Eutelsat Communications SA							44,554		433,941
Wireless Telecommunication Services: 0.29%
Advanced Info Service PCL							8,400		45,208
America Movil SAB de CV ADR							4,495		56,143
China Mobile Limited							106,104		681,111
KDDI Corporation							27,016		679,494
Mobile TeleSystems PJSC ADR							9,438		82,394
MTN Group Limited							15,221		51,069
SK Telecom Company Limited							549		111,601
									1,707,020
Consumer Discretionary: 1.26%
Auto Components: 0.01%
Minth Group Limited							18,000		78,601
Automobiles: 0.05%
Geely Automobile Holdings Limited							47,000		94,283
Hero Motorcorp Limited							1,808		77,172
Kia Motors Corporation							3,686		147,816
									319,271

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

12  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Hotels, Restaurants & Leisure: 0.01%
Sands China Limited		12,400	$	48,065
Household Durables: 0.26%
Gree Electric Appliances Incorporated		14,400		113,380
Midea Group Company Limited Class A		23,499		251,858
Pulte Group Incorporated #		12,795		592,281
Suofeiya Home Collection Company Limited Class A		17,399		67,633
The Berkeley Group Holdings plc		9,394		512,092
				1,537,244
Internet & Direct Marketing Retail: 0.42%
Alibaba Group Holding Limited ADR †		15,300		561,680
Amazon.com Incorporated †#		330		1,039,081
eBay Incorporated #		13,476		702,100
Naspers Limited		1,075		189,871
				2,492,732
Leisure Products: 0.01%
Giant Manufacturing Company Limited		3,000		28,426
Multiline Retail: 0.14%
Detsky Mir PJSC		37,700		56,908
Target Corporation #		4,911		773,090
				829,998
Specialty Retail: 0.34%
Best Buy Company Incorporated #		6,242		694,672
China Yongda Automobile Service Holding Company		87,000		103,872
Chow Tai Fook Jewellery Company Limited		79,000		103,329
Jarir Marketing Company		1,308		65,483
Petrobras Distribuidora SA		16,700		59,920
The Home Depot Incorporated #		3,633		1,008,920
				2,036,196
Textiles, Apparel & Luxury Goods: 0.02%
Topsports International Holdings Limited 144A		87,000		120,952
Consumer Staples: 0.85%
Beverages: 0.02%
Thai Beverage plc		200,300		89,119
Food & Staples Retailing: 0.28%
Koninklijke Ahold Delhaize NV		22,308		659,378
Magnit PJSC		911		58,203
Walmart de Mexico SAB de CV		28,900		69,154
Walmart Incorporated #		5,964		834,423
Yonghui Superstores Company Limited		45,800		52,814
				1,673,972
Food Products: 0.38%
Inner Mongolia Yili Industrial Group Company Limited Class A		17,800		101,054
Lamb Weston Holdings Incorporated		15,000		994,050
Nestle SA		4,381		521,391
Tingyi Holding Corporation		54,000		95,617
WH Group Limited 144A		677,898		552,966
				2,265,078

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

Wells Fargo Diversified Income Builder Fund  |  13

Portfolio of investments—September 30, 2020

	Shares		Value
Household Products: 0.16%
Kimberly-Clark de Mexico SAB de CV Class A		36,177	$	57,166
The Procter & Gamble Company #		6,588		915,666
				972,832
Personal Products: 0.01%
Hengan International Group Company Limited		6,600		48,312
Energy: 0.28%
Oil, Gas & Consumable Fuels: 0.28%
Bharat Petroleum Corporation Limited		22,902		109,611
CNOOC Limited		100,000		96,188
ConocoPhillips #		11,034		362,357
Euronav NV		60,693		537,406
Hindustan Petroleum Corporation Limited		33,177		81,213
Lukoil PJSC ADR		821		47,438
NovaTek OAO Sponsored GDR		363		49,689
Valero Energy Corporation #		9,047		391,916
				1,675,818
Financials: 1.84%
Banks: 0.42%
China Construction Bank Class H		326,000		211,826
China Merchants Bank Company Limited H Shares		22,000		104,399
Citigroup Incorporated #		8,440		363,848
Credicorp Limited		369		45,752
ING Groep NV †		65,640		468,464
JPMorgan Chase & Company #		9,509		915,431
KB Financial Group Incorporated		3,292		106,002
National Commercial Bank		5,868		58,290
PKO Bank Polski SA †		12,848		70,515
PT Bank Rakyat Indonesia Tbk		253,800		52,068
Sberbank PJSC ADR		5,134		59,937
Standard Bank Group Limited		9,056		58,165
				2,514,697
Capital Markets: 0.60%
Ares Capital Corporation #		34,572		482,279
Artisan Partners Asset Management Incorporated Class A #		16,777		654,135
B3 Brasil Bolsa Balcao SA		10,000		97,954
Banco BTG Pactual SA		7,701		99,898
Bangkok Commercial Asset Management PCL		70,200		43,865
BlackRock Incorporated #		1,260		710,073
Bursa Malaysia Bhd		28,100		57,443
CITIC Securities Company Limited Class H		59,000		132,699
Hong Kong Exchanges & Clearing Limited		2,600		122,391
Intermediate Capital Group		30,159		463,841
Morgan Stanley #		14,317		692,227
				3,556,805
Consumer Finance: 0.03%
Manappuram Finance Limited		72,886		156,442
Diversified Financial Services: 0.17%
ORIX Corporation		32,000		399,688

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

14  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Diversified Financial Services (continued)
Plus500 Limited		29,590	$	598,139
				997,827
Insurance: 0.45%
China Life Insurance Company Class H		35,000		79,344
Chubb Limited		20,000		2,322,400
Ping An Insurance Group Company Class H		21,900		227,341
Samsung Fire & Marine Insurance		550		85,681
				2,714,766
Mortgage REITs: 0.17%
AGNC Investment Corporation #		37,267		518,384
New Residential Investment Corporation #		59,294		471,387
				989,771
Health Care: 3.47%
Biotechnology: 0.70%
AbbVie Incorporated #		26,900		2,356,171
Alexion Pharmaceuticals Incorporated †		10,000		1,144,300
Amgen Incorporated #		2,603		661,578
				4,162,049
Health Care Equipment & Supplies: 1.40%
Abbott Laboratories		45,000		4,897,350
Becton Dickinson & Company		8,000		1,861,440
Danaher Corporation		7,000		1,507,310
Top Glove Corporation Bhd		32,300		64,762
				8,330,862
Health Care Providers & Services: 0.36%
CVS Health Corporation #		11,833		691,047
McKesson Corporation		5,000		744,650
Sinopharm Group Company Limited Class H		46,000		97,207
UnitedHealth Group Incorporated #		2,027		631,958
				2,164,862
Life Sciences Tools & Services: 0.37%
Thermo Fisher Scientific Incorporated		5,000		2,207,600
Pharmaceuticals: 0.64%
Bristol-Myers Squibb Company #		21,549		1,299,189
GlaxoSmithKline plc		25,266		473,674
Johnson & Johnson #		4,870		725,046
Roche Holding AG		1,904		652,197
Sanofi SA		6,441		645,464
				3,795,570
Industrials: 2.24%
Aerospace & Defense: 0.55%
Curtiss-Wright Corporation		10,000		932,600
Huntington Ingalls Industries Incorporated		8,000		1,126,000
Raytheon Technologies Corporation		21,013		1,209,088
				3,267,688

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

Wells Fargo Diversified Income Builder Fund  |  15

Portfolio of investments—September 30, 2020

	Shares		Value
Construction & Engineering: 0.10%
China Communications Services Corporation Limited Class H		76,000	$	44,867
Cury Construtora e Incorporadora SA †		52,109		100,211
Obayashi Corporation		50,722		463,056
				608,134
Electrical Equipment: 0.41%
AMETEK Incorporated		15,000		1,491,000
Nari Technology Company Limited		29,700		86,347
Schneider Electric SE		6,679		830,192
				2,407,539
Industrial Conglomerates: 0.14%
Honeywell International Incorporated #		5,077		835,725
Machinery: 0.72%
Cummins Incorporated #		3,454		729,347
IDEX Corporation		9,000		1,641,690
John Bean Technologies Corporation		20,000		1,837,800
Weichai Power Company Limited Class H		50,000		101,173
				4,310,010
Road & Rail: 0.22%
TFI International Incorporated		11,601		485,107
Union Pacific Corporation #		4,059		799,095
				1,284,202
Trading Companies & Distributors: 0.09%
BOC Aviation Limited 144A		12,100		82,910
Brenntag AG		7,171		455,945
				538,855
Transportation Infrastructure: 0.01%
China Merchants Port Holdings Company Limited		74,000		76,016
Information Technology: 5.95%
Electronic Equipment, Instruments & Components: 1.15%
Amphenol Corporation Class A		25,000		2,706,750
Corning Incorporated		80,000		2,592,800
Delta Electronics Incorporated		10,000		65,664
FLIR Systems Incorporated		22,000		788,700
Hon Hai Precision Industry Company Limited		42,600		114,531
Keysight Technologies Incorporated †#		5,757		568,676
				6,837,121
IT Services: 0.68%
Adyen NV 144A†		278		512,766
Infosys Limited ADR		13,955		192,719
Leidos Holdings Incorporated #		36,057		3,214,482
Tech Mahindra Limited		10,424		112,189
				4,032,156
Semiconductors & Semiconductor Equipment: 1.94%
ASE Technology Holding Company Limited		28,000		57,649
ASM Pacific Technology		6,900		70,636

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

16  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
ASML Holding NV		1,961	$	724,340
Broadcom Incorporated		10,000		3,643,200
KLA Corporation #		3,577		693,008
Mediatek Incorporated		6,000		127,134
Microchip Technology Incorporated		9,000		924,840
NVIDIA Corporation #		1,005		543,926
QUALCOMM Incorporated #		5,579		656,537
Realtek Semiconductor Corporation		5,000		64,092
SK Hynix Incorporated		1,757		125,947
Taiwan Semiconductor Manufacturing Company Limited		59,000		887,600
Taiwan Semiconductor Manufacturing Company Limited ADR #		9,696		786,055
Texas Instruments Incorporated #		15,615		2,229,666
				11,534,630
Software: 1.48%
Adobe Incorporated †		5,000		2,452,150
Microsoft Corporation #		12,660		2,662,778
SAP SE		3,162		492,381
Synopsys Incorporated †		15,000		3,209,700
				8,817,009
Technology Hardware, Storage & Peripherals: 0.70%
Advantech Company Limited		10,000		101,193
Apple Incorporated #		12,187		1,411,376
Lenovo Group Limited		882,000		583,145
Quanta Computer Incorporated		34,000		89,282
Samsung Electronics Company Limited		10,276		510,143
Samsung Electronics Company Limited GDR 144A		588		745,539
Western Digital Corporation		20,000		731,000
				4,171,678
Materials: 0.83%
Chemicals: 0.26%
Akzo Nobel NV		5,281		533,753
Lomon Billions Group Company Limited		27,500		94,531
LyondellBasell Industries NV Class A #		6,135		432,456
Valvoline Incorporated #		24,028		457,493
Wanhua Chemical Group Company Limited Class A		5,300		54,273
				1,572,506
Construction Materials: 0.07%
China Resources Cement Holdings Limited		320,000		439,920
Metals & Mining: 0.48%
Barrick Gold Corporation		27,832		781,733
Fortescue Metals Group Limited		58,711		689,738
Gold Fields Limited ADR		7,292		89,619
MMC Norilsk Nickel PJSC		315		76,082
Polymetal International plc		4,418		96,265
POSCO		687		115,013
Rio Tinto plc		12,371		744,393
Southern Copper Corporation		1,548		70,078
Vale SA		16,100		169,460
				2,832,381

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

Wells Fargo Diversified Income Builder Fund  |  17

Portfolio of investments—September 30, 2020

						Shares		Value
Paper & Forest Products: 0.02%
Nine Dragons Paper Holdings Limited							77,000	$	97,215
Real Estate: 0.88%
Equity REITs: 0.73%
Crown Castle International Corporation							20,000		3,330,000
Embassy Office Parks REIT							22,000		107,946
Saul Centers Incorporated							35,000		930,300
									4,368,246
Real Estate Management & Development: 0.15%
China Merchants Shekou Industrial Zone Holdings Company Limited Class A							25,100		56,139
China Resources Land Limited							37,350		170,347
Logan Property Holdings Company Limited							350,442		557,620
Shimao Property Holding Limited							27,500		114,728
									898,834
Utilities: 1.49%
Electric Utilities: 0.41%
American Electric Power Company Incorporated							22,000		1,798,060
Red Eléctrica de Espana SA							34,906		654,674
									2,452,734
Gas Utilities: 0.30%
Atmos Energy Corporation							10,000		955,900
ENN Energy Holdings Limited							10,400		114,122
Kunlun Energy Company Limited							140,000		92,445
Mahanagar Gas Limited							6,911		78,005
National Fuel Gas Company #							13,171		534,611
									1,775,083
Independent Power & Renewable Electricity Producers: 0.18%
Drax Group plc							199,181		683,816
Vistra Energy Corporation							20,000		377,200
									1,061,016
Multi-Utilities: 0.60%
CMS Energy Corporation							30,000		1,842,300
DTE Energy Company							15,000		1,725,600
									3,567,900
Total Common Stocks (Cost $95,955,806)									119,731,843
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 52.31%
Consumer Discretionary: 4.21%
Auto Components: 2.06%
Dana Holding Corporation		5.50	%		12-15-2024	$	3,925,000		4,003,500
Speedway Motors Incorporated 144A		4.88			11-1-2027		3,000,000		2,879,100
Tenneco Incorporated		5.00			7-15-2026		7,250,000		5,365,000
									12,247,600

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

18  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Household Durables: 2.15%
Installed Building Company 144A		5.75	%		2-1-2028	$	12,140,000	$	12,777,350
Consumer Staples: 2.44%
Food Products: 2.44%
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		9,000,000		9,382,500
Post Holdings Incorporated 144A		5.00			8-15-2026		5,000,000		5,125,000
									14,507,500
Energy: 1.78%
Oil, Gas & Consumable Fuels: 1.78%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		9,500,000		10,577,344
Financials: 2.06%
Banks: 1.66%
Allied Irish Banks plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +7.34%) ±		7.38			12-29-2049		1,500,000		1,763,177
Citigroup Incorporated (U.S. SOFR +3.23%) ±(s)		4.70			1-30-2025		1,000,000		966,250
Citizens Financial Group (5 Year Treasury Constant Maturity +5.31%) ±(s)		5.65			10-6-2025		2,000,000		2,085,740
Fifth Third Bancorp (5 Year Treasury Constant Maturity +4.22%) ±(s)		4.50			9-30-2025		2,000,000		2,012,500
JPMorgan Chase & Company (U.S. SOFR +3.13%) ±(s)		4.60			2-1-2025		1,000,000		980,000
Truist Financial Corporation (5 Year Treasury Constant Maturity +4.61%) ±(s)		4.95			9-1-2025		2,000,000		2,105,000
									9,912,667
Consumer Finance: 0.18%
Discover Financial Services (5 Year Treasury Constant Maturity +5.78%) ±(s)		6.13			6-23-2025		1,000,000		1,057,800
Diversified Financial Services: 0.22%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2030		2,000,000		1,289,723
Health Care: 12.84%
Health Care Equipment & Supplies: 2.25%
Hologic Incorporated 144A		4.38			10-15-2025		7,000,000		7,157,500
Teleflex Incorporated		4.63			11-15-2027		1,984,000		2,088,160
Teleflex Incorporated		4.88			6-1-2026		4,000,000		4,130,000
									13,375,660
Health Care Providers & Services: 6.87%
AMN Healthcare Incorporated 144A		4.63			10-1-2027		1,350,000		1,383,750
AMN Healthcare Incorporated 144A		5.13			10-1-2024		9,335,000		9,556,706
Centene Corporation		3.38			2-15-2030		3,000,000		3,112,500
Centene Corporation		4.63			12-15-2029		7,000,000		7,550,620
Davita Incorporated 144A		4.63			6-1-2030		1,000,000		1,026,400
Emcompass Health Corporation		5.13			3-15-2023		2,000,000		2,010,000
HCA Incorporated		5.38			2-1-2025		9,500,000		10,402,500
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		5,700,000		5,812,803
									40,855,279
Health Care Technology: 0.88%
IQVIA Incorporated 144A		5.00			10-15-2026		5,000,000		5,225,000
Life Sciences Tools & Services: 1.42%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		5,075,000		5,341,438
Charles River Laboratories Incorporated 144A		4.25			5-1-2028		3,000,000		3,148,470
									8,489,908

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

Wells Fargo Diversified Income Builder Fund  |  19

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Pharmaceuticals: 1.42%
Catalent Pharma Solutions Incorporated 144A		4.88	%		1-15-2026	$	8,300,000	$	8,466,000
Industrials: 9.01%
Aerospace & Defense: 1.60%
Moog Incorporated 144A		4.25			12-15-2027		700,000		715,785
TransDigm Group Incorporated		6.38			6-15-2026		8,800,000		8,834,584
									9,550,369
Commercial Services & Supplies: 2.64%
ACCO Brands Corporation 144A		5.25			12-15-2024		5,000,000		5,118,750
Clean Harbors Incorporated 144A		5.13			7-15-2029		2,000,000		2,169,740
Northern Light Health		5.02			7-1-2036		1,000,000		1,062,113
South Nassau Communities Hospital Incorporated		4.65			8-1-2048		2,000,000		2,151,375
Stericycle Incorporated 144A		5.38			7-15-2024		5,000,000		5,192,250
									15,694,228
Construction & Engineering: 0.36%
Aecom Company		5.13			3-15-2027		2,000,000		2,160,240
Electrical Equipment: 0.50%
Resideo Funding Incorporated 144A		6.13			11-1-2026		3,000,000		2,955,000
Machinery: 2.36%
HD Supply Incorporated 144A		5.38			10-15-2026		8,100,000		8,505,000
SPX FLOW Incorporated 144A		5.88			8-15-2026		5,328,000		5,541,120
									14,046,120
Trading Companies & Distributors: 1.55%
WESCO Distribution Incorporated		5.38			6-15-2024		8,974,000		9,209,568
Information Technology: 5.31%
Communications Equipment: 1.05%
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		6,500,000		6,240,000
Electronic Equipment, Instruments & Components: 3.71%
MTS Systems Corporation 144A		5.75			8-15-2027		5,340,000		5,258,298
TTM Technologies Incorporated 144A		5.63			10-1-2025		16,495,000		16,824,900
									22,083,198
Technology Hardware, Storage & Peripherals: 0.55%
Western Digital Corporation		4.75			2-15-2026		3,000,000		3,240,000
Materials: 10.50%
Chemicals: 6.46%
Koppers Incorporated 144A		6.00			2-15-2025		13,150,000		13,330,813
Olin Corporation		5.13			9-15-2027		5,000,000		4,950,000
Olin Corporation		5.50			8-15-2022		5,500,000		5,623,750
Scotts Miracle-Gro Company		5.25			12-15-2026		4,000,000		4,265,000
Valvoline Incorporated		4.38			8-15-2025		10,000,000		10,287,500
									38,457,063
Containers & Packaging: 3.66%
Ball Corporation		2.88			8-15-2030		9,500,000		9,393,125
Ball Corporation		4.00			11-15-2023		1,000,000		1,061,500

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

20  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Containers & Packaging (continued)
Ball Corporation		5.00	%		3-15-2022	$	2,500,000	$	2,628,125
Berry Global Incorporated		5.13			7-15-2023		1,014,000		1,029,311
Sealed Air Corporation 144A		5.25			4-1-2023		4,650,000		4,905,750
Sealed Air Corporation 144A		5.50			9-15-2025		2,500,000		2,775,000
									21,792,811
Metals & Mining: 0.38%
Commercial Metals Company		4.88			5-15-2023		2,150,000		2,236,000
Real Estate: 3.88%
Equity REITs: 3.88%
Iron Mountain Incorporated 144A		4.88			9-15-2027		12,000,000		12,237,150
Sabra Health Care LP/Sabra Capital Corporation		3.90			10-15-2029		4,175,000		4,064,515
SBA Communications Corporation 144A		3.88			2-15-2027		6,650,000		6,749,750
									23,051,415
Utilities: 0.28%
Electric Utilities: 0.28%
NRG Energy Incorporated 144A		5.25			6-15-2029		1,550,000		1,685,625
Total Corporate Bonds and Notes (Cost $305,980,166)									311,183,468
						Shares
Exchange-Traded Funds: 1.54%
Industrial Select Sector SPDR ETF							118,835		9,147,918
Total Exchange-Traded Funds (Cost $9,271,744)									9,147,918
						Principal
Foreign Corporate Bonds and Notes: 2.30%
Financials: 2.30%
Banks: 2.30%
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) ±(s)		4.75			9-22-2027	EUR	3,000,000		3,526,143
Banco Santander SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +4.53%) ±(s)		4.38			1-14-2026	EUR	3,000,000		3,174,408
Bankia SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.22%) ±(s)		6.38			9-19-2023	EUR	3,000,000		3,593,008
Cooperatieve Rabobank UA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.70%) ±(s)		6.63			6-29-2021	EUR	2,800,000		3,381,345
Total Foreign Corporate Bonds and Notes (Cost $13,242,906)									13,674,904
Municipal Obligations: 3.08%
California: 0.47%
Education Revenue: 0.37%
California School Finance Authority Charter School 144A		4.25			7-1-2025	$	935,000		919,002
California School Finance Authority Charter School 144A		5.00			6-15-2031		1,350,000		1,292,774
									2,211,776
Health Revenue: 0.10%
California Municipal Finance Authority Series 2019B 144A		4.25			11-1-2023		610,000		607,719
									2,819,495

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

Wells Fargo Diversified Income Builder Fund  |  21

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Colorado: 0.08%
Health Revenue: 0.08%
Denver CO Health & Hospital Authority Series B		5.15	%		12-1-2026	$	445,000	$	479,821
Florida: 0.27%
Education Revenue: 0.27%
Capital Trust Agency Renaissance Charter School Project Series B 144A		5.63			6-15-2023		590,000		591,156
Florida HEFAR Jacksonville University Project Series A2 144A		5.43			6-1-2027		1,000,000		1,008,720
									1,599,876
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		490,210
Guam: 0.11%
Airport Revenue: 0.11%
Guam Port Authority Series C		3.78			7-1-2021		635,000		641,998
Illinois: 0.53%
Miscellaneous Revenue: 0.53%
Chicago IL Board of Education Taxable Build America Bonds Series E		6.04			12-1-2029		1,255,000		1,294,771
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		1,825,000		1,846,170
									3,140,941
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		489,245
Iowa: 0.20%
GO Revenue: 0.20%
Coralville IA Series C		5.00			5-1-2030		1,200,000		1,190,580
Louisiana: 0.17%
Health Revenue: 0.17%
Louisiana Local Government Environmental Facilities and Community Development Authority		5.75			1-1-2029		1,000,000		987,030
New Jersey: 0.37%
Education Revenue: 0.18%
New Jersey Educational Facilities Authority Georgian Court University Series H		4.25			7-1-2028		1,000,000		1,067,540
Utilities Revenue: 0.19%
Newark NJ Redevelopment Area Public Service Electric & Gas Project 144A		4.49			12-1-2047		1,000,000		1,137,430
									2,204,970
New York: 0.23%
Education Revenue: 0.09%
Yonkers Economic Development Corporation Series 2019B		4.50			10-15-2024		545,000		534,607

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

22  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
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	$	321,064
Utilities Revenue: 0.09%
New York Energy Research & Development Authority Green Bond Series A		4.81			4-1-2034		500,000		521,365
									1,377,036
Oklahoma: 0.10%
Health Revenue: 0.10%
Oklahoma Development Finance Authority		5.45			8-15-2028		500,000		587,745
Tennessee: 0.16%
Tax Revenue: 0.16%
Bristol TN Industrial Development Board The Pinnacle Project Series A 144A		5.13			12-1-2042		1,000,000		944,680
Wisconsin: 0.23%
Education Revenue: 0.23%
PFA Burrell College of Osteopathic Medicine Project 144A		5.13			6-1-2028		1,360,000		1,396,217
Total Municipal Obligations (Cost $17,882,359)									18,349,844
Non-Agency Mortgage-Backed Securities: 1.63%
AFN LLC Series 2019-1A Class A2 144A		4.46			5-20-2049		1,000,000		995,130
Aqua Finance Trust Series 2019-A Class A 144A		3.14			7-16-2040		415,268		425,039
BCC Funding Corporation Series 2019-1A Class D 144A		3.94			7-20-2027		450,000		454,364
Capital Automotive Real Estate Services Series 1A Class A6 144A		3.81			2-15-2050		500,000		519,415
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class B		3.77			2-10-2048		2,524,616		2,636,477
CLI Funding LLC Series 2019-1A Class A 144A		3.71			5-18-2044		867,579		883,110
CLI Funding LLC Series 2019-1A Class B 144A		4.64			5-18-2044		475,439		472,427
Conn Funding II LP Series A Class A 144A		3.40			10-16-2023		243,498		243,962
Driven Brands Funding LLC Series 2019-2A Class A2 144A		3.98			10-20-2049		794,000		820,520
JPMorgan Mortgage Trust Series 2019-2 Class A3 144A±±		4.00			8-25-2049		423,151		435,336
Longtrain Leasing III LLC Series 2015-1A Class A2 144A		4.06			1-15-2045		980,190		1,010,981
Mosaic Solar Loans LLC Series 2019-2A Class A 144A		2.88			9-20-2040		190,522		201,433
Sequoia Mortgage Trust Series 2018-6 Class A19 144A±±		4.00			7-25-2048		567,244		576,637
Total Non-Agency Mortgage-Backed Securities (Cost $9,471,705)									9,674,831
	Dividend yield					Shares
Preferred Stocks: 0.06%
Energy: 0.01%
Oil, Gas & Consumable Fuels: 0.01%
Petroleo Brasil SP ADR		3.49					7,815		55,018
Financials: 0.02%
Banks: 0.02%
Banco Bradesco SA		11.19					14,854		51,339
Itaúsa Investimentos Itaú SA		7.36					38,600		60,485
									111,824

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

Wells Fargo Diversified Income Builder Fund  |  23

Portfolio of investments—September 30, 2020

	Dividend yield				Shares
Diversified Financial Services: 0.00%
Banco BTG Pactual SA		2.49	%			1,958	$	5,927
Information Technology: 0.03%
Technology Hardware, Storage & Peripherals: 0.03%
Samsung Electronics Company Limited		2.07				4,086		175,865
Total Preferred Stocks (Cost $365,961)								348,634
	Interest rate				Principal
Yankee Corporate Bonds and Notes: 9.97%
Financials: 7.36%
Banks: 4.14%
Barclays plc (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.84%) ±(s)		7.75		9-15-2023	$	2,160,000		2,231,928
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.90%) 144A±		7.88		12-29-2049		1,750,000		1,933,750
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +6.19%) 144A±		8.13		12-29-2049		1,750,000		2,056,250
Danske Bank AS (7 Year Treasury Constant Maturity +4.13%) ±(s)		7.00		6-26-2025		2,300,000		2,478,250
HSBC Holdings plc (USD ICE Swap Rate 11:00am NY 5 Y +4.37%) ±		6.38		12-29-2049		2,000,000		2,093,370
ING Groep NV (USD ICE Swap Rate 11:00am NY 5 Y +4.20%) ±(s)		6.75		4-16-2024		3,800,000		4,018,500
Lloyds Banking Group plc (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.76%) ±(s)		7.50		6-27-2024		3,665,000		3,843,669
Skandinaviska Enskilda Banken AB (5 Year Treasury Constant Maturity +3.46%) ±(s)		5.13		5-13-2025		2,000,000		2,032,500
Societe Generale SA (USD ICE Swap Rate 11:00am NY 5 Y +5.87%) 144A±(s)		8.00		9-29-2025		3,535,000		3,945,944
								24,634,161
Capital Markets: 0.61%
Credit Suisse Group AG (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.60%) 144A±		7.50		12-29-2049		2,395,000		2,610,550
Credit Suisse Group AG (5 Year Treasury Constant Maturity +4.89%) 144A±(s)		5.25		2-11-2027		1,000,000		1,002,000
								3,612,550
Diversified Financial Services: 2.61%
Tronox Finance plc 144A		5.75		10-1-2025		12,000,000		11,820,000
UBS Group Funding Switzerland AG (USD Swap Semi Annual (vs. 6 Month LIBOR) 5 Year +4.87%) ±(s)		7.00		2-19-2025		3,330,000		3,700,463
								15,520,463
Health Care: 1.08%
Pharmaceuticals: 1.08%
Bausch Health Companies Incorporated 144A		5.25		1-30-2030		6,550,000		6,453,453
Industrials: 0.68%
Electrical Equipment: 0.68%
Sensata Technologies BV 144A		5.63		11-1-2024		3,750,000		4,068,750
Information Technology: 0.68%
Technology Hardware, Storage & Peripherals: 0.68%
Seagate HDD 144A		4.09		6-1-2029		1,908,000		2,062,194
Seagate HDD		4.88		6-1-2027		1,761,000		1,971,763
								4,033,957

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

24  |  Wells Fargo Diversified Income Builder Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Materials: 0.17%
Chemicals: 0.17%
Methanex Corporation		5.13	%		10-15-2027	$	1,000,000	$	995,000
Total Yankee Corporate Bonds and Notes (Cost $57,132,751)									59,318,334
	Yield					Shares
Short-Term Investments: 4.11%
Investment Companies: 4.11%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.05					24,438,752		24,438,752
Total Short-Term Investments (Cost $24,438,752)									24,438,752

Total investments in securities (Cost $543,131,097)	96.72	%	575,395,358
Other assets and liabilities, net	3.28		19,519,326
Total net assets	100.00	%	$594,914,684

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.

Abbreviations:

ADR American depositary receipt

EUR Euro

GDR Global depositary receipt

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

LIBOR London Interbank Offered Rate

PFA Public Finance Authority

REIT Real estate investment trust

SOFR Secured Overnight Financing Rate

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		152		12-14-2020	$	18,155,187		$	18,026,250		$	0	$	(128,937	)
NASDAQ 100 E-Mini Index		56		12-18-2020		12,374,786			12,776,120			401,334		0
Short
Nikkei 225 Index CME		(111)		12-10-2020		(12,772,885	)		(12,934,275	)		0		(161,390	)
US Ultra Bond CBT		(111)		12-21-2020		(24,348,827	)		(24,621,188	)		0		(272,361	)
											$	401,334	$	(562,688	)

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

Wells Fargo Diversified Income Builder Fund  |  25

Portfolio of investments—September 30, 2020

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
11,884,430 USD	10,000,000 EUR	Citibank	12-31-2020	$	133,832	$	0

Written Options

Description	Number of contracts			Notional amount			Exercise price		Expiration date		Value
Call
iShares MSCI EAFE ETF		(565	)	$	(3,757,250	)	$	66.50		10-2-2020	$	(1,695	)
iShares MSCI Emerging Markets ETF		(374	)		(1,739,100	)		46.50		10-2-2020		(748	)
iShares MSCI Emerging Markets ETF		(1,105	)		(5,248,750	)		47.50		10-2-2020		(1,105	)
NASDAQ 100 Stock Index		(4	)		(4,990,000	)		12,475.00		10-2-2020		(800	)
Russell 2000 Index		(1	)		(159,500	)		1,595.00		10-2-2020		(55	)
iShares MSCI EAFE ETF		(291	)		(1,935,150	)		66.50		10-9-2020		(1,601	)
iShares MSCI Emerging Markets ETF		(682	)		(3,069,000	)		45.00		10-9-2020		(13,640	)
S&P 500 Index		(15	)		(5,535,000	)		3,690.00		10-9-2020		(488	)
S&P 500 Index		(9	)		(3,105,000	)		3,450.00		10-9-2020		(9,945	)
Dow Jones Industrial Average		(65	)		(1,852,500	)		285.00		10-16-2020		(10,368	)
iShares MSCI EAFE ETF		(491	)		(3,289,700	)		67.00		10-16-2020		(4,910	)
iShares MSCI Emerging Markets ETF		(915	)		(4,209,000	)		46.00		10-16-2020		(9,150	)
NASDAQ 100 Stock Index		(1	)		(1,155,000	)		11,550.00		10-16-2020		(17,675	)
S&P 500 Index		(15	)		(5,422,500	)		3,615.00		10-16-2020		(3,713	)
S&P 500 Index		(8	)		(2,724,000	)		3,405.00		10-16-2020		(29,000	)
iShares MSCI EAFE ETF		(374	)		(2,412,300			64.50		10-23-2020		(33,099	)
iShares MSCI Emerging Markets ETF		(1,635	)		(7,357,500	)		45.00		10-23-2020		(85,835	)
NASDAQ 100 Stock Index		(1	)		(1,177,500	)		11,775.00		10-23-2020		(15,260	)
S&P 500 Index		(1	)		(359,000	)		3,590.00		10-23-2020		(590	)
S&P 500 Index		(13	)		(4,394,000	)		3,380.00		10-23-2020		(76,700	)
											$	(316,377	)

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:

	Value, beginning of period		Purchases		Shares proceeds			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	$	242,730,888	$	(238,167,981	)	$	0	$	0	$	234,742	$	24,438,752		4.11	%

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

26  |  Wells Fargo Diversified Income Builder Fund

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities, at value (cost $518,692,345)	$	550,956,606
Investments in affiliated securities, at value (cost $24,438,752)		24,438,752
Cash		13,824
Cash segregated at broker for futures contracts		2,760,534
Cash segregated at broker for forward foreign currency contracts		910,000
Receivable for investments sold		10,614,086
Receivable for Fund shares sold		322,814
Receivable for dividends and interest		5,694,554
Unrealized gains on forward foreign currency contracts		133,832
Receivable for daily variation margin on open futures contracts		439,389
Receivable for securities lending income, net		287
Prepaid expenses and other assets		273,796
Total assets		596,558,474
Liabilities
Payable for investments purchased		9,301
Payable for Fund shares redeemed		966,026
Overdraft due to custodian bank, foreign currency, at value (cost $104,636)		104,657
Written options, at value (premiums received $461,841)		316,377
Management fee payable		86,507
Administration fees payable		86,053
Distribution fee payable		72,165
Trustees’ fees and expenses payable		2,704
Total liabilities		1,643,790
Total net assets	$	594,914,684
Net assets consist of
Paid-in capital	$	612,403,270
Total distributable loss		(17,488,586	)
Total net assets	$	594,914,684
Computation of net asset value and offering price per share
Net assets – Class A	$	213,550,678
Shares outstanding – Class A1		35,879,888
Net asset value per share – Class A		$5.95
Maximum offering price per share – Class A2		$6.31
Net assets – Class C	$	115,928,689
Shares outstanding – Class C1		19,427,438
Net asset value per share – Class C		$5.97
Net assets – Class R6	$	2,604,634
Shares outstanding – Class R61		448,525
Net asset value per share – Class R6		$5.81
Net assets – Administrator Class	$	7,867,581
Shares outstanding – Administrator Class1		1,354,906
Net asset value per share – Administrator Class		$5.81
Net assets – Institutional Class	$	254,963,102
Shares outstanding – Institutional Class1		43,954,196
Net asset value per share – Institutional Class		$5.80

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.

Wells Fargo Diversified Income Builder Fund  |  27

Statement of operations—year ended September 30, 2020

Investment income
Interest	$	22,537,297
Dividends (net of foreign withholding taxes of $206,839)		6,373,071
Income from affiliated securities		234,742
Total investment income		29,145,110
Expenses
Management fee		3,642,901
Administration fees
Class A		495,491
Class C		274,841
Class R6		566
Administrator Class		12,666
Institutional Class		379,106
Shareholder servicing fees
Class A		589,129
Class C		326,830
Administrator Class		24,326
Distribution fee
Class C		980,500
Custody and accounting fees		108,169
Professional fees		65,006
Registration fees		100,349
Shareholder report expenses		100,635
Trustees’ fees and expenses		21,260
Interest expense		259
Other fees and expenses		48,544
Total expenses		7,170,578
Less: Fee waivers and/or expense reimbursements
Fund-level		(1,472,103	)
Class A		(6,960	)
Class C		(17	)
Net expenses		5,691,498
Net investment income		23,453,612
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(27,825,844	)
Futures contracts		928,543
Forward foreign currency contracts		(958,736	)
Written options		1,421,587
Net realized losses on investments		(26,434,450	)
Net change in unrealized gains (losses) on
Unaffiliated securities		3,443,013
Futures contracts		(260,045	)
Forward foreign currency contracts		(279,152	)
Written options		145,464
Net change in unrealized gains (losses) on investments		3,049,280
Net realized and unrealized gains (losses) on investments		(23,385,170	)
Net increase in net assets resulting from operations	$	68,442

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

28  |  Wells Fargo Diversified Income Builder Fund

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	23,453,612					$	25,931,305
Net realized losses on investments					(26,434,450	)					(23,328,410	)
Net change in unrealized gains (losses) on investments					3,049,280						22,911,044
Net increase in net assets resulting from operations					68,442						25,513,939
Distributions to shareholders from net investment income and net realized gains
Class A					(7,974,881	)					(19,291,628	)
Class C					(3,442,983	)					(11,757,683	)
Class R6					(73,583	)					(2,192	)
Administrator Class					(348,382	)					(2,015,528	)
Institutional Class					(11,069,027	)					(26,837,985	)
Total distributions to shareholders					(22,908,856	)					(59,905,016	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		8,052,563			48,385,274			15,741,839			94,086,277
Class C		3,953,049			23,706,227			6,522,568			38,947,259
Class R6		841,991			4,847,478			0			0
Administrator Class		355,491			2,049,792			729,093			4,244,341
Institutional Class		14,351,208			83,589,460			22,831,336			132,583,652
					162,578,231						269,861,529
Reinvestment of distributions
Class A		1,272,184			7,483,676			3,135,334			18,209,570
Class C		528,297			3,114,940			1,853,575			10,728,732
Class R6		12,784			72,670			0			0
Administrator Class		51,332			294,574			322,489			1,815,085
Institutional Class		1,568,325			8,983,878			3,849,831			21,832,218
					19,949,738						52,585,605
Payment for shares redeemed
Class A		(14,997,369	)		(86,951,189	)		(13,852,338	)		(82,279,885	)
Class C		(8,233,132	)		(47,960,287	)		(11,490,423	)		(68,292,199	)
Class R6		(410,302	)		(2,237,315	)		0			0
Administrator Class		(1,068,453	)		(6,052,620	)		(4,353,482	)		(24,635,205	)
Institutional Class		(24,780,617	)		(137,999,151	)		(28,099,288	)		(162,899,174	)
					(281,200,562	)					(338,106,463	)
Net decrease in net assets resulting from capital share transactions					(98,672,593	)					(15,659,329	)
Total decrease in net assets					(121,513,007	)					(50,050,406	)
Net assets
Beginning of period					716,427,691						766,478,097
End of period				$	594,914,684					$	716,427,691

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)

	Year ended September 30
CLASS A	2020			2019			2018			2017			2016
Net asset value, beginning of period		$6.06			$6.33			$6.42			$6.13			$5.71
Net investment income		0.21			0.22			0.21			0.20			0.20
Net realized and unrealized gains (losses) on investments		(0.12	)		0.02			(0.01	)		0.35			0.64
Total from investment operations		0.09			0.24			0.20			0.55			0.84
Distributions to shareholders from
Net investment income		(0.20	)		(0.23	)		(0.19	)		(0.22	)		(0.21	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)
Total distributions to shareholders		(0.20	)		(0.51	)		(0.29	)		(0.26	)		(0.42	)
Net asset value, end of period		$5.95			$6.06			$6.33			$6.42			$6.13
Total return1		1.59	%		4.51	%		3.23	%		9.16	%		15.39	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.05	%		1.04	%		1.05	%		1.08	%
Net expenses		0.85	%		0.85	%		0.90	%		1.05	%		1.08	%
Net investment income		3.50	%		3.75	%		3.34	%		3.29	%		3.55	%
Supplemental data
Portfolio turnover rate		39	%		43	%		50	%		29	%		38	%
Net assets, end of period (000s omitted)		$213,551			$251,673			$231,176			$220,977			$154,496

¹  Total return calculations do not include any sales charges.

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)

	Year ended September 30
CLASS C	2020			2019			2018			2017			2016
Net asset value, beginning of period		$6.07			$6.34			$6.44			$6.14			$5.72
Net investment income		0.17			0.18			0.17			0.16			0.16	1
Net realized and unrealized gains (losses) on investments		(0.11	)		0.02			(0.02	)		0.35			0.63
Total from investment operations		0.06			0.20			0.15			0.51			0.79
Distributions to shareholders from
Net investment income		(0.16	)		(0.19	)		(0.15	)		(0.17	)		(0.16	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)
Total distributions to shareholders		(0.16	)		(0.47	)		(0.25	)		(0.21	)		(0.37	)
Net asset value, end of period		$5.97			$6.07			$6.34			$6.44			$6.14
Total return2		0.98	%		3.71	%		2.32	%		8.51	%		14.51	%
Ratios to average net assets (annualized)
Gross expenses		1.82	%		1.80	%		1.79	%		1.80	%		1.83	%
Net expenses		1.60	%		1.60	%		1.65	%		1.80	%		1.83	%
Net investment income		2.75	%		2.99	%		2.59	%		2.54	%		2.80	%
Supplemental data
Portfolio turnover rate		39	%		43	%		50	%		29	%		38	%
Net assets, end of period (000s omitted)		$115,929			$140,722			$166,750			$165,513			$129,856

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

Wells Fargo Diversified Income Builder Fund  |  31

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			2019			20181
Net asset value, beginning of period		$5.91			$6.18			$6.17
Net investment income		0.22			0.24	2		0.02	2
Net realized and unrealized gains (losses) on investments		(0.09	)		0.03			0.02
Total from investment operations		0.13			0.27			0.04
Distributions to shareholders from
Net investment income		(0.23	)		(0.26	)		(0.03	)
Net realized gains		0.00			(0.28	)		0.00
Total distributions to shareholders		(0.23	)		(0.54	)		(0.03	)
Net asset value, end of period		$5.81			$5.91			$6.18
Total return3		2.25	%		5.07	%		0.71	%
Ratios to average net assets (annualized)
Gross expenses		0.64	%		0.61	%		0.64	%
Net expenses		0.42	%		0.42	%		0.41	%
Net investment income		3.89	%		4.17	%		2.31	%
Supplemental data
Portfolio turnover rate		39	%		43	%		50	%
Net assets, end of period (000s omitted)		$2,605			$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.

32  |  Wells Fargo Diversified Income Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$5.91			$6.19			$6.29			$6.00			$5.60
Net investment income		0.21	1		0.22	1		0.21	1		0.21	1		0.21	1
Net realized and unrealized gains (losses) on investments		(0.10	)		0.02			(0.01	)		0.34			0.61
Total from investment operations		0.11			0.24			0.20			0.55			0.82
Distributions to shareholders from
Net investment income		(0.21	)		(0.24	)		(0.20	)		(0.22	)		(0.21	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)
Total distributions to shareholders		(0.21	)		(0.52	)		(0.30	)		(0.26	)		(0.42	)
Net asset value, end of period		$5.81			$5.91			$6.19			$6.29			$6.00
Total return		1.89	%		4.52	%		3.21	%		9.45	%		15.45	%
Ratios to average net assets (annualized)
Gross expenses		0.99	%		0.97	%		0.96	%		0.97	%		1.00	%
Net expenses		0.77	%		0.77	%		0.81	%		0.90	%		0.90	%
Net investment income		3.57	%		3.77	%		3.40	%		3.51	%		3.72	%
Supplemental data
Portfolio turnover rate		39	%		43	%		50	%		29	%		38	%
Net assets, end of period (000s omitted)		$7,868			$11,916			$32,938			$41,975			$70,051

¹  Calculated based upon average shares outstanding

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

Wells Fargo Diversified Income Builder Fund  |  33

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			2019			2018			2017			2016
Net asset value, beginning of period		$5.91			$6.19			$6.28			$6.00			$5.59
Net investment income		0.22	1		0.24			0.23			0.24			0.23
Net realized and unrealized gains (losses) on investments		(0.11	)		0.01			(0.01	)		0.31			0.61
Total from investment operations		0.11			0.25			0.22			0.55			0.84
Distributions to shareholders from
Net investment income		(0.22	)		(0.25	)		(0.21	)		(0.23	)		(0.22	)
Net realized gains		0.00			(0.28	)		(0.10	)		(0.04	)		(0.21	)
Total distributions to shareholders		(0.22	)		(0.53	)		(0.31	)		(0.27	)		(0.43	)
Net asset value, end of period		$5.80			$5.91			$6.19			$6.28			$6.00
Total return		1.98	%		4.80	%		3.62	%		9.49	%		15.88	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.72	%		0.71	%		0.72	%		0.75	%
Net expenses		0.52	%		0.52	%		0.57	%		0.71	%		0.71	%
Net investment income		3.83	%		4.07	%		3.67	%		3.60	%		3.92	%
Supplemental data
Portfolio turnover rate		39	%		43	%		50	%		29	%		38	%
Net assets, end of period (000s omitted)		$254,963			$312,093			$335,589			$315,413			$124,116

¹  Calculated based upon average shares outstanding

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

34  |  Wells Fargo Diversified Income Builder 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 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 September 30, 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

Wells Fargo Diversified Income Builder Fund  |  35

Notes to financial statements

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.

36  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements

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 September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $545,338,539 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	39,636,039
Gross unrealized losses		(9,461,278	)
Net unrealized gains	$	30,174,761

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable loss
$(139,502)	$139,502

As of September 30, 2020, the Fund had capital loss carryforwards which consist of $20,392,779 in short-term capital losses and $29,814,193 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

Wells Fargo Diversified Income Builder Fund  |  37

Notes to financial statements

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	9,526,830	$	0	$	9,526,830
Common stocks
Communication services		3,150,530		2,986,848		0		6,137,378
Consumer discretionary		4,870,064		2,621,421		0		7,491,485
Consumer staples		2,870,459		2,178,854		0		5,049,313
Energy		754,273		921,545		0		1,675,818
Financials		7,417,633		3,512,675		0		10,930,308
Health care		18,727,639		1,933,304		0		20,660,943
Industrials		11,187,663		2,140,506		0		13,328,169
Information technology		30,008,363		5,384,231		0		35,392,594
Materials		2,000,839		2,941,183		0		4,942,022
Real estate		4,260,300		1,006,780		0		5,267,080
Utilities		7,233,671		1,623,062		0		8,856,733
Corporate bonds and notes		0		311,183,468		0		311,183,468
Exchange-traded funds		9,147,918		0		0		9,147,918
Foreign corporate bonds and notes		0		13,674,904		0		13,674,904
Municipal obligations		0		18,349,844		0		18,349,844
Non-agency mortgage-backed securities		0		9,674,831		0		9,674,831
Preferred stocks
Energy		55,018		0		0		55,018
Financials		117,751		0		0		117,751
Information technology		0		175,865		0		175,865
Yankee corporate bonds and notes		0		59,318,334		0		59,318,334
Short-term investments
Investment companies		24,438,752		0		0		24,438,752
		126,240,873		449,154,485		0		575,395,358
Futures contracts		401,334		0		0		401,334
Forward foreign currency contracts		0		133,832		0		133,832
Total assets	$	126,642,207	$	449,288,317	$	0	$	575,930,524
Liabilities
Futures contracts	$	562,688	$	0	$	0	$	562,688
Written options		0		316,377		0		316,377
Total liabilities	$	562,688	$	316,377	$	0	$	879,065

38  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements

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 year ended September 30, 2020, the Fund had no material 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 year ended September 30, 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

Wells Fargo Diversified Income Builder Fund  |  39

Notes to financial statements

Class C shares, 0.42% for Class R6 shares, 0.77% for Administrator Class shares, and 0.52% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2020, Funds Distributor received $36,797 from the sale of Class A shares and $497 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended September 30, 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 year ended September 30, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2020 were $248,095,761 and $343,245,884, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 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 year ended September 30, 2020 was as follows:

Options
Average number of contracts written		4,350
Futures contracts
Average notional balance on long futures	$	44,932,894
Average notional balance on short futures		39,177,231
Forward foreign currency contracts
Average contract amounts to buy	$	6,765,653
Average contract amounts to sell		29,595,343

40  |  Wells Fargo Diversified Income Builder Fund

Notes to financial statements

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 September 30, 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	$	0	*	Unrealized losses on futures contracts	$	272,361	*
Equity risk	Unrealized gains on futures contracts	$	401,334	*	Unrealized losses on futures contracts	$	161,390	*
Foreign currency risk	Unrealized gains on futures contracts		0	*	Unrealized losses on futures contracts		128,937	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		133,832		Unrealized losses on forward foreign currency contracts		0
Equity risk					Written options, at value		316,377
		$	535,166			$	879,065

* 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 September 30, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 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	$	(590,263	)	$	0		$	0	$	(590,263	)
Equity risk		4,454,640			0			1,421,587		5,876,227
Foreign currency risk		(2,935,834	)		(958,736	)		0		(3,894,570	)
	$	928,543		$	(958,736	)	$	1,421,587	$	1,391,394

	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Written options		Total
Interest rate risk	$	223,913		$	0		$	0	$	223,913
Equity risk		112,515			0			145,464		257,979
Foreign currency risk		(596,473	)		(279,152	)		0		(875,625	)
	$	(260,045	)	$	(279,152	)	$	145,464	$	(393,733	)

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

Wells Fargo Diversified Income Builder Fund  |  41

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 assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements		Collateral received1			Net amount of assets
Citibank	$	133,832	$	0	$	(133,832	)	$	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 $350,000,000 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 year ended September 30, 2020, the Fund had average borrowings outstanding of $15,988 at an average rate of 1.62% and paid interest in the amount of $259.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2020 and September 30, 2019 were as follows:

	Year ended September 30
	2020		2019
Ordinary income	$	22,908,856	$	33,578,334
Long-term capital gain		0		26,326,682

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$2,550,740	$30,175,084	$(50,206,972)

9. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

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.

42  |  Wells Fargo Diversified Income Builder Fund

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Diversified Income Builder Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

Wells Fargo Diversified Income Builder Fund  |  43

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 8.38% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2020.

Pursuant to Section 854 of the Internal Revenue Code, $3,571,851 of income dividends paid during the fiscal year ended September 30, 2020 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2020, $15,521,813 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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.

44  |  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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	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  |  45

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 (Emeritus), 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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.

46  |  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.

¹  Jeremy DePalma acts as Treasurer of 77 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.

Wells Fargo Diversified Income Builder Fund  |  47

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Diversified Income Builder Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Diversified Income Builder Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Adviser’s business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

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Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than the average investment performance of the Universe for the one-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the five- and ten-year periods ended March 31, 2020, and lower than the average investment performance of the Universe for the one- and three-year periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Diversified Income Builder Blended Index, for all periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Diversified Income Builder Blended Index, for all periods ended March 31, 2020.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark index for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s outperformance relative to the Universe over the longer time periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Wells Fargo Diversified Income Builder Fund  |  49

Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

50  |  Wells Fargo Diversified Income Builder Fund

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

Wells Fargo Diversified Income Builder Fund  |  51

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

52  |  Wells Fargo Diversified Income Builder Fund

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

Wells Fargo Diversified Income Builder Fund  |  53

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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-1020-00547 11-20

A226/AR226 09-20

Annual Report

September 30, 2020

Wells Fargo Income Plus Fund

(formerly 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	8
Fund expenses	12
Consolidated portfolio of investments	13
Consolidated financial statements
Consolidated statement of assets and liabilities	29
Consolidated statement of operations	30
Consolidated statement of changes in net assets	31
Consolidated financial highlights	32
Consolidated notes to financial statements	36
Report of independent registered public accounting firm	46
Other information	47
Appendix I	55
Appendix II	56

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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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 Income Plus Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Income Plus Fund for the 12-month period that ended September 30, 2020. Effective August 3, 2020, the Fund changed its name from the Wells Fargo Strategic Income Fund to the Wells Fargo Income Plus Fund.

Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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 Income Plus Fund

Letter to shareholders (unaudited)

confidence and purchasing managers’ 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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials

“The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Income Plus Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible

4  |  Wells Fargo Income Plus Fund

Letter to shareholders (unaudited)

vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

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

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.

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Fund approved a change to the Fund’s automatic conversion feature for Class C shares in order to shorten the required holding period from 10 to 8 years. As a result, on a monthly basis beginning November 5, 2020, Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis.

Please note that a shorter holding period may apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus for further information.

Wells Fargo Income Plus Fund  |  5

Letter to shareholders (unaudited)

Notice to Shareholders

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021, which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

6  |  Wells Fargo Income Plus Fund

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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

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Kauffman, CFA^®‡†

Jay Mueller, CFA^®‡†

Janet Rilling, CFA^®‡†

Michael Schueller, CFA^®‡†

Noah Wise, CFA^®‡

Average annual total returns (%) as of September 30, 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		0.37		3.37		1.89		4.60		4.22		2.44			1.10		0.92
Class C (WSICX)	1-31-2013		3.45		3.59		1.77		4.45		3.59		1.77			1.85		1.67
Administrator Class (WSIDX)	1-31-2013		–		–		–		4.72		4.33		2.57			1.04		0.77
Institutional Class (WSINX)	1-31-2013		–		–		–		4.96		4.55		2.76			0.77		0.62
Bloomberg Barclays U.S. Aggregate Bond Index3	–		–		–		–		6.98		4.18		3.46	*		–		–
Bloomberg Barclays U.S. Universal Bond Index4	–		–		–		–		6.68		4.49		3.65	*		–		–
ICE BofA 3-Month LIBOR Constant Maturity Index5	–		–		–		–		1.57		1.50		1.07	*		–		–

* Return is based on 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 9.

8  |  Wells Fargo Income Plus Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of September 30, 2020⁶

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

^†  Mr. Kauffman, Mr. Mueller, Miss Rilling, and Mr. Schueller became portfolio managers of the Fund on August 3, 2020.

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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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. 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. Effective August 17, 2020, the Fund replaced its performance benchmarks, the Bloomberg Barclays U.S. Universal Bond Index and the ICE BofA 3-Month LIBOR Constant Maturity Index, with the Bloomberg Barclays U.S. Aggregate Bond Index in order to better match the Fund’s investment strategy.

⁴  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.

⁵  The ICE BofA 3-Month LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having three months to maturity and with a coupon equal to the closing quote for three-month LIBOR. That issue is sold the following day (priced at a yield equal to the current-day closing three-month LIBOR) and is rolled into a new three-month instrument. The index, therefore, will always have a constant maturity equal to exactly three months. You cannot invest directly in an index. Copyright 2020. ICE Data Indices, LLC. All rights reserved.

⁶ The chart compares the performance of Class A shares since inception with the Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Universal Bond Index, and the ICE BofA 3-Month LIBOR Constant Maturity Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.00%.    

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 Income Plus Fund  |  9

Performance highlights (unaudited)

MANAGER’S DISCUSSION    

Effective August 3, 2020, Wells Fargo Strategic Income Fund was renamed the Wells Fargo Income Plus Fund. Four previous portfolio managers were removed from the Fund and four were added: Janet Rilling, CFA; Jay Mueller, CFA; Christopher Kauffman, CFA; and Michael Schueller, CFA. Noah Wise, CFA, remains as a lead manager on the Fund, maintaining his role leading asset allocation and in global credit selection. The Fund’s official benchmark also changed from the Bloomberg Barclays U.S. Universal Bond Index and the ICE BofA 3-Month LIBOR Constant Maturity Index to the Bloomberg Barclays U.S. Aggregate Bond Index on August 17, 2020.    

Fund highlights    

∎ The Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index for the 12-month period that ended September 30, 2020.     

∎ The Fund’s shorter duration posture compared with the Bloomberg Barclays U.S. Universal Bond Index detracted from performance, while the longer duration position relative to the ICE BofA 3-Month LIBOR Constant Maturity Index contributed to performance.     

∎ The Fund’s underweight to U.S. Treasuries was the biggest detractor relative to broad-based Bloomberg benchmarks, while a market value overweight to credit contributed. Holdings in European investment-grade and high-yield corporate bonds, asset-backed securities (ABS), collateralized loan obligations (CLOs), and emerging market bonds detracted slightly from benchmark-relative performance. However, most posted positive returns, contributing to outperformance versus the 3-Month LIBOR Index. U.S. high-yield bonds tended to underperform similar-duration Treasuries during the period and, despite posting positive returns, detracted from performance relative to the Bloomberg Barclays U.S. Universal Bond Index.

The coronavirus made a significant impact.    

After years of steady expansion, the U.S. economy received a traumatic shock in 2020 with the arrival of the coronavirus. Public reaction and government-ordered lockdowns resulted in a collapse in economic activity, with the second quarter of 2020 recording a nearly 10% drop in gross domestic product. Unemployment swiftly soared to double digits. Most areas of consumption declined precipitously. Travel and leisure services bore the brunt of the disruption. Spurred by a negative demand shock, prices for many goods declined during the March–April period, pushing most inflation indicators substantially lower.    

The Federal Reserve responded to the pandemic with a dramatic easing of monetary policy, setting overnight rate targets to near zero, as well as purchasing bonds for its own account. A host of credit support measures were put in place to improve the functioning of teetering financial markets. In their actions and rhetoric, the monetary authorities made it clear that an aggressive posture to support the economic and financial markets would be in place as long as needed.    

Ten largest holdings (%) as of September 30, 20207
Xtrackers USD High Yield Corporate Bond ETF	3.21
U.S. Treasury Note, 0.50%, 6-3-2027	2.51
VanEck Vectors J. P. Morgan EM Local Currency Bond ETF	1.82
Longtrain Leasing III LLC Series 2015-1A Class A2, 4.06%, 1-15-2045	1.06
GS Mortgage Security Trust Series 2014-GC22 Class AS, 4.11%, 6-10-2047	1.04
Transatlantic Holdings Incorporated, 8.00%, 11-30-2039	1.03
Hertz Fleet Lease Funding LP Series 2019-1 Class E, 4.62%, 1-10-2033	1.03
Verus Securitization Trust Series 2019-3 Class A2, 2.94%, 7-25-2059	0.99
Ellington Financial Mortgage Trust Series 2019-1 Class M1, 3.59%, 6-25-2059	0.99
GS Mortgage Security Trust Series 2018-LUAU Class B, 1.55%, 11-15-2032	0.97

Fiscal policy also responded swiftly to the pandemic in the form of relief payments to the general public as well as extended unemployment benefits. These measures more than offset the loss of income associated with unemployment increases and other wage losses for many people.

Economic activity bottomed in late April, and by the end of May both consumption and employment were turning around. Substantial job gains occurred while claims for unemployment insurance began to subside. Prices generally stabilized, with oil rallying from distressed levels and core inflation measures rebounding from their crisis lows. Stock indices hit new all-time highs over the course of the summer, while Treasury yields remained extremely low. Credit spreads, which widened sharply in the March–April period, narrowed substantially in the ensuing few months.

Please see footnotes on page 9.

10  |  Wells Fargo Income Plus Fund

Performance highlights (unaudited)

The Fund increased its overall allocation to high-yield sectors, including U.S. and European corporate bonds, and made reductions to investment-grade securitized sectors, including mortgages, CLOs, ABS, and commercial mortgage-backed securities.

Most of the additions came during the volatility experienced at the beginning of 2020 following coronavirus-related market disruptions and tended to focus on sectors not directly exposed to continuing business risk associated with the coronavirus. We added marginally to European high-yield securities and reduced investment-grade securitized sectors. We maintain a meaningful allocation to high-yield securities in general and have added credit opportunistically in the new issue investment-grade market, which has provided attractive entry points due to new issue concessions.    

Portfolio composition as of September 30, 2020⁸

As the period came to a close, generally speaking, relative value had deteriorated in emerging market credit as credit fundamentals continued to deteriorate. We continue to favor an allocation to U.S. credit, both investment grade and high yield, due to somewhat attractive valuations and the positive technical backdrop that has been historically supportive of the asset class. The current desire for U.S. high-yield exposure is more modest than when spreads were wider earlier in 2020. The lack of appetite for another widespread shutdown likely limits the degree of potential credit spread widening, and the market will likely look past deteriorating credit metrics and toward a recovery next year amid global policy support.     

Recovery and uncertainty.    

The outlook holds considerable uncertainty, as the ultimate resolution of the coronavirus pandemic remains unknown. Consumer behavior is likely to have been altered by the crisis, though lower consumption in some areas, such as travel and leisure, could well be offset by higher spending on housing, in-home entertainment, and the like. The upcoming U.S. elections present an additional source of uncertainty, with the potential for meaningful swings in tax, spending, and regulatory policies. Bearing in mind the higher-than-normal degree of uncertainty, we expect the present recovery to continue, albeit at a gradually declining pace, as pent-up demand is sated and lingering damage from the pandemic proves difficult to heal. We believe it could take a year or longer to make up for all the shortfall.    

We will implement our time-tested process and philosophy to attempt to capitalize on market dislocations. We maintain liquidity and dry powder, giving us ample flexibility to selectively add risk within the portfolio. In March and April 2020, we exploited market volatility through a number of tactical trades in sectors with significant dislocations, including an increase in high-yield exposure early in the quarter. Within emerging markets, we added modest exposure in longer-maturity credits that brought new issues at attractive discounts. While we continue to see value in certain pockets of risk markets, the quick rebound in spreads following dislocations in March, and the unknown pace of coronavirus-related economic disruptions, we continue to believe that security selection within asset classes, as well as a well-thought-out asset allocation, will be critical to portfolio management.

Please see footnotes on page 9.

Wells Fargo Income Plus Fund  |  11

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Consolidated expenses paid during the period1		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,123.56	$	4.78		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.55		0.90	%
Class C
Actual	$	1,000.00	$	1,126.60	$	8.80		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.80	$	8.34		1.65	%
Administrator Class
Actual	$	1,000.00	$	1,124.28	$	3.99		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,124.57	$	3.19		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		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).

12  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 6.29%
AmeriCredit Automobile Receivables Trust Series 2018-3 Class D		4.04	%		11-18-2024	$	1,100,000	$	1,162,782
Avis Budget Rental Car Funding LLC Series 2017-1A Class C 144A		4.15			9-20-2023		650,000		639,780
Bank of the West Auto Trust Series 2018-1 Class C 144A		3.98			5-15-2024		1,100,000		1,140,773
Chesapeake Funding II LLC Series 2017-3A Class C 144A		2.78			8-15-2029		800,000		804,729
Chesapeake Funding II LLC Series 2017-3A Class D 144A		3.38			8-15-2029		120,000		121,018
Chesapeake Funding II LLC Series 2017-4A Class D 144A		3.26			11-15-2029		400,000		399,306
Coinstar Funding LLC Series 2017-1A Class A2 144A		5.22			4-25-2047		1,078,763		1,023,400
DRB Prime Student Loan Trust Series 2017-C Class C 144A		3.29			11-25-2042		295,202		305,128
Hertz Fleet Lease Funding LP Series 2019-1 Class E 144A		4.62			1-10-2033		1,550,000		1,563,702
Hertz Vehicle Financing LLC Series 2015-3A Class B 144A		3.71			9-25-2021		750,000		752,044
SMB Private Education Loan Trust Series 2015-C Class C 144A		4.50			9-17-2046		290,000		314,917
SoFi Consumer Loan Program Trust Series 2018-1 Class C 144A		3.97			2-25-2027		700,000		709,563
SoFi Consumer Loan Program Trust Series 2018-4 Class D 144A		4.76			11-26-2027		300,000		309,257
SoFi Professional Loan Program LLC Series 2017-E Class B 144A		3.49			11-26-2040		300,000		313,356
Total Asset-Backed Securities (Cost $9,426,611)									9,559,755
						Shares
Common Stocks: 0.14%
Energy: 0.14%
Oil, Gas & Consumable Fuels: 0.14%
Denbury Incorporated †							11,919		209,779
Total Common Stocks (Cost $388,269)									209,779
						Principal
Corporate Bonds and Notes: 31.14%
Communication Services: 3.85%
Diversified Telecommunication Services: 0.28%
Cablevision Lightpath LLC 144A		5.63			9-15-2028	$	100,000		101,610
Consolidated Communications Incorporated 144A%%		6.50			10-1-2028		105,000		107,100
Level 3 Financing Incorporated 144A		3.63			1-15-2029		155,000		153,063
Level 3 Financing Incorporated		5.38			1-15-2024		60,000		60,552
									422,325
Interactive Media & Services: 0.02%
Match Group Incorporated 144A		4.13			8-1-2030		25,000		25,289
Media: 3.08%
Block Communications Incorporated 144A		4.88			3-1-2028		150,000		153,000
CCO Holdings LLC 144A		4.50			8-15-2030		175,000		183,758
Cinemark Incorporated		5.13			12-15-2022		250,000		222,500
Cinemark USA Incorporated		4.88			6-1-2023		500,000		427,500
CSC Holdings LLC 144A		4.13			12-1-2030		50,000		50,963
CSC Holdings LLC 144A		4.63			12-1-2030		200,000		200,946
CSC Holdings LLC 144A		6.50			2-1-2029		450,000		501,750
Diamond Sports Group LLC 144A		6.63			8-15-2027		75,000		39,000
Discovery Communications LLC		4.65			5-15-2050		860,000		980,613
Gray Television Incorporated 144A		5.13			10-15-2024		100,000		102,000
Gray Television Incorporated 144A		5.88			7-15-2026		150,000		155,625
Lamar Media Corporation 144A		4.00			2-15-2030		200,000		200,000
Nexstar Broadcasting Incorporated 144A		5.63			7-15-2027		150,000		157,343

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

Wells Fargo Income Plus Fund  |  13

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Media (continued)
Nexstar Broadcasting Incorporated 144A		4.75	%		11-1-2028	$	160,000	$	163,200
Nielsen Finance LLC 144A		5.88			10-1-2030		275,000		284,625
Outfront Media Capital Corporation 144A		4.63			3-15-2030		175,000		168,000
Outfront Media Capital Corporation 144A		5.00			8-15-2027		25,000		24,375
QVC Incorporated		4.75			2-15-2027		250,000		256,753
Salem Media Group Incorporated 144A		6.75			6-1-2024		175,000		151,375
Scripps Escrow Incorporated 144A		5.88			7-15-2027		125,000		120,625
The E.W. Scripps Company 144A		5.13			5-15-2025		150,000		146,625
									4,690,576
Wireless Telecommunication Services: 0.47%
Sprint Spectrum Company 144A		5.15			9-20-2029		65,000		76,538
T Mobile USA Incorporated 144A		4.50			4-15-2050		535,000		643,049
									719,587
Consumer Discretionary: 3.72%
Auto Components: 0.77%
Adient Global Holdings 144A		3.50			8-15-2024		515,000		555,507
Allison Transmission Incorporated 144A		4.75			10-1-2027		225,000		231,469
Allison Transmission Incorporated 144A		5.00			10-1-2024		150,000		151,509
Allison Transmission Incorporated 144A		5.88			6-1-2029		25,000		27,038
Clarios Global LP 144A		6.25			5-15-2026		200,000		209,710
									1,175,233
Automobiles: 0.37%
Ford Motor Company		4.75			1-15-2043		160,000		144,868
Ford Motor Company		7.45			7-16-2031		80,000		91,745
Ford Motor Company		9.00			4-22-2025		260,000		298,093
Ford Motor Company		9.63			4-22-2030		25,000		32,281
									566,987
Diversified Consumer Services: 0.19%
Carriage Services Incorporated 144A		6.63			6-1-2026		275,000		288,750
Hotels, Restaurants & Leisure: 1.07%
GLP Capital LP		4.00			1-15-2031		1,000,000		1,041,030
KFC Holding Company 144A		5.00			6-1-2024		250,000		256,325
Royal Caribbean Cruises		4.25			6-15-2023		250,000		291,734
Yum! Brands Incorporated 144A		7.75			4-1-2025		25,000		27,625
									1,616,714
Multiline Retail: 0.06%
Kohl’s Corporation		9.50			5-15-2025		75,000		88,487
Specialty Retail: 0.46%
Asbury Automotive Group Incorporated 144A		4.50			3-1-2028		22,000		22,138
Asbury Automotive Group Incorporated 144A		4.75			3-1-2030		110,000		110,825
Lithia Motors Incorporated 144A		4.63			12-15-2027		200,000		206,500
Penske Auto Group Incorporated		5.38			12-1-2024		150,000		152,327
Sonic Automotive Incorporated		6.13			3-15-2027		200,000		206,500
									698,290

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

14  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Textiles, Apparel & Luxury Goods: 0.80%
Levi Strauss & Company		5.00	%		5-1-2025	$	200,000	$	204,625
Tapestry Incorporated		4.13			7-15-2027		1,000,000		983,789
The William Carter Company 144A		5.50			5-15-2025		25,000		26,188
									1,214,602
Consumer Staples: 0.54%
Food & Staples Retailing: 0.33%
Walgreens Boots Alliance		4.10			4-15-2050		500,000		503,838
Food Products: 0.21%
Kraft Heinz Foods Company 144A		4.88			10-1-2049		305,000		321,229
Energy: 5.58%
Energy Equipment & Services: 0.64%
Bristow Group Incorporated		7.75			12-15-2022		125,000		119,388
Hilcorp Energy Company 144A		5.75			10-1-2025		175,000		158,375
NGPL PipeCo LLC 144A		7.77			12-15-2037		25,000		31,676
Oceaneering International Incorporated		6.00			2-1-2028		150,000		93,825
Pattern Energy Operations LP 144A		4.50			8-15-2028		300,000		311,250
USA Compression Partners LP		6.88			4-1-2026		250,000		247,813
									962,327
Oil, Gas & Consumable Fuels: 4.94%
Antero Midstream Partners LP 144A		5.75			1-15-2028		300,000		246,750
Apache Corporation		4.75			4-15-2043		100,000		88,840
Archrock Partners LP 144A		6.25			4-1-2028		25,000		23,563
Archrock Partners LP 144A		6.88			4-1-2027		300,000		288,063
Baker Hughes Holdings LLC		4.49			5-1-2030		750,000		853,325
Buckeye Partners LP		5.85			11-15-2043		100,000		92,635
Callon Petroleum Company		8.25			7-15-2025		278,000		75,060
Callon Petroleum Company		6.13			10-1-2024		75,000		21,375
Cheniere Energy Partners LP		4.50			10-1-2029		375,000		384,563
Cheniere Energy Partners LP		5.25			10-1-2025		100,000		102,300
Cheniere Energy Partners LP		5.63			10-1-2026		200,000		208,000
EnLink Midstream Partners LP		4.40			4-1-2024		25,000		22,518
EnLink Midstream Partners LP		5.05			4-1-2045		175,000		111,463
EnLink Midstream Partners LP		5.45			6-1-2047		362,000		226,923
EnLink Midstream Partners LP		5.60			4-1-2044		75,000		48,188
Enviva Partners LP 144A		6.50			1-15-2026		525,000		553,219
EQM Midstream Partners LP 144A		6.50			7-1-2027		25,000		26,501
EQT Corporation		1.75			5-1-2026		750,000		854,773
Murphy Oil Corporation		5.75			8-15-2025		155,000		135,218
Murphy Oil Corporation		5.88			12-1-2027		200,000		170,808
Occidental Petroleum Corporation		4.63			6-15-2045		200,000		144,524
Occidental Petroleum Corporation		6.20			3-15-2040		50,000		41,000
Occidental Petroleum Corporation		6.45			9-15-2036		520,000		442,010
Occidental Petroleum Corporation		6.60			3-15-2046		25,000		21,583
ONEOK Incorporated		7.15			1-15-2051		500,000		593,107
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		375,000		390,274
Southwestern Energy Company		7.75			10-1-2027		225,000		218,250
Sunoco Logistics Partner LP		5.40			10-1-2047		750,000		706,932
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		225,000		211,500
Western Midstream Operating LP		5.05			2-1-2030		50,000		48,746
Western Midstream Operating LP		5.30			3-1-2048		175,000		140,875
Western Midstream Operating LP		6.25			2-1-2050		25,000		23,156
									7,516,042

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

Wells Fargo Income Plus Fund  |  15

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Financials: 8.09%
Banks: 1.34%
Bank of America Corporation (3 Month LIBOR +4.55%) ±		6.30	%		12-29-2049	$	265,000	$	299,477
JPMorgan Chase & Company (U.S. SOFR +3.13%) ±(s)		4.60			2-1-2025		500,000		490,000
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15			12-29-2049		350,000		351,750
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ±		6.00			12-31-2049		100,000		102,500
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00			12-29-2049		250,000		263,925
Truist Financial Corporation (5 Year Treasury Constant Maturity +4.61%) ±(s)		4.95			9-1-2025		500,000		526,250
									2,033,902
Capital Markets: 0.66%
Bank of NY Mellon Corporation (5 Year Treasury Constant Maturity +4.36%) ±(s)		4.70			9-20-2025		185,000		196,285
Charles Schwab Corporation (5 Year Treasury Constant Maturity +4.97%) ±(s)		5.38			6-1-2025		750,000		812,663
									1,008,948
Consumer Finance: 1.72%
Aviation Capital Group LLC 144A		5.50			12-15-2024		500,000		515,778
Ford Motor Credit Company LLC		4.39			1-8-2026		175,000		173,003
Ford Motor Credit Company LLC		5.11			5-3-2029		275,000		282,563
Ford Motor Credit Company LLC		5.13			6-16-2025		25,000		25,781
General Motors Financial Company Incorporated (5 Year Treasury Constant Maturity +5.00%) ±(s)		5.70			9-30-2030		500,000		501,875
Harley Davidson Financial Services Company 144A		3.35			6-8-2025		750,000		784,414
Onemain Finance Corporation		5.38			11-15-2029		50,000		52,000
Onemain Finance Corporation		6.63			1-15-2028		225,000		249,705
Onemain Finance Corporation		7.13			3-15-2026		25,000		27,930
									2,613,049
Diversified Financial Services: 0.22%
LPL Holdings Incorporated 144A		4.63			11-15-2027		125,000		126,250
LPL Holdings Incorporated 144A		5.75			9-15-2025		200,000		207,237
									333,487
Insurance: 4.03%
AmWINS Group Incorporated 144A		7.75			7-1-2026		145,000		155,150
Athene Global Funding 144A		2.45			8-20-2027		1,000,000		1,026,785
Guardian Life Insurance Company 144A		4.85			1-24-2077		200,000		258,849
HUB International Limited 144A		7.00			5-1-2026		75,000		77,719
Lincoln National Corporation		7.00			6-15-2040		855,000		1,251,266
Markel Corporation (5 Year Treasury Constant Maturity +5.66%) ±(s)		6.00			6-1-2025		1,000,000		1,057,500
MetLife Incorporated		6.40			12-15-2066		200,000		248,567
OneAmerica Financial Partners Incorporated 144A		4.25			10-15-2050		130,000		131,580
Prudential Financial Incorporated (5 Year Treasury Constant Maturity +3.04%) ±		3.70			10-1-2050		270,000		275,481
Transatlantic Holdings Incorporated		8.00			11-30-2039		1,000,000		1,569,995
USI Incorporated 144A		6.88			5-1-2025		75,000		75,938
									6,128,830
Thrifts & Mortgage Finance: 0.12%
Ladder Capital Finance Holdings LP 144A		5.25			3-15-2022		25,000		24,508
Ladder Capital Finance Holdings LP 144A		4.25			2-1-2027		25,000		21,625
Ladder Capital Finance Holdings LP 144A		5.25			10-1-2025		150,000		138,938
									185,071

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

16  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Health Care: 1.91%
Health Care Equipment & Supplies: 0.05%
Hill-Rom Holdings Incorporated 144A		4.38	%		9-15-2027	$	75,000	$	77,621
Health Care Providers & Services: 1.54%
Community Health Systems Incorporated 144A		6.63			2-15-2025		250,000		241,850
Encompass Health Corporation		4.50			2-1-2028		75,000		75,375
Highmark Incorporated 144A		6.13			5-15-2041		850,000		1,082,313
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		125,000		128,438
MPT Operating Partnership LP		4.63			8-1-2029		250,000		260,118
Select Medical Corporation 144A		6.25			8-15-2026		125,000		130,000
Tenet Healthcare Corporation 144A		4.63			6-15-2028		25,000		25,211
Tenet Healthcare Corporation		5.13			5-1-2025		125,000		125,125
Tenet Healthcare Corporation		7.00			8-1-2025		100,000		102,930
Tenet Healthcare Corporation 144A		7.50			4-1-2025		50,000		53,875
Vizient Incorporated 144A		6.25			5-15-2027		105,000		109,988
									2,335,223
Health Care Technology: 0.32%
Change Healthcare Holdings Incorporated 144A		5.75			3-1-2025		275,000		278,438
IQVIA Incorporated 144A		5.00			5-15-2027		200,000		209,714
									488,152
Industrials: 3.08%
Aerospace & Defense: 0.89%
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		150,000		152,063
Signature Aviation US Holdings Incorporated 144A		4.00			3-1-2028		50,000		46,500
Signature Aviation US Holdings Incorporated 144A		5.38			5-1-2026		34,000		34,340
The Boeing Company		5.15			5-1-2030		1,000,000		1,120,246
									1,353,149
Airlines: 0.91%
Alaska Airlines 144A		4.80			2-15-2029		185,000		193,714
Delta Air Lines Incorporated		2.00			12-10-2029		800,000		772,947
Delta Air Lines Incorporated 144A		4.75			10-20-2028		150,000		155,625
Mileage Plus Holdings LLC 144A		6.50			6-20-2027		250,000		260,313
									1,382,599
Commercial Services & Supplies: 0.47%
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		50,000		51,500
Covanta Holding Corporation		6.00			1-1-2027		175,000		182,000
IAA Spinco Incorporated 144A		5.50			6-15-2027		200,000		208,250
KAR Auction Services Incorporated 144A		5.13			6-1-2025		275,000		274,995
									716,745
Industrial Conglomerates: 0.33%
General Electric Company		4.35			5-1-2050		500,000		508,731
Machinery: 0.18%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		150,000		160,500
Trimas Corporation 144A		4.88			10-15-2025		110,000		111,375
									271,875

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

Wells Fargo Income Plus Fund  |  17

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Trading Companies & Distributors: 0.20%
Fortress Transportation & Infrastructure Investors LLC 144A		6.50	%		10-1-2025	$	299,000	$	293,768
Fortress Transportation & Infrastructure Investors LLC 144A		9.75			8-1-2027		15,000		15,994
									309,762
Transportation Infrastructure: 0.10%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2027		200,000		145,660
Information Technology: 1.67%
Communications Equipment: 0.67%
CommScope Incorporated 144A		8.25			3-1-2027		100,000		104,000
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		47,000		47,637
Motorola Solutions Incorporated		5.50			9-1-2044		750,000		867,656
									1,019,293
Electronic Equipment, Instruments & Components: 0.34%
Jabil Incorporated		3.00			1-15-2031		500,000		510,119
IT Services: 0.20%
Cardtronics Incorporated 144A		5.50			5-1-2025		300,000		300,000
Software: 0.36%
Fair Isaac Corporation 144A		4.00			6-15-2028		150,000		154,688
Fair Isaac Corporation 144A		5.25			5-15-2026		50,000		55,500
NortonLifeLock Incorporated 144A		5.00			4-15-2025		150,000		153,515
SS&C Technologies Incorporated 144A		5.50			9-30-2027		175,000		185,976
									549,679
Technology Hardware, Storage & Peripherals: 0.10%
NCR Corporation 144A		5.75			9-1-2027		150,000		156,824
Materials: 0.72%
Chemicals: 0.17%
Valvoline Incorporated 144A		4.25			2-15-2030		250,000		255,000
Containers & Packaging: 0.35%
Berry Global Incorporated 144A		4.88			7-15-2026		50,000		52,438
Crown Americas Capital Corporation VI		4.75			2-1-2026		200,000		207,500
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		75,000		74,954
Flex Acquisition Company Incorporated 144A		7.88			7-15-2026		200,000		202,000
									536,892
Metals & Mining: 0.18%
Freeport-McMoRan Incorporated		4.13			3-1-2028		100,000		101,250
Novelis Corporation 144A		5.88			9-30-2026		175,000		179,813
									281,063
Paper & Forest Products: 0.02%
Clearwater Paper Corporation 144A		5.38			2-1-2025		25,000		26,203
Real Estate: 0.65%
Equity REITs: 0.65%
CoreCivic Incorporated		4.63			5-1-2023		225,000		213,750
SBA Communications Corporation 144A		3.88			2-15-2027		300,000		304,500

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

18  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
Service Properties Trust Company		3.95	%		1-15-2028	$	50,000	$	41,801
Service Properties Trust Company		4.38			2-15-2030		50,000		41,500
Service Properties Trust Company		4.75			10-1-2026		25,000		22,279
Service Properties Trust Company		4.95			2-15-2027		75,000		66,750
Service Properties Trust Company		5.25			2-15-2026		50,000		46,084
Service Properties Trust Company		7.50			9-15-2025		10,000		10,636
Simon Property Group LP		3.80			7-15-2050		120,000		121,285
The Geo Group Incorporated		5.13			4-1-2023		150,000		121,875
									990,460
Utilities: 1.33%
Electric Utilities: 0.83%
NextEra Energy Operating Partners LP 144A		4.50			9-15-2027		275,000		295,625
Oglethorpe Power Corporation		4.25			4-1-2046		400,000		412,749
PG&E Corporation		5.00			7-1-2028		25,000		24,250
PG&E Corporation		5.25			7-1-2030		25,000		24,188
The Southern Company (5 Year Treasury Constant Maturity +3.73%) ±		4.00			1-15-2051		500,000		501,387
									1,258,199
Independent Power & Renewable Electricity Producers: 0.38%
NSG Holdings LLC 144A		7.75			12-15-2025		68,847		72,978
TerraForm Power Operating LLC 144A		4.25			1-31-2023		100,000		102,488
TerraForm Power Operating LLC 144A		4.75			1-15-2030		100,000		106,250
TerraForm Power Operating LLC 144A		5.00			1-31-2028		275,000		301,036
									582,752
Multi-Utilities: 0.12%
Oglethorpe Power Corporation 144A		3.75			8-1-2050		190,000		188,815
Total Corporate Bonds and Notes (Cost $44,851,415)									47,358,379
						Shares
Exchange-Traded Funds: 6.64%
Invesco Taxable Municipal Bond ETF							30,600		1,020,510
SPDR Bloomberg Barclays High Yield Bond ETF							13,708		1,429,333
VanEck Vectors J. P. Morgan EM Local Currency Bond ETF							89,600		2,763,264
Xtrackers USD High Yield Corporate Bond ETF «							101,500		4,882,150
Total Exchange-Traded Funds (Cost $9,496,408)									10,095,257
						Principal
Foreign Corporate Bonds and Notes: 10.29%
Communication Services: 0.60%
Media: 0.60%
Tele Columbus AG 144A		3.88			5-2-2025	EUR	510,000		569,241
Ziggo Bond Company BV 144A		3.38			2-28-2030	EUR	300,000		333,916
									903,157
Consumer Discretionary: 1.50%
Auto Components: 0.48%
HP Pelzer Holding GmbH 144A		4.13			4-1-2024	EUR	800,000		727,106

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

Wells Fargo Income Plus Fund  |  19

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Automobiles: 0.40%
Peugeot SA Company		2.00	%		3-20-2025	EUR	500,000	$	606,961
Diversified Consumer Services: 0.32%
Intertrust Group BV 144A		3.38			11-15-2025	EUR	400,000		477,131
Hotels, Restaurants & Leisure: 0.30%
Accor SA		1.25			1-25-2024	EUR	400,000		460,690
Consumer Staples: 2.10%
Food & Staples Retailing: 0.48%
Casino Guichard Perracho SA		3.58			2-7-2025	EUR	400,000		354,301
Tasty Bondco 1 SA 144A		6.25			5-15-2026	EUR	400,000		380,990
									735,291
Food Products: 0.69%
Danone SA (s)		1.75			3-27-2023	EUR	400,000		469,226
Sigma Holdings Company BV 144A		5.75			5-15-2026	EUR	500,000		576,707
									1,045,933
Household Products: 0.32%
Energizer Gamma Acquisition BV 144A		4.63			7-15-2026	EUR	400,000		481,689
Tobacco: 0.61%
BAT International Finance plc		2.25			1-16-2030	EUR	750,000		935,923
Energy: 0.73%
Oil, Gas & Consumable Fuels: 0.73%
Eni SpA		1.13			9-19-2028	EUR	800,000		988,713
Total SA		3.88			12-29-2049	EUR	100,000		122,521
									1,111,234
Financials: 2.73%
Banks: 1.30%
Asian Development Bank		6.20			10-6-2026	INR	18,450,000		253,444
Bankia SA (s)		6.00			7-18-2022	EUR	600,000		708,746
Caixa Geral de Depositos SA		5.75			6-28-2028	EUR	400,000		507,638
Caixa Geral de Depositos SA (s)		10.75			3-30-2022	EUR	400,000		507,085
									1,976,913
Capital Markets: 0.41%
International Finance Corporation		6.30			11-25-2024	INR	45,000,000		623,035
Diversified Financial Services: 0.72%
JAB Holdings BV		1.75			6-25-2026	EUR	400,000		494,418
LKQ European Holdings BV Company 144A		3.63			4-1-2026	EUR	500,000		591,360
									1,085,778
Thrifts & Mortgage Finance: 0.30%
Deutsche Pfandbriefbank AG		2.88			6-28-2027	EUR	400,000		457,555
Health Care: 0.61%
Pharmaceuticals: 0.61%
Takeda Pharmaceutical Company Limited		2.00			7-9-2040	EUR	750,000		931,366

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

20  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Industrials: 0.96%
Commercial Services & Supplies: 0.65%
Paprec Holding SA 144A		4.00	%		3-31-2025	EUR	450,000	$	502,482
Prosegur Cash SA		1.38			2-4-2026	EUR	400,000		482,069
									984,551
Electrical Equipment: 0.15%
Gamma Bidco SpA 144A		6.25			7-15-2025	EUR	200,000		232,145
Road & Rail: 0.16%
Europcar Groupe SA 144A		4.13			11-15-2024	EUR	500,000		247,129
Real Estate: 0.75%
Equity REITs: 0.27%
Unibail Rodamco SE (s)		2.13			7-23-2023	EUR	400,000		418,621
Real Estate Management & Development: 0.48%
Akelius Residential Property AB		3.88			10-5-2078	EUR	500,000		602,346
ATF Netherlands BV		1.50			7-15-2024	EUR	100,000		120,645
									722,991
Utilities: 0.31%
Multi-Utilities: 0.31%
EP Infrastructure AS		1.66			4-26-2024	EUR	400,000		476,350
Total Foreign Corporate Bonds and Notes (Cost $15,555,163)									15,641,549
Foreign Government Bonds: 3.95%
Brazil		10.00			1-1-2023	BRL	2,765,000		559,516
Colombia		7.00			5-4-2022	COP	2,000,000,000		558,982
Dominican Republic 144A		4.50			1-30-2030	DOP	200,000		196,500
Indonesia		6.50			6-15-2025	IDR	13,500,000,000		935,837
Malaysia		3.96			9-15-2025	MYR	2,300,000		596,959
Mexico		6.50			6-9-2022	MXN	7,600,000		355,010
Mexico		6.50			6-9-2022	MXN	13,260,000		619,400
Republic of South Africa		6.75			3-31-2021	ZAR	5,500,000		333,415
Republic of South Africa		8.75			2-28-2048	ZAR	9,100,000		417,513
Romania		3.40			3-8-2022	RON	1,500,000		362,441
Russia		6.50			2-28-2024	RUB	35,000,000		469,564
Russia		7.00			12-15-2021	RUB	45,000,000		596,805
Total Foreign Government Bonds (Cost $6,531,413)									6,001,942
Loans: 2.19%
Communication Services: 0.66%
Media: 0.66%
Ancestry.com Incorporated (1 Month LIBOR +4.25%) ±		4.41			8-27-2026	$	356,578		355,559
Charter Communications Operating LLC (1 Month LIBOR +1.75%) ±		1.91			4-30-2025		489,924		480,680
Gray Television Incorporated (1 Month LIBOR +2.50%) ±		2.66			1-2-2026		84,964		83,362
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.25%) ±		2.41			1-17-2024		82,697		80,526
									1,000,127

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

Wells Fargo Income Plus Fund  |  21

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Consumer Discretionary: 0.34%
Distributors: 0.19%
Spin Holdco Incorporated (3 Month LIBOR +3.25%) ±		4.25	%		11-14-2022	$	296,407	$	289,898
Hotels, Restaurants & Leisure: 0.15%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±		3.00			8-8-2021		233,312		231,926
Financials: 0.36%
Capital Markets: 0.24%
Nexus Buyer LLC (1 Month LIBOR +3.75%) ±		3.91			11-9-2026		199,000		197,466
VFH Parent LLC (1 Month LIBOR +3.00%) ±		3.16			3-1-2026		168,864		167,546
									365,012
Diversified Financial Services: 0.09%
Intelsat Jackson Holdings SA (1 Month LIBOR +4.75%) ±		8.00			11-27-2023		140,332		140,819
Insurance: 0.03%
HUB International Limited (3 Month LIBOR +4.00%) ±		5.00			4-25-2025		24,813		24,696
USI Incorporated (3 Month LIBOR +4.00%) ±		4.31			12-2-2026		24,813		24,523
									49,219
Health Care: 0.18%
Pharmaceuticals: 0.18%
Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.00%) ±		3.18			6-2-2025		279,336		273,458
Industrials: 0.11%
Commercial Services & Supplies: 0.01%
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±‡		2.44			9-19-2026		22,600		21,753
Machinery: 0.10%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		3.50			1-31-2024		146,735		145,634
Information Technology: 0.41%
Electronic Equipment, Instruments & Components: 0.38%
Dell International LLC (1 Month LIBOR +2.00%) ±		2.75			9-19-2025		578,814		575,763
Software: 0.03%
Emerald Topco Incorporated (3 Month LIBOR +3.50%) ±		3.76			7-24-2026		49,500		47,551
Materials: 0.13%
Containers & Packaging: 0.13%
RING Container Technologies (1 Month LIBOR +2.75%) ±		2.91			10-31-2024		198,975		193,338
Total Loans (Cost $3,374,968)									3,334,498
Municipal Obligations: 0.30%
Illinois: 0.08%
GO Revenue: 0.08%
Chicago IL Refunding Bonds Taxable Project Series E		6.05			1-1-2029		125,000		129,364

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

22  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Kansas: 0.08%
Health Revenue: 0.08%
Kansas Development Finance Authority Village Shalom Project Series 2018-B		4.00	%		11-15-2025	$	130,000	$	127,751
Maryland: 0.07%
Education Revenue: 0.07%
Maryland Health & HEFAR Green Street Academy Series B 144A		6.75			7-1-2023		100,000		100,059
Pennsylvania: 0.07%
Health Revenue: 0.07%
Quakertown PA General Authority U.S. Department of Agriculture Loan Anticipation Notes Series 2017-B		3.80			7-1-2021		100,000		99,763
Total Municipal Obligations (Cost $443,241)									456,937
Non-Agency Mortgage-Backed Securities: 18.12%
AFN LLC Series 2019-1A Class A2 144A		4.46			5-20-2049		700,000		696,591
ALM Loan Funding Series 2016-18A Class A2R (3 Month LIBOR +1.65%) 144A±		1.93			1-15-2028		600,000		595,688
Aqua Finance Trust Series 2019-A Class A 144A		3.14			7-16-2040		380,662		389,619
Arbys Funding LLC Series 2020-1A Class A2 144A		3.24			7-30-2050		800,000		822,648
Arroyo Mortgage Trust Series 2019-2 Class A2 144A±±		3.50			4-25-2049		1,055,975		1,088,085
BB-UBS Trust Series 2012-TFT Class C 144A±±		3.58			6-5-2030		150,000		83,889
BCC Funding Corporation Series 2019-1A Class D 144A		3.94			7-20-2027		1,300,000		1,312,607
Bojangles Issuer LLC Series 2020-1A Class A2 144A%%		3.83			10-20-2050		605,000		605,000
BX Trust Series 2019-11 Class D 144A±±		4.08			12-9-2041		500,000		484,820
CFCRE Commercial Mortgage Trust Series 2016-C7 Class AM		4.16			12-10-2054		400,000		456,133
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A±		1.67			4-18-2031		1,000,000		977,550
CLI Funding LLC Series 2019-1A Class A 144A		3.71			5-18-2044		1,301,369		1,324,665
CLI Funding LLC Series 2019-1A Class B 144A		4.64			5-18-2044		520,554		517,255
CommonBond Student Loan Trust Series 2018-CGS Class C 144A		4.35			2-25-2046		194,527		197,679
Consumer Lending Receivables LLC Series 2019-A Class A 144A		3.52			4-15-2026		238,242		238,677
Consumer Loan Underlying Bond Credit Trust Series 2018-P2 Class B 144A		4.10			10-15-2025		500,000		502,410
Deephaven Residential Mortgage Trust Series 2019-1A Class A2 144A±±		3.90			1-25-2059		583,798		589,397
Deephaven Residential Mortgage Trust Series 2019-3A Class B1 144A±±		4.26			7-25-2059		500,000		479,384
Driven Brands Funding LLC Series 2019-2A Class A2 144A		3.98			10-20-2049		347,375		358,977
Ellington Financial Mortgage Trust Series 2019-1 Class M1 144A±±		3.59			6-25-2059		1,500,000		1,498,557
Foundation Finance Trust Series 2019-1A Class A 144A		3.86			11-15-2034		568,752		586,740
FREMF Mortgage Trust Series 2017-K724 Class B 144A±±		3.60			11-25-2023		400,000		422,442
FREMF Mortgage Trust Series 2020-KF76 Class B (1 Month LIBOR +2.75%) 144A±		2.91			1-25-2030		410,000		402,323
GS Mortgage Security Trust Series 2014-GC22 Class AS		4.11			6-10-2047		1,450,000		1,581,739
GS Mortgage Security Trust Series 2018-LUAU Class B (1 Month LIBOR +1.40%) 144A±		1.55			11-15-2032		1,600,000		1,481,680
Harley Marine Financing LLC Barge Series 2018-1A Class A2 144A		5.68			5-15-2043		647,131		585,239
Longtrain Leasing III LLC Series 2015-1A Class A2 144A		4.06			1-15-2045		1,568,304		1,617,570
Marlette Funding Trust Series 2018-4A Class B 144A		4.21			12-15-2028		1,100,000		1,116,555
MP CLO VIII Limited Series 2015-2A Class AR (3 Month LIBOR +0.91%) 144A±		1.16			10-28-2027		559,535		555,019
Onemain Financial Issuance Trust Series 2019-1A Class D 144A		4.22			2-14-2031		1,100,000		1,130,688
Oxford Finance Funding Trust Series 2019-1A Class A2 144A		4.46			2-15-2027		800,000		824,128
Store Master Funding LLC Series 2014-1A Class A2 144A		5.00			4-20-2044		96,833		101,759

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

Wells Fargo Income Plus Fund  |  23

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Store Master Funding LLC Series 2015-1A Class A1 144A		3.75	%		4-20-2045	$	1,342,625	$	1,363,889
Verus Securitization Trust Series 2019-3 Class A2 144A		2.94			7-25-2059		1,475,878		1,501,225
Visio Trust Series 2019-1 Class A1 144A±±		3.57			6-25-2054		1,044,519		1,065,406
Total Non-Agency Mortgage-Backed Securities (Cost $27,386,511)									27,556,033
				Expiration date		Shares
Rights: 0.00%
Utilities: 0.00%
Independent Power & Renewable Electricity Producers: 0.00%
Vistra Energy Corporation †					12-31-2046		6,516		6,842
Total Rights (Cost $6,757)									6,842
				Maturity date		Principal
U.S. Treasury Securities: 2.85%
U.S. Treasury Bond		2.25			8-15-2049	$	440,000		523,239
U.S. Treasury Note		0.50			6-30-2027		3,800,000		3,813,359
Total U.S. Treasury Securities (Cost $4,251,106)									4,336,598
Yankee Corporate Bonds and Notes: 8.62%
Communication Services: 0.13%
Diversified Telecommunication Services: 0.13%
Intelsat Luxembourg SA †		8.13			6-1-2023		50,000		2,125
Telesat Canada Incorporated 144A		6.50			10-15-2027		200,000		201,440
									203,565
Consumer Discretionary: 0.33%
Internet & Direct Marketing Retail: 0.33%
Prosus NV 144A		4.03			8-3-2050		500,000		509,423
Energy: 1.25%
Oil, Gas & Consumable Fuels: 1.25%
Baytex Energy Corporation 144A		5.63			6-1-2024		425,000		240,125
BP Capital Markets plc (5 Year Treasury Constant Maturity +4.40%) ±(s)		4.88			3-22-2030		325,000		347,750
Cenovus Energy Incorporated		5.38			7-15-2025		10,000		9,622
Comision Federal de Electricidad 144A		4.75			2-23-2027		250,000		268,438
Enbridge Incorporated (5 Year Treasury Constant Maturity +5.31%) ±		5.75			7-15-2080		1,000,000		1,034,802
									1,900,737
Financials: 6.14%
Banks: 3.80%
Banco De Bogota SA 144A		6.25			5-12-2026		400,000		434,004
Banco Internacional del Peru 144A		3.25			10-4-2026		525,000		547,318
Banistmo SA 144A		4.25			7-31-2027		315,000		320,355
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +6.19%) 144A±(s)		8.13			12-23-2025		1,000,000		1,175,000
Deutsche Bank AG (USD ICE Swap Rate 11:00am NY 5 Year +2.55%) ±		4.88			12-1-2032		500,000		480,000

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

24  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Banks (continued)
Intesa Sanpaolo SpA 144A		5.71	%		1-15-2026	$	635,000	$	692,119
Itau Unibanco Holding SA 144A		3.25			1-24-2025		800,000		813,600
Royal Bank Scotland Group plc (5 Year Treasury Constant Maturity +5.63%) ±(s)		6.00			12-29-2025		700,000		712,250
Unicredit SpA (5 Year Treasury Constant Maturity +4.75%) 144A±		5.46			6-30-2035		600,000		610,875
									5,785,521
Capital Markets: 0.33%
Credit Suisse Group AG (5 Year Treasury Constant Maturity +4.89%) 144A ±(s)		5.25			2-22-2027		500,000		501,000
Diversified Financial Services: 0.78%
Intelsat Jackson Holdings SA †		5.50			8-1-2023		260,000		163,150
Vale Overseas Limited Company		3.75			7-8-2030		1,000,000		1,029,000
									1,192,150
Insurance: 1.05%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		810,000		876,807
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A±		5.00			4-2-2049		400,000		455,110
Validus Holdings Limited		8.88			1-26-2040		160,000		259,708
									1,591,625
Thrifts & Mortgage Finance: 0.18%
Nationwide Building Society (USD ICE Swap Rate 11:00am NY 5 Year +1.85%) 144A±		4.13			10-18-2032		250,000		266,128
Health Care: 0.61%
Pharmaceuticals: 0.61%
Bausch Health Companies Incorporated 144A		5.00			1-30-2028		25,000		24,281
Bausch Health Companies Incorporated 144A		5.25			1-30-2030		100,000		98,526
Bausch Health Companies Incorporated 144A		5.50			3-1-2023		8,000		7,970
Bausch Health Companies Incorporated 144A		5.50			11-1-2025		50,000		51,188
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		225,000		230,344
Bausch Health Companies Incorporated 144A		6.25			2-15-2029		125,000		128,570
Bausch Health Companies Incorporated 144A		7.00			3-15-2024		25,000		25,875
Teva Pharmaceutical Finance Netherlands III BV		4.10			10-1-2046		175,000		145,548
Teva Pharmaceutical Finance Netherlands III BV		6.75			3-1-2028		200,000		208,500
									920,802
Industrials: 0.14%
Commercial Services & Supplies: 0.14%
Ritchie Brothers Auctioneers Incorporated 144A		5.38			1-15-2025		200,000		205,750
Materials: 0.02%
Containers & Packaging: 0.02%
Ardagh Packaging Finance plc 144A		5.25			4-30-2025		25,000		26,125
Total Yankee Corporate Bonds and Notes (Cost $12,799,362)									13,102,826
Yankee Government Bonds: 1.91%
Commonwealth of Bahamas		6.00			11-21-2028		200,000		176,000
Mongolia Government		5.63			5-1-2023		200,000		205,254

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

Wells Fargo Income Plus Fund  |  25

Consolidated portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Provincia de Cordoba 144A		7.13	%		6-10-2021	$	250,000	$	152,503
Provincia de Cordoba 144A		7.13			8-1-2027		550,000		299,756
Provincia de Santa Fe		7.00			3-23-2023		350,000		275,625
Republic of Angola		9.50			11-12-2025		400,000		347,016
Republic of Rwanda		6.63			5-2-2023		200,000		205,810
Republic of Sri Lanka		5.75			1-18-2022		200,000		163,500
Saudi Arabia 144A		4.50			4-22-2060		200,000		248,000
United Mexican States		5.00			4-27-2051		750,000		837,000
Total Yankee Government Bonds (Cost $3,243,243)									2,910,464
	Yield					Shares
Short-Term Investments: 7.46%
Investment Companies: 7.46%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					4,723,600		4,723,600
Wells Fargo Government Money Market Fund Select Class (l)(u)##*		0.05					6,620,735		6,620,735
Total Short-Term Investments (Cost $11,344,335)									11,344,335

Total investments in securities (Cost $149,098,802)	99.90	%		151,915,194
Other assets and liabilities, net	0.10			156,242
Total net assets	100.00	%	$	152,071,436

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

† Non-income-earning security

%% 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.

‡ Security is valued using significant unobservable inputs.

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

(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:

BRL Brazilian real

COP Colombian peso

DOP Dominican peso

EUR Euro

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

RON Romanian lei

RUB Russian ruble

SOFR Secured Overnight Financing Rate

ZAR South African rand

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

26  |  Wells Fargo Income Plus Fund

Consolidated portfolio of investments—September 30, 2020

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
U.S. Long Bond		20		12-21-2020	$	3,561,285		$	3,525,625		$	0	$	(35,660	)
10-Year Ultra Futures		35		12-21-2020		5,611,555			5,597,266			0		(14,289	)
5-Year U.S. Treasury Notes		9		12-31-2020		1,133,733			1,134,281			548		0
Short
Euro-Bund Futures		(82)		12-8-2020		(16,704,344	)		(16,778,507	)		0		(74,163	)
10-Year U.S. Treasury Notes		(55)		12-21-2020		(7,643,189	)		(7,674,219	)		0		(31,030	)
U.S. Ultra Bond		(17)		12-21-2020		(3,786,188	)		(3,770,813	)		15,375		0
											$	15,923	$	(155,142	)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
7,950,000,000 IDR	536,836 USD	Morgan Stanley	10-6-2020	$	0	$	(2,755	)
37,500,000 RUB	491,645 USD	Morgan Stanley	10-6-2020		0		(9,240	)
3,385,000 BRL	623,756 USD	Morgan Stanley	10-6-2020		0		(21,090	)
2,150,000,000 COP	563,754 USD	Morgan Stanley	10-6-2020		0		(2,075	)
572,722 USD	2,150,000,000 COP	Morgan Stanley	10-6-2020		11,044		0
507,008 USD	37,500,000 RUB	Morgan Stanley	10-6-2020		24,602		0
652,971 USD	3,385,000 BRL	Morgan Stanley	10-6-2020		50,304		0
533,915 USD	7,950,000,000 IDR	Morgan Stanley	10-6-2020		0		(165	)
94,250,000 JPY	881,737 USD	State Street Bank	10-20-2020		12,100		0
897,650 USD	94,250,000 JPY	State Street Bank	10-20-2020		3,813		0
12,183,644 USD	10,267,000 EUR	Citibank	12-31-2020		120,351		0
1,003,043 USD	21,410,000 MXN	Citibank	12-31-2020		44,484		0
775,359 USD	12,795,000 ZAR	Citibank	12-31-2020		19,531		0
3,700,000 USD	3,140,895 EUR	Citibank	12-31-2020		9,581		0
94,250,000 JPY	900,633 USD	Citibank	1-8-2021		0		(5,611	)
307,706,653 JPY	2,950,000 USD	Citibank	1-8-2021		0		(27,941	)
560,458 USD	2,150,000,000 COP	Morgan Stanley	1-8-2021		1,488		0
621,934 USD	3,385,000 BRL	Morgan Stanley	1-8-2021		20,808		0
529,975 USD	7,950,000,000 IDR	Morgan Stanley	1-8-2021		486		0
486,547 USD	37,500,000 RUB	Morgan Stanley	1-15-2021		9,209		0
				$	327,801	$	(68,877	)

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

Wells Fargo Income Plus Fund  |  27

Consolidated portfolio of investments—September 30, 2020

Centrally Cleared Credit Default Swaps

Reference index	Fixed rate received			Payment frequency		Maturity date		Notional amount		Value			Premiums paid (received)			Unrealized gains		Unrealized losses
Sell protection
Markit CDX North American High Yield Index *		5.00	%		Quarterly		12-20-2024		3,560,000 USD	$	182,063		$	(239,287	)	$	421,350	$	0
Markit iTraxx Europe Subordinated Financial Index *		1.00	%		Quarterly		6-20-2025		8,000,000 EUR		(163,866	)		(334,470	)		170,604		0
Markit iTraxx Europe Crossover Index *		5.00	%		Quarterly		6-20-2025		2,920,020 EUR		216,515			(37,138	)		253,653		0
													$	(610,895	)	$	845,607	$	0

* Represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated entity.

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:

	Value, beginning of period		Purchases		Sales proceeds			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	$	1,264,965	$	48,969,719	$	(45,511,098	)	$	14	$	0	$	19,626	#	$	4,723,600
Wells Fargo Government Money Market Fund Select Class		5,727,766		123,839,108		(122,946,139	)		0		0		58,780			6,620,735
								$	14	$	0	$	78,406		$	11,344,335		7.46	%

^#  Amount shown represents income before fees and rebates.

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

28  |  Wells Fargo Income Plus Fund

Consolidated statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities (including $4,636,840 of securities loaned), at value (cost $137,754,467)	$	140,570,859
Investments in affiliated securities, at value (cost $11,344,335)		11,344,335
Cash at broker segregated for centrally cleared swap contracts		1,281,441
Cash at broker segregated for forward foreign currency contracts		360,088
Cash at broker segregated for open futures contracts		1,434,357
Foreign currency, at value (cost $105,715)		118,355
Receivable for investments sold		603,067
Receivable for Fund shares sold		262,454
Receivable for dividends and interest		1,305,464
Receivable for daily variation margin on centrally cleared swap contracts		21,552
Receivable for daily variation margin on open futures contracts		50,964
Receivable for securities lending income, net		4,980
Unrealized gains on forward foreign currency contracts		327,801
Prepaid expenses and other assets		42,076
Total assets		157,727,793
Liabilities
Payable upon receipt of securities loaned		4,723,600
Payable for when-issued transactions		711,313
Payable for Fund shares redeemed		40,700
Unrealized losses on forward foreign currency contracts		68,877
Management fee payable		47,498
Administration fees payable		10,245
Distribution fee payable		395
Trustees’ fees and expenses payable		3,470
Accrued expenses and other liabilities		50,259
Total liabilities		5,656,357
Total net assets	$	152,071,436
Net assets consist of
Paid-in capital	$	148,808,300
Total distributable earnings		3,263,136
Total net assets	$	152,071,436
Computation of net asset value and offering price per share
Net assets – Class A	$	1,662,280
Shares outstanding – Class A1		172,422
Net asset value per share – Class A		$9.64
Maximum offering price per share – Class A2		$10.04
Net assets – Class C	$	646,896
Shares outstanding – Class C1		66,819
Net asset value per share – Class C		$9.68
Net assets – Administrator Class	$	39,981
Shares outstanding – Administrator Class1		4,119
Net asset value per share – Administrator Class		$9.71
Net assets – Institutional Class	$	149,722,279
Shares outstanding – Institutional Class1		15,551,227
Net asset value per share – Institutional Class		$9.63

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 consolidated financial statements.

Wells Fargo Income Plus Fund  |  29

Consolidated statement of operations—year ended September 30, 2020

Investment income
Interest (net of foreign interest withholding taxes of $20,715)	$	6,015,290
Dividends		356,956
Income from affiliated securities		75,558
Total investment income		6,447,804
Expenses
Management fee		783,141
Administration fees
Class A		2,048
Class C		951
Administrator Class		42
Institutional Class		117,803
Shareholder servicing fees
Class A		3,199
Class C		1,485
Administrator Class		104
Distribution fee
Class C		4,442
Custody and accounting fees		42,682
Professional fees		55,232
Registration fees		59,933
Shareholder report expenses		28,724
Trustees’ fees and expenses		21,260
Other fees and expenses		8,156
Total expenses		1,129,202
Less: Fee waivers and/or expense reimbursements
Fund-level		(223,436	)
Class A		(449	)
Class C		(170	)
Administrator Class		(50	)
Net expenses		905,097
Net investment income		5,542,707
Payment from affiliate		4,844
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(717,581	)
Affiliated securities		14
Futures contracts		1,293,079
Forward foreign currency contracts		637,536
Swap contracts		(552,003	)
Net realized gains on investments		661,045
Net change in unrealized gains (losses) on
Unaffiliated securities		1,045,089
Futures contracts		(683,605	)
Forward foreign currency contracts		(18,859	)
Swap contracts		773,452
Net change in unrealized gains (losses) on investments		1,116,077
Net realized and unrealized gains (losses) on investments		1,777,122
Net increase in net assets resulting from operations	$	7,324,673

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

30  |  Wells Fargo Income Plus Fund

Consolidated statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 2019
Operations
Net investment income				$	5,542,707					$	5,933,019
Payment from affiliate					4,844						0
Net realized gains (losses) on investments					661,045						(1,109,628	)
Net change in unrealized gains (losses) on investments					1,116,077						3,592,086
Net increase in net assets resulting from operations					7,324,673						8,415,477
Distributions to shareholders from net investment income and net realized gains
Class A					(38,988	)					(49,220	)
Class C					(14,146	)					(15,657	)
Administrator Class					(1,190	)					(32,865	)
Institutional Class					(5,017,004	)					(5,853,845	)
Total distributions to shareholders					(5,071,328	)					(5,951,587	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		150,512			1,444,612			348,536			3,298,070
Class C		29,426			280,500			31,806			297,418
Administrator Class		657			6,322			7,156			67,124
Institutional Class		3,895,449			36,532,793			18,145,872			169,524,726
					38,264,227						173,187,338
Reinvestment of distributions
Class A		4,067			38,988			5,230			49,054
Class C		1,475			14,146			1,676			15,657
Administrator Class		91			872			3,474			32,494
Institutional Class		495,225			4,735,565			596,321			5,581,802
					4,789,571						5,679,007
Payment for shares redeemed
Class A		(128,840	)		(1,233,596	)		(341,311	)		(3,228,609	)
Class C		(18,931	)		(178,945	)		(33,529	)		(314,988	)
Administrator Class		(4,466	)		(42,955	)		(581,301	)		(5,483,073	)
Institutional Class		(4,996,793	)		(47,183,521	)		(7,379,074	)		(69,328,595	)
					(48,639,017	)					(78,355,265	)
Net increase (decrease) in net assets resulting from capital share transactions					(5,585,219	)					100,511,080
Total increase (decrease) in net assets					(3,331,874	)					102,974,970
Net assets
Beginning of period					155,403,310						52,428,340
End of period				$	152,071,436					$	155,403,310

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

Wells Fargo Income Plus Fund  |  31

Consolidated financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
CLASS A	2020			2019			2018			2017			20161
Net asset value, beginning of period		$9.50			$9.43			$9.59			$9.25			$9.13			$9.72
Net investment income		0.29			0.34	2		0.31	2		0.33	2		0.31			0.34
Net realized and unrealized gains (losses) on investments		0.14			0.09			(0.16	)		0.22			(0.01	)		(0.69	)
Total from investment operations		0.43			0.43			0.15			0.55			0.30			(0.35	)
Distributions to shareholders from
Net investment income		(0.29	)		(0.36	)		(0.31	)		(0.21	)		(0.13	)		(0.22	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.05	)		(0.02	)
Total distributions to shareholders		(0.29	)		(0.36	)		(0.31	)		(0.21	)		(0.18	)		(0.24	)
Net asset value, end of period		$9.64			$9.50			$9.43			$9.59			$9.25			$9.13
Total return3		4.60	%		4.66	%		1.59	%		6.05	%		3.34	%		(3.64	)%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.09	%		1.45	%		1.78	%		1.80	%		1.63	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		3.43	%		3.65	%		3.26	%		3.47	%		3.85	%		3.77	%
Supplemental data
Portfolio turnover rate		88	%		116	%		50	%		65	%		52	%		53	%
Net assets, end of period (000s omitted)		$1,662			$1,394			$1,266			$896			$1,047			$928

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 consolidated financial statements.

32  |  Wells Fargo Income Plus Fund

Consolidated financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 2015
CLASS C	2020			2019			2018			2017			20161
Net asset value, beginning of period		$9.49			$9.41			$9.57			$9.22			$9.10			$9.71
Net investment income		0.23			0.27			0.23			0.29			0.25			0.28
Payment from affiliate		0.07			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		0.12			0.10			(0.15	)		0.18			(0.02	)		(0.68	)
Total from investment operations		0.42			0.37			0.08			0.47			0.23			(0.40	)
Distributions to shareholders from
Net investment income		(0.23	)		(0.29	)		(0.24	)		(0.12	)		(0.08	)		(0.19	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.03	)		(0.02	)
Total distributions to shareholders		(0.23	)		(0.29	)		(0.24	)		(0.12	)		(0.11	)		(0.21	)
Net asset value, end of period		$9.68			$9.49			$9.41			$9.57			$9.22			$9.10
Total return2		4.45	%3		4.00	%		0.88	%		5.20	%		2.67	%		(4.35	)%
Ratios to average net assets (annualized)
Gross expenses		1.83	%		1.84	%		2.20	%		2.59	%		2.54	%		2.37	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		2.67	%		2.92	%		2.52	%		2.80	%		3.10	%		3.02	%
Supplemental data
Portfolio turnover rate		88	%		116	%		50	%		65	%		52	%		53	%
Net assets, end of period (000s omitted)		$647			$520			$517			$403			$766			$711

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.

³  During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 0.79% impact on the total return. See Note 5 in the Consolidated Notes to Financial Statements for additional information.

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

Wells Fargo Income Plus Fund  |  33

Consolidated financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
ADMINISTRATOR CLASS	2020			2019			2018			2017			20161
Net asset value, beginning of period		$9.56			$9.46			$9.61			$9.29			$9.16			$9.74
Net investment income		0.34	2		0.36	2		0.33	2		0.34	2		0.33	2		0.37
Net realized and unrealized gains (losses) on investments		0.11			0.09			(0.16	)		0.20			(0.01	)		(0.70	)
Total from investment operations		0.45			0.45			0.17			0.54			0.32			(0.33	)
Distributions to shareholders from
Net investment income		(0.30	)		(0.35	)		(0.32	)		(0.22	)		(0.14	)		(0.22	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.05	)		(0.03	)
Total distributions to shareholders		(0.30	)		(0.35	)		(0.32	)		(0.22	)		(0.19	)		(0.25	)
Net asset value, end of period		$9.71			$9.56			$9.46			$9.61			$9.29			$9.16
Total return3		4.72	%		4.83	%		1.81	%		5.91	%		3.52	%		(3.51	)%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.08	%		1.38	%		1.72	%		1.74	%		1.56	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.61	%		3.80	%		3.48	%		3.64	%		4.00	%		3.92	%
Supplemental data
Portfolio turnover rate		88	%		116	%		50	%		65	%		52	%		53	%
Net assets, end of period (000s omitted)		$40			$75			$5,471			$562			$597			$496

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

²  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 consolidated financial statements.

34  |  Wells Fargo Income Plus Fund

Consolidated financial highlights

(For a share outstanding throughout each period)

	Year ended September 30															Year ended October 31, 2015
INSTITUTIONAL CLASS	2020			2019			2018			2017			20161
Net asset value, beginning of period		$9.49			$9.42			$9.58			$9.24			$9.14			$9.71
Net investment income		0.36			0.37	2		0.34			0.35	2		0.34			0.40
Net realized and unrealized gains (losses) on investments		0.10			0.09			(0.16	)		0.24			(0.02	)		(0.71	)
Total from investment operations		0.46			0.46			0.18			0.59			0.32			(0.31	)
Distributions to shareholders from
Net investment income		(0.32	)		(0.39	)		(0.34	)		(0.25	)		(0.16	)		(0.23	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.06	)		(0.03	)
Total distributions to shareholders		(0.32	)		(0.39	)		(0.34	)		(0.25	)		(0.22	)		(0.26	)
Net asset value, end of period		$9.63			$9.49			$9.42			$9.58			$9.24			$9.14
Total return3		4.96	%		5.00	%		1.93	%		6.43	%		3.55	%		(3.28	)%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		1.12	%		1.40	%		1.46	%		1.19	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.72	%		3.97	%		3.54	%		3.71	%		4.16	%		4.04	%
Supplemental data
Portfolio turnover rate		88	%		116	%		50	%		65	%		52	%		53	%
Net assets, end of period (000s omitted)		$149,722			$153,414			$45,175			$45,862			$23,190			$17,564

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 consolidated financial statements.

Wells Fargo Income Plus Fund  |  35

Consolidated 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 consolidated financial statements report on the Wells Fargo Income Plus Fund (formerly, 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 September 30, 2020, the Subsidiary had $6,615,094 invested in swap contracts and cash equivalents and had $1,039,602 in cash segregated at the broker for the swap contracts which in the aggregate represented 99.51% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of September 30, 2020, the Fund held $7,692,702 in the Subsidiary, representing 5.06% 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

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

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.

36  |  Wells Fargo Income Plus Fund

Consolidated notes to financial statements

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 Consolidated 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.

Wells Fargo Income Plus Fund  |  37

Consolidated notes to financial statements

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 Consolidated 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 Consolidated 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.

38  |  Wells Fargo Income Plus Fund

Consolidated notes to financial statements

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $149,187,503 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	7,624,160
Gross unrealized losses		(3,931,157	)
Net unrealized gains	$	3,693,003

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to losses from a controlled foreign corporation. At September 30, 2020, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable earnings
$(45,737)	$45,737

As of September 30, 2020, the Fund had capital loss carryforwards which consist of $584,258 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

Wells Fargo Income Plus Fund  |  39

Consolidated notes to financial statements

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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	9,559,755	$	0	$	9,559,755
Common stocks
Energy		209,779		0		0		209,779
Corporate bonds and notes		0		47,358,379		0		47,358,379
Exchange-traded funds		10,095,257		0		0		10,095,257
Foreign corporate bonds and notes		0		15,641,549		0		15,641,549
Foreign government bonds		0		6,001,942		0		6,001,942
Loans		0		3,167,111		167,387		3,334,498
Municipal obligations		0		456,937		0		456,937
Non-agency mortgage-backed securities		0		27,556,033		0		27,556,033
Rights
Utilities		0		6,842		0		6,842
U.S. Treasury securities		4,336,598		0		0		4,336,598
Yankee corporate bonds and notes		0		13,102,826		0		13,102,826
Yankee government bonds		0		2,910,464		0		2,910,464
Short-term investments
Investment companies		11,344,335		0		0		11,344,335
		25,985,969		125,761,838		167,387		151,915,194
Futures contracts		15,923		0		0		15,923
Forward foreign currency contracts		0		327,801		0		327,801
Credit default swap contracts		0		845,607		0		845,607
Total assets	$	26,001,892	$	126,935,246	$	167,387	$	153,104,525
Liabilities
Futures contracts	$	155,142	$	0	$	0	$	155,142
Forward foreign currency contracts		0		68,877		0		68,877
Total liabilities	$	155,142	$	68,877	$	0	$	224,019

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

40  |  Wells Fargo Income Plus Fund

Consolidated notes to financial statements

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 Consolidated Portfolio of Investments. For futures contracts and centrally cleared swaps, the current day’s variation margin is reported on the Consolidated Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the year ended September 30, 2020, the Fund had no material transfers into/out of Level 3.

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 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		0.525	%
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 year ended September 30, 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 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”) is the 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. Prior to August 3, 2020 Wells Fargo Asset Management (International), Limited, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, also served as a subadviser to the Fund and was entitled to receive a fee from Funds Management at an annual rate which started at 0.35% and declined to 0.20% as the average daily net assets of the Fund increased.

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

Wells Fargo Income Plus Fund  |  41

Consolidated notes to financial statements

Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2020, Funds Distributor received $17 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended September 30, 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.

Other transactions

On August 14, 2020, Class C of the Fund was reimbursed by Funds Management in the amount of $4,844. The reimbursement was made in connection with resolving certain fee reimbursements.

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$15,814,463	$108,544,235	$11,363,918	$111,322,498

As of September 30, 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 compared to the daily Federal 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 September 30, 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
Barclays Capital Inc.	$4,636,840	$(4,636,840)	$	0

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

42  |  Wells Fargo Income Plus Fund

Consolidated notes to financial statements

8. DERIVATIVE TRANSACTIONS

During the year ended September 30, 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 year ended September 30, 2020 was as follows:

Futures contracts
Average notional balance on long futures	$	23,504,228
Average notional balance on short futures		53,888,235
Forward foreign currency contracts
Average contract amounts to buy	$	9,690,440
Average contract amounts to sell		28,709,822
Credit default swap contracts
Average notional balance	$	17,688,926

The Subsidiary’s credit default swap agreement contains provisions for early termination in the event the net assets of the Subsidiary 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 consolidated financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of September 30, 2020 by primary risk type was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Consolidated Statement of Assets and Liabilities location	Fair value			Consolidated Statement of Assets and Liabilities location	Fair value
Interest rate risk	Unrealized gains on futures contracts	$	15,923	*	Unrealized losses on futures contracts	$	155,142	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		327,801		Unrealized gains on forward foreign currency contracts		68,877
Credit risk	Net unrealized gains on swap contracts		845,607	*	Net unrealized losses on swap contracts		0	*
		$	1,189,331			$	224,019

* 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 September 30, 2020 is reported separately on the Consolidated Statement of Assets and Liabilities.

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended September 30, 2020 was as follows for the Fund:

	Amount of realized gains on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts			Total
Interest rate risk	$	1,293,079		$	0		$	0		$	1,293,079
Foreign currency risk		0			637,536			0			637,536
Credit risk		0			0			(552,003	)		(552,003	)
	$	1,293,079		$	637,536		$	(552,003	)	$	1,378,612
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts			Total
Interest rate risk	$	(683,605	)	$	0		$	0		$	(683,605	)
Foreign currency risk		0			(18,859	)		0			(18,859	)
Credit risk		0			0			773,452			773,452
	$	(683,605	)	$	(18,859	)	$	773,452		$	70,988

Wells Fargo Income Plus Fund  |  43

Consolidated notes to financial statements

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 Consolidated Statement  of Assets and Liabilities		Amounts subject to netting agreements			Collateral received			Net amount of assets
Morgan Stanley	$	117,941	$	(35,325	)	$	0		$	82,616
State Street		15,913		0			(88	)		15,825
Citibank		193,947		(33,552	)		(160,395	)		0

Counterparty	Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Morgan Stanley	$	35,325	$	(35,325	)	$	0	$	0
Citibank		33,552		(33,552	)		0		0

9. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

10. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $5,071,328 and $5,951,587 of ordinary income for the years ended September 30, 2020 and September 30, 2019, respectively.

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$154,391	$3,693,003	$(584,258)

44  |  Wells Fargo Income Plus Fund

Consolidated notes to financial statements

11. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

12. 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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the consolidated financial statements.

13. 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.

Wells Fargo Income Plus Fund  |  45

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Wells Fargo Income Plus Fund (formerly, Wells Fargo Strategic Income Fund) and subsidiary (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the consolidated portfolio of investments, as of September 30, 2020, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years in the four-year period then ended, for the period ended September 30, 2016, and for the year ended October 31, 2015. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, for the period ended September 30, 2016, and for the year ended October 31, 2015, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

46  |  Wells Fargo Income Plus Fund

Other information (unaudited)

TAX INFORMATION    

For the fiscal year ended September 30, 2020, $3,188,842 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 Income Plus Fund  |  47

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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), 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

48  |  Wells Fargo Income Plus Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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 Income Plus Fund  |  49

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.
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 the Treasurer of 77 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.

50  |  Wells Fargo Income Plus Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Income Plus Fund

(formerly, Wells Fargo Strategic Income Fund)

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Income Plus Fund (formerly, Wells Fargo Strategic Income Fund, the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) investment sub-advisory agreements (the “Sub-Advisory Agreements”) with each of Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited (collectively, the “Sub-Advisers”), both affiliates of Funds Management. The Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Advisers are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Advisers’ business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Income Plus Fund  |  51

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2019. The Board also considered more current results for various time periods ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was lower than the average investment performance of the Universe for the one- and five-year periods ended December 31, 2019, and in range of the average investment performance of the Universe for the three-year period ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the three-year period ended March 31, 2020, and lower than the average investment performance of the Universe for the one- and five-year periods ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Bloomberg Barclays U.S. Universal Bond Index, for the three-year period ended December 31, 2019, and lower than its benchmark for the one- and five-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund was lower than its benchmark index, the Bloomberg Barclays U.S. Universal Bond Index, for all periods ended March 31, 2020.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark index for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after the payment of fees to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

52  |  Wells Fargo Income Plus Fund

Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Advisers’ profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ businesses as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and Wells Capital Management Incorporated from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable.

Wells Fargo Income Plus Fund  |  53

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

54  |  Wells Fargo Income Plus Fund

Appendix I (unaudited)

Effective June 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Oppenheimer

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

Shares purchased by or through a 529 Plan.

Shares purchased through an Oppenheimer affiliated investment advisory program.

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

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

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

Employees and registered representatives of Oppenheimer or its affiliates and their family members.

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus.

CDSC Waivers on A and C Shares available at Oppenheimer

Death or disability of the shareholder.

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

Return of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in the 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 Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Wells Fargo Income Plus Fund  |  55

Appendix II (unaudited)

Effective June 15, 2020, shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or the SAI.

Front-end Sales Load Waivers on Class A Shares available at Baird

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

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

A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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 or SAR-SEPs.

CDSC Waivers on A and C Shares available at Baird

Shares sold due to death or disability of the shareholder.

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

Shares bought due to returns of excess contributions from an IRA Account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.

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

Shares acquired through a right of reinstatement.

Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation

Breakpoints as described in the Prospectus.

Rights of accumulations which entitles 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 Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

56  |  Wells Fargo Income Plus 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-1020-00556 11-20

A263/AR263 09-20

Annual Report

September 30, 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	6
Fund expenses	10
Portfolio of investments	11
Financial statements
Statement of assets and liabilities	22
Statement of operations	23
Statement of changes in net assets	24
Financial highlights	25
Notes to financial statements	27
Report of independent registered public accounting firm	34
Other information	35

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The views expressed and any forward-looking statements are as of September 30, 2020, unless otherwise noted, and are those of the Fund’s portfolio 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

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Global Investment Grade Credit Fund for the 12-month period that ended September 30, 2020. Global stock markets saw earlier gains erased in March as governments around the world took unprecedented measures, attempting to stop the spread of COVID-19 at the expense of short-term economic output. However, markets rallied strongly from April on to more than offset those short-term losses as central banks bolstered capital markets and confidence.

For the 12-month period, equities had broadly positive total returns despite intense volatility in March. Non-U.S. developed market equities had weaker performance than emerging market and U.S. stocks. While gains from fixed-income securities were positive, they were more modest than equities. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 15.15%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 3.00%, while the MSCI EM Index (Net)³ had stronger performance, with a 10.54% gain. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned 6.98%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 5.48%, and the Bloomberg Barclays Municipal Bond Index⁶ returned 4.09% while the ICE BofA U.S. High Yield Index⁷ returned 2.30%.

The period began with mixed economic readings.

The fourth quarter of 2019 started on a strong note. U.S.-China trade tensions, which had been building for months, relaxed in October; optimism rose for a U.K. Brexit deal; and macroeconomic data turned positive. The initial estimate of U.S. third-quarter gross domestic product (GDP) 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. However, despite strength among U.S. consumers, 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 continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly and manufacturing and services activity picked up. While consumer confidence and purchasing managers’ 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.

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

² The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure 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)

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 confidence. U.S. economic indicators were generally positive, 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 President Trump had little impact on the 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 COVID-19 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, COVID-19 became the major market focus. Fears of the virus’s impact on Chinese and 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%. 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 and the S&P 500 Index lost 8.2% for the month. 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, partly aimed at dissuading further U.S. shale production, causing the price of West Texas Intermediate crude oil to plummet.

The global spread of COVID-19 led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems. This abrupt stoppage of economic activity led to the sharp deceleration of global output, sending economies into a deep contraction. Central banks responded swiftly, slashing interest rates and expanding quantitative easing programs to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programs, funding investment-grade bonds, money market mutual funds, and commercial paper while purchasing Treasuries, mortgage-backed securities, and overnight repurchase agreements. Meanwhile, stock markets tumbled quickly into a bear market, ending the longest bull stock market in U.S. history.

Markets rebounded strongly in April, fueled by unprecedented government and central bank stimulus measures. The U.S. economy contracted by an annualized 5.0% pace in the first quarter, with 30 million new unemployment insurance claims in six weeks. In the eurozone, first-quarter real GDP shrank 3.8%, with the composite April Flash Purchasing Managers’ Index (PMI), a monthly survey of purchasing managers, falling to an all-time low of 13.5. The European Central Bank expanded its quantitative easing to include the purchase of additional government bonds of countries with the greatest virus-related need, including Italy and Spain. China’s first-quarter GDP fell by 6.8% year over year. However, retail sales, production, and investment showed signs of recovery. Extreme oil-price volatility continued as global supply far exceeded demand.

The global equity market rebound continued in May, with widespread strong monthly gains. Investors regained confidence on reports of early signs of success in human trials of a COVID-19 vaccine. Growth stocks continued to outperform value stocks while returns on global government bonds were generally flat. In the U.S., a gap grew between the stock market rebound and devastating economic data points, including an April unemployment rate of 14.7%, the highest level since World War II. PMIs reflected

“The global spread of COVID-19 led country after country to clamp down on social and business related activity in order to contain the virus from causing even greater devastation and overwhelming health care systems.”

Wells Fargo Global Investment Grade Credit Fund  |  3

Letter to shareholders (unaudited)

“The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July.”

weakening activity in May in both the manufacturing and services sectors. U.S. corporate earnings reports indicated a 14% year-over-year contraction in earnings from the first quarter of 2019. However, high demand for technology, driven by remote activity, supported robust information technology sector earnings, which helped drive major technology stocks higher.

Financial markets posted widely positive returns in June despite ongoing economic weakness and high levels of uncertainty on the containment of COVID-19 and the timing of an effective vaccine. There were hopeful signs as economies reopened, with both U.S. and U.K. retail sales rebounding sharply in May. However, year over year, sales remained depressed. Vitally important to market sentiment was the ongoing commitment by central banks globally to do all they could to provide economic support through liquidity and low borrowing costs. U.S. economic activity was aided by one-time $1,200 stimulus checks and $600 bonus weekly unemployment benefits that expired at the end of July. However, unemployment remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By month-end, numerous states reported increases of COVID-19 cases. China’s economic recovery picked up momentum in June, though it remained far from a full recovery.

July was a broadly positive month for both global equities and fixed income. However, economic data and a resurgence of COVID-19 cases pointed to the vulnerability of the global economy and the ongoing imperative to regain control of the pandemic. Second-quarter GDP shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported a 3.2% year-over-year expansion in its second-quarter GDP. U.S. unemployment remained high despite adding 1.8 million jobs in July, with a double-digit jobless rate persisting. However, manufacturing activity grew in both the U.S. and the eurozone. In Asia, while China’s manufacturing sector continued to expand, activity in Japan and South Korea contracted. In July, a rising concern was the rapid and broad reemergence of COVID-19 infections.

The stock market continued to rally in August despite concerns over rising numbers of COVID-19 cases in the United States and several European countries, including France and Spain, as well as the expiration of the $600 weekly bonus unemployment benefit at the end of July. U.S. stocks had strong monthly gains, led by the FAANG stocks—Facebook, Apple, Amazon, Netflix, and Google (Alphabet)—which dominate these indices and continued to rally. U.S. stocks generally surpassed other broadly positive global equity performance while fixed-income market monthly returns were broadly flat. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Fed’s announcement of a policy shift that will likely lead to longer-term low interest rates and supportive monetary policy. The U.S. Flash PMIs for both manufacturing and services beat expectations while U.S. housing market indicators were strong. In Europe, retail sales expanded and consumer confidence remained steady. China’s economy continued its fairly steady expansion. Overall, developed markets performed better than emerging market equities for the month of August as people took comfort in better-known equities in perceived safer markets.

Stocks grew more volatile in September on mixed economic data. U.S. PMIs showed solid growth in economic activity in both manufacturing and services. However, six months after the bottom fell out of the labor market in the early spring, only half of the 22 million jobs lost had returned. The U.S. unemployment rate fell to 7.9% in September, the fifth straight month of improvement but far higher than the 3.5% pre-COVID-19 rate. Only 661,000 jobs were added for the month, down from 1.5 million in August. Meanwhile, a reported 2.3 million people have given up looking for work. With U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the financial markets. In the U.K., a lack of progress in Brexit talks with the European Union weighed on markets. China’s economy picked up steam, however, with growth fueled by increased global demand, and China’s service sector had its strongest PMI reading in seven years.

4  |  Wells Fargo Global Investment Grade Credit Fund

Letter to shareholders (unaudited)

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

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.

Notice to Shareholders

Preparing for LIBOR Transition

The global financial industry is preparing to transition away from the London Interbank Offered Rate (LIBOR), a key benchmark interest rate, to new alternative rates. LIBOR underpins more than $350 trillion of financial contracts. It is the benchmark rate for a wide spectrum of products ranging from residential mortgages to corporate bonds to derivatives. Regulators have called for a market-wide transition away from LIBOR to successor reference rates by the end of 2021, which requires proactive steps be taken by issuers, counterparties, and asset managers to identify impacted products and adopt new reference rates.

The Fund holds at least one security that uses LIBOR as a floating reference rate and has a maturity date after 12-31-2021.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of successor reference rates, and any potential effects of the transition away from LIBOR on investment instruments that use it as a benchmark rate. The transition process may result in, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and could negatively impact the value of certain instruments held by the Fund.

Wells Fargo Asset Management is monitoring LIBOR exposure closely and has put resources and controls in place to manage this transition effectively. The Fund’s portfolio management team is evaluating LIBOR holdings to understand what happens to those securities when LIBOR ceases to exist, including examining security documentation to identify the presence or absence of fallback language identifying a replacement rate to LIBOR.

While the pace of transition away from LIBOR will differ by asset class and investment strategy, the portfolio management team will monitor market conditions for those holdings to identify and mitigate deterioration or volatility in pricing and liquidity and ensure appropriate actions are taken in a timely manner.

Further information regarding the potential risks associated with the discontinuation of LIBOR can be found in the Fund’s Statement of Additional Information.

Wells Fargo Global Investment Grade Credit Fund  |  5

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 Pacquement, CFA^®‡

Scott M. Smith, CFA^®‡

Alex Temple

Jonathan Terry, CFA^®‡

Average annual total returns (%) as of September 30, 2020

							Expense ratios1 (%)
	Inception date	1 year		Since inception			Gross		Net2
Class R6 (WGCRX)	2-28-2019		6.10		9.38			0.86		0.45
Institutional Class (WGCIX)	2-28-2019		6.04		9.33			0.91		0.50
Bloomberg Barclays Global Aggregate Credit Index Hedged (USD)3	–		5.80		9.28	*		–		–

* 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 7.

6  |  Wells Fargo Global Investment Grade Credit Fund

Performance highlights (unaudited)

Growth of $1,000,000 investment as of September 30, 2020⁴

^‡ 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 caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, 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 chart compares the performance of the Institutional Class shares since inception with the Bloomberg Barclays Global Aggregate Credit Index Hedged (USD). The chart assumes a hypothetical investment of $1,000,000 in Institutional Class shares shares and reflects all operating expenses .

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.

⁷  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  |  7

Performance highlights (unaudited)

MANAGERS’ DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Bloomberg Barclays Global Aggregate Credit Index Hedged (USD), for the 12-month period that ended September 30, 2020.

∎ Performance was primarily driven by security selection.

∎ Active participation in cheap new deals from issuers refinancing short-term debt with longer-term debt was a source of outperformance.

The coronavirus pandemic was met by a global fiscal and monetary response.

The 12 months ending September 30, 2020, were characterized by the impact and subsequent monetary and fiscal response to the coronavirus crisis. The final quarter of 2019 through February 2020 saw spreads tighten as political risks dissipated, including a first-round trade deal between China and the United States and additional Brexit clarity following a snap U.K. general election. March 2020 saw spreads sell off aggressively as the liquidity of all asset classes, including U.S. Treasuries and corporate bonds, became challenged as the world adapted to the impact of the coronavirus. While each jurisdiction had its own fiscal response, the major central banks reacted aggressively, cutting interest rates and restarting/upsizing quantitative easing programs, including the purchase of corporate bonds.

The U.S. 10-year government bond yield declined by 98 basis points (bps; 100 bps equal 1.00%) over the one-year period. The option-adjusted spread for the benchmark moved from 108 bps in September 2019 to just 90 bps in January 2020 before widening to 287 bps in March and subsequently tightening to close at 126 bps in September 2020.

We actively rotated the portfolio.

In the fourth quarter of 2019, the Fund added to the financials and reduced some of the communications overweight, reflecting relative-value opportunities. The allocation to BBB-rated credits was increased by 2% as the European Central Bank restarted its corporate bond purchasing program. We used the market rebound at the end of March to reduce exposure to previously high-quality names that could struggle as the lockdown is gradually lifted and social distancing rules remain in place. Names including Darden Restaurants and U.K. holiday parks owner Centre Parcs were exchanged for credits with better near-term momentum and liquidity. The Fund continued to be very active in the new issue market throughout the second and third quarters of 2020. In the third quarter, we added more subordinated paper from higher-quality issuers as opposed to reaching into senior paper from lower-quality issuers.

Ten largest holdings (%) as of September 30, 20204
Citigroup Incorporated, 3.30%, 4-27-2025	1.50
Morgan Stanley, 3.13%, 7-27-2026	1.36
Bank of America Corporation, 4.13%, 1-22-2024	1.34
American International Group Incorporated, 4.75%, 4-1-2048	1.18
Toronto Dominion Bank, 3.23%, 7-24-2024	1.06
Goldman Sachs Group Incorporated, 3.63%, 1-22-2023	1.03
Intercontinental Exchange Incorporated, 3.75%, 12-1-2025	0.98
Tencent Holdings Limited. 3.60%, 1-19-2028	0.98
Cantor Fitzgerald LP, 4.88%, 5-1-2024	0.95
U.S. Treasury Bond, 2.00%, 2-15-2050	0.93

Portfolio composition as of September 30, 2020⁶

Please see footnotes on page 7.

8  |  Wells Fargo Global Investment Grade Credit Fund

Performance highlights

Effective maturity distribution as of September 30, 2020⁶

Credit quality as of September 30, 2020⁷

Record volumes of issuance provide an opportunity for alpha.

From September 2019 through March 2020, overweights to telecommunications, BBB-rated, and sterling-denominated credits all contributed to performance as spreads compressed and fears of a hard Brexit subsided. Generous new issue premiums from corporate issuers in the second and third quarters of 2020 helped drive performance as high-quality issuers scrambled to refinance shorter-term debt with longer-term debt and build cash buffers ahead of a second wave of the coronavirus. Underweighting sectors and credits hardest hit by the pandemic also contributed to performance as many have struggled to recover or have been downgraded aggressively by rating agencies.

Detractors

In the final quarter of 2019, at a market level, low-spread-duration and high-quality securities underperformed their lower-quality and longer-duration counterparts. The Fund had a small allocation to U.S. Treasuries, which underperformed as spreads tightened. Underperformers include high-quality issuers such as PacifiCorp Utility; Apple Incorporated; and Mars, Incorporated. In the March sell-off, the BBB-rating cohort, to which the Fund has a 10% overweight, was the worst-performing rating cohort with only the AAA-rating cohort posting positive absolute returns. Within credit, the energy sector overweight underperformed as a price war between Saudi Arabia and Russia in early March led to a one-day decline of more than 25% in crude oil prices.

Ongoing economic weakness could lead to looser monetary policy.

We expect demand for global investment-grade credit to persist as investors hunt for yield. The pace of flows could, however, slow down as market valuations become more balanced. While all-in yields are still around historical lows, they remain attractive relative to other asset classes, and particularly on a global basis given the significant volume of negative-yielding debt. After a record amount of new issue supply the past two quarters, we expect supply in the fourth quarter in the U.S. and Europe to be low, with some suggesting only $100 billion total in the U.S. and volumes in Europe dropping off as the reporting season commences. We believe this will serve as a large technical factor and offset potential negatives.

Please see footnotes on page 7.

Wells Fargo Global Investment Grade Credit Fund  |  9

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 April 1, 2020 to September 30, 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 4-1-2020		Ending account value 9-30-2020		Expenses paid during the period1		Annualized net expense ratio
Class R6
Actual	$	1,000.00	$	1,106.19	$	2.38		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%
Institutional Class
Actual	$	1,000.00	$	1,105.78	$	2.64		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.54		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).

10  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 1.61%
American Airlines Series 2014-1 Class A Pass-Through Trust		3.70	%		4-1-2028	$	256,074	$	212,701
British Airways Series 2019-1 Class AA Pass-Through Trust 144A		3.30			6-15-2034		626,526		587,198
Delta Air Lines Series 2019-1 Class AA Pass-Through Trust		3.20			10-25-2025		440,000		438,426
Total Asset-Backed Securities (Cost $1,321,573)									1,238,325
Corporate Bonds and Notes: 52.37%
Communication Services: 7.13%
Diversified Telecommunication Services: 3.76%
AT&T Incorporated		2.75			6-1-2031		225,000		236,586
AT&T Incorporated		3.65			6-1-2051		505,000		509,691
AT&T Incorporated		4.25			3-1-2027		555,000		644,086
T-Mobile USA Incorporated 144A		2.55			2-15-2031		60,000		62,165
T-Mobile USA Incorporated 144A%%		3.30			2-15-2051		235,000		231,292
T-Mobile USA Incorporated 144A		3.75			4-15-2027		220,000		246,299
Verizon Communications Incorporated		2.88			1-15-2038		200,000		289,852
Verizon Communications Incorporated		4.13			8-15-2046		545,000		670,961
									2,890,932
Entertainment: 0.22%
The Walt Disney Company		3.60			1-13-2051		150,000		168,908
Media: 3.15%
Charter Communications Operating LLC		2.80			4-1-2031		135,000		140,026
Charter Communications Operating LLC		4.91			7-23-2025		395,000		456,569
Comcast Corporation		3.40			4-1-2030		155,000		178,794
Cox Communications Incorporated 144A		4.60			8-15-2047		390,000		486,643
Discovery Incorporated		5.30			5-15-2049		190,000		232,766
Fox Corporation		4.71			1-25-2029		575,000		688,625
ViacomCBS Incorporated		4.95			1-15-2031		200,000		239,173
									2,422,596
Consumer Discretionary: 1.82%
Automobiles: 0.72%
Ford Motor Company		9.00			4-22-2025		170,000		194,907
General Motors Company		6.13			10-1-2025		310,000		360,041
									554,948
Hotels, Restaurants & Leisure: 0.35%
McDonald’s Corporation		1.45			9-1-2025		200,000		205,915
McDonald’s Corporation		4.20			4-1-2050		50,000		60,716
									266,631
Internet & Direct Marketing Retail: 0.32%
Booking Holdings Incorporated		1.80			3-3-2027		200,000		247,016
Multiline Retail : 0.04%
Target Corporation		2.65			9-15-2030		25,000		27,963
Specialty Retail: 0.17%
Home Depot Incorporated		2.70			4-15-2030		65,000		72,315
TJX Companies Incorporated		3.88			4-15-2030		50,000		59,261
									131,576

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

Wells Fargo Global Investment Grade Credit Fund  |  11

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Textiles, Apparel & Luxury Goods: 0.22%
Ralph Lauren Corporation		2.95	%		6-15-2030	$	160,000	$	166,938
Consumer Staples: 3.74%
Beverages: 2.09%
Anheuser-Busch InBev Finance Incorporated		3.65			2-1-2026		485,000		541,546
Coca Cola Company		0.13			3-15-2029		400,000		465,474
Coca Cola Company		1.65			6-1-2030		95,000		98,285
Keurig Dr Pepper Incorporated		4.60			5-25-2028		415,000		498,099
									1,603,404
Food & Staples Retailing: 0.25%
Walmart Incorporated		3.70			6-26-2028		165,000		195,000
Food Products: 0.79%
Mars Incorporated 144A		3.95			4-1-2049		320,000		386,498
Smithfield Foods Incorporated 144A		3.00			10-15-2030		220,000		222,218
									608,716
Tobacco: 0.61%
BAT Capital Corporation		4.54			8-15-2047		440,000		470,242
Energy: 5.01%
Oil, Gas & Consumable Fuels: 5.01%
BP Capital Markets America Incorporated		2.75			5-10-2023		300,000		316,250
Energy Transfer Operating Partners LP		3.75			5-15-2030		245,000		237,129
Energy Transfer Operating Partners LP		6.25			4-15-2049		650,000		668,877
Exxon Mobil Corporation		2.61			10-15-2030		435,000		469,200
Kinder Morgan Energy Partners LP		5.40			9-1-2044		335,000		388,138
Marathon Petroleum Corporation		3.80			4-1-2028		375,000		407,140
MPLX LP		4.00			3-15-2028		530,000		578,310
Sabine Pass Liquefaction LLC 144A		4.50			5-15-2030		165,000		185,704
Sabine Pass Liquefaction LLC		5.75			5-15-2024		530,000		599,978
									3,850,726
Financials: 16.48%
Banks: 4.13%
Bank of America Corporation		4.13			1-22-2024		930,000		1,029,910
Citigroup Incorporated		3.30			4-27-2025		1,045,000		1,150,480
Huntington Bancshares Incorporated		2.55			2-4-2030		70,000		73,101
JPMorgan Chase & Company (U.S. SOFR +2.52%) ±		2.96			5-13-2031		225,000		240,504
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ±		3.78			2-1-2028		220,000		248,712
Santander Holdings USA Incorporated		4.40			7-13-2027		390,000		429,369
									3,172,076
Capital Markets: 6.57%
Belrose Funding Trust 144A		2.33			8-15-2030		285,000		281,451
Blackrock Incorporated		1.90			1-28-2031		55,000		57,031
Cantor Fitzgerald LP 144A		4.88			5-1-2024		670,000		733,106
Five Corners Funding Trust 144A		2.85			5-15-2030		100,000		107,861
Five Corners Funding Trust 144A		4.42			11-15-2023		10,000		11,111
Goldman Sachs Group Incorporated		3.63			1-22-2023		740,000		790,975
Intercontinental Exchange		3.00			6-15-2050		215,000		225,417
Morgan Stanley		3.13			7-27-2026		945,000		1,043,211

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

12  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
Morgan Stanley		3.70	%		10-23-2024	$	520,000	$	576,342
Raymond James Financial Services Incorporated		4.65			4-1-2030		135,000		164,128
Raymond James Financial Services Incorporated		4.95			7-15-2046		435,000		561,437
S&P Global Incorporated		1.25			8-15-2030		155,000		152,381
S&P Global Incorporated		2.30			8-15-2060		140,000		125,372
State Street Corporation		2.40			1-24-2030		200,000		217,881
									5,047,704
Consumer Finance: 2.10%
American Express Credit Corporation		3.30			5-3-2027		470,000		530,596
Aviation Capital Group LLC 144A		5.50			12-15-2024		510,000		526,094
Harley Davidson Financial Services Company 144A		3.35			6-8-2025		60,000		62,753
Hyundai Capital America 144A		1.80			10-15-2025		500,000		497,243
									1,616,686
Diversified Financial Services: 0.98%
Intercontinental Exchange Incorporated		3.75			12-1-2025		670,000		756,563
Insurance: 2.70%
American International Group Incorporated		4.75			4-1-2048		740,000		905,285
Berkshire Hathaway Incorporated		2.38			6-19-2039		100,000		144,801
Brighthouse Financial Incorporated		4.70			6-22-2047		390,000		372,944
Empower Finance 2020 LP 144A		1.78			3-17-2031		500,000		499,692
Unum Group		4.50			12-15-2049		160,000		154,731
									2,077,453
Health Care: 3.00%
Biotechnology: 0.93%
AbbVie Incorporated 144A		2.60			11-21-2024		405,000		429,498
AbbVie Incorporated 144A		4.25			11-21-2049		245,000		289,382
									718,880
Health Care Providers & Services: 1.10%
Anthem Incorporated		2.25			5-15-2030		30,000		30,789
CVS Health Corporation		3.70			3-9-2023		192,000		205,662
CVS Health Corporation		4.25			4-1-2050		165,000		193,504
CVS Health Corporation		4.30			3-25-2028		180,000		210,568
UnitedHealth Group Incorporated		2.90			5-15-2050		195,000		203,221
									843,744
Life Sciences Tools & Services: 0.30%
Thermo Fisher Scientific Incorporated		1.50			10-1-2039		200,000		233,941
Pharmaceuticals: 0.67%
Royalty Pharma plc 144A		2.20			9-2-2030		515,000		511,990
Industrials: 4.32%
Aerospace & Defense: 0.70%
United Technologies Corporation		4.13			11-16-2028		455,000		538,455
Airlines: 0.91%
Aviation Capital Group Corporation 144A		2.88			1-20-2022		430,000		426,721
US Airways Group Incorporated		4.63			12-3-2026		326,529		270,572
									697,293

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

Wells Fargo Global Investment Grade Credit Fund  |  13

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Industrial Conglomerates: 0.67%
General Electric Company		3.63	%		5-1-2030	$	495,000	$	513,337
Machinery: 0.20%
Caterpillar Incorporated		3.25			4-9-2050		95,000		106,438
Deere & Company		3.10			4-15-2030		40,000		45,759
									152,197
Professional Services: 0.72%
Equifax Incorporated		2.60			12-1-2024		400,000		426,906
Equifax Incorporated		3.10			5-15-2030		120,000		130,647
									557,553
Road & Rail: 1.12%
Penske Truck Leasing Company LP 144A		3.45			7-1-2024		405,000		438,328
Union Pacific Corporation		2.40			2-5-2030		390,000		419,507
									857,835
Information Technology: 5.61%
Communications Equipment: 0.89%
Motorola Solutions Incorporated		4.60			2-23-2028		590,000		688,518
Electronic Equipment, Instruments & Components: 0.32%
Jabil Incorporated		3.60			1-15-2030		230,000		244,607
IT Services: 1.06%
Fiserv Incorporated		2.65			6-1-2030		70,000		75,274
Fiserv Incorporated		3.50			7-1-2029		215,000		244,699
Western Union Company		4.25			6-9-2023		460,000		496,600
									816,573
Semiconductors & Semiconductor Equipment: 1.66%
Broadcom Incorporated		3.15			11-15-2025		145,000		156,393
Broadcom Incorporated		4.15			11-15-2030		255,000		286,285
Microchip Technology Incorporated 144A		2.67			9-1-2023		230,000		238,093
Qualcomm Incorporated		3.25			5-20-2027		530,000		593,936
									1,274,707
Software: 0.12%
Oracle Corporation		3.60			4-1-2050		85,000		94,777
Technology Hardware, Storage & Peripherals: 1.56%
Apple Incorporated		2.95			9-11-2049		200,000		218,680
Apple Incorporated		3.60			7-31-2042		100,000		187,746
Dell International LLC / EMC Corporation 144A		5.45			6-15-2023		505,000		553,652
Dell International LLC / EMC Corporation 144A		6.20			7-15-2030		145,000		173,864
NetApp Incorporated		2.70			6-22-2030		60,000		62,083
									1,196,025
Materials: 1.37%
Chemicals: 1.37%
Linde Incorporated		1.10			8-10-2030		310,000		300,147
Nutrition and Biosciences Incorporated 144A		2.30			11-1-2030		520,000		523,348

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

14  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Westlake Chemical Corporation		1.63	%		7-17-2029	$	200,000	$	230,415
									1,053,910
Real Estate: 1.64%
Equity REITs: 0.83%
Equinix Incorporated		2.15			7-15-2030		465,000		470,734
Sabra Health Care LP / Sabra Capital Corporation		4.80			6-1-2024		160,000		168,096
									638,830
Real Estate Management & Development: 0.81%
ACC Operating Partnership		3.88			1-30-2031		210,000		229,155
Simon Property Group LP		3.25			9-13-2049		425,000		388,873
									618,028
Utilities: 2.25%
Electric Utilities: 2.00%
Duke Energy Florida LLC		1.75			6-15-2030		140,000		142,512
Firstenergy Corporation		2.25			9-1-2030		230,000		224,785
Nevada Power Company		2.40			5-1-2030		195,000		209,324
New York State Electric & Gas Corporation 144A		3.25			12-1-2026		220,000		247,316
PacifiCorp		3.50			6-15-2029		495,000		574,821
Union Electric Company		2.95			3-15-2030		125,000		140,471
									1,539,229
Multi-Utilities: 0.25%
Oglethorpe Power Corporation 144A		3.75			8-1-2050		195,000		193,784
Total Corporate Bonds and Notes (Cost $37,431,419)									40,260,291
Foreign Corporate Bonds and Notes: 28.41%
Communication Services: 1.01%
Diversified Telecommunication Services: 0.54%
Deutsche Telekom International Finance BV		2.25			4-13-2029	GBP	300,000		413,478
Wireless Telecommunication Services: 0.47%
Rogers Communications Incorporated		5.34			3-22-2021	CAD	300,000		230,359
Tele2 AB		2.13			5-15-2028	EUR	100,000		129,052
									359,411
Consumer Discretionary: 0.33%
Textiles, Apparel & Luxury Goods: 0.33%
Burberry Group plc		1.13			9-21-2025	GBP	200,000		255,950
Consumer Staples: 0.48%
Beverages: 0.17%
Coca-Cola European Partners plc		1.50			11-8-2027	EUR	100,000		127,708
Food & Staples Retailing: 0.31%
Tesco Corporate Treasury Services plc		0.88			5-29-2026	EUR	200,000		238,508

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

Wells Fargo Global Investment Grade Credit Fund  |  15

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Energy: 1.14%
Oil, Gas & Consumable Fuels: 1.14%
Shell International Finance BV		1.00	%		12-10-2030	GBP	500,000	$	637,302
Total SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.75%) ±		2.71			12-29-2049	EUR	200,000		242,395
									879,697
Financials: 15.93%
Banks: 8.38%
Argenta Spaarbank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.95%) ±		3.88			5-24-2026	EUR	200,000		238,031
Banco BPM SpA		2.50			6-21-2024	EUR	200,000		239,436
Banco de Sabadell SA		1.13			3-27-2025	EUR	200,000		224,545
Bankia SA		1.13			11-12-2026	EUR	100,000		117,285
Bankinter SA		0.63			10-6-2027	EUR	200,000		229,046
Banque Federative du Credit Mutuel		3.00			5-21-2024	EUR	200,000		255,141
Barclays plc (GBP Swap Semi Annual (vs. 6 Month LIBOR) 1 Year +1.32%) ±		2.38			10-6-2023	GBP	100,000		131,728
Bawag Group AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.30%) ±		2.38			3-26-2029	EUR	100,000		119,751
BNP Paribas		1.25			3-19-2025	EUR	300,000		366,034
Caixabank SA		0.63			10-1-2024	EUR	100,000		116,307
Credit Agricole Assurances		2.00			7-17-2030	EUR	300,000		358,384
FCA Bank SpA		1.63			9-29-2021	GBP	100,000		128,983
Jyske Bank AS (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.90%) ±		2.25			4-5-2029	EUR	300,000		361,101
Kutxabank SA		0.50			9-25-2024	EUR	100,000		116,408
Landesbank Baden-Wurttemberg (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.77%) ±		2.88			5-27-2026	EUR	100,000		116,511
Landsbankinn HF		1.38			3-14-2022	EUR	100,000		119,181
Lloyds Banking Group plc (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +0.85%) ±		0.50			11-12-2025	EUR	200,000		233,334
Lloyds Banking Group plc		2.25			10-16-2024	GBP	100,000		133,420
Mizuho Financial Group		0.80			4-15-2030	EUR	400,000		475,766
NIBC Bank NV		2.00			4-9-2024	EUR	200,000		236,997
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +3.15%) ±		2.88			6-18-2032	EUR	200,000		240,124
Royal Bank of Canada		1.97			3-2-2022	CAD	200,000		153,266
Royal Bank of Canada		2.00			3-21-2022	CAD	400,000		306,936
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		272,294
Toronto Dominion Bank		3.23			7-24-2024	CAD	1,000,000		818,392
Unicaja Banco SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.11%) ±		2.88			11-13-2029	EUR	100,000		111,383
Unicredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.80%) ±		2.73			1-15-2032	EUR	200,000		221,007
									6,440,791
Capital Markets: 1.74%
Credit Suisse Group AG (UK Gilts 1 Year +2.23%) ±		2.25			6-9-2028	GBP	300,000		397,224
Deutsche Bank AG		0.38			1-18-2021	EUR	200,000		234,607
Phoenix PIB Dutch Finance BV		2.38			8-5-2025	EUR	200,000		236,206
UBS Group AG (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +0.55%) ±		0.25			1-29-2026	EUR	400,000		468,834
									1,336,871
Consumer Finance: 1.24%
LeasePlan Corporation NV		1.38			3-7-2024	EUR	200,000		236,807
PSA Banque France		0.63			6-21-2024	EUR	300,000		354,312
Transurban Finance Company		1.75			3-29-2028	EUR	300,000		367,006
									958,125

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

16  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 1.41%
Bevco Lux Sarl		1.75	%		2-9-2023	EUR	300,000	$	359,541
Nykredit Realkredit AS		0.88			1-17-2024	EUR	300,000		358,425
SELP Finance Sarl		1.50			11-20-2025	EUR	300,000		363,287
									1,081,253
Insurance: 2.86%
Aviva plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +5.13%) ±		6.13			7-5-2043	EUR	100,000		132,926
Aviva plc (ICE LIBOR GBP 6 Month +4.14%) ±		6.63			6-3-2041	GBP	200,000		266,934
Legal & General Group plc (U.S. Treasury 3 Month Bill +9.33%) ±		10.00			7-23-2041	GBP	200,000		276,457
Mandatum Life Insurance Company Limited (3 Month EURIBOR +2.30%) ±		1.88			10-4-2049	EUR	300,000		350,820
Munich Re Group (ICE LIBOR GBP 3 Month +4.95%) ±		6.63			5-26-2042	GBP	200,000		280,687
Sampo Oyj		1.63			2-21-2028	EUR	200,000		256,999
Sampo Oyj (3 Month EURIBOR +4.05%) ±		3.38			5-23-2049	EUR	200,000		258,599
Swiss Re Finance (Luxembourg) SA (EURIBOR ICE Swap Rate 11:00am +2.85%) ±		2.53			4-30-2050	EUR	300,000		375,491
									2,198,913
Thrifts & Mortgage Finance: 0.30%
Aareal Bank AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.90%) ±		4.25			3-18-2026	EUR	200,000		230,914
Health Care: 2.13%
Biotechnology: 0.76%
GlaxoSmithKline Capital Incorporated		1.63			5-12-2035	GBP	250,000		329,000
Lonza Finance International NV		1.63			4-21-2027	EUR	200,000		251,453
									580,453
Health Care Equipment & Supplies: 0.28%
Motability Operations Group plc		2.38			7-3-2039	GBP	150,000		218,225
Health Care Providers & Services: 0.48%
Fresenius Medical Care AG & Company		1.50			5-29-2030	EUR	300,000		369,191
Pharmaceuticals: 0.61%
Bayer AG (EURIBOR ICE Swap Rate 11:00am +2.65%) ±		2.38			11-12-2079	EUR	100,000		115,256
Bayer AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.11%) ±		3.13			11-12-2079	EUR	100,000		118,029
Merck KGaA (EURIBOR ICE Swap Rate 11:00am +1.95%) ±		1.63			6-25-2079	EUR	200,000		236,017
									469,302
Industrials: 0.48%
Aerospace & Defense: 0.32%
MTU Aero Engines AG		3.00			7-1-2025	EUR	200,000		245,187
Containers & Packaging: 0.16%
Brambles Finance plc		1.50			10-4-2027	EUR	100,000		122,405
Information Technology: 0.63%
IT Services: 0.47%
Edenred Company		1.38			6-18-2029	EUR	300,000		363,888
Semiconductors & Semiconductor Equipment: 0.16%
ASML Holding NV		0.63			5-7-2029	EUR	100,000		120,780
Materials: 2.05%
Chemicals: 1.73%
Arkema SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.57%) ±		1.50			12-31-2099	EUR	200,000		223,374
Arkema SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.87%) ±		2.75			12-31-2099	EUR	300,000		358,858

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

Wells Fargo Global Investment Grade Credit Fund  |  17

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Chemicals (continued)
Covestro AG		0.88	%		2-3-2026	EUR	100,000	$	118,380
Sika Capital BV		1.50			4-29-2031	EUR	100,000		128,747
Solvay SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.92%) ±		4.25			12-31-2099	EUR	200,000		246,214
Syngenta Finance NV		3.38			4-16-2026	EUR	200,000		251,659
									1,327,232
Paper & Forest Products: 0.32%
Mondi Finance plc		1.63			4-27-2026	EUR	200,000		250,182
Real Estate: 1.37%
Equity REITs: 0.16%
Inmobiliaria Colonial SA		1.45			10-28-2024	EUR	100,000		120,613
Real Estate Management & Development: 1.21%
Akelius Residential Property AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.48%) ±		2.25			5-17-2081	EUR	200,000		221,673
Akelius Residential Property AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.49%) ±		3.88			10-5-2078	EUR	200,000		240,938
Heimstaden Bostad AB		1.13			1-21-2026	EUR	200,000		233,929
Heimstaden Bostad AB		1.38			3-3-2027	EUR	200,000		235,180
									931,720
Utilities: 2.86%
Electric Utilities: 2.25%
Electricite de France SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.37%) ±		2.88			12-31-2099	EUR	200,000		228,757
Electricite de France SA		5.50			10-17-2041	GBP	200,000		379,130
Enel Finance International NV		0.38			6-17-2027	EUR	100,000		117,691
ESB Finance Designated Activity Company		1.13			6-11-2030	EUR	200,000		252,016
Fortum Oyj		0.88			2-27-2023	EUR	200,000		238,696
Orsted A/S (EURIBOR ICE Swap Rate 11:00am +1.95%) ±		1.75			12-9-2099	EUR	200,000		234,315
Reseau de Transport d’Electricite		1.88			10-23-2037	EUR	200,000		281,140
									1,731,745
Gas Utilities: 0.30%
APT Pipelines Limited		2.00			7-15-2030	EUR	180,000		228,403
Water Utilities: 0.31%
FCC Aqualia SA		1.41			6-8-2022	EUR	200,000		237,392
Total Foreign Corporate Bonds and Notes (Cost $20,739,012)									21,838,337
Municipal Obligations: 0.31%
New Jersey: 0.31%
Transportation Revenue: 0.31%
New Jersey State Transportation Trust Fund Authority Transportation System Refunding Bond Series B		4.13			6-15-2042	$	250,000		238,265
Total Municipal Obligations (Cost $250,000)									238,265
U.S. Treasury Securities: 0.97%
U.S. Treasury Bond		2.00			2-15-2050		635,000		718,245
U.S. Treasury Note		0.63			5-15-2030		30,000		29,892
Total U.S. Treasury Securities (Cost $740,924)									748,137

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

18  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 13.76%
Communication Services: 2.41%
Diversified Telecommunication Services: 0.59%
Telefonica Emisiones SAU		4.10	%		3-8-2027	$	400,000	$	454,766
Interactive Media & Services: 0.98%
Tencent Holdings Limited 144A		3.60			1-19-2028		685,000		753,774
Wireless Telecommunication Services: 0.84%
Vodafone Group plc		4.38			5-30-2028		545,000		644,978
Consumer Discretionary: 0.68%
Automobiles: 0.68%
Nissan Motor Company 144A		3.52			9-17-2025		260,000		262,728
Nissan Motor Company 144A		4.35			9-17-2027		260,000		261,026
									523,754
Consumer Staples: 0.91%
Household Products: 0.77%
Reckitt Benckiser Treasury Services plc 144A		2.75			6-26-2024		555,000		590,815
Tobacco: 0.14%
Imperial Brands Finance plc 144A		3.50			7-26-2026		100,000		108,158
Energy: 0.51%
Oil, Gas & Consumable Fuels: 0.51%
BP Capital Markets plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.88%) ±(s)		3.25			3-22-2026		100,000		120,395
BP Capital Markets plc (U.S. Treasury 3 Month Bill +4.17%) ±(s)		4.25			3-22-2027		100,000		135,164
Equinor ASA		2.38			5-22-2030		45,000		47,556
Saudi Arabian Oil Company 144A		4.38			4-16-2049		75,000		90,167
									393,282
Financials: 7.66%
Banks: 4.95%
Banco Santander SA		3.49			5-28-2030		400,000		435,106
Credit Suisse New York		3.63			9-9-2024		580,000		641,961
HSBC Holdings plc (U.S. SOFR +2.39%) ±		2.85			6-4-2031		200,000		206,936
HSBC Holdings plc		4.30			3-8-2026		430,000		485,091
Mitsubishi UFJ Financial Group Incorporated		2.56			2-25-2030		200,000		210,076
National Australia Bank 144A		2.33			8-21-2030		260,000		257,003
NatWest Group plc		3.88			9-12-2023		490,000		526,240
Sumitomo Mitsui Financial Group		2.13			7-8-2030		200,000		203,079
Sumitomo Mitsui Financial Group		3.10			1-17-2023		365,000		385,335
Westpac Banking Corporation (5 Year Treasury Constant Maturity +1.35%) ±		2.89			2-4-2030		105,000		108,797
Westpac Banking Corporation		3.65			5-15-2023		320,000		346,195
									3,805,819
Capital Markets: 0.67%
Credit Suisse Group AG (U.S. SOFR +3.73%) 144A±		4.19			4-1-2031		250,000		288,434
Macquarie Group Limited (3 Month LIBOR +1.02%) 144A±		3.19			11-28-2023		220,000		230,040
									518,474

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

Wells Fargo Global Investment Grade Credit Fund  |  19

Portfolio of investments—September 30, 2020

	Interest rate			Maturity date		Principal		Value
Consumer Finance: 0.42%
AerCap Ireland Capital DAC		4.50	%		9-15-2023	$	310,000	$	319,373
Diversified Financial Services: 1.32%
GE Capital International Funding Company		4.42			11-15-2035		280,000		295,916
Siemens Financieringsmaatschappij NV 144A		2.35			10-15-2026		380,000		407,602
WPP Finance 2010		3.75			9-19-2024		280,000		307,315
									1,010,833
Insurance: 0.30%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		216,000		233,815
Health Care: 0.44%
Pharmaceuticals: 0.44%
Astrazeneca plc		1.38			8-6-2030		345,000		335,587
Information Technology: 0.79%
Semiconductors & Semiconductor Equipment: 0.79%
NXP BV 144A		3.40			5-1-2030		130,000		142,210
NXP BV 144A		3.88			6-18-2026		415,000		464,933
									607,143
Real Estate: 0.36%
Scentre Group Trust 2 Company (5 Year Treasury Constant Maturity +4.69%) 144A±		5.13			9-24-2080		285,000		279,798
Total Yankee Corporate Bonds and Notes (Cost $9,949,048)									10,580,369
	Yield					Shares
Short-Term Investments: 1.51%
Investment Companies: 1.51%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.05					1,157,095		1,157,095
Total Short-Term Investments (Cost $1,157,095)									1,157,095

Total investments in securities (Cost $71,589,071)	98.94	%		76,060,819
Other assets and liabilities, net	1.06			813,926
Total net assets	100.00	%	$	76,874,745

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

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

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

(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.

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

Abbreviations:

CAD Canadian dollar

EUR Euro

EURIBOR Euro Interbank Offered Rate

GBP Great British pound

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

SOFR Secured Overnight Financing Rate

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

20  |  Wells Fargo Global Investment Grade Credit Fund

Portfolio of investments—September 30, 2020

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
Euro-Bund Futures		3		12-8-2020	$	611,918	$	613,848	$	1,930	$	0

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
18,302,058 USD	15,450,000 EUR	State Street Bank	10-28-2020	$	177,989	$	0
1,511,672 USD	1,996,351 CAD	State Street Bank	10-28-2020		12,279		0
4,664,554 USD	3,610,000 GBP	State Street Bank	10-28-2020		5,763		0
				$	196,031	$	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:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of priod		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class	$	1,834,198	$	40,722,031	$	(41,399,134	)	$	0	$	0	$	6,480	$	1,157,095		1.51	%

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

Wells Fargo Global Investment Grade Credit Fund  |  21

Statement of assets and liabilities—September 30, 2020

Assets
Investments in unaffiliated securities, at value (cost $70,431,976)	$	74,903,724
Investments in affiliated securities, at value (cost $1,157,095)		1,157,095
Foreign currency, at value (cost $180,329)		180,786
Segregated cash for futures contracts		9,176
Receivable for investments sold		140,214
Receivable for interest		664,019
Unrealized gains on forward foreign currency contracts		196,031
Total assets		77,251,045
Liabilities
Payable for when-issued transactions		234,514
Payable for Fund shares redeemed		46,238
Payable for daily variation margin on open futures contracts		1,126
Management fee payable		12,562
Administration fees payable		1,902
Trustees’ fees and expenses payable		2,951
Accrued expenses and other liabilities		77,007
Total liabilities		376,300
Total net assets	$	76,874,745
Net assets consist of
Paid-in capital	$	71,502,047
Total distributable earnings		5,372,698
Total net assets	$	76,874,745
Computation of net asset value per share
Net assets – Class R6	$	76,847,470
Shares outstanding – Class R61		7,044,446
Net asset value per share – Class R6		$10.91
Net assets – Institutional Class	$	27,275
Shares outstanding – Institutional Class1		2,500
Net asset value per share – Institutional Class		$10.91

¹  The Fund has an unlimited number of authorized shares.

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

22  |  Wells Fargo Global Investment Grade Credit Fund

Statement of operations—year ended September 30, 2020

Investment income
Interest	$	1,980,917
Income from affiliated securities		6,480
Total investment income		1,987,397
Expenses
Management fee		290,645
Administration fees
Class R6		21,790
Institutional Class		22
Custody and accounting fees		33,579
Professional fees		76,558
Registration fees		58,196
Shareholder report expenses		36,953
Trustees’ fees and expenses		20,550
Other fees and expenses		23,623
Total expenses		561,916
Less: Fee waivers and/or expense reimbursements
Fund-level		(234,926	)
Institutional Class		(1	)
Net expenses		326,989
Net investment income		1,660,408
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		1,946,903
Futures contracts		1,355
Forward foreign currency contracts		(1,395,236	)
Net realized gains on investments		553,022
Net change in unrealized gains (losses) on
Unaffiliated securities		2,076,369
Futures contracts		1,930
Forward foreign currency contracts		(215,534	)
Net change in unrealized gains (losses) on investments		1,862,765
Net realized and unrealized gains (losses) on investments		2,415,787
Net increase in net assets resulting from operations	$	4,076,195

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

Wells Fargo Global Investment Grade Credit Fund  |  23

Statement of changes in net assets

	Year ended September 30, 2020						Year ended September 30, 20191
Operations
Net investment income				$	1,660,408					$	891,407
Net realized gains on investments					553,022						1,479,319
Net change in unrealized gains (losses) on investments					1,862,765						2,812,716
Net increase in net assets resulting from operations					4,076,195						5,183,442
Distributions to shareholders from net investment income and net realized gains
Class R6					(3,157,773	)					(727,723	)
Institutional Class					(1,164	)					(279	)
Total distributions to shareholders					(3,158,937	)					(728,002	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class R6		2,217,342			23,933,431			9,630,811			99,080,247
Institutional Class		0			0			2,500			25,000
					23,933,431						99,105,247
Reinvestment of distributions
Class R6		197,523			2,091,911			20,783			222,474
Payment for shares redeemed
Class R6		(4,376,341	)		(46,930,121	)		(645,672	)		(6,920,895	)
Net increase (decrease) in net assets resulting from capital share transactions					(20,904,779	)					92,406,826
Total increase (decrease) in net assets					(19,987,521	)					96,862,266
Net assets
Beginning of period					96,862,266						0
End of period				$	76,874,745					$	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.

24  |  Wells Fargo Global Investment Grade Credit Fund

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2020			20191
Net asset value, beginning of period		$10.75			$10.00
Net investment income		0.24	2		0.13
Net realized and unrealized gains (losses) on investments		0.39			0.73
Total from investment operations		0.63			0.86
Distributions to shareholders from
Net investment income		(0.34	)		(0.11	)
Net realized gains		(0.13	)		0.00
Total distributions to shareholders		(0.47	)		(0.11	)
Net asset value, end of period		$10.91			$10.75
Total return3		6.10	%		8.64	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.86	%
Net expenses		0.45	%		0.45	%
Net investment income		2.29	%		2.34	%
Supplemental data
Portfolio turnover rate		79	%		36	%
Net assets, end of period (000s omitted)		$76,847			$96,835

¹ For the period from February 28, 2019 (commencement of class operations) to September 30, 2019

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 Global Investment Grade Credit Fund  |  25

Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2020			20191
Net asset value, beginning of period		$10.75			$10.00
Net investment income		0.24			0.14
Net realized and unrealized gains (losses) on investments		0.38			0.72
Total from investment operations		0.62			0.86
Distributions to shareholders from
Net investment income		(0.33	)		(0.11	)
Net realized gains		(0.13	)		0.00
Total distributions to shareholders		(0.46	)		(0.11	)
Net asset value, end of period		$10.91			$10.75
Total return2		6.04	%		8.64	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.97	%
Net expenses		0.50	%		0.50	%
Net investment income		2.24	%		2.34	%
Supplemental data
Portfolio turnover rate		79	%		36	%
Net assets, end of period (000s omitted)		$27			$27

¹ For the period from February 28, 2019 (commencement of class operations) to September 30, 2019

² 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 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.

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.

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

Wells Fargo Global Investment Grade Credit Fund  |  27

Notes to financial statements

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.

When-issued transactions

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

Futures contracts

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.

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 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.

28  |  Wells Fargo Global Investment Grade Credit Fund

Notes to financial statements

As of September 30, 2020, the aggregate cost of all investments for federal income tax purposes was $72,647,350 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$4,027,743
Gross unrealized losses	(416,313	)
Net unrealized gains	$3,611,430

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:

∎ 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 September 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	1,238,325	$	0	$	1,238,325
Corporate bonds and notes		0		40,260,291		0		40,260,291
Foreign corporate bonds and notes		0		21,838,337		0		21,838,337
Municipal obligations		0		238,265		0		238,265
U.S. Treasury securities		748,137		0		0		748,137
Yankee corporate bonds and notes		0		10,580,369		0		10,580,369
Short-term investments
Investment companies		1,157,095		0		0		1,157,095
		1,905,232		74,155,587		0		76,060,819
Futures contracts		1,930		0		0		1,930
Forward foreign currency contracts		0		196,031		0		196,031
Total assets	$	1,907,162	$	74,351,618	$	0	$	76,258,780

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

For the year ended September 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Global Investment Grade Credit Fund  |  29

Notes to financial statements

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 year ended September 30, 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 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.

30  |  Wells Fargo Global Investment Grade Credit Fund

Notes to financial statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended September 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$8,051,253	$48,673,837	$7,519,122	$70,947,837

6. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2020, the Fund entered into futures contracts and forward foreign currency contracts for economic hedging purposes.

The volume of the Fund’s futures contracts and forward foreign currency contracts during the year ended September 30, 2020 was as follows:

Futures contracts
Average notional balance on long futures	$	159,819
Forward foreign currency contracts
Average contract amounts to buy	$	553,764
Average contract amounts to sell		24,488,347

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.

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 September 30, 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				Unrealized losses on
	futures contracts	$	1,930	*	futures contracts	$	0	*
Foreign currency risk	Unrealized gains on				Unrealized losses on
	forward foreign currency contracts		196,031		forward foreign currency contracts		0
		$	197,961			$	0

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of September 30, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives								Change in unrealized gains (losses) on  derivatives
	Futures contracts		Forward foreign currency contracts			Total			Futures contracts		Forward foreign currency contracts			Total
Interest rate risk	$	1,355	$	0		$	1,355		$	1,930	$	0		$	1,930
Foreign currency risk		0		(1,395,236	)		(1,395,236	)		0		(215,534	)		(215,534	)
	$	1,355	$	(1,395,236	)	$	(1,393,881	)	$	1,930	$	(215,534	)	$	(213,604	)

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

Wells Fargo Global Investment Grade Credit Fund  |  31

Notes to financial statements

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	$196,031	$0	$	0	$	196,031

7. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $350,000,000 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 September 30, 2020, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $3,158,937 and $728,002 of ordinary income for the years ended September 30, 2020 and for the period from February 28, 2019 (commencement of operations) to September 30, 2019, respectively.

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$1,375,135	$386,133	$3,611,430

9. INDEMNIFICATION

Under the Fund’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 Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’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 on fair value measurements in Topic 820, Fair Value Measurements. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has adopted this guidance which did not have a material impact on the financial statements.

32  |  Wells Fargo Global Investment Grade Credit Fund

Notes to financial statements

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.

Wells Fargo Global Investment Grade Credit Fund  |  33

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Wells Fargo Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Global Investment Grade Credit Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and for the period from February 28, 2019 (commencement of operations) to September 30, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended and for the period from February 28, 2019 to September 30, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from February 28, 2019 to September 30, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

November 24, 2020

34  |  Wells Fargo Global Investment Grade Credit Fund

Other information (unaudited)

TAX INFORMATION

For the fiscal year ended September 30, 2020, $1,217,110 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2020, $904,064 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 Global Investment Grade Credit Fund  |  35

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 142 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 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). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

36  |  Wells Fargo Global Investment Grade Credit Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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 Wheelock (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. Interim President of the McKnight Foundation from January to September 2020. 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 Global Investment Grade Credit Fund  |  37

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.

¹ Jeremy DePalma acts as Treasurer of 77 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.

38  |  Wells Fargo Global Investment Grade Credit Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Global Investment Grade Credit Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 26, 2020 and May 28, 2020 (together, the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Global Investment Grade Credit Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) investment sub-advisory agreements (the “Sub-Advisory Agreements”) with Wells Capital Management Incorporated and Wells Fargo Asset Management (International) Limited (collectively, the “Sub-Advisers”), both affiliates of Funds Management. The Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at a Board meeting held in April 2020, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2020. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Advisers are a part, and a summary of investments made in the business of WFAM. The Board also received a description of Funds Management’s and the Sub-Advisers’ business continuity plans and of their approaches to data privacy and cybersecurity, and related testing. The Board also received and reviewed information about Funds Management’s role as administrator of the Fund’s liquidity risk management program, Funds Management’s approach to risk management, and Funds Management’s intermediary and vendor oversight program.

The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Global Investment Grade Credit Fund  |  39

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund for the one-year period ended March 31, 2020. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the Fund had recently commenced operations and had no performance history for the period ended December 31, 2019 to review. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for the one-year period ended March 31, 2020. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Bloomberg Barclays Global Aggregate ex USD Index, for the one-year period ended March 31, 2020.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after the payment of fees to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that the Sub-Advisers’ profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis.

40  |  Wells Fargo Global Investment Grade Credit Fund

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund.

Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of Scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ businesses as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and Wells Capital Management Incorporated from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable.

Wells Fargo Global Investment Grade Credit Fund  |  41

Other information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Wells Fargo Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) on behalf of each of its series, including the Fund, which is reasonably designed to assess and manage the Fund’s liquidity risk. “Liquidity risk” is defined as the risk that the Fund is unable to meet redemption requests without significantly diluting remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the designation of Wells Fargo Funds Management, LLC (“Funds Management”), the Fund’s investment manager, as the administrator of the Program, and Funds Management has established a Liquidity Risk Management Council composed of personnel from multiple departments within Funds Management and its affiliates to assist Funds Management in the implementation and on-going administration of the Program.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); (4) to the extent the Fund does not invest primarily in “highly liquid investments” (as defined under the Liquidity Rule), the determination of a minimum percentage of the Fund’s assets that generally will be invested in highly liquid investments (an “HLIM”); (5) if the Fund has established an HLIM, the periodic review (no less frequently than annually) of the HLIM and the adoption of policies and procedures for responding to a shortfall of the Fund’s “highly liquid investments” below its HLIM; and (6) periodic reporting to the Board.

At a meeting of the Board held on May 26 and 28, 2020, the Board received a written report (the “Report”) from Funds Management that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation. The Report covered the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). No significant liquidity events impacting the Fund were noted in the Report. There were no material changes to the Program during the Reporting Period. The Report concluded that the Program is operating effectively to assess and manage the Fund’s liquidity risk, and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Fund’s liquidity developments.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

42  |  Wells Fargo Global Investment Grade Credit 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-1020-00560 11-20

A294/AR294 09-20

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered

to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by

the Registrant’s audit committee.

	Fiscal year ended September 30, 2020		Fiscal year ended September 30, 2019
Audit fees	$	428,670	$	426,910
Audit-related fees		—		—
Tax fees (1)		61,460		51,560
All other fees		—		—
	$	490,130	$	478,470

⁽¹⁾  Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services.

If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust 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) Code of Ethics.

(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:	November 24, 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:	November 24, 2020
By:	/s/Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	November 24, 2020
By:	/s/Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	November 24, 2020

EX-99.CODE

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Variable Trust

Wells Fargo Global Dividend Opportunity Fund

Wells Fargo Income Opportunities Fund

Wells Fargo Multi-Sector Income Fund

Wells Fargo Utilities and High Income Fund

Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers

I. Covered Officers / Purpose of the Code

This Code of Ethics (“Code”) of Wells Fargo Funds Trust, Wells Fargo Master Trust and Wells Fargo Variable Trust, Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Income Opportunities Fund, Wells Fargo Multi-Sector Income Fund and Wells Fargo Utilities and High Income Fund (collectively, the “Trusts” and each, “a Trust”) applies to each Trust’s Principal Executive Officer, Principal Financial Officer and any other Trust officer’s listed on Exhibit A (the “Covered Officers”) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as “affiliated persons” of the Trust. The compliance programs and procedures of the Trust and Wells Fargo Funds Management, LLC (the “Adviser”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

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Each Covered Officer must:

• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

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• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of a Trust;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations that are made in good faith; and

• not engage in personal, business or professional relationships or dealings that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the “Chief Legal Officer”) if material. Examples of these include:

• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may have an ownership interest in his or her employer or the employer’s parent company);

• the receipt of any entertainment or gifts from any person or company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any consulting or employment relationship with any of the Trust’s service providers, other than with the primary employer of the Covered Officer; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s primary employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

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Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust’s auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust’s books or records for any reason. No disbursement of a Trust’s assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust’s documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

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IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form attached to this Code) to the Board that he or she has received, read, and understands the Code;

• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has complied with the requirements of the Code; and

• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a “waiver” and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

• the Board will be responsible for granting waivers, as appropriate (a “waiver” is the approval of a situation that is expressly prohibited by this Code); and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered

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investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

VIII.  Internal Use

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Adopted by the Boards: August 5, 2003

Amended: January 1, 2019

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Exhibit A

Persons Covered by the Code

Andrew Owen, President of each Trust

Nancy Wiser, Treasurer of:

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Global Dividend Opportunity Fund

Wells Fargo Utilities and High Income Fund

Jeremy DePalma, Treasurer of:

Wells Fargo Funds Trust

Wells Fargo Master Trust

Wells Fargo Variable Trust

Wells Fargo Income Opportunities Fund

Wells Fargo Multi-Sector Income Fund

Exhibit A amended: January 1, 2019

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EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSR 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 Income Plus 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) 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: November 24, 2020

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo International Bond Fund, Wells Fargo Income Plus 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) 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: November 24, 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-CSR 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) 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: November 24, 2020

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended September 30, 2020 (the “Report”) fully complies with the requirements of Section 15(d) 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: November 24, 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-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSR for the year ended September 30, 2020 (the “Report”) fully complies with the requirements of Section 15(d) 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: November 24, 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-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended September 30, 2020 (the “Report”) fully complies with the requirements of Section 15(d) 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: November 24, 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-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT