N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 17 of its series:

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

Date of reporting period: November 30, 2020

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2020

Wells Fargo Asset Allocation Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	27

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 November 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 Asset Allocation Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Asset Allocation Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Asset Allocation Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Asset Allocation Fund  |  3

Letter to shareholders (unaudited)

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.

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.

4  |  Wells Fargo Asset Allocation Fund

This page is intentionally left blank.

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 Capitals Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Average annual total returns (%) as of November 30, 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 (EAAFX)	7-29-1996		5.23		5.73		5.17		11.67		6.99		5.80		1.30		1.13
Class C (EACFX)	10-3-2002		11.32		6.47		5.14		12.32		6.47		5.14		2.05		1.88
Class R (EAXFX)	10-10-2003		–		–		–		12.00		6.84		5.59		1.55		1.38
Administrator Class (EAIFX)	10-3-2002		–		–		–		12.83		7.35		6.08		1.22		0.95
Institutional Class (EAAIX)3	11-30-2012		–		–		–		12.13		7.39		6.17		0.97		0.80
Asset Allocation Blended Index4	–		–		–		–		13.74		9.16		7.82		–		–
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–		–		–		7.28		4.34		3.71		–		–
MSCI ACWI ex USA Index (Net)6	–		–		–		–		9.52		7.38		5.16		–		–
Russell 3000® Index7	–		–		–		–		19.02		13.95		14.04		–		–

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, 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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. 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, mortgage- and asset-backed securities risk, geographic risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Asset Allocation Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20208
Wells Fargo Managed Fixed Income Portfolio	21.35
Wells Fargo Disciplined U.S. Core Fund Class R6	11.81
Wells Fargo Large Company Value Portfolio	10.16
Wells Fargo Diversified Large Cap Growth Portfolio	9.43
Wells Fargo Disciplined International Developed Markets Portfolio	8.82
Wells Fargo International Value Portfolio	6.54
Wells Fargo Core Bond Portfolio	5.98
Wells Fargo Real Return Portfolio	3.34
Wells Fargo Factor Enhanced International Equity Portfolio	3.28
Wells Fargo C&B Large Cap Value Portfolio	3.05

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation9
Bonds		35		34
Stocks		65		66

^‡  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 0.53% 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 August 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, 1.38% for Class R, 0.95% for Administrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in 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 includes the higher expenses applicable to the Administrator Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁴  Source: Wells Fargo Funds Management, LLC. The Asset Allocation Blended Index is composed of 45% of the Russell 3000^®Index, 35% of the Bloomberg Barclays U.S. Aggregate Bond Index and 20% of the MSCI ACWI ex USA Index (Net). Prior to June 16, 2018, it was comprised of 65% of the MSCI ACWI Index (Net) and 35% of the Bloomberg Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

⁵  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed. You cannot invest directly in an index.

⁶  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. You cannot invest directly in an index.

⁷  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.

⁸  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁹  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such futures positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Asset Allocation Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,151.81	$	5.66		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Class C
Actual	$	1,000.00	$	1,162.18	$	9.76		1.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.04	$	9.10		1.80	%
Class R
Actual	$	1,000.00	$	1,155.90	$	6.97		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Administrator Class
Actual	$	1,000.00	$	1,162.18	$	4.72		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.71	$	4.41		0.87	%
Institutional Class
Actual	$	1,000.00	$	1,153.56	$	3.89		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.46	$	3.65		0.72	%

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

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

8  |  Wells Fargo Asset Allocation Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Exchange-Traded Funds: 5.74%
iShares Core S&P 500 ETF		148,900	$	54,098,348
iShares Core U.S. Aggregate Bond ETF		170,772		20,222,820
The Industrial Select Sector SPDR Fund		325,466		28,650,772
Total Exchange-Traded Funds (Cost $97,605,461)				102,971,940
Investment Companies: 92.88%
Affiliated Master Portfolios: 78.40%
Wells Fargo C&B Large Cap Value Portfolio				54,641,270
Wells Fargo Core Bond Portfolio				107,361,305
Wells Fargo Disciplined International Developed Markets Portfolio				158,160,560
Wells Fargo Diversified Large Cap Growth Portfolio				169,266,542
Wells Fargo Emerging Growth Portfolio				20,620,718
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				23,916,906
Wells Fargo Factor Enhanced International Equity Portfolio				58,857,994
Wells Fargo International Value Portfolio				117,291,222
Wells Fargo Large Company Value Portfolio				182,266,646
Wells Fargo Managed Fixed Income Portfolio				383,123,784
Wells Fargo Real Return Portfolio				59,867,970
Wells Fargo Small Company Growth Portfolio				20,781,130
Wells Fargo Small Company Value Portfolio				50,421,280
				1,406,577,327
Affiliated Funds: 14.48%
Wells Fargo Disciplined U.S. Core Fund Class R6		10,173,577		211,813,879
Wells Fargo Emerging Markets Equity Fund Class R6		760,808		23,957,835
Wells Fargo Emerging Markets Equity Income Fund Class R6		2,068,777		24,018,497
				259,790,211
Total Investment Companies (Cost $1,401,140,010)				1,666,367,538

Total investments in securities (Cost $1,498,745,471)	98.62	%		1,769,339,478
Other assets and liabilities, net	1.38			24,744,703
Total net assets	100.00	%	$	1,794,084,181

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		748		12-14-2020	$	89,349,501		$	89,633,775		$	284,274	$	0
E-Mini Nasdaq 100 Index		143		12-18-2020		34,354,197			35,112,220			758,023		0
E-Mini Russell 2000 Index		609		12-18-2020		53,024,388			55,422,045			2,397,657		0
IBEX 35 Index		780		12-18-2020		73,598,091			75,019,109			1,421,018		0
MSCI Emerging Markets Index		298		12-18-2020		17,550,762			17,914,270			363,508		0
Long Gilt Bonds		759		3-29-2021		135,555,600			135,781,633			226,033		0
Short
E-Mini S&P 500 Index		(295)		12-18-2020		(52,744,740	)		(53,442,200	)		0		(697,460	)
Mini-DAX Futures Index		(903)		12-18-2020		(71,016,557	)		(71,802,421	)		0		(785,864	)
Euro-Bund Futures		(529)		3-8-2021		(112,149,694	)		(112,068,785	)		80,909		0
											$	5,531,422	$	(1,483,324	)

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

Wells Fargo Asset Allocation Fund  |  9

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

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

	Values, beginning of period		Purchases		Sales proceeds			Net realized gains (losses) on affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Affiliated Funds
Wells Fargo Disciplined U.S. Core Fund Class R6	$	178,014,521	$	26,121,814	$	(25,024,593	)	$	2,608,665	$	30,093,472	$	211,813,879					10,173,577	$	0
Wells Fargo Emerging Markets Equity Fund Class R6		22,128,708		31,471		(4,481,799	)		1,003,712		5,275,743		23,957,835					760,808		0
Wells Fargo Emerging Markets Equity Income Fund Class R6		21,561,691		472,043		(3,255,335	)		144,749		5,095,349		24,018,497					2,068,777		440,572
								$	3,757,126	$	40,464,564	$	259,790,211		14.48	%			$	440,572

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

10  |  Wells Fargo Asset Allocation Fund

Portfolio of investments—November 30, 2020 (unaudited)

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		17.52	%		16.37	%	$	1,693,561		$	9,849,926		$	0	$	485,616	$	683	$	54,641,270
Wells Fargo Core Bond Portfolio		1.57			1.76			1,784,376			211,038			820,524		0		1,924		107,361,305
Wells Fargo Disciplined International Developed Markets Portfolio		81.81			81.89			28,298,722			(542,565	)		1,563		1,570,745		222		158,160,560
Wells Fargo Diversified Large Cap Growth Portfolio		70.75			71.03			11,846,875			20,666,710			0		665,229		2,148		169,266,542
Wells Fargo Emerging Growth Portfolio		2.63			2.40			2,825,015			3,783,449			0		25,907		3,148		20,620,718
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		11.03			11.87			86,271			4,145,112			0		341,445		453		23,916,906
Wells Fargo Factor Enhanced International Equity Portfolio		0.00			8.54			1,512,813			5,114,927			0		487,405		352		58,857,994
Wells Fargo High Yield Corporate Bond Portfolio*		59.90			0.00			353,257			4,881,968			2,792,198		0		71		0
Wells Fargo International Value Portfolio		20.82			39.75			(23,842,103	)		44,994,453			0		1,742,289		15,788		117,291,222
Wells Fargo Large Company Value Portfolio		76.13			76.06			30,601,299			2,197,247			127		1,760,403		904		182,266,646
Wells Fargo Managed Fixed Income Portfolio		82.04			82.49			1,845,545			7,028,161			5,777,812		0		5,664		383,123,784
Wells Fargo Real Return Portfolio		35.61			27.49			(57,085	)		2,610,199			641,663		94,915		348		59,867,970
Wells Fargo Small Company Growth Portfolio		1.38			1.43			2,481,290			2,654,554			0		58,343		616		20,781,130
Wells Fargo Small Company Value Portfolio		11.31			10.95			47,453			11,563,003			0		490,656		3,149		50,421,280
							$	59,477,289		$	119,158,182		$	10,033,887	$	7,722,953	$	35,470	$	1,406,577,327		78.40	%

* No longer held at the end of the period

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

Wells Fargo Asset Allocation Fund  |  11

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $1,186,830,643)	$	1,406,577,327
Investments in affiliated Underlying Funds, at value (cost $214,309,367)		259,790,211
Investments in unaffiliated securities, at value (cost $97,605,461)		102,971,940
Segregated cash for futures contracts		28,634,102
Cash		600,000
Receivable for investments sold		126,473
Receivable for Fund shares sold		525,269
Prepaid expenses and other assets		23,442
Total assets		1,799,248,764
Liabilities
Payable for Fund shares redeemed		1,689,946
Payable for daily variation margin on open futures contracts		2,117,238
Overdraft due to custodian bank		126,367
Management fee payable		321,531
Administration fees payable		285,968
Distribution fees payable		40,837
Shareholder servicing fees payable		310,988
Accrued expenses and other liabilities		271,708
Total liabilities		5,164,583
Total net assets	$	1,794,084,181
Net assets consist of
Paid-in capital	$	1,472,151,707
Total distributable earnings		321,932,474
Total net assets	$	1,794,084,181
Computation of net asset value and offering price per share
Net assets – Class A	$	1,457,289,149
Shares outstanding – Class A1		93,182,781
Net asset value per share – Class A		$15.64
Maximum offering price per share – Class A2		$16.59
Net assets – Class C	$	60,280,776
Shares outstanding – Class C1		4,025,341
Net asset value per share – Class C		$14.98
Net assets – Class R	$	3,291,378
Shares outstanding – Class R1		211,705
Net asset value per share – Class R		$15.55
Net assets – Administrator Class	$	23,037,454
Shares outstanding – Administrator Class1		1,441,580
Net asset value per share – Administrator Class		$15.98
Net assets – Institutional Class	$	250,185,424
Shares outstanding – Institutional Class1		15,934,840
Net asset value per share – Institutional Class		$15.70

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Asset Allocation Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolios	$	10,033,887
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $468,527)		7,722,953
Dividend from affiliated Underlying Funds		440,572
Dividends		101,587
Affiliated income allocated from affiliated Master Portfolios		35,470
Expenses allocated from affiliated Master Portfolios		(3,819,858	)
Waivers allocated from affiliated Master Portfolios		357,997
Total investment income		14,872,608
Expenses
Management fee		2,401,811
Administration fees
Class A		1,435,488
Class C		101,870
Class R		4,339
Administrator Class		14,607
Institutional Class		156,709
Shareholder servicing fees
Class A		1,706,050
Class C		120,665
Class R		5,009
Administrator Class		27,756
Distribution fees
Class C		361,284
Class R		4,961
Custody and accounting fees		39,845
Professional fees		30,861
Registration fees		64,131
Shareholder report expenses		42,692
Trustees’ fees and expenses		9,776
Other fees and expenses		47,214
Total expenses		6,575,068
Less: Fee waivers and/or expense reimbursements
Fund-level		(968,348	)
Class A		(1,351	)
Class C		(53	)
Administrator Class		(11,603	)
Net expenses		5,593,713
Net investment income		9,278,895
Payment from affiliate		712,806
Realized and unrealized gains (losses) on investments
Net realized gains on
Securities transactions allocated from affiliated Master Portfolios		59,477,289
Affiliated Underlying Funds		3,757,126
Unaffiliated securities		89,464
Futures contracts		13,810,651
Net realized gains on investments		77,134,530
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		119,158,182
Affiliated Underlying Funds		40,464,564
Unaffiliated securities		5,366,479
Futures contracts		(6,725,220	)
Net change in unrealized gains (losses) on investments		158,264,005
Net realized and unrealized gains (losses) on investments		235,398,535
Net increase in net assets resulting from operations	$	245,390,236

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

Wells Fargo Asset Allocation Fund  |  13

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 20201						Year ended April 30, 2020
Operations
Net investment income				$	9,278,895					$	1,669,038					$	28,719,641
Payment from affiliate					712,806						0						0
Net realized gains on investments					77,134,530						1,279,058						2,140,519
Net change in unrealized gains (losses) on investments					158,264,005						53,264,308						(50,067,897	)
Net increase (decrease) in net assets resulting from operations					245,390,236						56,212,404						(19,207,737	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						0						(21,696,851	)
Class C					0						0						(1,880,323	)
Class R					0						0						(65,870	)
Administrator Class					0						0						(445,651	)
Institutional Class					0						0						(5,062,752	)
Total distributions to shareholders					0						0						(29,151,447	)
Capital share transactions		Shares						Shares						Shares
Proceeds from shares sold
Class A		4,760,516			70,092,760			370,617			4,834,007			6,471,393			88,539,900
Class C		123,128			1,736,281			21,252			268,156			352,682			4,601,983
Class R		13,414			192,913			5,366			70,207			76,686			1,045,391
Administrator Class		35,813			529,908			2,868			37,874			82,695			1,128,405
Institutional Class		711,062			10,399,769			117,750			1,544,789			2,340,394			31,989,185
					82,951,631						6,755,033						127,304,864
Reinvestment of distributions
Class A		0			0			0			0			1,392,639			19,726,126
Class C		0			0			0			0			109,235			1,477,961
Class R		0			0			0			0			3,939			55,022
Administrator Class		0			0			0			0			27,855			400,275
Institutional Class		0			0			0			0			271,898			3,868,327
					0						0						25,527,711
Payment for shares redeemed
Class A		(6,450,532	)		(94,032,355	)		(1,082,884	)		(14,222,900	)		(21,422,317	)		(290,340,362	)
Class C		(5,173,574	)		(73,203,427	)		(487,279	)		(6,097,311	)		(9,169,334	)		(119,930,791	)
Class R		(122,309	)		(1,764,566	)		(152	)		(1,986	)		(335,021	)		(4,480,311	)
Administrator Class		(166,725	)		(2,476,751	)		(34,639	)		(464,546	)		(820,004	)		(11,202,765	)
Institutional Class		(1,803,170	)		(26,316,483	)		(404,103	)		(5,323,366	)		(8,379,750	)		(112,607,902	)
					(197,793,582	)					(26,110,109	)					(538,562,131	)
Net decrease in net assets resulting from capital share transactions					(114,841,951	)					(19,355,076	)					(385,729,556	)
Total increase (decrease) in net assets					130,548,285						36,857,328						(434,088,740	)
Net assets
Beginning of period					1,663,535,896						1,626,678,568						2,060,767,308
End of period				$	1,794,084,181					$	1,663,535,896					$	1,626,678,568

¹  For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

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

14  |  Wells Fargo Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 20201			Year ended April 30
CLASS A							2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.57			$13.12			$13.49			$14.33			$13.62			$12.71			$14.10
Net investment income (loss)		0.08	2		0.02			0.21	2		0.15	2		(0.12	)		(0.09	)		(0.11	)
Payment from affiliate		0.00	3		0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		1.99			0.43			(0.36	)		0.04			1.08			1.20			(0.72	)
Total from investment operations		2.07			0.45			(0.15	)		0.19			0.96			1.11			(0.83	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.06	)		(0.06	)		(0.25	)		(0.20	)		(0.37	)
Net realized gains		0.00			0.00			(0.16	)		(0.97	)		0.00			0.00			(0.19	)
Total distributions to shareholders		0.00			0.00			(0.22	)		(1.03	)		(0.25	)		(0.20	)		(0.56	)
Net asset value, end of period		$15.64			$13.57			$13.12			$13.49			$14.33			$13.62			$12.71
Total return4		15.18	%5		3.43	%		(1.26	)%		1.96	%		7.01	%		8.86	%		(5.78	)%
Ratios to average net assets (annualized)
Gross expenses		1.16	%6		1.21	%6		1.22	%6		1.18	%6,7		0.82	%7		0.80	%7		0.82	%7
Net expenses		1.05	%6		1.05	%6		1.05	%6		1.04	%6,7		0.82	%7		0.80	%7		0.82	%7
Net investment income (loss)		1.06	%6		1.22	%6		1.54	%6		1.08	%6,7		(0.82	)%7		(0.80	)%7		(0.82	)%7
Supplemental data
Portfolio turnover rate		68	%8		13	%8		109	%8		189	%8		0	%9		0	%9		1	%9
Net assets, end of period (000s omitted)		$1,457,289			$1,287,856			$1,253,699			$1,472,484			$1,348,107			$1,413,776			$1,578,517

¹  For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

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 six months ended November 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.

⁶  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 20201	0.45	%
Year ended April 30, 2020	0.45	%
Year ended April 30, 2019	0.40	%

⁷  Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.

⁸  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁹  Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust.

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

Wells Fargo Asset Allocation Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 20201			Year ended April 30
CLASS C							2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.01			$12.58			$12.99			$13.87			$13.17			$12.28			$13.61
Net investment income (loss)		0.02	2		0.01	2		0.11	2		0.03	2		(0.22	)2		(0.19	)2		(0.20	)2
Payment from affiliate		0.13			0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		1.82			0.42			(0.36	)		0.06			1.03			1.18			(0.69	)
Total from investment operations		1.97			0.43			(0.25	)		0.09			0.81			0.99			(0.89	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.11	)		(0.10	)		(0.25	)
Net realized gains		0.00			0.00			(0.16	)		(0.97	)		0.00			0.00			(0.19	)
Total distributions to shareholders		0.00			0.00			(0.16	)		(0.97	)		(0.11	)		(0.10	)		(0.44	)
Net asset value, end of period		$14.98			$13.01			$12.58			$12.99			$13.87			$13.17			$12.28
Total return3		15.14	%4		3.42	%		(2.02	)%		1.21	%		6.16	%		8.08	%		(6.48	)%
Ratios to average net assets (annualized)
Gross expenses		1.91	%5		1.96	%5		1.97	%5		1.92	%5,6		1.57	%6		1.55	%6		1.57	%6
Net expenses		1.80	%5		1.79	%5		1.80	%5		1.78	%5,6		1.57	%6		1.55	%6		1.57	%6
Net investment income (loss)		0.34	%5		0.47	%5		0.82	%5		0.23	%5,6		(1.57	)%6		(1.55	)%6		(1.57	)%6
Supplemental data
Portfolio turnover rate		68	%7		13	%7		109	%7		189	%7		0	%8		0	%8		1	%8
Net assets, end of period (000s omitted)		$60,281			$118,081			$120,029			$237,096			$905,336			$1,232,098			$1,561,695

¹  For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

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 six months ended November 30, 2020, the Fund received a payment from an affiliate which had a 1.01% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

⁵  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 20201	0.44	%
Year ended April 30, 2020	0.45	%
Year ended April 30, 2019	0.38	%

⁶  Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

⁷  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁸  Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust.

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

16  |  Wells Fargo Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 20201			Year ended April 30
CLASS R							2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.47			$13.02			$13.37			$14.20			$13.49			$12.58			$13.95
Net investment income (loss)		0.06	2		0.01	2		0.18	2		0.11	2		(0.15	)2		(0.13	)2		(0.14	)2
Payment from affiliate		0.06			0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		1.96			0.44			(0.37	)		0.05			1.05			1.21			(0.71	)
Total from investment operations		2.08			0.45			0.19			0.16			0.90			1.08			(0.85	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		(0.19	)		(0.17	)		(0.33	)
Net realized gains		0.00			0.00			(0.16	)		(0.97	)		0.00			0.00			(0.19	)
Total distributions to shareholders		0.00			0.00			(0.16	)		(0.99	)		(0.19	)		(0.17	)		(0.52	)
Net asset value, end of period		$15.55			$13.47			$13.02			$13.37			$14.20			$13.49			$12.58
Total return3		15.59	%4		3.46	%		(1.51	)%		1.73	%		6.70	%		8.64	%		(6.02	)%
Ratios to average net assets (annualized)
Gross expenses		1.40	%5		1.44	%5		1.47	%5		1.42	%5,6		1.06	%6		1.05	%6		1.06	%6
Net expenses		1.29	%5		1.27	%5		1.30	%5		1.29	%5,6		1.06	%6		1.05	%6		1.06	%6
Net investment income (loss)		0.84	%5		0.99	%5		1.32	%5		0.77	%5,6		(1.06	)%6		(1.05	)%6		(1.06	)%6
Supplemental data
Portfolio turnover rate		68	%7		13	%7		109	%7		189	%7		0	%8		0	%8		1	%8
Net assets, end of period (000s omitted)		$3,291			$4,318			$4,106			$7,619			$15,658			$20,244			$24,122

¹  For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

²  Calculated based upon average shares outstanding

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

⁴  During the six months ended November 30, 2020, the Fund received a payment from an affiliate which had a 0.47% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

⁵  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 20201	0.45	%
Year ended April 30, 2020	0.45	%
Year ended April 30, 2019	0.39	%

⁶  Ratios do not include any expenses from Asset Allocation Trust. Asset Allocation Trust does not have any net expenses.

⁷  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁸  Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust.

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

Wells Fargo Asset Allocation Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 20201			Year ended April 30
ADMINISTRATOR CLASS							2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.75			$13.29			$13.66			$14.49			$13.78			$12.84			$14.23
Net investment income (loss)		0.09	2		0.02	2		0.24	2		0.16	2		(0.09	)2		(0.08	)2		(0.09	)2
Payment from affiliate		0.12			0.00			0.00			0.00			0.00			0.00			0.00
Net realized and unrealized gains (losses) on investments		2.02			0.44			(0.37	)		0.06			1.07			1.24			(0.73	)
Total from investment operations		2.23			0.46			(0.13	)		0.22			0.98			1.16			(0.82	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.08	)		(0.08	)		(0.27	)		(0.22	)		(0.38	)
Net realized gains		0.00			0.00			(0.16	)		(0.97	)		0.00			0.00			(0.19	)
Total distributions to shareholders		0.00			0.00			(0.24	)		(1.05	)		(0.27	)		(0.22	)		(0.57	)
Net asset value, end of period		$15.98			$13.75			$13.29			$13.66			$14.49			$13.78			$12.84
Total return3		16.22	%4		3.46	%		(1.08	)%		2.18	%		7.10	%		9.14	%		(5.69	)%
Ratios to average net assets (annualized)
Gross expenses		1.08	%5		1.13	%5		1.14	%5		1.08	%5,6		0.73	%6		0.72	%6		0.71	%6
Net expenses		0.87	%5		0.86	%5		0.86	%5		0.86	%5,6		0.64	%6		0.64	%6		0.64	%6
Net investment income (loss)		1.25	%5		1.40	%5		1.74	%5		1.17	%5,6		(0.64	)%6		(0.64	)%6		(0.64	)%6
Supplemental data
Portfolio turnover rate		68	%7		13	%7		109	%7		189	%7		0	%8		0	%8		1	%8
Net assets, end of period (000s omitted)		$23,037			$21,628			$21,316			$31,610			$69,607			$92,600			$157,303

¹  For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020.

²  Calculated based upon average shares outstanding

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

⁴  During the six months ended November 30, 2020, the Fund received a payment from an affiliate which had a 0.87% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.

⁵  Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows:

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 20201	0.45	%
Year ended April 30, 2020	0.44	%
Year ended April 30, 2019	0.38	%

⁶  Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.

⁷  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁸  Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust.

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

18  |  Wells Fargo Asset Allocation Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 20201			Year ended April 30
INSTITUTIONAL CLASS							2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.61			$13.14			$13.52			$14.36			$13.66			$12.74			$14.15
Net investment income (loss)		0.11			0.02			0.26	2		0.19	2		(0.06	)2		(0.06	)2		(0.06	)2
Net realized and unrealized gains (losses) on investments		1.98			0.45			(0.38	)		0.05			1.06			1.23			(0.72	)
Total from investment operations		2.09			0.47			(0.12	)		0.24			1.00			1.17			(0.78	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.10	)		(0.11	)		(0.30	)		(0.25	)		(0.44	)
Net realized gains		0.00			0.00			(0.16	)		(0.97	)		0.00			0.00			(0.19	)
Total distributions to shareholders		0.00			0.00			(0.26	)		(1.08	)		(0.30	)		(0.25	)		(0.63	)
Net asset value, end of period		$15.70			$13.61			$13.14			$13.52			$14.36			$13.66			$12.74
Total return3		15.36	%		3.58	%		(1.01	)%		2.39	%		7.33	%		9.34	%		(5.44	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%4		0.88	%4		0.89	%4		0.84	%4,5		0.49	%5		0.47	%5		0.47	%5
Net expenses		0.72	%4		0.72	%4		0.72	%4		0.69	%4,5		0.44	%5		0.44	%5		0.44	%5
Net investment income (loss)		1.39	%4		1.55	%4		1.88	%4		1.34	%4,5		(0.44	)%5		(0.44	)%5		(0.44	)%5
Supplemental data
Portfolio turnover rate		68	%6		13	%6		109	%6		189	%6		0	%7		0	%7		1	%7
Net assets, end of period (000s omitted)		$250,185			$231,652			$227,529			$311,958			$572,803			$672,544			$787,484

¹  For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 30, 2020.

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 20201	0.45	%
Year ended April 30, 2020	0.45	%
Year ended April 30, 2019	0.38	%

⁵  Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses.

⁶  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁷  Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust.

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

Wells Fargo Asset Allocation Fund  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Futures contracts

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

20  |  Wells Fargo Asset Allocation Fund

Notes to financial statements (unaudited)

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

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

Investment transactions, income and expenses

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $1,498,746,627 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	276,124,273
Gross unrealized losses		(1,483,324	)
Net unrealized gains	$	274,640,949

Capital loss carryforwards available to offset future net realized capital gains were as follows:

	Short-term			Long-term
For the period from May 1, 2020 to May 31, 2020	$	(24,218,326	)	$	(8,518,149	)
Year ended April 30, 2020		(29,338,312	)		0

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 Asset Allocation Fund  |  21

Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	102,971,940	$	0	$	0	$	102,971,940
Investment companies		259,790,211		0		0		259,790,211
Investments measured at net asset value*								1,406,577,327
		362,762,151		0		0		1,769,339,478
Futures contracts		5,531,422		0		0		5,531,422
Total assets	$	368,293,573	$	0	$	0	$	1,774,870,900
Liabilities
Futures contracts	$	1,483,324	$	0	$	0	$	1,483,324
Total liabilities	$	1,483,324	$	0	$	0	$	1,483,324

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios are valued at $1,406,577,327. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

For the six months ended November 30, 2020, the Fund did not have any transfers into/out of Level 3.

22  |  Wells Fargo Asset Allocation Fund

Notes to financial statements (unaudited)

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

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

4. TRANSACTIONS WITH AFFILIATES

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

Average daily net assets	Management fee
First $500 million		0.30	%
Next $500 million		0.28
Next $2 billion		0.26
Next $2 billion		0.24
Next $5 billion		0.23
Over $10 billion		0.22

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.28% of the Fund’s average daily net assets.

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

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

Wells Fargo Asset Allocation Fund  |  23

Notes to financial statements (unaudited)

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		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 August 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, 1.38% for Class R shares, 0.95% for Administrator Class shares, and 0.80% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $8,883 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

Other transactions

On August 14, 2020, Class A, Class C, Class R, and Administration Class of the Fund were reimbursed by Funds Management in the amount of $2,100, $525,311, $13,410 and $171,985, respectively. The reimbursements were made in connection with resolving certain fee reimbursements.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of Underlying Funds and unaffiliated securities in which the Fund invests are actual purchases and sale of those investments. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$276,464,135	$866,840,700	$235,775,829	$1,065,494,942

24  |  Wells Fargo Asset Allocation Fund

Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020 the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $124,821,545 in long futures contracts and $116,703,062 in short futures contracts during the six months ended November 30, 2020.

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 November 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
Equity contracts	Unrealized gains on futures contracts	$	4,940,206	*	Unrealized losses on futures contracts	$	1,483,324	*
Foreign currency risk	Unrealized gains on futures contracts		284,274	*	Unrealized losses on futures contracts		0	*
Interest risk	Unrealized gains on futures contracts		306,942	*	Unrealized losses on futures contracts		0	*
		$	5,531,422			$	1,483,324

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	17,229,060		$	(8,055,139	)
Foreign currency risk		(4,256,183	)		1,022,977
Interest risk		837,774			306,942
		13,810,651			(6,725,220	)

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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

8. 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 Asset Allocation Fund  |  25

Notes to financial statements (unaudited)

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

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

26  |  Wells Fargo Asset Allocation Fund

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the 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 Asset Allocation Fund  |  27

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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

28  |  Wells Fargo Asset Allocation Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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 Asset Allocation Fund  |  29

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
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 and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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.

30  |  Wells Fargo Asset Allocation Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo 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 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 Asset Allocation Fund  |  31

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-, three-, five- and ten-year periods ended December 31, 2019. The Board also noted that the investment performance of the Fund (Administrator Class) was lower than the average investment performance of the Universe for the three-, five- and ten-year periods ended March 31, 2020, but 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 lower than its benchmark index, the Asset Allocation 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 Asset Allocation 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 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, 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 higher than the sum of these average rates for the Fund’s expense Groups for all share classes. However, 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 all share classes. The Board also noted that the Fund’s expense caps for all share classes were lowered in 2018.

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

32  |  Wells Fargo Asset Allocation Fund

Other information (unaudited)

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.

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 Asset Allocation Fund  |  33

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00725 01-20

SA224/SAR224 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Growth Balanced Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	18
Other information	25

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 November 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 Growth Balanced Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Growth Balanced Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Growth Balanced Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Growth Balanced Fund  |  3

Letter to shareholders (unaudited)

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.

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.

4  |  Wells Fargo Growth Balanced Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Average annual total returns (%) as of November 30, 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 (WFGBX)	10-14-1998		5.21		6.75		8.31		11.63		8.02		8.96		1.41		1.13
Class C (WFGWX)	10-1-1998		9.95		7.24		8.16		10.95		7.24		8.16		2.16		1.88
Administrator Class (NVGBX)	11-11-1994		–		–		–		11.91		8.27		9.22		1.33		0.95
Growth Balanced Blended Index3	–		–		–		–		13.74		9.53		9.53		–		–
Bloomberg Barclays U.S. Aggregate Bond Index4	–		–		–		–		7.28		4.34		3.71		–		–
MSCI ACWI ex USA Index (Net)5	–		–		–		–		9.52		7.38		5.16		–		–
Russell 3000® Index6	–		–		–		–		19.02		13.95		14.04		–		–

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 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. 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). 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 Fund is exposed to foreign investment risk, mortgage and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Growth Balanced Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20207
Wells Fargo Managed Fixed Income Portfolio	20.84
Wells Fargo Large Company Value Portfolio	10.16
Wells Fargo Diversified Large Cap Growth Portfolio	9.40
Wells Fargo Disciplined International Developed Markets Portfolio	8.81
Wells Fargo International Value Portfolio	6.54
Wells Fargo Core Bond Portfolio	6.47
Wells Fargo Real Return Portfolio	3.33
Wells Fargo Factor Enhanced International Equity Portfolio	3.28
Wells Fargo C&B Large Cap Value Portfolio	3.05
Wells Fargo Small Company Value Portfolio	2.82

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation8
Stocks		65		67
Bonds		35		33

^‡ 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 0.54% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 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, and 0.95% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in 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 Growth Balanced Blended Index is composed of 45% of the Russell 3000^® Index, 35% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 20% of the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was composed 35% of the Bloomberg Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Growth Index, 16.25% of the Russell 1000^® Value Index, 16.25% of the S&P 500 Index, 9.75% of the MSCI EAFE Index (Net), and 6.50% of the Russell 2000^® Index. You cannot invest directly in an index.

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

⁵  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

⁷  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁸  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such futures positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Growth Balanced Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,151.09	$	5.66		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Class C
Actual	$	1,000.00	$	1,148.46	$	9.69		1.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.04	$	9.10		1.80	%
Administrator Class
Actual	$	1,000.00	$	1,152.83	$	4.64		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%

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

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

8  |  Wells Fargo Growth Balanced Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Exchange-Traded Funds: 5.74%
iShares Core S&P 500 ETF		18,140	$	6,590,625
iShares Core U.S. Aggregate Bond ETF		20,757		2,458,044
The Industrial Select Sector SPDR Fund		39,815		3,504,918
Total Exchange-Traded Funds (Cost $11,870,348)				12,553,587
Investment Companies: 92.81%
Affiliated Master Portfolios: 78.35%
Wells Fargo C&B Large Cap Value Portfolio				6,676,323
Wells Fargo Core Bond Portfolio				14,161,772
Wells Fargo Disciplined International Developed Markets Portfolio				19,271,535
Wells Fargo Diversified Large Cap Growth Portfolio				20,558,198
Wells Fargo Emerging Growth Portfolio				2,509,346
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				2,911,307
Wells Fargo Factor Enhanced International Equity Portfolio				7,172,811
Wells Fargo International Value Portfolio				14,313,156
Wells Fargo Large Company Value Portfolio				22,226,733
Wells Fargo Managed Fixed Income Portfolio				45,589,025
Wells Fargo Real Return Portfolio				7,292,961
Wells Fargo Small Company Growth Portfolio				2,531,973
Wells Fargo Small Company Value Portfolio				6,172,378
				171,387,518
Affiliated Funds: 14.46%
Wells Fargo Disciplined U.S. Core Fund Class R6		1,238,731		25,790,387
Wells Fargo Emerging Markets Equity Fund Class R6		92,769		2,921,311
Wells Fargo Emerging Markets Equity Income Fund Class R6		252,424		2,930,643
				31,642,341
Total Investment Companies (Cost $158,179,319)				203,029,859

Total investments in securities (Cost $170,049,667)	98.55	%		215,583,446
Other assets and liabilities, net	1.45			3,173,411
Total net assets	100.00	%	$	218,756,857

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

Wells Fargo Growth Balanced Fund  |  9

Portfolio of investments—November 30, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		91		12-14-2020	$	10,870,061		$	10,904,644		$	34,583	$	0
E-Mini Nasdaq 100 Index		17		12-18-2020		4,084,065			4,174,180			90,115		0
E-Mini Russell 2000 Index		74		12-18-2020		6,443,029			6,734,370			291,341		0
IBEX 35 Index		95		12-18-2020		8,963,692			9,136,943			173,251		0
MSCI Emerging Markets Index		36		12-18-2020		2,120,226			2,164,140			43,914		0
Long Gilt Bonds		92		3-29-2021		16,430,982			16,458,380			27,398		0
Short
Euro-Bund Futures		(64)		12-8-2020		(13,568,205	)		(13,558,416	)		9,789		0
E-Mini S&P 500 Index		(36)		12-18-2020		(6,436,646	)		(6,521,760	)		0		(85,114	)
Mini-DAX Futures Index		(110)		12-18-2020		(8,650,901	)		(8,746,696	)		0		(95,795	)
											$	670,391	$	(180,909	)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses) on affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of the period		Dividend from affiliated Underlying Funds
Investment Companies
Affiliated Funds
Wells Fargo Disciplined U.S. Core Fund Class R6	$	22,208,533	$	3,439,215	$	(3,892,265	)	$	203,049	$	3,831,855	$	25,790,387					1,238,731	$	0
Wells Fargo Emerging Markets Equity Fund Class R6		2,760,102		15,755		(634,235	)		137,195		642,494		2,921,311					92,769		0
Wells Fargo Emerging Markets Equity Income Fund Class R6		2,689,475		69,998		(476,761	)		18,292		629,639		2,930,643					252,424		73,364
								$	358,536	$	5,103,988	$	31,642,341		14.46	%			$	73,364

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

10  |  Wells Fargo Growth Balanced Fund

Portfolio of investments—November 30, 2020 (unaudited)

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliates Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		2.20	%		2.00	%	$	204,448		$	1,214,708		$	0	$	59,063	$	75	$	6,676,323
Wells Fargo Core Bond Portfolio		0.23			0.23			245,947			50,245			113,370		0		252		14,161,772
Wells Fargo Disciplined International Developed Markets Portfolio		10.20			9.98			3,539,101			(109,340	)		0		190,002		2		19,271,535
Wells Fargo Diversified Large Cap Growth Portfolio		8.84			8.63			1,431,238			2,562,757			0		78,643		227		20,558,198
Wells Fargo Emerging Growth Portfolio		0.33			0.29			343,843			464,829			0		2,868		372		2,509,346
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		1.38			1.44			(26,871	)		581,661			0		42,185		17		2,911,307
Wells Fargo Factor Enhanced International Equity Portfolio		0.00			1.04			130,410			635,361			0		58,942		33		7,172,811
Wells Fargo High Yield Corporate Bond Portfolio *		7.51			0.00			43,029			554,637			350,669		0		57		0
Wells Fargo International Value Portfolio		2.59			4.85			(2,998,603	)		5,621,623			6,421		212,656		1,896		14,313,156
Wells Fargo Large Company Value Portfolio		9.50			9.28			3,613,379			263,376			16		206,703		145		22,226,733
Wells Fargo Managed Fixed Income Portfolio		9.86			9.82			214,687			851,435			686,685		0		618		45,589,025
Wells Fargo Real Return Portfolio		4.38			3.35			(8,299	)		322,425			78,069		10,817		32		7,292,961
Wells Fargo Small Company Growth Portfolio		0.17			0.17			301,679			326,298			0		6,785		71		2,531,973
Wells Fargo Small Company Value Portfolio		1.43			1.34			7,275			1,421,832			0		59,874		372		6,172,378
							$	7,041,263		$	14,761,847		$	1,235,230	$	928,538	$	4,169	$	171,387,518		78.35	%

* No longer held at the end of the period

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

Wells Fargo Growth Balanced Fund  |  11

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $132,268,352)	$	171,387,518
Investments in affiliated Underlying Funds, at value (cost $25,910,967)		31,642,341
Investments in unaffiliated securities, at value (cost $11,870,348)		12,553,587
Segregated cash for futures contracts		3,472,894
Cash		112,000
Receivable for Fund shares sold		77,180
Prepaid expenses and other assets		8,553
Total assets		219,254,073
Liabilities
Payable for daily variation margin on open futures contracts		257,221
Payable for Fund shares redeemed		50,042
Management fee payable		8,103
Administration fees payable		28,408
Distribution fee payable		5,780
Shareholder report expenses payable		66,352
Shareholder servicing fees payable		44,023
Professional fees payable		18,845
Trustees’ fees and expenses payable		1,052
Accrued expenses and other liabilities		17,390
Total liabilities		497,216
Total net assets	$	218,756,857
Net assets consist of
Paid-in capital	$	164,478,585
Total distributable earnings		54,278,272
Total net assets	$	218,756,857
Computation of net asset value and offering price per share
Net assets – Class A	$	76,106,893
Shares outstanding – Class A1		1,426,567
Net asset value per share – Class A		$53.35
Maximum offering price per share – Class A2		$56.60
Net assets – Class C	$	9,381,249
Shares outstanding – Class C1		205,421
Net asset value per share – Class C		$45.67
Net assets – Administrator Class	$	133,268,715
Shares outstanding – Administrator Class1		2,831,879
Net asset value per share – Administrator Class		$47.06

¹ The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Growth Balanced Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $133)	$	1,235,230
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $57,708)		928,538
Dividends from affiliated Underlying Funds		73,364
Affiliated income allocated from affiliated Master Portfolios		4,169
Dividends		19,121
Expenses allocated from affiliated Master Portfolios		(469,529	)
Waivers allocated from affiliated Master Portfolios		43,704
Total investment income		1,834,597
Expenses
Management fee		320,193
Administration fees
Class A		75,954
Class C		10,326
Administrator Class		85,339
Shareholder servicing fees
Class A		90,328
Class C		12,271
Administrator Class		163,511
Distribution fee
Class C		36,813
Custody and accounting fees		5,280
Professional fees		17,001
Registration fees		38,606
Shareholder report expenses		34,377
Trustees’ fees and expenses		11,029
Other fees and expenses		12,344
Total expenses		913,372
Less: Fee waivers and/or expense reimbursements
Fund-level		(227,912	)
Class A		(1,045	)
Administrator Class		(72,737	)
Net expenses		611,678
Net investment income		1,222,919
Realized and unrealized gains (losses) on investments
Net realized gains on
Securities transactions allocated from affiliated Master Portfolios		7,041,263
Affiliated Underlying Funds		358,536
Unaffiliated securities		39,409
Futures contracts		1,894,017
Net realized gains on investments		9,333,225
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		14,761,847
Affiliated Underlying Funds		5,103,988
Unaffiliated securities		683,239
Futures contracts		(817,389	)
Net change in unrealized gains (losses) on investments		19,731,685
Net realized and unrealized gains (losses) on investments		29,064,910
Net increase in net assets resulting from operations	$	30,287,829

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

Wells Fargo Growth Balanced Fund  |  13

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,222,919					$	3,165,071
Net realized gains on investments					9,333,225						2,965,059
Net change in unrealized gains (losses) on investments					19,731,685						5,591,889
Net increase in net assets resulting from operations					30,287,829						11,722,019
Distributions to shareholders from net investment income and net realized gains
Class A					0						(1,899,671	)
Class C					0						(252,329	)
Administrator Class					0						(4,326,341	)
Total distributions to shareholders					0						(6,478,341	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		52,441			2,609,960			130,896			6,205,787
Class C		4,798			201,659			38,064			1,521,837
Administrator Class		64,805			2,820,369			252,894			10,053,081
					5,631,988						17,780,705
Reinvestment of distributions
Class A		0			0			38,579			1,874,625
Class C		0			0			5,569			231,803
Administrator Class		0			0			100,724			4,319,406
					0						6,425,834
Payment for shares redeemed
Class A		(106,092	)		(5,264,671	)		(213,827	)		(9,907,481	)
Class C		(53,272	)		(2,271,840	)		(83,327	)		(3,328,464	)
Administrator Class		(405,385	)		(17,846,280	)		(656,994	)		(27,048,981	)
					(25,382,791	)					(40,284,926	)
Net decrease in net assets resulting from capital share transactions					(19,750,803	)					(16,078,387	)
Total increase (decrease) in net assets					10,537,026						(10,834,709	)
Net assets
Beginning of period					208,219,831						219,054,540
End of period				$	218,756,857					$	208,219,831

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

14  |  Wells Fargo Growth Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$46.33			$45.15			$47.12			$43.91			$39.99			$40.80
Net investment income		0.25			0.65	1		0.72	1		0.53			0.41			0.46
Net realized and unrealized gains (losses) on investments		6.77			1.80			(0.60	)		3.13			3.93			(0.94	)
Total from investment operations		7.02			2.45			0.12			3.66			4.34			(0.48	)
Distributions to shareholders from
Net investment income		0.00			(0.47	)		(1.26	)		(0.45	)		(0.42	)		(0.33	)
Net realized gains		0.00			(0.80	)		(0.83	)		0.00			0.00			0.00
Total distributions to shareholders		0.00			(1.27	)		(2.09	)		(0.45	)		(0.42	)		(0.33	)
Net asset value, end of period		$53.35			$46.33			$45.15			$47.12			$43.91			$39.99
Total return2		15.11	%		5.31	%		0.53	%		8.34	%		10.93	%		(1.14	)%
Ratios to average net assets (annualized)
Gross expenses3		1.27	%		1.32	%		1.33	%		1.35	%		1.34	%		1.35	%
Net expenses3		1.05	%		1.04	%		1.07	%		1.17	%		1.20	%		1.20	%
Net investment income3		1.06	%		1.40	%		1.55	%		1.27	%		1.10	%		1.10	%
Supplemental data
Portfolio turnover rate4		69	%		116	%		149	%		114	%		114	%		79	%
Net assets, end of period (000s omitted)		$76,107			$68,581			$68,832			$62,473			$65,514			$65,866

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 2020	0.45	%
Year ended May 31, 2019	0.47	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.51	%

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

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

Wells Fargo Growth Balanced Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$39.81			$38.95			$40.86			$38.14			$34.82			$35.63
Net investment income		0.07	1		0.26	1		0.37	1		0.14			0.13	1		0.12
Net realized and unrealized gains (losses) on investments		5.79			1.54			(0.56	)		2.74			3.38			(0.79	)
Total from investment operations		5.86			1.80			(0.19	)		2.88			3.51			(0.67	)
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.89	)		(0.16	)		(0.19	)		(0.14	)
Net realized gains		0.00			(0.80	)		(0.83	)		0.00			0.00			0.00
Total distributions to shareholders		0.00			(0.94	)		(1.72	)		(0.16	)		(0.19	)		(0.14	)
Net asset value, end of period		$45.67			$39.81			$38.95			$40.86			$38.14			$34.82
Total return2		14.85	%		4.52	%		(0.23	)%		7.55	%		10.10	%		(1.88	)%
Ratios to average net assets (annualized)
Gross expenses3		2.02	%		2.07	%		2.08	%		2.10	%		2.09	%		2.10	%
Net expenses3		1.80	%		1.79	%		1.82	%		1.92	%		1.95	%		1.95	%
Net investment income3		0.31	%		0.64	%		0.93	%		0.52	%		0.35	%		0.36	%
Supplemental data
Portfolio turnover rate4		69	%		116	%		149	%		114	%		114	%		79	%
Net assets, end of period (000s omitted)		$9,381			$10,108			$11,434			$16,649			$16,463			$16,225

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 2020	0.45	%
Year ended May 31, 2019	0.48	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.50	%

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

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

16  |  Wells Fargo Growth Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$40.83			$39.93			$42.04			$39.22			$35.78			$36.54
Net investment income		0.41			0.84			1.05			0.75			0.50	1		0.49
Net realized and unrealized gains (losses) on investments		5.82			1.41			(0.90	)		2.63			3.47			(0.82	)
Total from investment operations		6.23			2.25			0.15			3.38			3.97			(0.33	)
Distributions to shareholders from
Net investment income		0.00			(0.55	)		(1.43	)		(0.56	)		(0.53	)		(0.43	)
Net realized gains		0.00			(0.80	)		(0.83	)		0.00			0.00			0.00
Total distributions to shareholders		0.00			(1.35	)		(2.26	)		(0.56	)		(0.53	)		(0.43	)
Net asset value, end of period		$47.06			$40.83			$39.93			$42.04			$39.22			$35.78
Total return2		15.28	%		5.51	%		0.70	%		8.63	%		11.19	%		(0.86	)%
Ratios to average net assets (annualized)
Gross expenses3		1.19	%		1.24	%		1.25	%		1.27	%		1.26	%		1.27	%
Net expenses3		0.86	%		0.86	%		0.89	%		0.92	%		0.95	%		0.95	%
Net investment income3		1.25	%		1.57	%		1.72	%		1.51	%		1.34	%		1.35	%
Supplemental data
Portfolio turnover rate4		69	%		116	%		149	%		114	%		114	%		79	%
Net assets, end of period (000s omitted)		$133,269			$129,531			$138,788			$157,889			$162,693			$175,715

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.40	%
Year ended May 31, 2020	0.45	%
Year ended May 31, 2019	0.47	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.50	%

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

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

Wells Fargo Growth Balanced Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Futures contracts

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

18  |  Wells Fargo Growth Balanced Fund

Notes to financial statements (unaudited)

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

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

Investment transactions, income and expenses

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $173,434,563 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	42,638,365
Gross unrealized losses		0
Net unrealized gains	$	42,638,365

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to

Wells Fargo Growth Balanced Fund  |  19

Notes to financial statements (unaudited)

unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	12,553,587	$	0	$	0	$	12,553,587
Investment companies		31,642,341		0		0		31,642,341
Investments measured at net asset value*								171,387,518
		44,195,928		0		0		215,583,446
Futures contracts		670,391		0		0		670,391
Total assets	$	44,866,319	$	0	$	0	$	216,253,837
Liabilities
Futures contracts	$	180,909	$	0	$	0	$	180,909
Total liabilities	$	180,909	$	0	$	0	$	180,909

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios are valued at $171,387,518. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

For the six months ended November 30, 2020, the Fund did not have any transfers into/out of Level 3.

20  |  Wells Fargo Growth Balanced Fund

Notes to financial statements (unaudited)

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million		0.30	%
Next $500 million		0.28
Next $2 billion		0.26
Next $2 billion		0.24
Next $5 billion		0.23
Over $10 billion		0.22

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

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

Wells Fargo Growth Balanced Fund  |  21

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 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, and 0.95% for Administrator Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $2,809 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of Underlying Funds and unaffiliated securities in which the Fund invests are actual purchases and sale of those securities. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$35,711,148	$92,717,246	$30,738,910	$133,642,990

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $15,300,247 in long futures contracts and $14,358,161 in short futures contracts during the six months ended November 30, 2020.

22  |  Wells Fargo Growth Balanced Fund

Notes to financial statements (unaudited)

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 November 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
Equity risk	Unrealized gains on futures contracts	$	598,621	*	Unrealized losses on futures contracts	$	(180,909	)*
Interest rate risk	Unrealized gains on futures contracts		37,187	*	Unrealized losses on futures contracts		0	*
Foreign currency risk	Unrealized gains on futures contracts		34,583	*	Unrealized losses on futures contracts		0	*
		$	670,391			$	(180,909	)

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

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	2,318,902		$	(981,101	)
Interest rate risk		102,850			37,187
Foreign currency risk		(527,735	)		126,525
	$	1,894,017		$	(817,389	)

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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

Wells Fargo Growth Balanced Fund  |  23

Notes to financial statements (unaudited)

10. CORONAVIRUS (COVID-19) PANDEMIC

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

24  |  Wells Fargo Growth Balanced Fund

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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 Growth Balanced Fund  |  25

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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

26  |  Wells Fargo Growth Balanced Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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 Growth Balanced Fund  |  27

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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.

28  |  Wells Fargo Growth Balanced 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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00726 01-20

SA278/SAR278 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Moderate Balanced Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	26

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 November 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 Moderate Balanced Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Moderate Balanced Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Moderate Balanced Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Moderate Balanced Fund  |  3

Letter to shareholders (unaudited)

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.

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.

4  |  Wells Fargo Moderate Balanced Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Average annual total returns (%) as of November 30, 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 (WFMAX)	1-30-2004		3.48		5.26		6.31		9.79		6.51		6.95		1.36		1.15
Class C (WFBCX)	1-30-2004		8.14		5.74		6.16		9.14		5.74		6.16		2.11		1.90
Administrator Class (NVMBX)	11-11-1994		–		–		–		10.26		6.81		7.22		1.28		0.90
Institutional Class (WFMYX)3	7-31-2018		–		–		–		10.20		6.83		7.23		1.03		0.80
Moderate Balanced Blended Index4	–		–		–		–		10.65		7.44		7.05		–		–
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–		–		–		7.28		4.34		3.71		–		–
Bloomberg Barclays U.S. Short Treasury 9-12 Months Index6	–		–		–		–		1.86		1.59		0.93		–		–
MSCI EAFE Index (Net)7	–		–		–		–		6.37		6.19		5.85		–		–
Russell 1000® Growth Index8	–		–		–		–		36.40		19.56		17.31		–		–
Russell 1000® Value Index9	–		–		–		–		1.72		8.44		10.93		–		–
Russell 2000® Index10	–		–		–		–		13.59		10.25		11.13		–		–
S&P 500 Index11	–		–		–		–		17.46		13.99		14.19		–		–

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Moderate Balanced Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 202012
Wells Fargo Managed Fixed Income Portfolio	28.56
Wells Fargo Conservative Income Fund Institutional Class	14.75
Wells Fargo Core Bond Portfolio	8.33
Wells Fargo Disciplined Large Cap Portfolio	7.39
Wells Fargo Diversified Large Cap Growth Portfolio	6.92
Wells Fargo Large Company Value Portfolio	6.78
Wells Fargo Real Return Portfolio	4.40
Wells Fargo C&B Large Cap Value Portfolio	3.42
Wells Fargo Disciplined International Developed Markets Portfolio	3.03
iShares Core S&P 500 ETF	2.57

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation13
Bonds		60		59
Stocks		40		41

^‡  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 0.43% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.90% for Administrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in 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 Institutional Class share expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

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

⁵  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

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

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

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

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

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

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

¹²  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹³  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such futures positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Moderate Balanced Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,103.50	$	5.75		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Class C
Actual	$	1,000.00	$	1,100.99	$	9.69		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.30		1.84	%
Administrator Class
Actual	$	1,000.00	$	1,106.64	$	4.44		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.26		0.84	%
Institutional Class
Actual	$	1,000.00	$	1,105.49	$	3.91		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.36	$	3.75		0.74%

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

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

8  |  Wells Fargo Moderate Balanced Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Exchange-Traded Funds: 5.22%
iShares Core S&P 500 ETF		8,847	$	3,214,292
iShares Core U.S. Aggregate Bond ETF		9,453		1,119,424
The Industrial Select Sector SPDR Fund		25,090		2,208,673
Total Exchange-Traded Funds (Cost $6,153,061)				6,542,389
Investment Companies: 93.29%
Affiliated Master Portfolios: 76.86%
Wells Fargo C&B Large Cap Value Portfolio				4,287,626
Wells Fargo Core Bond Portfolio				10,433,512
Wells Fargo Disciplined International Developed Markets Portfolio				3,796,923
Wells Fargo Disciplined Large Cap Portfolio				9,253,517
Wells Fargo Diversified Large Cap Growth Portfolio				8,665,884
Wells Fargo Emerging Growth Portfolio				1,286,673
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				1,049,641
Wells Fargo Factor Enhanced International Equity Portfolio				1,267,598
Wells Fargo International Value Portfolio				2,544,358
Wells Fargo Large Company Value Portfolio				8,489,037
Wells Fargo Managed Fixed Income Portfolio				35,763,284
Wells Fargo Real Return Portfolio				5,521,880
Wells Fargo Small Company Growth Portfolio				1,289,734
Wells Fargo Small Company Value Portfolio				2,605,564
				96,255,231
Affiliated Funds: 16.43%
Wells Fargo Conservative Income Fund Institutional Class		1,839,349		18,467,064
Wells Fargo Emerging Markets Equity Fund Class R6		33,386		1,051,321
Wells Fargo Emerging Markets Equity Income Fund Class R6		90,454		1,050,169
				20,568,554
Total Investment Companies (Cost $97,164,818)				116,823,785

Total investments in securities (Cost $103,317,879)	98.51	%		123,366,174
Other assets and liabilities, net	1.49			1,865,611
Total net assets	100.00	%	$	125,231,785

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

Wells Fargo Moderate Balanced Fund  |  9

Portfolio of investments—November 30, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		52		12-14-2020	$	6,211,381		$	6,231,225		$	19,844	$	0
E-Mini Nasdaq 100 Index		10		12-18-2020		2,402,391			2,455,400			53,009		0
E-Mini Russell 2000 Index		42		12-18-2020		3,656,854			3,822,210			165,356		0
IBEX 35 Index		54		12-18-2020		5,095,396			5,193,631			98,235		0
MSCI Emerging Markets Index		21		12-18-2020		1,236,799			1,262,415			25,616		0
Long Gilt Bonds		56		3-29-2021		10,001,467			10,018,144			16,677		0
Short
Euro Bund Futures		(39)		12-8-2020		(8,268,125	)		(8,262,160	)		5,965		0
E-Mini S&P 500 Index		(21)		12-18-2020		(3,754,710	)		(3,804,360	)		0		(49,650	)
Mini-DAX Futures		(63)		12-18-2020		(4,954,660	)		(5,009,471	)		0		(54,811	)
											$	384,702	$	(104,461	)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses) on affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Affiliated Funds
Wells Fargo Conservative Income Fund Institutional Class	$	18,653,995	$	965,045	$	(1,188,309	)	$	172	$	36,161	$	18,467,064					1,839,349	$	92,462
Wells Fargo Emerging Markets Equity Fund Class R6		1,069,244		0		(319,395	)		76,159		225,313		1,051,321					33,386		0
Wells Fargo Emerging Markets Equity Income Fund Class R6		1,035,794		21,237		(253,437	)		11,769		234,806		1,050,169					90,454		21,237
								$	88,100	$	496,280	$	20,568,554		16.43	%			$	113,699

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

10  |  Wells Fargo Moderate Balanced Fund

Portfolio of investments—November 30, 2020 (unaudited)

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliates Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		1.53	%		1.28	%	$	142,745		$	813,763		$	0	$	41,674	$	57	$	4,287,626
Wells Fargo Core Bond Portfolio		0.18			0.17			196,011			11,103			89,571		0		211		10,433,512
Wells Fargo Disciplined International Developed Markets Portfolio		2.18			1.97			758,616			(44,076	)		0		41,462		2		3,796,923
Wells Fargo Disciplined Large Cap Portfolio		3.21			2.95			75,934			1,454,002			8		76,236		395		9,253,517
Wells Fargo Diversified Large Cap Growth Portfolio		4.03			3.64			652,315			1,165,071			0		36,897		116		8,665,884
Wells Fargo Emerging Growth Portfolio		0.19			0.15			196,557			261,133			0		1,699		207		1,286,673
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		0.53			0.52			3,892			225,992			3		16,623		7		1,049,641
Wells Fargo Factor Enhanced International Equity Portfolio		0.00			0.18			34,818			113,989			0		11,421		7		1,267,598
Wells Fargo High Yield Corporate Bond Portfolio *		4.64			0.00			26,294			339,793			219,496		0		36		0
Wells Fargo International Value Portfolio		0.50			0.86			(575,479	)		1,057,581			0		41,463		373		2,544,358
Wells Fargo Large Company Value Portfolio		3.93			3.54			1,550,997			69,674			6		89,005		71		8,489,037
Wells Fargo Managed Fixed Income Portfolio		8.11			7.70			180,894			625,265			571,567		0		546		35,763,284
Wells Fargo Real Return Portfolio		3.48			2.54			(6,445	)		248,277			62,905		9,435		31		5,521,880
Wells Fargo Small Company Growth Portfolio		0.10			0.09			168,142			176,235			0		3,861		40		1,289,734
Wells Fargo Small Company Value Portfolio		0.65			0.57			795			732,517			0		27,645		176		2,605,564
							$	3,406,086		$	7,250,319		$	943,556	$	397,421	$	2,275	$	96,255,231		76.86	%

* No longer held at the end of the period

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

Wells Fargo Moderate Balanced Fund  |  11

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $77,166,932)	$	96,255,231
Investments in affiliated Underlying Funds, at value (cost $19,997,886)		20,568,554
Investments in unaffiliated securities, at value (cost $6,153,061)		6,542,389
Cash		49,000
Segregated cash for futures contracts		2,004,937
Receivable for Fund shares sold		108,027
Receivable for dividends		11,625
Prepaid expenses and other assets		230
Total assets		125,539,993
Liabilities
Payable for investments purchased		12,450
Payable for Fund shares redeemed		43,872
Payable for daily variation margin on open futures contracts		146,198
Management fee payable		1,908
Administration fees payable		16,123
Distribution fee payable		4,716
Shareholder report expenses payable		44,535
Shareholder servicing fees payable		23,205
Trustees’ fees and expenses payable		1,156
Accrued expenses and other liabilities		14,045
Total liabilities		308,208
Total net assets	$	125,231,785
Net assets consist of
Paid-in capital	$	98,321,171
Total distributable earnings		26,910,614
Total net assets	$	125,231,785
Computation of net asset value and offering price per share
Net assets – Class A	$	36,015,526
Shares outstanding – Class A1		1,562,585
Net asset value per share – Class A		$23.05
Maximum offering price per share – Class A2		$24.46
Net assets – Class C	$	7,570,345
Shares outstanding – Class C1		338,946
Net asset value per share – Class C		$22.33
Net assets – Administrator Class	$	69,648,883
Shares outstanding – Administrator Class1		2,984,911
Net asset value per share – Administrator Class		$23.33
Net assets – Institutional Class	$	11,997,031
Shares outstanding – Institutional Class1		512,902
Net asset value per share – Institutional Class		$23.39

¹  The Fund has an unlimited number of authorized shares.

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

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

12  |  Wells Fargo Moderate Balanced Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $85)	$	943,556
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $14,272)		397,421
Dividends from affiliated Underlying Funds		113,699
Dividends		10,908
Affiliated income allocated from affiliated Master Portfolios		2,275
Expenses allocated from affiliated Master Portfolios		(253,045	)
Waivers allocated from affiliated Master Portfolios		22,717
Total investment income		1,237,531
Expenses
Management fee		196,838
Administration fees
Class A		35,163
Class C		8,285
Administrator Class		51,039
Institutional Class		7,361
Shareholder servicing fees
Class A		41,836
Class C		9,849
Administrator Class		98,107
Distribution fee
Class C		29,546
Custody and accounting fees		4,317
Professional fees		15,681
Registration fees		38,606
Shareholder report expenses		30,442
Trustees’ fees and expenses		11,029
Other fees and expenses		10,668
Total expenses		588,767
Less: Fee waivers and/or expense reimbursements
Fund-level		(121,413	)
Class A		(296	)
Administrator Class		(69,391	)
Institutional Class		(1,315	)
Net expenses		396,352
Net investment income		841,179
Realized and unrealized gains (losses) on investments
Net realized gains on
Securities transactions allocated from affiliated Master Portfolios		3,406,086
Unaffiliated securities		4,169
Affiliated Underlying Funds		88,100
Futures contracts		1,105,154
Net realized gains on investments		4,603,509
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		7,250,319
Unaffiliated securities		389,328
Affiliated Underlying Funds		496,280
Futures contracts		(577,190	)
Net change in unrealized gains (losses) on investments		7,558,737
Net realized and unrealized gains (losses) on investments		12,162,246
Net increase in net assets resulting from operations	$	13,003,425

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

Wells Fargo Moderate Balanced Fund  |  13

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	841,179					$	2,007,092
Net realized gains on investments					4,603,509						1,483,956
Net change in unrealized gains (losses) on investments					7,558,737						3,601,837
Net increase in net assets resulting from operations					13,003,425						7,092,885
Distributions to shareholders from net investment income and net realized gains
Class A					0						(949,542	)
Class C					0						(193,050	)
Administrator Class					0						(2,564,416	)
Institutional Class					0						(332,334	)
Total distributions to shareholders					0						(4,039,342	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		161,106			3,569,320			314,459			6,582,803
Class C		15,314			327,869			80,214			1,612,864
Administrator Class		90,192			2,002,620			270,029			5,728,452
Institutional Class		48,343			1,077,589			112,688			2,401,546
					6,977,398						16,325,665
Reinvestment of distributions
Class A		0			0			42,968			914,528
Class C		0			0			9,165			189,731
Administrator Class		0			0			118,939			2,558,445
Institutional Class		0			0			15,389			331,571
					0						3,994,275
Payment for shares redeemed
Class A		(99,855	)		(2,194,041	)		(336,995	)		(6,989,591	)
Class C		(67,257	)		(1,443,923	)		(128,163	)		(2,596,917	)
Administrator Class		(827,171	)		(18,702,263	)		(470,413	)		(9,914,992	)
Institutional Class		(32,276	)		(719,610	)		(61,855	)		(1,282,623	)
					(23,059,837	)					(20,784,123	)
Net decrease in net assets resulting from capital share transactions					(16,082,439	)					(464,183	)
Total increase (decrease) in net assets					(3,079,014	)					2,589,360
Net assets
Beginning of period					128,310,799						125,721,439
End of period				$	125,231,785					$	128,310,799

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

14  |  Wells Fargo Moderate Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$20.87			$20.35			$22.73			$23.47			$22.51			$23.57
Net investment income		0.14			0.30			0.36	1		0.29			0.28			0.28	1
Net realized and unrealized gains (losses) on investments		2.04			0.86			0.11			0.97			1.34			(0.23	)
Total from investment operations		2.18			1.16			0.47			1.26			1.62			0.05
Distributions to shareholders from
Net investment income		0.00			(0.35	)		(0.42	)		(0.32	)		(0.29	)		(0.26	)
Net realized gains		0.00			(0.29	)		(2.43	)		(1.68	)		(0.37	)		(0.85	)
Total distributions to shareholders		0.00			(0.64	)		(2.85	)		(2.00	)		(0.66	)		(1.11	)
Net asset value, end of period		$23.05			$20.87			$20.35			$22.73			$23.47			$22.51
Total return2		10.35	%		5.65	%		2.68	%		5.38	%		7.33	%		0.34	%
Ratios to average net assets (annualized)
Gross expenses3		1.28	%		1.30	%		1.31	%		1.33	%		1.32	%		1.32	%
Net expenses3		1.09	%		1.08	%		1.12	%		1.13	%		1.15	%		1.15	%
Net investment income3		1.14	%		1.43	%		1.65	%		1.42	%		1.25	%		1.26	%
Supplemental data
Portfolio turnover rate4		59	%		119	%		191	%		113	%		114	%		87	%
Net assets, end of period (000s omitted)		$36,016			$31,334			$30,132			$31,980			$36,679			$35,993

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.37	%
Year ended May 31, 2019	0.40	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%

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

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

Wells Fargo Moderate Balanced Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$20.30			$19.80			$22.20			$22.97			$22.05			$23.18
Net investment income		0.04	1		0.09			0.12			0.10			0.11	1		0.11	1
Net realized and unrealized gains (losses) on investments		1.99			0.88			0.18			0.95			1.32			(0.23	)
Total from investment operations		2.03			0.97			0.30			1.05			1.43			(0.12	)
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.27	)		(0.14	)		(0.14	)		(0.16	)
Net realized gains		0.00			(0.29	)		(2.43	)		(1.68	)		(0.37	)		(0.85	)
Total distributions to shareholders		0.00			(0.47	)		(2.70	)		(1.82	)		(0.51	)		(1.01	)
Net asset value, end of period		$22.33			$20.30			$19.80			$22.20			$22.97			$22.05
Total return2		10.10	%		4.89	%		1.90	%		4.56	%		6.56	%		(0.44	)%
Ratios to average net assets (annualized)
Gross expenses3		2.03	%		2.05	%		2.06	%		2.08	%		2.07	%		2.07	%
Net expenses3		1.84	%		1.84	%		1.87	%		1.88	%		1.90	%		1.90	%
Net investment income3		0.39	%		0.69	%		0.89	%		0.66	%		0.50	%		0.51	%
Supplemental data
Portfolio turnover rate4		59	%		119	%		191	%		113	%		114	%		87	%
Net assets, end of period (000s omitted)		$7,570			$7,935			$8,509			$10,260			$12,180			$12,501

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.37	%
Year ended May 31, 2019	0.40	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%

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

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

16  |  Wells Fargo Moderate Balanced Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.10			$20.56			$22.94			$23.68			$22.70			$23.75
Net investment income		0.16			0.35	1		0.41	1		0.38			0.35	1		0.32
Net realized and unrealized gains (losses) on investments		2.07			0.88			0.12			0.94			1.35			(0.21	)
Total from investment operations		2.23			1.23			0.53			1.32			1.70			0.11
Distributions to shareholders from
Net investment income		0.00			(0.40	)		(0.48	)		(0.38	)		(0.35	)		(0.31	)
Net realized gains		0.00			(0.29	)		(2.43	)		(1.68	)		(0.37	)		(0.85	)
Total distributions to shareholders		0.00			(0.69	)		(2.91	)		(2.06	)		(0.72	)		(1.16	)
Net asset value, end of period		$23.33			$21.10			$20.56			$22.94			$23.68			$22.70
Total return2		10.66	%		5.94	%		2.95	%		5.59	%		7.62	%		0.59	%
Ratios to average net assets (annualized)
Gross expenses3		1.20	%		1.22	%		1.23	%		1.25	%		1.24	%		1.23	%
Net expenses3		0.84	%		0.83	%		0.87	%		0.88	%		0.90	%		0.90	%
Net investment income3		1.40	%		1.69	%		1.88	%		1.67	%		1.49	%		1.48	%
Supplemental data
Portfolio turnover rate4		59	%		119	%		191	%		113	%		114	%		87	%
Net assets, end of period (000s omitted)		$69,649			$78,538			$78,209			$112,302			$112,835			$156,915

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.37	%
Year ended May 31, 2019	0.41	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%

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

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

Wells Fargo Moderate Balanced Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			20191
Net asset value, beginning of period		$21.14			$20.60			$23.24
Net investment income		0.18			0.37	2		0.37	2
Net realized and unrealized gains (losses) on investments		2.07			0.88			(0.12	)
Total from investment operations		2.25			1.25			0.25
Distributions to shareholders from
Net investment income		0.00			(0.42	)		(0.46	)
Net realized gains		0.00			(0.29	)		(2.43	)
Total distributions to shareholders		0.00			(0.71	)		(2.89	)
Net asset value, end of period		$23.39			$21.14			$20.60
Total return3		10.55	%		6.02	%		1.72	%
Ratios to average net assets (annualized)
Gross expenses4		0.95	%		0.97	%		0.98	%
Net expenses4		0.74	%		0.74	%		0.75	%
Net investment income4		1.49	%		1.78	%		2.15	%
Supplemental data
Portfolio turnover rate5		59	%		119	%		191	%
Net assets, end of period (000s omitted)		$11,997			$10,504			$8,871

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

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.37	%
Year ended May 31, 20191	0.38	%

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

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

18  |  Wells Fargo Moderate Balanced Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Futures contracts

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

Wells Fargo Moderate Balanced Fund  |  19

Notes to financial statements (unaudited)

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

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

Investment transactions, income and expenses

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $104,060,794 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	19,585,621
Gross unrealized losses		0
Net unrealized gains	$	19,585,621

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

20  |  Wells Fargo Moderate Balanced Fund

Notes to financial statements (unaudited)

unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	6,542,389	$	0	$	0	$	6,542,389
Investments in investment companies		20,568,554	$	0	$	0		20,568,554
Investments measured at net asset value*								96,255,231
		27,110,943		0		0		123,336,174
Futures contracts		384,702		0		0		384,702
Total assets	$	27,495,645	$	0	$	0	$	123,750,876
Liabilities
Futures contracts	$	104,461	$	0	$	0	$	104,461
Total liabilities	$	104,461	$	0	$	0	$	104,461

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios are valued at $96,255,231. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

For the six months ended November 30, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Moderate Balanced Fund  |  21

Notes to financial statements (unaudited)

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Average daily net assets	Management fee
First $500 million		0.30	%
Next $500 million		0.28
Next $2 billion		0.26
Next $2 billion		0.24
Next $5 billion		0.23
Over $10 billion		0.22

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

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

22  |  Wells Fargo Moderate Balanced Fund

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolios are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.90% for Administrator Class shares, and 0.80% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $3,533 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of Underlying Funds and unaffiliated securities in which the Fund invests are actual purchases and sale of those securities. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$26,624,705	$43,773,434	$22,803,957	$46,830,967

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with its asset allocation strategy. The Fund had an average notional amount of $9,390,854 in long futures contracts and $8,893,171 in short futures contracts during the six months ended November 30, 2020.

Wells Fargo Moderate Balanced Fund  |  23

Notes to financial statements (unaudited)

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 November 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
Equity risk	Unrealized gains on futures contracts	$	342,216	*	Unrealized losses on futures contracts	$	104,461	*
Foreign currency risk	Unrealized gains on futures contracts		19,844	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		22,642	*	Unrealized losses on futures contracts		0	*
		$	384,702			$	104,461

* Amount represents cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	1,365,315		$	(677,195	)
Foreign currency risk		(331,319	)		77,363
Interest rate risk		71,158			22,642
	$	1,105,154		$	(577,190	)

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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

24  |  Wells Fargo Moderate Balanced Fund

Notes to financial statements (unaudited)

10. CORONAVIRUS (COVID-19) PANDEMIC

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

Wells Fargo Moderate Balanced Fund  |  25

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

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

26  |  Wells Fargo Moderate Balanced Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS    

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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 Moderate Balanced Fund  |  27

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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.

28  |  Wells Fargo Moderate Balanced Fund

Other information (unaudited)

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 Moderate Balanced Fund  |  29

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00730 01-20

SA279/SAR279 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo C&B Large Cap Value Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo C&B Large Cap Value Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo C&B Large Cap Value Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	25
Statement of operations	26
Statement of changes in net assets	27
Financial highlights	28
Notes to financial statements	29
Other information	33

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 November 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 Large Cap Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Large Cap Value Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo C&B Large Cap Value Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo C&B Large Cap Value Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo C&B Large Cap Value Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Cooke & Bieler, L.P.

Portfolio managers

Andrew B. Armstrong, CFA^®‡

Wesley Lim, CFA^®‡

Steve Lyons, CFA^®‡

Michael M. Meyer, CFA^®‡

Edward W. O’Connor, CFA^®‡

R. James O’Neil, CFA^®‡

Mehul Trivedi, CFA^®‡

William Weber, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (CBEAX)	7-26-2004		-4.07		8.12		9.96		1.81		9.40		10.61		1.28		1.08
Class C (CBECX)	7-26-2004		-0.01		8.58		9.77		0.99		8.58		9.77		2.03		1.83
Class R6 (CBEJX)4	10-31-2016		–		–		–		2.27		9.85		11.01		0.85		0.65
Administrator Class (CBLLX)	7-26-2004		–		–		–		1.85		9.52		10.77		1.20		1.00
Institutional Class (CBLSX)	7-26-2004		–		–		–		2.17		9.78		11.04		0.95		0.75
Russell 1000® Value Index5	–		–		–		–		1.72		8.44		10.93		–		–

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

Please see footnotes on page 7.

6  |  Wells Fargo C&B Large Cap Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
Arrow Electronics Incorporated	3.52
Brookfield Asset Management Incorporated Class A	3.15
The Charles Schwab Corporation	3.14
Chubb Limited	3.08
State Street Corporation	3.06
Synchrony Financial	3.01
Gildan Activewear Incorporated	2.87
Johnson & Johnson	2.78
Leidos Holdings Incorporated	2.58
AerCap Holdings NV	2.53

Sector allocation as of November 30, 2020⁷

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

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

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

³  The manager has contractually committed through September 30, 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, 0.65% 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) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

⁴  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to the Class R6 shares. If these expenses had been included, returns for the Class R6 shares would be higher.

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo C&B Large Cap Value Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,244.56	$	6.02		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.70	$	5.42		1.07	%
Class C
Actual	$	1,000.00	$	1,240.32	$	10.28		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class R6
Actual	$	1,000.00	$	1,248.05	$	3.66		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,245.00	$	5.57		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Institutional Class
Actual	$	1,000.00	$	1,247.18	$	4.23		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%

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

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

8  |  Wells Fargo C&B Large Cap Value Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.19%
Affiliated Master Portfolio: 100.19%
Wells Fargo C&B Large Cap Value Portfolio	$	254,949,135
Total Investment Companies (Cost $188,819,000)		254,949,135

Total investments in securities (Cost $188,819,000)	100.19	%		254,949,135
Other assets and liabilities, net	(0.19	)		(492,956	)
Total net assets	100.00	%	$	254,456,179

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		75	%		76	%	$	7,553,557	$	43,394,844	$	2,179,203	$	3,058	$	254,949,135		100.19	%

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

Wells Fargo C&B Large Cap Value Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $188,819,000)	$	254,949,135
Receivable for Fund shares sold		95,295
Receivable from manager		1,224
Prepaid expenses and other assets		506
Total assets		255,046,160
Liabilities
Payable for Fund shares redeemed		479,795
Administration fees payable		28,521
Distribution fee payable		2,225
Shareholder report expenses payable		31,320
Shareholder servicing fees payable		18,545
Trustees’ fees and expenses payable		1,055
Accrued expenses and other liabilities		28,520
Total liabilities		589,981
Total net assets	$	254,456,179
Net assets consist of
Paid-in capital	$	176,282,140
Total distributable earnings		78,174,039
Total net assets	$	254,456,179
Computation of net asset value and offering price per share
Net assets – Class A	$	82,658,348
Shares outstanding – Class A1		5,780,349
Net asset value per share – Class A		$14.30
Maximum offering price per share – Class A2		$15.17
Net assets – Class C	$	3,631,763
Shares outstanding – Class C1		257,721
Net asset value per share – Class C		$14.09
Net assets – Class R6	$	41,040,603
Shares outstanding – Class R61		2,852,355
Net asset value per share – Class R6		$14.39
Net assets – Administrator Class	$	6,701,945
Shares outstanding – Administrator Class1		467,627
Net asset value per share – Administrator Class		$14.33
Net assets – Institutional Class	$	120,423,520
Shares outstanding – Institutional Class1		8,375,029
Net asset value per share – Institutional Class		$14.38

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo C&B Large Cap Value Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $56,458)	$	2,179,203
Affiliated income allocated from affiliated Master Portfolio		3,058
Expenses allocated from affiliated Master Portfolio		(798,606	)
Waivers allocated from affiliated Master Portfolio		51,115
Total investment income		1,434,770
Expenses
Management fee		58,448
Administration fees
Class A		78,866
Class C		3,827
Class R6		5,745
Administrator Class		4,023
Institutional Class		71,856
Shareholder servicing fees
Class A		93,754
Class C		4,545
Administrator Class		7,720
Distribution fee
Class C		13,635
Custody and accounting fees		6,850
Professional fees		17,546
Registration fees		83,477
Shareholder report expenses		37,350
Trustees’ fees and expenses		11,029
Other fees and expenses		9,330
Total expenses		508,001
Less: Fee waivers and/or expense reimbursements
Fund-level		(246,563	)
Class A		(4,094	)
Administrator Class		(341	)
Net expenses		257,003
Net investment income		1,177,767
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		7,553,557
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		43,394,844
Net realized and unrealized gains (losses) on investments		50,948,401
Net increase in net assets resulting from operations	$	52,126,168

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

Wells Fargo C&B Large Cap Value Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,177,767					$	3,041,679
Net realized gains on investments					7,553,557						14,162,746
Net change in unrealized gains (losses) on investments					43,394,844						(23,968,868	)
Net increase (decrease) in net assets resulting from operations					52,126,168						(6,764,443	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(7,751,447	)
Class C					0						(388,806	)
Class R6					0						(5,218,989	)
Administrator Class					0						(711,108	)
Institutional Class					0						(11,583,308	)
Total distributions to shareholders					0						(25,653,658	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		279,739			3,592,305			738,336			9,862,221
Class C		23,039			282,833			84,359			1,159,805
Class R6		103,146			1,292,676			862,015			10,181,197
Administrator Class		9,616			120,970			86,612			1,194,613
Institutional Class		2,031,232			24,616,651			3,591,723			48,556,144
					29,905,435						70,953,980
Reinvestment of distributions
Class A		0			0			529,924			7,655,000
Class C		0			0			26,971			383,791
Class R6		0			0			47,617			691,796
Administrator Class		0			0			34,562			500,228
Institutional Class		0			0			792,083			11,497,247
					0						20,728,062
Payment for shares redeemed
Class A		(652,676	)		(8,206,957	)		(1,199,143	)		(15,487,514	)
Class C		(80,021	)		(999,223	)		(192,765	)		(2,559,135	)
Class R6		(533,506	)		(6,698,867	)		(2,860,401	)		(39,194,686	)
Administrator Class		(77,880	)		(975,211	)		(297,032	)		(3,913,331	)
Institutional Class		(2,054,060	)		(25,814,527	)		(4,306,577	)		(53,511,682	)
					(42,694,785	)					(114,666,348	)
Net decrease in net assets resulting from capital share transactions					(12,789,350	)					(22,984,306	)
Total increase (decrease) in net assets					39,336,818						(55,402,407	)
Net assets
Beginning of period					215,119,361						270,521,768
End of period				$	254,456,179					$	215,119,361

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

12  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.49			$13.01			$13.91			$14.54			$12.55			$13.07
Net investment income		0.05			0.12			0.11			0.09	1		0.08			0.11	1
Net realized and unrealized gains (losses) on investments		2.76			(0.33	)		0.02			0.87			2.23			(0.14	)
Total from investment operations		2.81			(0.21	)		0.13			0.96			2.31			(0.03	)
Distributions to shareholders from
Net investment income		0.00			(0.13	)		(0.12	)		(0.06	)		(0.08	)		(0.10	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.31	)		(1.03	)		(1.59	)		(0.32	)		(0.49	)
Net asset value, end of period		$14.30			$11.49			$13.01			$13.91			$14.54			$12.55
Total return2		24.46	%		(3.61	)%		1.33	%		6.29	%		18.62	%		(0.08	)%
Ratios to average net assets (annualized)
Gross expenses3		1.29	%		1.27	%		1.23	%		1.21	%		1.24	%		1.25	%
Net expenses3		1.07	%		1.07	%		1.08	%		1.10	%		1.15	%		1.15	%
Net investment income3		0.80	%		0.92	%		0.83	%		0.58	%		0.62	%		0.89	%
Supplemental data
Portfolio turnover rate4		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$82,658			$70,680			$79,172			$85,707			$83,016			$88,387

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.36			$12.87			$13.75			$14.44			$12.48			$13.01
Net investment income (loss)		0.00	1,2		0.02	2		0.01	2		(0.02	)2		(0.02	)		0.01
Net realized and unrealized gains (losses) on investments		2.73			(0.35	)		0.03			0.86			2.22			(0.14	)
Total from investment operations		2.73			(0.33	)		0.04			0.84			2.20			(0.13	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		0.00			0.00			(0.01	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.18	)		(0.92	)		(1.53	)		(0.24	)		(0.40	)
Net asset value, end of period		$14.09			$11.36			$12.87			$13.75			$14.44			$12.48
Total return3		24.03	%		(4.41	)%		0.61	%		5.46	%		17.73	%		(0.82	)%
Ratios to average net assets (annualized)
Gross expenses4		2.04	%		2.02	%		1.97	%		1.96	%		1.99	%		2.00	%
Net expenses4		1.83	%		1.83	%		1.83	%		1.85	%		1.90	%		1.90	%
Net investment income (loss)4		0.03	%		0.16	%		0.07	%		(0.16	)%		(0.13	)%		0.11	%
Supplemental data
Portfolio turnover rate5		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$3,632			$3,576			$5,098			$11,031			$8,043			$7,282

¹  Amount is less than $0.005

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

14  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			20171
Net asset value, beginning of period		$11.53			$13.06			$13.97			$14.59			$12.73
Net investment income		0.08	2		0.18	2		0.18	2		0.18	2		0.16
Net realized and unrealized gains (losses) on investments		2.78			(0.33	)		0.00	3		0.85			2.06
Total from investment operations		2.86			(0.15	)		0.18			1.03			2.22
Distributions to shareholders from
Net investment income		0.00			(0.20	)		(0.18	)		(0.12	)		(0.12	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)
Total distributions to shareholders		0.00			(1.38	)		(1.09	)		(1.65	)		(0.36	)
Net asset value, end of period		$14.39			$11.53			$13.06			$13.97			$14.59
Total return4		24.80	%		(3.25	)%		1.74	%		6.76	%		17.65	%
Ratios to average net assets (annualized)
Gross expenses5		0.86	%		0.84	%		0.79	%		0.77	%		0.81	%
Net expenses5		0.65	%		0.65	%		0.65	%		0.65	%		0.70	%
Net investment income5		1.21	%		1.33	%		1.27	%		1.28	%		1.04	%
Supplemental data
Portfolio turnover rate6		13	%		33	%		47	%		42	%		89	%
Net assets, end of period (000s omitted)		$41,041			$37,859			$68,366			$110,665			$3,532

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.65	%
Year ended May 31, 20171	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.51			$13.03			$13.92			$14.56			$12.54			$13.07
Net investment income		0.05	1		0.13	1		0.12	1		0.10	1		0.10	1		0.13	1
Net realized and unrealized gains (losses) on investments		2.77			(0.33	)		0.02			0.87			2.24			(0.15	)
Total from investment operations		2.82			(0.20	)		0.14			0.97			2.34			(0.02	)
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.12	)		(0.08	)		(0.08	)		(0.12	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.32	)		(1.03	)		(1.61	)		(0.32	)		(0.51	)
Net asset value, end of period		$14.33			$11.51			$13.03			$13.92			$14.56			$12.54
Total return2		24.50	%		(3.56	)%		1.44	%		6.36	%		18.82	%		0.11	%
Ratios to average net assets (annualized)
Gross expenses3		1.21	%		1.19	%		1.15	%		1.13	%		1.16	%		1.16	%
Net expenses3		0.99	%		0.99	%		1.00	%		1.00	%		1.00	%		0.98	%
Net investment income3		0.87	%		1.00	%		0.90	%		0.69	%		0.77	%		1.03	%
Supplemental data
Portfolio turnover rate4		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$6,702			$6,167			$9,274			$12,742			$11,467			$23,210

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

16  |  Wells Fargo C&B Large Cap Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.53			$13.05			$13.96			$14.58			$12.58			$13.11
Net investment income		0.07			0.16			0.14			0.13	1		0.14			0.16
Net realized and unrealized gains (losses) on investments		2.78			(0.33	)		0.02			0.89			2.22			(0.14	)
Total from investment operations		2.85			(0.17	)		0.16			1.02			2.36			0.02
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.16	)		(0.11	)		(0.12	)		(0.16	)
Net realized gains		0.00			(1.18	)		(0.91	)		(1.53	)		(0.24	)		(0.39	)
Total distributions to shareholders		0.00			(1.35	)		(1.07	)		(1.64	)		(0.36	)		(0.55	)
Net asset value, end of period		$14.38			$11.53			$13.05			$13.96			$14.58			$12.58
Total return2		24.72	%		(3.33	)%		1.64	%		6.68	%		19.05	%		0.33	%
Ratios to average net assets (annualized)
Gross expenses3		0.96	%		0.94	%		0.90	%		0.88	%		0.91	%		0.92	%
Net expenses3		0.75	%		0.75	%		0.75	%		0.77	%		0.80	%		0.77	%
Net investment income3		1.20	%		1.25	%		1.17	%		0.87	%		0.96	%		1.25	%
Supplemental data
Portfolio turnover rate4		13	%		33	%		47	%		42	%		89	%		29	%
Net assets, end of period (000s omitted)		$120,424			$96,838			$108,613			$135,082			$220,257			$133,632

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.64	%
Year ended May 31, 2020	0.64	%
Year ended May 31, 2019	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%

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

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

Wells Fargo C&B Large Cap Value Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo C&B Large Cap Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 76% of Wells Fargo C&B Large Cap Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo C&B Large Cap Value Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $190,892,050 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	64,057,085
Gross unrealized losses		0
Net unrealized gains	$	64,057,085

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal		$254,949,135

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo C&B Large Cap Value Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.75% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $1,110 from the sale of Class C shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $29,536,821 and $51,408,062, respectively.

6. 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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo C&B Large Cap Value Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

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

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

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

Wells Fargo C&B Large Cap Value Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 95.01%
Communication Services: 6.39%
Diversified Telecommunication Services: 2.40%
Verizon Communications Incorporated		132,400	$	7,998,284
Entertainment: 2.09%
Activision Blizzard Incorporated		87,900		6,986,292
Media: 1.90%
Omnicom Group Incorporated		100,900		6,356,700
Consumer Discretionary: 6.57%
Household Durables: 2.13%
Whirlpool Corporation		36,600		7,122,726
Textiles, Apparel & Luxury Goods: 4.44%
Gildan Activewear Incorporated		366,400		9,574,032
HanesBrands Incorporated		369,600		5,248,320
				14,822,352
Consumer Staples: 1.46%
Tobacco: 1.46%
Philip Morris International Incorporated		64,400		4,878,300
Energy: 2.46%
Energy Equipment & Services: 1.41%
Schlumberger Limited		225,900		4,696,461
Oil, Gas & Consumable Fuels: 1.05%
Exxon Mobil Corporation		91,800		3,500,334
Financials: 34.28%
Banks: 7.56%
JPMorgan Chase & Company		71,300		8,404,844
PNC Financial Services Group Incorporated		61,100		8,436,077
US Bancorp		194,300		8,395,703
				25,236,624
Capital Markets: 10.95%
Brookfield Asset Management Incorporated Class A		259,300		10,499,057
Intercontinental Exchange Incorporated		51,100		5,391,561
State Street Corporation		144,700		10,198,456
The Charles Schwab Corporation		214,500		10,463,310
				36,552,384
Consumer Finance: 3.01%
Synchrony Financial		329,300		10,033,771
Diversified Financial Services: 2.25%
Berkshire Hathaway Incorporated Class B †		32,800		7,508,248
Insurance: 10.51%
Alleghany Corporation		12,000		6,902,400
Arch Capital Group Limited †		246,900		7,948,946
Chubb Limited		69,600		10,288,968

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

22  |  Wells Fargo C&B Large Cap Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Insurance (continued)
Fidelity National Financial Incorporated		71,400	$	2,569,686
The Allstate Corporation		33,200		3,398,020
The Progressive Corporation		45,500		3,963,505
				35,071,525
Health Care: 12.71%
Health Care Equipment & Supplies: 3.89%
Becton Dickinson & Company		23,700		5,565,708
Medtronic plc		65,300		7,424,610
				12,990,318
Health Care Providers & Services: 6.04%
HCA Healthcare Incorporated		50,400		7,565,544
Laboratory Corporation of America Holdings †		34,400		6,874,496
UnitedHealth Group Incorporated		17,000		5,717,780
				20,157,820
Pharmaceuticals: 2.78%
Johnson & Johnson		64,100		9,273,988
Industrials: 16.42%
Aerospace & Defense: 0.75%
Hexcel Corporation		50,700		2,510,664
Air Freight & Logistics: 1.51%
United Parcel Service Incorporated Class B		29,400		5,029,458
Building Products: 1.41%
Johnson Controls International plc		102,300		4,709,892
Electrical Equipment: 3.31%
AMETEK Incorporated		44,600		5,286,438
Eaton Corporation plc		47,400		5,740,614
				11,027,052
Industrial Conglomerates: 1.94%
3M Company		37,500		6,477,375
Machinery: 4.97%
Colfax Corporation †		204,930		7,393,874
Snap-on Incorporated		31,300		5,504,105
Woodward Governor Company		33,100		3,701,573
				16,599,552
Trading Companies & Distributors: 2.53%
AerCap Holdings NV †		229,700		8,443,772
Information Technology: 10.14%
Electronic Equipment, Instruments & Components: 5.21%
Arrow Electronics Incorporated †		128,300		11,758,695
TE Connectivity Limited		49,500		5,641,515
				17,400,210

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

Wells Fargo C&B Large Cap Value Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
IT Services: 4.93%
Amdocs Limited					118,900	$	7,824,809
Leidos Holdings Incorporated					85,500		8,609,850
							16,434,659
Materials: 2.93%
Chemicals: 1.48%
Axalta Coating Systems Limited †					172,100		4,923,781
Metals & Mining: 1.45%
Reliance Steel & Aluminum Company					41,100		4,841,580
Real Estate: 1.65%
Real Estate Management & Development: 1.65%
CBRE Group Incorporated Class A †					90,000		5,502,600
Total Common Stocks (Cost $228,416,580)							317,086,722
	Yield
Short-Term Investments: 5.04%
Investment Companies: 5.04%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		16,813,758		16,813,758
Total Short-Term Investments (Cost $16,813,758)							16,813,758

Total investments in securities (Cost $245,230,338)	100.05	%		333,900,480
Other assets and liabilities, net	(0.05	)		(169,325	)
Total net assets	100.00	%	$	333,731,155

† Non-income-earning security

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class	$	6,370,055	$	53,586,849	$	(43,143,146	)	$	0	$	0	$	16,813,758		5.04	%		16,813,758	$	4,039

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

24  |  Wells Fargo C&B Large Cap Value Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $228,416,580)	$	317,086,722
Investments in affiliated securities, at value (cost $16,813,758)		16,813,758
Receivable for dividends		465,320
Prepaid expenses and other assets		35,663
Total assets		334,402,463
Liabilities
Payable for investments purchased		508,557
Advisory fee payable		161,751
Total liabilities		670,308
Total net assets	$	333,731,155

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

Wells Fargo C&B Large Cap Value Portfolio  |  25

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $74,501)	$	2,877,573
Income from affiliated securities		4,039
Total investment income		2,881,612
Expenses
Advisory fee		1,003,142
Custody and accounting fees		10,285
Professional fees		21,887
Shareholder report expenses		3,411
Trustees’ fees and expenses		9,589
Other fees and expenses		6,939
Total expenses		1,055,253
Less: Fee waivers and/or expense reimbursements		(67,544	)
Net expenses		987,709
Net investment income		1,893,903
Realized and unrealized gains (losses) on investments
Net realized gains on investments		9,977,236
Net change in unrealized gains (losses) on investments		57,523,789
Net realized and unrealized gains (losses) on investments		67,501,025
Net increase in net assets resulting from operations	$	69,394,928

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

26  |  Wells Fargo C&B Large Cap Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	1,893,903		$	4,668,688
Net realized gains on investments		9,977,236			14,608,307
Net change in unrealized gains (losses) on investments		57,523,789			(25,082,549	)
Net increase (decrease) in net assets resulting from operations		69,394,928			(5,805,554	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		20,316,432			41,745,884
Withdrawals		(42,892,559	)		(99,923,052	)
Net decrease in net assets resulting from capital transactions		(22,576,127	)		(58,177,168	)
Total increase (decrease) in net assets		46,818,801			(63,982,722	)
Net assets
Beginning of period		286,912,354			350,895,076
End of period	$	333,731,155		$	286,912,354

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

Wells Fargo C&B Large Cap Value Portfolio  |  27

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		24.92	%		(3.40	)%		1.80	%		6.65	%		19.17	%		0.35	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.68	%		0.67	%		0.67	%		0.68	%		0.68	%
Net expenses		0.34	%		0.64	%		0.65	%		0.66	%		0.68	%		0.68	%
Net investment income		1.23	%		1.36	%		1.27	%		1.02	%		1.09	%		1.33	%
Supplemental data
Portfolio turnover rate		13	%		33	%		47	%		42	%		89	%		29	%

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

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

28  |  Wells Fargo C&B Large Cap Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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

Security transactions and income recognition

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

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

Wells Fargo C&B Large Cap Value Portfolio  |  29

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $249,814,430 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	97,507,798
Gross unrealized losses		(13,421,748	)
Net unrealized gains	$	84,086,050

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	21,341,276	$	0	$	0	$	21,341,276
Consumer discretionary		21,945,078		0		0		21,945,078
Consumer staples		4,878,300		0		0		4,878,300
Energy		8,196,795		0		0		8,196,795
Financials		114,402,552		0		0		114,402,552
Health care		42,422,126		0		0		42,422,126
Industrials		54,797,765		0		0		54,797,765
Information technology		33,834,869		0		0		33,834,869
Materials		9,765,361		0		0		9,765,361
Real estate		5,502,600		0		0		5,502,600
Short-term investments
Investment companies		16,813,758		0		0		16,813,758
Total assets	$	333,900,480	$	0	$	0	$	333,900,480

30  |  Wells Fargo C&B Large Cap Value Portfolio

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

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

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $38,664,016 and $67,293,705, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio did not have any securities on loan.

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or

Wells Fargo C&B Large Cap Value Portfolio  |  31

Notes to financial statements (unaudited)

emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to the financials sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the 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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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 C&B Large Cap Value Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo C&B Large Cap Value Fund  |  33

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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

34  |  Wells Fargo C&B Large Cap Value Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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 C&B Large Cap Value Fund  |  35

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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.

36  |  Wells Fargo C&B Large Cap Value 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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00739 01-20

SA280/SAR280 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Diversified Equity Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	16
Other information	20

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 November 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 Equity Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Equity Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Diversified Equity Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Diversified Equity Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo Diversified Equity Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Portfolio manager

Aldo Ceccarelli, CFA^®‡

Average annual total returns (%) as of November 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 (NVDAX)	5-2-1996		7.13		9.36		10.44		13.67		10.67		11.10		1.40		1.25
Class C (WFDEX)	10-1-1998		11.82		9.85		10.27		12.82		9.85		10.27		2.15		2.00
Administrator Class (NVDEX)	11-11-1994		–		–		–		13.94		10.94		11.37		1.32		1.00
Diversified Equity Blended Index3	–		–		–		–		15.80		12.49		12.65		–		–
MSCI EAFE Index (Net)4	–		–		–		–		6.37		6.19		5.85		–		–
Russell 1000® Growth Index5	–		–		–		–		36.40		19.56		17.31		–		–
Russell 1000® Value Index6	–		–		–		–		1.72		8.44		10.93		–		–
Russell 2000® Index7	–		–		–		–		13.59		10.25		11.13		–		–
S&P 500 Index8	–		–		–		–		17.46		13.99		14.19		–		–

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Diversified Equity Fund

Performance highlights (unaudited)

Fund holdings (%) as of November 30, 20209
Wells Fargo Diversified Large Cap Growth Portfolio	25.11
Wells Fargo Index Portfolio	25.06
Wells Fargo Large Company Value Portfolio	16.79
Wells Fargo C&B Large Cap Value Portfolio	8.30
Wells Fargo Disciplined International Developed Markets Portfolio	7.50
Wells Fargo Small Company Value Portfolio	4.98
Wells Fargo International Value Portfolio	4.83
Wells Fargo Emerging Growth Portfolio	2.55
Wells Fargo Small Company Growth Portfolio	2.52
Wells Fargo Factor Enhanced International Equity Portfolio	2.50

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation10
U.S. Large Cap Stock Funds		75		75
International Stock Funds		15		15
U.S. Small Cap Stock Funds		10		10

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

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 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, and 1.00% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from any money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in 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 Equity Blended Index is composed of 25% of the S&P 500 Index, 25% of the Russell 1000^® Growth Index, 25% of the Russell 1000^® Value Index, 15% of the MSCI EAFE Index (Net), and 10% of the Russell 2000^® Index. You cannot invest directly in an index.

⁴  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

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

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

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

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

⁹  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹⁰  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Diversified Equity Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,215.69	$	6.94		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class C
Actual	$	1,000.00	$	1,210.95	$	11.09		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,216.76	$	5.56		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

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

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

8  |  Wells Fargo Diversified Equity Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.14%
Affiliated Master Portfolios: 100.14%
Wells Fargo C&B Large Cap Value Portfolio	$	13,175,576
Wells Fargo Disciplined International Developed Markets Portfolio		11,898,542
Wells Fargo Diversified Large Cap Growth Portfolio		39,816,369
Wells Fargo Emerging Growth Portfolio		4,045,587
Wells Fargo Factor Enhanced International Equity Portfolio		3,968,742
Wells Fargo Index Portfolio		39,762,811
Wells Fargo International Value Portfolio		7,665,473
Wells Fargo Large Company Value Portfolio		26,644,425
Wells Fargo Small Company Growth Portfolio		3,996,524
Wells Fargo Small Company Value Portfolio		7,903,201
Total Investment Companies (Cost $128,639,736)		158,877,250

Total investments in securities (Cost $128,639,736)	100.14	%		158,877,250
Other assets and liabilities, net	(0.14	)		(219,123	)
Total net assets	100.00	%	$	158,658,127

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		3.77	%		3.95	%	$	391,893		$	2,244,029		$	111,264	$	143	$	13,175,576
Wells Fargo Disciplined International Developed Markets Portfolio		5.81			6.16			2,052,797			(15,281	)		114,541		6		11,898,542
Wells Fargo Diversified Large Cap Growth Portfolio		16.37			16.71			2,705,970			4,672,764			152,292		457		39,816,369
Wells Fargo Emerging Growth Portfolio		0.54			0.47			556,287			743,542			5,146		611		4,045,587
Wells Fargo Factor Enhanced International Equity Portfolio		0.00			0.58			99,525			337,952			32,036		20		3,968,742
Wells Fargo Index Portfolio		3.39			3.34			1,355,798			5,220,506			313,677		312		39,762,811
Wells Fargo International Value Portfolio		1.23			2.60			(1,451,892	)		2,741,398			107,257		971		7,665,473
Wells Fargo Large Company Value Portfolio		10.44			11.12			4,305,469			347,033			248,466		181		26,644,425
Wells Fargo Small Company Growth Portfolio		0.26			0.28			470,409			505,613			11,211		115		3,996,524
Wells Fargo Small Company Value Portfolio		1.51			1.72			9,544			1,668,561			69,982		446		7,903,201
							$	10,495,800		$	18,466,117		$	1,165,872	$	3,262	$	158,877,250		100.14	%

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

Wells Fargo Diversified Equity Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolios, at value (cost $128,639,736)	$	158,877,250
Receivable for Fund shares sold		31,020
Prepaid expenses and other assets		253
Total assets		158,908,523
Liabilities
Payable for Fund shares redeemed		145,912
Management fee payable		15,471
Administration fees payable		20,805
Distribution fee payable		955
Shareholder servicing fees payable		31,887
Professional fees payable		13,472
Trustees’ fees and expenses payable		1,125
Accrued expenses and other liabilities		20,769
Total liabilities		250,396
Total net assets	$	158,658,127
Net assets consist of
Paid-in capital	$	121,771,166
Total distributable earnings		36,886,961
Total net assets	$	158,658,127
Computation of net asset value and offering price per share
Net assets – Class A	$	64,266,039
Shares outstanding – Class A1		2,591,126
Net asset value per share – Class A		$24.80
Maximum offering price per share – Class A2		$26.31
Net assets – Class C	$	1,596,063
Shares outstanding – Class C1		75,963
Net asset value per share – Class C		$21.01
Net assets – Administrator Class	$	92,796,025
Shares outstanding – Administrator Class1		3,714,645
Net asset value per share – Administrator Class		$24.98

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Diversified Equity Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $31,640)	$	1,165,872
Affiliated income allocated from affiliated Master Portfolios		3,262
Expenses allocated from affiliated Master Portfolios		(371,908	)
Waivers allocated from affiliated Master Portfolios		29,979
Total investment income		827,205
Expenses
Management fee		223,852
Administration fees
Class A		63,040
Class C		1,512
Administrator Class		57,041
Shareholder servicing fees
Class A		74,975
Class C		1,798
Administrator Class		109,616
Distribution fee
Class C		5,376
Custody and accounting fees		4,425
Professional fees		16,726
Registration fees		37,601
Shareholder report expenses		15,507
Trustees’ fees and expenses		11,029
Other fees and expenses		9,271
Total expenses		631,769
Less: Fee waivers and/or expense reimbursements
Fund-level		(87,100	)
Class A		(207	)
Class C		(1	)
Administrator Class		(58,035	)
Net expenses		486,426
Net investment income		340,779
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolios		10,495,800
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		18,466,117
Net realized and unrealized gains (losses) on investments		28,961,917
Net increase in net assets resulting from operations	$	29,302,696

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

Wells Fargo Diversified Equity Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	340,779					$	985,336
Net realized gains on investments					10,495,800						7,327,284
Net change in unrealized gains (losses) on investments					18,466,117						(2,050	)
Net increase in net assets resulting from operations					29,302,696						8,310,570
Distributions to shareholders from net investment income and net realized gains
Class A					0						(6,060,114	)
Class C					0						(154,837	)
Administrator Class					0						(8,943,655	)
Total distributions to shareholders					0						(15,158,606	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		26,121			596,537			34,574			724,712
Class C		5,297			104,200			1,492			27,271
Administrator Class		99,746			2,237,146			793,124			13,930,309
					2,937,883						14,682,292
Reinvestment of distributions
Class A		0			0			271,522			6,024,365
Class C		0			0			8,155			153,322
Administrator Class		0			0			396,996			8,870,564
					0						15,048,251
Payment for shares redeemed
Class A		(198,579	)		(4,467,509	)		(430,823	)		(9,283,399	)
Class C		(5,240	)		(102,205	)		(10,993	)		(204,548	)
Administrator Class		(416,669	)		(9,468,689	)		(1,241,352	)		(23,720,814	)
					(14,038,403	)					(33,208,761	)
Net decrease in net assets resulting from capital share transactions					(11,100,520	)					(3,478,218	)
Total increase (decrease) in net assets					18,202,176						(10,326,254	)
Net assets
Beginning of period					140,455,951						150,782,205
End of period				$	158,658,127					$	140,455,951

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

12  |  Wells Fargo Diversified Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$20.40			$21.36			$26.48			$29.37			$27.30			$32.37
Net investment income		0.04	1		0.11	1		0.18	1		0.16	1		0.13			0.16
Net realized and unrealized gains (losses) on investments		4.36			1.18			(0.55	)		3.93			3.94			(1.55	)
Total from investment operations		4.40			1.29			(0.37	)		4.09			4.07			(1.39	)
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.13	)		(0.17	)		(0.22	)		(0.08	)
Net realized gains		0.00			(2.08	)		(4.62	)		(6.81	)		(1.78	)		(3.60	)
Total distributions to shareholders		0.00			(2.25	)		(4.75	)		(6.98	)		(2.00	)		(3.68	)
Net asset value, end of period		$24.80			$20.40			$21.36			$26.48			$29.37			$27.30
Total return2		21.57	%		5.27	%		(0.57	)%		14.68	%		15.59	%		(4.24	)%
Ratios to average net assets (annualized)
Gross expenses3		1.34	%		1.39	%		1.37	%		1.38	%		1.40	%		1.41	%
Net expenses3		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income3		0.32	%		0.52	%		0.75	%		0.55	%		0.63	%		0.60	%
Supplemental data
Portfolio turnover rate4		58	%		81	%		91	%		70	%		90	%		39	%
Net assets, end of period (000s omitted)		$64,266			$56,387			$61,692			$69,766			$68,678			$67,597

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.46	%
Year ended May 31, 2020	0.51	%
Year ended May 31, 2019	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%

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

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

Wells Fargo Diversified Equity Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$17.35			$18.45			$23.58			$26.86			$25.12			$30.22
Net investment loss		(0.04	)		(0.04	)1		(0.01	)1		(0.05	)1		(0.03	)1		(0.05	)1
Net realized and unrealized gains (losses) on investments		3.70			1.03			(0.50	)		3.58			3.57			(1.45	)
Total from investment operations		3.66			0.99			(0.51	)		3.53			3.54			(1.50	)
Distributions to shareholders from
Net investment income		0.00			(0.01	)		0.00			(0.00	)2		(0.02	)		0.00
Net realized gains		0.00			(2.08	)		(4.62	)		(6.81	)		(1.78	)		(3.60	)
Total distributions to shareholders		0.00			(2.09	)		(4.62	)		(6.81	)		(1.80	)		(3.60	)
Net asset value, end of period		$21.01			$17.35			$18.45			$23.58			$26.86			$25.12
Total return3		21.10	%		4.53	%		(1.34	)%		13.89	%		14.71	%		(4.96	)%
Ratios to average net assets (annualized)
Gross expenses4		2.09	%		2.14	%		2.11	%		2.13	%		2.15	%		2.16	%
Net expenses4		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment loss4		(0.43	)%		(0.23	)%		(0.04	)%		(0.21	)%		(0.13	)%		(0.17	)%
Supplemental data
Portfolio turnover rate5		58	%		81	%		91	%		70	%		90	%		39	%
Net assets, end of period (000s omitted)		$1,596			$1,317			$1,425			$2,245			$2,355			$2,846

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Six months ended November 30, 2020 (unaudited)	0.46	%
Year ended May 31, 2020	0.51	%
Year ended May 31, 2019	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%

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

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

14  |  Wells Fargo Diversified Equity Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$20.53			$21.47			$26.60			$29.46			$27.38			$32.45
Net investment income		0.06	1		0.17			0.24	1		0.23	1		0.24	1		0.24
Net realized and unrealized gains (losses) on investments		4.39			1.20			(0.57	)		3.95			3.91			(1.55	)
Total from investment operations		4.45			1.37			(0.33	)		4.18			4.15			(1.31	)
Distributions to shareholders from
Net investment income		0.00			(0.23	)		(0.18	)		(0.23	)		(0.29	)		(0.16	)
Net realized gains		0.00			(2.08	)		(4.62	)		(6.81	)		(1.78	)		(3.60	)
Total distributions to shareholders		0.00			(2.31	)		(4.80	)		(7.04	)		(2.07	)		(3.76	)
Net asset value, end of period		$24.98			$20.53			$21.47			$26.60			$29.46			$27.38
Total return2		21.68	%		5.59	%		(0.35	)%		14.99	%		15.86	%		(3.98	)%
Ratios to average net assets (annualized)
Gross expenses3		1.26	%		1.31	%		1.29	%		1.30	%		1.32	%		1.33	%
Net expenses3		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income3		0.57	%		0.77	%		1.00	%		0.79	%		0.87	%		0.85	%
Supplemental data
Portfolio turnover rate4		58	%		81	%		91	%		70	%		90	%		39	%
Net assets, end of period (000s omitted)		$92,796			$82,752			$87,665			$98,668			$119,893			$140,963

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.46	%
Year ended May 31, 2020	0.51	%
Year ended May 31, 2019	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%

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

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

Wells Fargo Diversified Equity Fund  |  15

Notes to financial statements (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

16  |  Wells Fargo Diversified Equity Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $137,526,871 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	21,350,379
Gross unrealized losses		0
Net unrealized gains	$	21,350,379

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolios were measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate value of the affiliated Master Portfolios was $158,877,250. The investment objective of each affiliated Master Portfolio is as follows:

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s

Wells Fargo Diversified Equity Fund  |  17

Notes to financial statements (unaudited)

operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.30	%
Next $500 million		0.28
Next $2 billion		0.26
Next $2 billion		0.24
Next $5 billion		0.23
Over $10 billion		0.22

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, and 1.00% for Administrator Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $1,074 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

18  |  Wells Fargo Diversified Equity Fund

Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in multiple affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $86,146,481 and $114,031,823, respectively.

6. 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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

9. 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 Equity Fund  |  19

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.

20  |  Wells Fargo Diversified Equity Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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 Diversified Equity Fund  |  21

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; Chair, 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.

22  |  Wells Fargo Diversified Equity Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 Equity Fund  |  23

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00740 01-20

SA281/SAR281 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Emerging Growth Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Emerging Growth Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Emerging Growth Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	27
Statement of operations	28
Statement of changes in net assets	29
Financial highlights	30
Notes to financial statements	31
Other information	35

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 November 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 Emerging Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Emerging Growth Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Emerging Growth Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Emerging Growth Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo Emerging Growth Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®‡, CPA

Robert Gruendyke, CFA^®‡*

David Nazaret, CFA^®‡*

Thomas C. Ognar, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WEMAX)	3-31-2008		38.55		17.63		14.93		47.00		19.03		15.61		1.35		1.28
Class C (WEMCX)	3-31-2008		44.99		18.14		14.76		45.99		18.14		14.76		2.10		2.03
Class R6 (WEGRX)4	7-31-2018		–		–		–		47.56		19.59		16.16		0.92		0.85
Administrator Class (WFGDX)	1-31-2007		–		–		–		47.05		19.14		15.77		1.27		1.20
Institutional Class (WEMIX)	3-31-2008		–		–		–		47.51		19.51		16.12		1.02		0.90
Russell 2000® Growth Index5	–		–		–		–		25.95		13.19		13.30		–		–

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 Emerging Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
Q2 Holdings Incorporated	3.10
Kinsale Capital Group Incorporated	2.94
Casella Waste Systems Incorporated Class A	2.78
Rapid7 Incorporated	2.70
ASGN Incorporated	2.64
iRhythm Technologies Incorporated	2.51
SPS Commerce Incorporated	2.47
Rexnord Corporation	2.42
Shockwave Medical Incorporated	2.11
Novanta Incorporated	2.07

Sector allocation as of November 30, 2020⁷

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

* Mr. Gruendyke and Mr. Nazaret became portfolio managers of the Fund on July 28, 2020.

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

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

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Emerging Growth Fund  |  7

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on

purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including

management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is

intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with

the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the

entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,382.73	$	7.59		1.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.43		1.27	%
Class C
Actual	$	1,000.00	$	1,378.23	$	12.10		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.89	$	10.25		2.03	%
Class R6
Actual	$	1,000.00	$	1,384.94	$	5.08		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Administrator Class
Actual	$	1,000.00	$	1,382.76	$	7.17		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,384.28	$	5.38		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

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

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

8  |  Wells Fargo Emerging Growth Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.36%
Affiliated Master Portfolio: 100.36%
Wells Fargo Emerging Growth Portfolio	$	819,507,074
Total Investment Companies (Cost $458,351,848)		819,507,074

Total investments in securities (Cost $458,351,848)	100.36	%		819,507,074
Other assets and liabilities, net	(0.36	)		(2,946,306	)
Total net assets	100.00	%	$	816,560,768

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Securities lending income allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Emerging Growth Portfolio		92	%		96	%	$	103,174,672	$	138,740,188	$	997,824	$	115,885	$	2,004	$	819,507,074		100.36	%

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

Wells Fargo Emerging Growth Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $458,351,848)	$	819,507,074
Receivable for Fund shares sold		1,441,729
Receivable from manager		36,934
Prepaid expenses and other assets		23,504
Total assets		821,009,241
Liabilities
Payable for Fund shares redeemed		4,195,692
Administration fees payable		94,100
Distribution fee payable		1,166
Trustees’ fees and expenses payable		1,031
Accrued expenses and other liabilities		156,484
Total liabilities		4,448,473
Total net assets	$	816,560,768
Net assets consist of
Paid-in capital	$	293,125,475
Total distributable earnings		523,435,293
Total net assets	$	816,560,768
Computation of net asset value and offering price per share
Net assets – Class A	$	199,318,877
Shares outstanding – Class A1		9,802,127
Net asset value per share – Class A		$20.33
Maximum offering price per share – Class A2		$21.57
Net assets – Class C	$	1,976,306
Shares outstanding – Class C1		115,615
Net asset value per share – Class C		$17.09
Net assets – Class R6	$	23,046,817
Shares outstanding – Class R61		1,018,623
Net asset value per share – Class R6		$22.63
Net assets – Administrator Class	$	26,225,575
Shares outstanding – Administrator Class1		1,239,080
Net asset value per share – Administrator Class		$21.17
Net assets – Institutional Class	$	565,993,193
Shares outstanding – Institutional Class1		25,096,258
Net asset value per share – Institutional Class		$22.55

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Emerging Growth Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio	$	997,824
Securities lending income allocated from affiliated Master Portfolio		115,885
Affiliated income allocated from affiliated Master Portfolio		2,004
Expenses allocated from affiliated Master Portfolio		(2,978,107	)
Total investment income		(1,862,394	)
Expenses
Management fee		183,640
Administration fees
Class A		180,205
Class C		1,904
Class R6		3,311
Administrator Class		15,235
Institutional Class		335,148
Shareholder servicing fees
Class A		214,134
Class C		2,263
Administrator Class		29,200
Distribution fee
Class C		6,788
Custody and accounting fees		14,053
Professional fees		15,831
Registration fees		37,070
Shareholder report expenses		43,549
Trustees’ fees and expenses		11,029
Other fees and expenses		7,957
Total expenses		1,101,317
Less: Fee waivers and/or expense reimbursements
Fund-level		(279,449	)
Class A		(10,701	)
Administrator Class		(4	)
Institutional Class		(128,551	)
Net expenses		682,612
Net investment loss		(2,545,006	)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		103,174,672
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		138,740,188
Net realized and unrealized gains (losses) on investments		241,914,860
Net increase in net assets resulting from operations	$	239,369,854

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

Wells Fargo Emerging Growth Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment loss				$	(2,545,006	)				$	(5,696,248	)
Net realized gains on investments					103,174,672						87,082,930
Net change in unrealized gains (losses) on investments					138,740,188						4,916,772
Net increase in net assets resulting from operations					239,369,854						86,303,454
Distributions to shareholders from net investment income and net realized gains
Class A					0						(7,796,239	)
Class C					0						(97,557	)
Class R6					0						(245,756	)
Administrator Class					0						(1,143,908	)
Institutional Class					0						(28,466,003	)
Total distributions to shareholders					0						(37,749,463	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		164,800			2,821,041			270,025			3,503,910
Class C		8,691			133,350			14,056			158,468
Class R6		91,894			1,866,543			1,351,041			21,252,448
Administrator Class		102,737			1,876,789			185,559			2,546,018
Institutional Class		3,991,970			74,436,514			7,701,460			113,827,845
					81,134,237						141,288,689
Reinvestment of distributions
Class A		0			0			556,631			7,609,147
Class C		0			0			8,439			97,557
Class R6		0			0			16,154			244,735
Administrator Class		0			0			80,016			1,137,821
Institutional Class		0			0			1,832,144			27,683,692
					0						36,772,952
Payment for shares redeemed
Class A		(481,467	)		(8,260,572	)		(1,506,830	)		(19,951,780	)
Class C		(22,037	)		(344,401	)		(45,564	)		(513,234	)
Class R6		(264,384	)		(5,497,178	)		(177,590	)		(2,654,701	)
Administrator Class		(251,828	)		(4,519,328	)		(557,050	)		(7,634,612	)
Institutional Class		(7,845,230	)		(148,006,505	)		(19,569,429	)		(282,480,504	)
					(166,627,984	)					(313,234,831	)
Net decrease in net assets resulting from capital share transactions					(85,493,747	)					(135,173,190	)
Total increase (decrease) in net assets					153,876,107						(86,619,199	)
Net assets
Beginning of period					662,684,661						749,303,860
End of period				$	816,560,768					$	662,684,661

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

12  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.71			$13.51			$17.04			$14.57			$12.55			$16.70
Net investment loss		(0.10	)		(0.17	)		(0.16	)1		(0.15	)		(0.10	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		5.72			2.13			(0.19	)		4.57			2.96			(2.28	)
Total from investment operations		5.62			1.96			(0.35	)		4.42			2.86			(2.41	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$20.33			$14.71			$13.51			$17.04			$14.57			$12.55
Total return2		38.27	%		14.97	%		(0.84	)%		32.91	%		23.39	%		(14.94	)%
Ratios to average net assets (annualized)
Gross expenses3		1.36	%		1.36	%		1.35	%		1.36	%		1.36	%		1.35	%
Net expenses3		1.27	%		1.27	%		1.29	%		1.35	%		1.35	%		1.35	%
Net investment loss3		(0.96	)%		(1.08	)%		(1.06	)%		(1.01	)%		(0.72	)%		(0.92	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$199,319			$148,866			$145,898			$153,526			$129,724			$127,154

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Emerging Growth Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$12.40			$11.58			$15.19			$13.28			$11.58			$15.67
Net investment loss		(0.13	)1		(0.21	)1		(0.25	)1		(0.25	)1		(0.19	)1		(0.21	)
Net realized and unrealized gains (losses) on investments		4.82			1.79			(0.18	)		4.11			2.73			(2.14	)
Total from investment operations		4.69			1.58			(0.43	)		3.86			2.54			(2.35	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$17.09			$12.40			$11.58			$15.19			$13.28			$11.58
Total return2		37.82	%		14.16	%		(1.55	)%		31.82	%		22.56	%		(15.59	)%
Ratios to average net assets (annualized)
Gross expenses3		2.11	%		2.11	%		2.10	%		2.11	%		2.11	%		2.10	%
Net expenses3		2.03	%		2.03	%		2.04	%		2.10	%		2.10	%		2.10	%
Net investment loss3		(1.73	)%		(1.84	)%		(1.78	)%		(1.76	)%		(1.46	)%		(1.70	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$1,976			$1,599			$1,761			$4,190			$3,328			$3,815

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

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

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

14  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			20191
Net asset value, beginning of period		$16.34			$14.86			$18.70
Net investment loss		(0.05	)2		(0.10	)2		(0.07	)2
Net realized and unrealized gains (losses) on investments		6.34			2.34			(0.59	)
Total from investment operations		6.29			2.24			(0.66	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)
Net asset value, end of period		$22.63			$16.34			$14.86
Total return3		38.49	%		15.51	%		(2.35	)%
Ratios to average net assets (annualized)
Gross expenses4		0.93	%		0.93	%		0.92	%
Net expenses4		0.85	%		0.85	%		0.85	%
Net investment loss4		(0.27	)%		(0.67	)%		(0.51	)%
Supplemental data
Portfolio turnover rate5		25	%		55	%		71	%
Net assets, end of period (000s omitted)		$23,047			$19,458			$22

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

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 20191	0.81	%

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

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

Wells Fargo Emerging Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$15.31			$14.02			$17.54			$14.93			$12.82			$17.00
Net investment loss		(0.08	)1		(0.14	)1		(0.15	)1		(0.14	)1		(0.07	)1		(0.12	)1
Net realized and unrealized gains (losses) on investments		5.94			2.19			(0.19	)		4.70			3.02			(2.32	)
Total from investment operations		5.86			2.05			(0.34	)		4.56			2.95			(2.44	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$21.17			$15.31			$14.02			$17.54			$14.93			$12.82
Total return2		38.28	%		15.07	%		(0.75	)%		33.06	%		23.60	%		(14.80	)%
Ratios to average net assets (annualized)
Gross expenses3		1.28	%		1.28	%		1.27	%		1.28	%		1.26	%		1.23	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.45	)%		(1.01	)%		(0.94	)%		(0.86	)%		(0.48	)%		(0.80	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$26,226			$21,250			$23,549			$52,335			$50,865			$99,792

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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

16  |  Wells Fargo Emerging Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$16.29			$14.83			$18.30			$15.46			$13.20			$17.40
Net investment loss		(0.06	)1		(0.11	)1		(0.13	)		(0.09	)		(0.04	)1		(0.07	)
Net realized and unrealized gains (losses) on investments		6.32			2.33			(0.16	)		4.88			3.14			(2.39	)
Total from investment operations		6.26			2.22			(0.29	)		4.79			3.10			(2.46	)
Distributions to shareholders from
Net realized gains		0.00			(0.76	)		(3.18	)		(1.95	)		(0.84	)		(1.74	)
Net asset value, end of period		$22.55			$16.29			$14.83			$18.30			$15.46			$13.20
Total return2		38.43	%		15.40	%		(0.42	)%		33.44	%		24.08	%		(14.62	)%
Ratios to average net assets (annualized)
Gross expenses3		1.03	%		1.03	%		1.02	%		1.03	%		1.03	%		1.01	%
Net expenses3		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment loss3		(0.30	)%		(0.71	)%		(0.67	)%		(0.56	)%		(0.24	)%		(0.50	)%
Supplemental data
Portfolio turnover rate4		25	%		55	%		71	%		47	%		115	%		68	%
Net assets, end of period (000s omitted)		$565,993			$471,512			$578,073			$606,729			$534,846			$583,843

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.81	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 2019	0.81	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Emerging Growth Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Emerging Growth Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 96% of Wells Fargo Emerging Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

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 income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Emerging Growth Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $461,061,497 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	358,445,577
Gross unrealized losses		0
Net unrealized gains	$	358,445,577

As of May 31, 2020, the Fund had a qualified late-year ordinary loss of $2,330,946 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation	$	819,507,074

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Emerging Growth Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.28% for Class A shares, 2.03% for Class C shares, 0.85% for Class R6 shares, 1.20% for Administrator Class shares, and 0.90% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $674 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $183,831,940 and $297,634,813, respectively.

6. 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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo Emerging Growth Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISKS

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

8. 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.

9. REDEMPTION IN-KIND

After the close of business on March 31, 2020, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund transferred securities with a value of $32,967,178 and cash in the amount o $95,186. The Fund recognized losses in the amount of $7,498,217. The redemption in-kind by a shareholder of the Institutional Class represented 5.89% of the Fund and is reflected on the Statement of Changes in Net Assets.

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.

Wells Fargo Emerging Growth Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.56%
Communication Services: 1.58%
Interactive Media & Services: 0.28%
EverQuote Incorporated Class A †		64,826	$	2,441,347
Media: 1.30%
Cardlytics Incorporated †		93,585		11,106,668
Consumer Discretionary: 14.33%
Auto Components: 1.04%
Fox Factory Holding Corporation †		102,788		8,970,309
Hotels, Restaurants & Leisure: 2.64%
GAN Limited Ǡ		62,341		1,013,041
Papa John’s International Incorporated		114,600		9,209,256
Wingstop Incorporated		97,808		12,451,936
				22,674,233
Household Durables: 1.46%
Purple Innovation Incorporated †		419,947		12,522,820
Internet & Direct Marketing Retail: 2.44%
Carparts.com Incorporated Ǡ		361,350		5,445,545
Fiverr International Limited †		77,241		15,473,690
				20,919,235
Leisure Products: 1.48%
YETI Holdings Incorporated †		200,880		12,689,590
Specialty Retail: 3.00%
Boot Barn Holdings Incorporated †		335,275		13,833,447
Leslie’s Incorporated †		92,219		1,908,011
Lithia Motors Incorporated Class A		34,472		9,972,750
				25,714,208
Textiles, Apparel & Luxury Goods: 2.27%
Crocs Incorporated †		220,400		12,979,356
Deckers Outdoor Corporation †		25,523		6,497,901
				19,477,257
Consumer Staples: 4.23%
Beverages: 0.66%
Celsius Holdings Incorporated †		174,800		5,637,300
Food & Staples Retailing: 0.79%
Grocery Outlet Holding Corporation †		76,215		2,943,423
The Chef’s Warehouse Incorporated †		164,945		3,801,158
				6,744,581
Food Products: 2.78%
Freshpet Incorporated †		118,448		16,213,162
Vital Farms Incorporated Ǡ		258,661		7,666,712
				23,879,874

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

22  |  Wells Fargo Emerging Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Financials: 6.32%
Capital Markets: 1.59%
Assetmark Financial Holdings †		193,934	$	4,611,751
Stifel Financial Corporation		131,154		9,088,972
				13,700,723
Consumer Finance: 0.95%
LendingTree Incorporated †		31,797		8,126,677
Insurance: 3.78%
Goosehead Insurance Incorporated Class A		47,921		5,899,554
Kinsale Capital Group Incorporated		104,677		25,139,228
Lemonade Incorporated Ǡ		20,211		1,400,016
				32,438,798
Health Care: 31.37%
Biotechnology: 11.18%
Arcutis Biotherapeutics Incorporated †		297,451		8,066,871
Arena Pharmaceuticals Incorporated †		83,102		5,473,929
Biohaven Pharmaceutical Holding Company Limited †		41,266		3,670,611
CareDx Incorporated †		105,553		6,034,465
Castle Biosciences Incorporated †		257,871		12,264,345
Chemocentryx Incorporated †		42,650		2,352,148
Deciphera Pharmaceuticals Incorporated †		13,500		834,300
Emergent BioSolutions Incorporated †		41,598		3,408,124
Fate Therapeutics Incorporated †		55,312		3,233,816
Halozyme Therapeutics Incorporated †		315,730		12,345,043
Invitae Corporation †		177,394		8,807,612
Natera Incorporated †		180,858		15,964,336
Vericel Corporation †		526,793		13,454,293
				95,909,893
Health Care Equipment & Supplies: 10.74%
Acutus Medical Incorporated Ǡ		174,325		4,954,317
iRhythm Technologies Incorporated †		87,833		21,476,047
Mesa Laboratories Incorporated		14,459		3,929,378
Orthopediatrics Corporation †		185,996		8,511,177
Outset Medical Incorporated †		75,026		4,801,664
Pulmonx Corporation †		103,099		5,587,966
Shockwave Medical Incorporated †		184,620		18,061,375
SI-BONE Incorporated †		354,753		8,216,079
Silk Road Medical Incorporated †		70,144		4,019,251
Tactile Systems Technology Class I †		7,954		342,897
Tandem Diabetes Care Incorporated †		59,145		5,552,533
Vapotherm Incorporated †		265,307		6,675,124
				92,127,808
Health Care Providers & Services: 1.54%
Addus Homecare Corporation †		133,281		13,228,139
Health Care Technology: 2.59%
Inspire Medical Systems Incorporated †		63,769		11,844,454
Phreesia Incorporated †		234,893		10,372,875
				22,217,329

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

Wells Fargo Emerging Growth Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Life Sciences Tools & Services: 3.84%
Adaptive Biotechnologies Corporation †		68,417	$	3,299,068
Codexis Incorporated †		816,932		15,129,581
Neogenomics Incorporated †		305,204		14,521,606
				32,950,255
Pharmaceuticals: 1.48%
Pacira Pharmaceuticals Incorporated †		162,280		9,832,545
Revance Therapeutics Incorporated †		116,980		2,823,897
				12,656,442
Industrials: 13.27%
Aerospace & Defense: 2.48%
Kratos Defense & Security Solutions Incorporated †		419,110		8,872,559
Mercury Systems Incorporated †		174,108		12,399,972
				21,272,531
Building Products: 0.12%
The AZEK Company Incorporated †		28,277		1,010,054
Commercial Services & Supplies: 2.77%
Casella Waste Systems Incorporated Class A †		395,031		23,772,966
Construction & Engineering: 0.05%
Construction Partners Incorporated Class A †		17,461		459,224
Electrical Equipment: 0.47%
Bloom Energy Corporation Class A †		164,005		4,021,403
Machinery: 2.41%
Rexnord Corporation		551,914		20,702,294
Professional Services: 2.63%
ASGN Incorporated †		288,961		22,590,971
Road & Rail: 1.26%
Marten Transport Limited		118,097		2,082,050
Saia Incorporated †		49,761		8,685,285
				10,767,335
Trading Companies & Distributors: 1.08%
SiteOne Landscape Supply Incorporated †		67,147		9,273,001
Information Technology: 25.51%
Electronic Equipment, Instruments & Components: 2.06%
Novanta Incorporated †		147,587		17,707,488
IT Services: 2.54%
Endava plc Sponsored ADR †		138,684		8,707,968
EVO Payments Incorporated Class A †		447,912		11,260,508
LiveRamp Holdings Incorporated †		31,687		1,854,006
				21,822,482
Semiconductors & Semiconductor Equipment: 3.82%
Allegro Microsystems Incorporated †		224,047		5,365,926
Diodes Incorporated †		156,311		10,622,896

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

24  |  Wells Fargo Emerging Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Semtech Corporation †					198,331	$	13,381,393
Silicon Laboratories Incorporated †					28,599		3,352,089
							32,722,304
Software: 17.09%
Envestnet Incorporated †					193,597		15,538,095
Everbridge Incorporated †					57,211		7,262,364
Jamf Holding Corporation †					131,168		4,158,026
Mimecast Limited †					158,711		7,138,821
Q2 Holdings Incorporated †					233,685		26,492,868
Rapid7 Incorporated †					308,255		23,100,630
Sprout Social Incorporated Class A †					297,551		15,288,170
SPS Commerce Incorporated †					204,531		21,081,010
Sumo Logic Incorporated Ǡ					173,978		4,558,224
Talend SA ADR †					382,443		14,353,086
Vertex Incorporated Class A †					129,531		3,269,362
Workiva Incorporated †					57,600		4,319,424
							146,560,080
Real Estate: 1.45%
Equity REITs: 1.45%
Community Healthcare Trust Incorporated					136,080		6,145,373
QTS Realty Trust Incorporated Class A					106,100		6,303,401
							12,448,774
Utilities: 0.50%
Independent Power & Renewable Electricity Producers: 0.50%
Sunnova Energy International †					105,305		4,265,901
Total Common Stocks (Cost $439,330,421)							845,530,294
	Yield
Short-Term Investments: 3.20%
Investment Companies: 3.20%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		13,007,270		13,007,270
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02			14,413,892		14,413,892
Total Short-Term Investments (Cost $27,421,162)							27,421,162

Total investments in securities (Cost $466,751,583)	101.76	%		872,951,456
Other assets and liabilities, net	(1.76	)		(15,080,145	)
Total net assets	100.00	%	$	857,871,311

† Non-income-earning security

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

Wells Fargo Emerging Growth Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Shares proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	99,850,892	$	(86,843,622	)	$	0	$	0	$	13,007,270					13,007,270	$	8,048	#
Wells Fargo Government Money Market Fund Select Class		10,065,569		140,673,038		(136,324,715	)		0		0		14,413,892					14,413,892		2,174
								$	0	$	0	$	27,421,162		3.20	%			$	10,222

^#  Amount shown represents income before fees and rebates.    

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

26  |  Wells Fargo Emerging Growth Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities, (including $12,699,325 of securities loaned), at value (cost $439,330,421)	$	845,530,294
Investments in affiliated securities, at value (cost $27,421,162)		27,421,162
Receivable for investments sold		517,748
Receivable for dividends		581,168
Receivable for securities lending income, net		44,102
Prepaid expenses and other assets		15,948
Total assets		874,110,422
Liabilities
Payable upon receipt of securities loaned		13,007,270
Payable for investments purchased		2,657,628
Advisory fee payable		532,781
Accrued expenses and other liabilities		41,432
Total liabilities		16,239,111
Total net assets	$	857,871,311

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

Wells Fargo Emerging Growth Portfolio  |  27

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends	$	1,059,268
Securities lending income from affiliates, net		124,400
Income from affiliated securities		2,174
Total investment income		1,185,842
Expenses
Advisory fee		3,141,475
Custody and accounting fees		26,681
Professional fees		23,943
Shareholder report expenses		3,427
Trustees’ fees and expenses		9,585
Other fees and expenses		16,521
Net expenses		3,221,632
Net investment loss		(2,035,790	)
Realized and unrealized gains (losses) on investments
Net realized gains on investments		111,813,045
Net change in unrealized gains (losses) on investments		147,601,505
Net realized and unrealized gains (losses) on investments		259,414,550
Net increase in net assets resulting from operations	$	257,378,760

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

28  |  Wells Fargo Emerging Growth Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment loss	$	(2,035,790	)	$	(4,861,375	)
Net realized gains on investments		111,813,045			95,687,152
Net change in unrealized gains (losses) on investments		147,601,505			7,683,217
Net increase in net assets resulting from operations		257,378,760			98,508,994
Capital transactions
Transactions in investors’ beneficial interests
Contributions		40,187,039			65,548,053
Withdrawals		(163,115,183	)		(260,126,766	)
Net decrease in net assets resulting from capital transactions		(122,928,144	)		(194,578,713	)
Total increase (decrease) in net assets		134,450,616			(96,069,719	)
Net assets
Beginning of period		723,420,695			819,490,414
End of period	$	857,871,311		$	723,420,695

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

Wells Fargo Emerging Growth Portfolio  |  29

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		38.55	%		15.49	%		(0.28	)%		33.60	%		23.97	%		(14.47	)%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.80	%
Net investment loss		(0.51	)%		(0.62	)%		(0.57	)%		(0.47	)%		(0.15	)%		(0.40	)%
Supplemental data
Portfolio turnover rate		25	%		55	%		71	%		47	%		115	%		66	%

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

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

30  |  Wells Fargo Emerging Growth Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Wells Fargo Emerging Growth Portfolio  |  31

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $460,907,255 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	413,194,476
Gross unrealized losses		(1,150,275	)
Net unrealized gains	$	412,044,201

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	13,548,015	$	0	$	0	$	13,548,015
Consumer discretionary		122,967,652		0		0		122,967,652
Consumer staples		36,261,755		0		0		36,261,755
Financials		54,266,198		0		0		54,266,198
Health care		269,089,866		0		0		269,089,866
Industrials		113,869,779		0		0		113,869,779
Information technology		218,812,354		0		0		218,812,354
Real estate		12,448,774		0		0		12,448,774
Utilities		4,265,901		0		0		4,265,901
Short-term investments
Investment companies		27,421,162		0		0		27,421,162
Total assets	$	872,951,456	$	0	$	0	$	872,951,456

32  |  Wells Fargo Emerging Growth Portfolio

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

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

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $192,437,811 and $311,568,229, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

Wells Fargo Emerging Growth Portfolio  |  33

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	1,172,371	$	(1,172,371	)	$	0
Barclays Capital Inc.		2,887,796		(2,887,796	)		0
BMO Capital Markets Corp.		229,554		(229,554	)		0
Morgan Stanley & Co. LLC		5,090,417		(5,090,417	)		0
National Financial Services LLC		2,678,487		(2,678,487	)		0
UBS Securities LLC		640,700		(640,700	)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the portfolio concentrated its portfolio in investments related to 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.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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. The value of the Portfolio and the securities in which the Portfolio invests have generally been adversely affected by impacts caused by COVID-19.

34  |  Wells Fargo Emerging Growth Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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 Emerging Growth 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 144 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 Chair, 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 Emerging Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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 Emerging Growth 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.
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 and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 Emerging Growth Fund

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00728 01-20

SA282/SAR282 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Index Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Index Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	16
Wells Fargo Index Portfolio
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	34
Statement of operations	35
Statement of changes in net assets	36
Financial highlights	37
Notes to financial statements	38
Other information	43

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 November 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 Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Index Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

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

Wells Fargo Index Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo Index Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®‡

David Neal, CFA^®‡

Robert M. Wicentowski, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFILX)	11-4-1998		9.92		12.08		12.93		16.62		13.42		13.60		0.67		0.45
Class C (WFINX)	4-30-1999		14.88		12.60		12.77		15.88		12.60		12.77		1.42		1.20
Administrator Class (WFIOX)	2-14-1985		–		–		–		16.84		13.64		13.89		0.44		0.25
S&P 500 Index4	–		–		–		–		17.46		13.99		14.19		–		–

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

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

Please see footnotes on page 7.

6  |  Wells Fargo Index Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20205
Apple Incorporated	6.41
Microsoft Corporation	5.43
Amazon.com Incorporated	4.52
Facebook Incorporated Class A	2.23
Alphabet Incorporated Class A	1.77
Alphabet Incorporated Class C	1.73
Berkshire Hathaway Incorporated Class B	1.52
Johnson & Johnson	1.28
JPMorgan Chase & Company	1.20
Visa Incorporated Class A	1.19

Sector allocation as of November 30, 2020⁶

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

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

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

³  The manager has contractually committed through September 30, 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 A, 1.20% for Class C, and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

⁴  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.

⁵  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁶  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Index Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,197.24	$	2.42		0.44	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.86	$	2.23		0.44	%
Class C
Actual	$	1,000.00	$	1,194.27	$	6.60		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Administrator Class
Actual	$	1,000.00	$	1,198.34	$	1.38		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82	$	1.27		0.25	%

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

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

8  |  Wells Fargo Index Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 99.99%
Affiliated Master Portfolio: 99.99%
Wells Fargo Index Portfolio	$	1,151,991,172
Total Investment Companies (Cost $119,440,327)		1,151,991,172

Total investments in securities (Cost $119,440,327)	99.99	%		1,151,991,172
Other assets and liabilities, net	0.01			99,883
Total net assets	100.00	%	$	1,152,091,055

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Index Portfolio		97	%		97	%	$	38,936,485	$	149,843,674	$	8,993,254	$	40,012	$	1,151,991,172		99.99	%

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

Wells Fargo Index Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $119,440,327)	$	1,151,991,172
Receivable for Fund shares sold		1,208,775
Receivable from manager		85,300
Prepaid expenses and other assets		15,541
Total assets		1,153,300,788
Liabilities
Payable for Fund shares redeemed		703,995
Administration fees payable		170,044
Distribution fee payable		8,747
Shareholder servicing fees payable		185,448
Trustees’ fees and expenses payable		1,066
Accrued expenses and other liabilities		140,433
Total liabilities		1,209,733
Total net assets	$	1,152,091,055
Net assets consist of
Paid-in capital	$	(28,615,077	)
Total distributable earnings		1,180,706,132
Total net assets	$	1,152,091,055
Computation of net asset value and offering price per share
Net assets – Class A	$	751,580,999
Shares outstanding – Class A1		15,212,061
Net asset value per share – Class A		$49.41
Maximum offering price per share – Class A2		$52.42
Net assets – Class C	$	13,793,123
Shares outstanding – Class C1		275,643
Net asset value per share – Class C		$50.04
Net assets – Administrator Class	$	386,716,933
Shares outstanding – Administrator Class1		7,656,720
Net asset value per share – Administrator Class		$50.51

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Index Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $44,595)	$	8,993,254
Affiliated income allocated from affiliated Master Portfolio		40,012
Expenses allocated from affiliated Master Portfolio		(621,379	)
Total investment income		8,411,877
Expenses
Management fee		272,084
Administration fees
Class A		743,778
Class C		16,116
Administrator Class		237,008
Shareholder servicing fees
Class A		885,449
Class C		19,140
Administrator Class		168,231
Distribution fee
Class C		57,322
Custody and accounting fees		37,413
Professional fees		16,543
Registration fees		50,137
Shareholder report expenses		36,613
Trustees’ fees and expenses		11,029
Other fees and expenses		91,072
Total expenses		2,641,935
Less: Fee waivers and/or expense reimbursements
Fund-level		(976,860	)
Class A		(176,606	)
Class C		(4,761	)
Administrator Class		(1,051	)
Net expenses		1,482,654
Net investment income		6,929,232
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		38,936,485
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		149,843,674
Net realized and unrealized gains (losses) on investments		188,780,159
Net increase in net assets resulting from operations	$	195,709,391

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

Wells Fargo Index Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	6,929,232					$	17,076,939
Net realized gains on investments					38,936,485						181,564,933
Net change in unrealized gains (losses) on investments					149,843,674						(64,676,797	)
Net increase in net assets resulting from operations					195,709,391						133,965,075
Distributions to shareholders from net investment income and net realized gains
Class A					0						(189,301,116	)
Class C					0						(4,981,676	)
Administrator Class					0						(116,506,789	)
Total distributions to shareholders					0						(310,789,581	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		250,003			11,360,686			732,292			32,317,931
Class C		3,811			171,832			57,399			2,669,398
Administrator Class		482,053			22,482,960			1,814,601			90,665,958
					34,015,478						125,653,287
Reinvestment of distributions
Class A		0			0			4,215,720			183,009,568
Class C		0			0			89,742			3,933,010
Administrator Class		0			0			2,338,163			103,711,408
					0						290,653,986
Payment for shares redeemed
Class A		(1,033,770	)		(46,963,534	)		(2,625,376	)		(122,456,063	)
Class C		(112,451	)		(5,195,943	)		(145,585	)		(6,654,277	)
Administrator Class		(978,295	)		(45,286,703	)		(5,173,988	)		(247,150,828	)
					(97,446,180	)					(376,261,168	)
Net increase (decrease) in net assets resulting from capital share transactions					(63,430,702	)					40,046,105
Total increase (decrease) in net assets					132,278,689						(136,778,401	)
Net assets
Beginning of period					1,019,812,366						1,156,590,767
End of period				$	1,152,091,055					$	1,019,812,366

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

12  |  Wells Fargo Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30,  2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$41.27			$49.48			$63.35			$66.85			$62.85			$67.32
Net investment income		0.27			0.65			0.82			0.99	1		1.05			0.81
Net realized and unrealized gains (losses) on investments		7.87			5.82			0.54			7.99			9.09			(0.17	)
Total from investment operations		8.14			6.47			1.36			8.98			10.14			0.64
Distributions to shareholders from
Net investment income		0.00			(0.67	)		(0.90	)		(1.02	)		(1.16	)		(1.08	)
Net realized gains		0.00			(14.01	)		(14.33	)		(11.46	)		(4.98	)		(4.03	)
Total distributions to shareholders		0.00			(14.68	)		(15.23	)		(12.48	)		(6.14	)		(5.11	)
Net asset value, end of period		$49.41			$41.27			$49.48			$63.35			$66.85			$62.85
Total return2		19.72	%		12.02	%		3.32	%		13.87	%		16.94	%		1.24	%
Ratios to average net assets (annualized)
Gross expenses3		0.67	%		0.67	%		0.65	%		0.63	%		0.62	%		0.63	%
Net expenses3		0.44	%		0.44	%		0.45	%		0.45	%		0.45	%		0.48	%
Net investment income3		1.22	%		1.47	%		1.51	%		1.49	%		1.68	%		1.78	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		4	%		3	%		9	%		4	%
Net assets, end of period (000s omitted)		$751,581			$660,101			$676,511			$702,866			$684,004			$639,496

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.11	%
Year ended May 31, 2020	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%

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

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

Wells Fargo Index Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$41.90			$50.02			$63.67			$67.11			$63.12			$67.55
Net investment income		0.10	1		0.30			0.46	1		0.50	1		0.66			0.62	1
Net realized and unrealized gains (losses) on investments		8.04			5.84			0.52			8.00			9.02			(0.45	)
Total from investment operations		8.14			6.14			0.98			8.50			9.68			0.17
Distributions to shareholders from
Net investment income		0.00			(0.25	)		(0.30	)		(0.48	)		(0.71	)		(0.57	)
Net realized gains		0.00			(14.01	)		(14.33	)		(11.46	)		(4.98	)		(4.03	)
Total distributions to shareholders		0.00			(14.26	)		(14.63	)		(11.94	)		(5.69	)		(4.60	)
Net asset value, end of period		$50.04			$41.90			$50.02			$63.67			$67.11			$63.12
Total return2		19.43	%		11.17	%		2.54	%		13.02	%		16.07	%		0.48	%
Ratios to average net assets (annualized)
Gross expenses3		1.41	%		1.42	%		1.39	%		1.38	%		1.37	%		1.38	%
Net expenses3		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.24	%
Net investment income3		0.45	%		0.72	%		0.77	%		0.72	%		0.93	%		0.99	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		4	%		3	%		9	%		4	%
Net assets, end of period (000s omitted)		$13,793			$16,103			$19,146			$66,117			$67,691			$79,858

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.11	%
Year ended May 31, 2020	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%

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

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

14  |  Wells Fargo Index Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$42.15			$50.24			$64.04			$67.43			$63.33			$67.80
Net investment income		0.40			0.81			1.02	1		1.26			1.41			1.31
Net realized and unrealized gains (losses) on investments		7.96			5.85			0.48			7.94			8.94			(0.51	)
Total from investment operations		8.36			6.66			1.50			9.20			10.35			0.80
Distributions to shareholders from
Net investment income		0.00			(0.74	)		(0.97	)		(1.13	)		(1.27	)		(1.24	)
Net realized gains		0.00			(14.01	)		(14.33	)		(11.46	)		(4.98	)		(4.03	)
Total distributions to shareholders		0.00			(14.75	)		(15.30	)		(12.59	)		(6.25	)		(5.27	)
Net asset value, end of period		$50.51			$42.15			$50.24			$64.04			$67.43			$63.33
Total return2		19.83	%		12.25	%		3.52	%		14.10	%		17.18	%		1.49	%
Ratios to average net assets (annualized)
Gross expenses3		0.43	%		0.44	%		0.41	%		0.40	%		0.39	%		0.40	%
Net expenses3		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income3		1.41	%		1.67	%		1.72	%		1.70	%		1.88	%		1.97	%
Supplemental data
Portfolio turnover rate4		2	%		3	%		4	%		3	%		9	%		4	%
Net assets, end of period (000s omitted)		$386,717			$343,609			$460,934			$829,004			$1,151,522			$1,502,276

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.11	%
Year ended May 31, 2020	0.12	%
Year ended May 31, 2019	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%

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

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

Wells Fargo Index Fund  |  15

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Index Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 97% of Wells Fargo Index Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

16  |  Wells Fargo Index Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $124,152,783 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,027,838,389
Gross unrealized losses		0
Net unrealized gains	$	1,027,838,389

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Index Portfolio	Seeks to replicate the total return of the S&P 500 Index, before fees and expenses	$1,151,991,172

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Index Fund  |  17

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.45% for Class A shares, 1.20% for Class C shares, and 0.25% for Administrator Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $1,353 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C for the six months ended November 30, 2020.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $13,212,871 and $60,074,117, respectively.

6. 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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

18  |  Wells Fargo Index Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

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

8. 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 Index Fund  |  19

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.31%
Communication Services: 10.73%
Diversified Telecommunication Services: 1.51%
AT&T Incorporated		275,041	$	7,907,429
CenturyLink Incorporated		38,131		398,469
Verizon Communications Incorporated		159,738		9,649,773
				17,955,671
Entertainment: 1.98%
Activision Blizzard Incorporated		29,796		2,368,186
Electronic Arts Incorporated		11,148		1,424,157
Live Nation Entertainment Incorporated †		5,486		360,156
Netflix Incorporated †		17,024		8,353,677
Take-Two Interactive Software Incorporated †		4,414		796,771
The Walt Disney Company		69,757		10,324,734
				23,627,681
Interactive Media & Services: 5.66%
Alphabet Incorporated Class A †		11,599		20,349,286
Alphabet Incorporated Class C †		11,333		19,954,466
Facebook Incorporated Class A †		92,811		25,705,863
Twitter Incorporated †		30,532		1,420,043
				67,429,658
Media: 1.33%
Charter Communications Incorporated Class A †		5,774		3,764,590
Comcast Corporation Class A		175,975		8,840,984
Discovery Incorporated Class A †		6,184		166,411
Discovery Incorporated Class C †		11,950		287,039
DISH Network Corporation Class A †		9,524		341,626
Fox Corporation Class A		13,267		382,620
Fox Corporation Class B		6,047		171,614
Interpublic Group of Companies Incorporated		15,052		335,359
News Corporation Class A		15,016		265,032
News Corporation Class B		4,701		83,725
Omnicom Group Incorporated		8,294		522,522
ViacomCBS Incorporated Class B		21,763		767,799
				15,929,321
Wireless Telecommunication Services: 0.25%
T-Mobile US Incorporated †		22,458		2,985,567
Consumer Discretionary: 11.03%
Auto Components: 0.14%
Aptiv plc		10,424		1,237,329
BorgWarner Incorporated		9,436		366,589
				1,603,918
Automobiles: 0.29%
Ford Motor Company		150,840		1,369,627
General Motors Company		48,614		2,131,238
				3,500,865

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

20  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Distributors: 0.12%
Genuine Parts Company		5,569	$	547,823
LKQ Corporation †		10,807		380,623
Pool Corporation		1,547		535,432
				1,463,878
Hotels, Restaurants & Leisure: 1.64%
Carnival Corporation		19,992		399,440
Chipotle Mexican Grill Incorporated †		1,080		1,392,584
Darden Restaurants Incorporated		5,021		542,168
Domino’s Pizza Incorporated		1,519		596,314
Hilton Worldwide Holdings Incorporated		10,705		1,109,359
Las Vegas Sands Corporation		12,678		706,291
Marriott International Incorporated Class A		10,266		1,302,447
McDonald’s Corporation		28,724		6,245,747
MGM Resorts International		15,805		446,491
Norwegian Cruise Line Holdings Limited †		12,184		278,648
Royal Caribbean Cruises Limited		6,878		542,055
Starbucks Corporation		45,126		4,423,251
Wynn Resorts Limited		3,747		376,574
Yum! Brands Incorporated		11,635		1,230,983
				19,592,352
Household Durables: 0.40%
D.R. Horton Incorporated		12,776		951,812
Garmin Limited		5,758		672,304
Leggett & Platt Incorporated		5,111		220,284
Lennar Corporation Class A		10,601		804,192
Mohawk Industries Incorporated †		2,309		290,541
Newell Brands Incorporated		14,577		309,907
NVR Incorporated †		134		535,622
PulteGroup Incorporated		10,352		451,658
Whirlpool Corporation		2,405		468,037
				4,704,357
Internet & Direct Marketing Retail: 4.86%
Amazon.com Incorporated †		16,435		52,066,737
Booking Holdings Incorporated †		1,581		3,206,979
eBay Incorporated		25,666		1,294,336
Etsy Incorporated †		4,606		740,184
Expedia Group Incorporated		5,238		652,079
				57,960,315
Leisure Products: 0.04%
Hasbro Incorporated		4,919		457,615
Multiline Retail: 0.55%
Dollar General Corporation		9,613		2,101,210
Dollar Tree Incorporated †		9,161		1,000,748
Target Corporation		19,325		3,469,417
				6,571,375
Specialty Retail: 2.27%
Advance Auto Parts Incorporated		2,669		394,211
AutoZone Incorporated †		902		1,026,160
Best Buy Company Incorporated		8,892		967,450

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

Wells Fargo Index Portfolio  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Specialty Retail (continued)
CarMax Incorporated †		6,295	$	588,457
L Brands Incorporated		9,011		349,717
Lowe’s Companies Incorporated		29,173		4,545,737
O’Reilly Automotive Incorporated †		2,859		1,264,936
Ross Stores Incorporated		13,739		1,477,217
The Gap Incorporated		7,932		166,255
The Home Depot Incorporated		41,554		11,527,495
The TJX Companies Incorporated		46,286		2,939,624
Tiffany & Company		4,170		548,272
Tractor Supply Company		4,487		631,814
Ulta Beauty Incorporated †		2,174		598,720
				27,026,065
Textiles, Apparel & Luxury Goods: 0.72%
HanesBrands Incorporated		13,440		190,848
Nike Incorporated Class B		48,055		6,473,009
PVH Corporation		2,738		217,644
Ralph Lauren Corporation		1,859		159,409
Tapestry Incorporated		10,664		302,004
Under Armour Incorporated Class A †		7,278		120,596
Under Armour Incorporated Class C †		7,507		109,227
VF Corporation		12,334		1,028,656
				8,601,393
Consumer Staples: 6.60%
Beverages: 1.58%
Brown-Forman Corporation Class B		7,046		568,330
Constellation Brands Incorporated Class A		6,486		1,335,078
Molson Coors Brewing Company Class B		7,259		333,914
Monster Beverage Corporation †		14,251		1,208,200
PepsiCo Incorporated		53,450		7,709,094
The Coca-Cola Company		149,232		7,700,371
				18,854,987
Food & Staples Retailing: 1.54%
Costco Wholesale Corporation		17,044		6,677,328
Sysco Corporation		19,631		1,399,494
The Kroger Company		30,030		990,990
Walgreens Boots Alliance Incorporated		27,764		1,055,310
Walmart Incorporated		53,601		8,189,697
				18,312,819
Food Products: 1.02%
Archer Daniels Midland Company		21,449		1,067,517
Campbell Soup Company		7,815		390,906
ConAgra Brands Incorporated		18,856		689,375
General Mills Incorporated		23,583		1,434,318
Hormel Foods Corporation		10,832		511,054
Kellogg Company		9,796		626,062
Lamb Weston Holdings Incorporated		5,609		405,979
McCormick & Company Incorporated		4,785		894,699
Mondelez International Incorporated Class A		55,137		3,167,621
The Hershey Company		5,690		841,494
The J.M. Smucker Company		4,404		516,149
The Kraft Heinz Company		25,013		823,928
Tyson Foods Incorporated Class A		11,359		740,607
				12,109,709

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

22  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Household Products: 1.66%
Church & Dwight Company Incorporated		9,547	$	837,940
Colgate-Palmolive Company		33,098		2,834,513
Kimberly-Clark Corporation		13,165		1,834,016
The Clorox Company		4,872		988,821
The Procter & Gamble Company		96,105		13,346,101
				19,841,391
Personal Products: 0.18%
The Estee Lauder Companies Incorporated Class A		8,707		2,136,001
Tobacco: 0.62%
Altria Group Incorporated		71,738		2,857,325
Philip Morris International Incorporated		60,115		4,553,711
				7,411,036
Energy: 2.24%
Energy Equipment & Services: 0.21%
Baker Hughes Company		25,336		474,290
Halliburton Company		33,911		562,583
National Oilwell Varco Incorporated		14,989		183,765
Schlumberger Limited		53,584		1,114,011
TechnipFMC plc		16,305		135,495
				2,470,144
Oil, Gas & Consumable Fuels: 2.03%
Apache Corporation		14,571		187,820
Cabot Oil & Gas Corporation		15,386		269,563
Chevron Corporation		74,311		6,478,433
Concho Resources Incorporated		7,593		436,446
ConocoPhillips		41,403		1,637,903
Devon Energy Corporation		14,777		206,730
Diamondback Energy Incorporated		6,092		243,436
EOG Resources Incorporated		22,476		1,053,675
Exxon Mobil Corporation		163,219		6,223,540
Hess Corporation		10,552		497,843
HollyFrontier Corporation		5,754		134,586
Kinder Morgan Incorporated		75,145		1,080,585
Marathon Oil Corporation		30,474		180,406
Marathon Petroleum Corporation		25,118		976,588
Occidental Petroleum Corporation		32,315		509,284
ONEOK Incorporated		17,147		615,063
Phillips 66		16,858		1,021,258
Pioneer Natural Resources Company		6,341		637,778
The Williams Companies Incorporated		46,846		982,829
Valero Energy Corporation		15,740		846,340
				24,220,106
Financials: 10.13%
Banks: 3.66%
Bank of America Corporation		294,320		8,288,051
Citigroup Incorporated		80,365		4,425,701
Citizens Financial Group Incorporated		16,477		538,139
Comerica Incorporated		5,367		264,056
Fifth Third Bancorp		27,494		696,698

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

Wells Fargo Index Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Banks (continued)
First Republic Bank		6,644	$	860,797
Huntington Bancshares Incorporated		39,270		474,382
JPMorgan Chase & Company		117,645		13,867,993
KeyCorp		37,676		582,471
M&T Bank Corporation		4,952		576,858
People’s United Financial Incorporated		16,397		203,323
PNC Financial Services Group Incorporated		16,387		2,262,553
Regions Financial Corporation		37,065		565,983
SVB Financial Group †		1,998		689,030
Truist Financial Corporation		52,021		2,414,815
US Bancorp		52,916		2,286,500
Wells Fargo & Company (l)		159,043		4,349,826
Zions Bancorporation		6,330		244,275
				43,591,451
Capital Markets: 2.67%
Ameriprise Financial Incorporated		4,643		860,069
Bank of New York Mellon Corporation		31,461		1,230,754
BlackRock Incorporated		5,474		3,822,768
Cboe Global Markets Incorporated		4,198		383,361
CME Group Incorporated		13,844		2,423,115
Franklin Resources Incorporated		10,326		227,069
Intercontinental Exchange Incorporated		21,665		2,285,874
Invesco Limited		14,534		235,887
MarketAxess Holdings Incorporated		1,466		790,438
Moody’s Corporation		6,231		1,759,261
Morgan Stanley		55,118		3,407,946
MSCI Incorporated		3,229		1,322,017
Northern Trust Corporation		8,033		748,033
Raymond James Financial Incorporated		4,712		428,556
S&P Global Incorporated		9,303		3,272,609
State Street Corporation		13,603		958,739
T. Rowe Price Group Incorporated		8,762		1,256,558
The Charles Schwab Corporation		57,175		2,788,997
The Goldman Sachs Group Incorporated		13,282		3,062,564
The NASDAQ Incorporated		4,439		568,148
				31,832,763
Consumer Finance: 0.51%
American Express Company		25,176		2,985,622
Capital One Financial Corporation		17,627		1,509,576
Discover Financial Services		11,829		901,015
Synchrony Financial		20,957		638,560
				6,034,773
Diversified Financial Services: 1.47%
Berkshire Hathaway Incorporated Class B †		76,518		17,515,735
Insurance: 1.82%
AFLAC Incorporated		25,594		1,124,344
American International Group Incorporated		33,253		1,278,245
Aon plc Class A		8,942		1,832,126
Arthur J. Gallagher & Company		7,392		853,111
Assurant Incorporated		2,303		297,363
Chubb Limited		17,424		2,575,790
Cincinnati Financial Corporation		5,775		440,921

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

24  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Insurance (continued)
Everest Reinsurance Group Limited		1,543	$	350,770
Globe Life Incorporated		3,783		352,197
Lincoln National Corporation		7,012		331,107
Loews Corporation		9,202		385,656
Marsh & McLennan Companies Incorporated		19,553		2,241,556
MetLife Incorporated		29,782		1,375,035
Principal Financial Group Incorporated		9,855		490,680
Prudential Financial Incorporated		15,248		1,153,054
The Allstate Corporation		12,056		1,233,932
The Hartford Financial Services Group Incorporated		13,827		611,153
The Progressive Corporation		22,598		1,968,512
The Travelers Companies Incorporated		9,774		1,267,199
Unum Group		7,858		174,683
W.R. Berkley Corporation		5,428		353,526
Willis Towers Watson plc		4,974		1,035,537
				21,726,497
Health Care: 13.32%
Biotechnology: 1.89%
AbbVie Incorporated		68,127		7,124,722
Alexion Pharmaceuticals Incorporated †		8,461		1,033,173
Amgen Incorporated		22,609		5,020,102
Biogen Incorporated †		6,111		1,467,679
Gilead Sciences Incorporated		48,397		2,936,246
Incyte Corporation †		7,176		606,659
Regeneron Pharmaceuticals Incorporated †		4,036		2,082,697
Vertex Pharmaceuticals Incorporated †		10,055		2,290,026
				22,561,304
Health Care Equipment & Supplies: 3.72%
Abbott Laboratories		68,347		7,396,512
ABIOMED Incorporated †		1,739		476,660
Align Technology Incorporated †		2,768		1,332,211
Baxter International Incorporated		19,542		1,486,560
Becton Dickinson & Company		11,190		2,627,860
Boston Scientific Corporation †		55,227		1,830,775
Danaher Corporation		24,372		5,474,682
Dentsply Sirona Incorporated		8,434		429,206
DexCom Incorporated †		3,696		1,181,537
Edwards Lifesciences Corporation †		24,001		2,013,444
Hologic Incorporated †		9,997		691,093
IDEXX Laboratories Incorporated †		3,283		1,513,397
Intuitive Surgical Incorporated †		4,517		3,279,568
Medtronic plc		51,890		5,899,893
ResMed Incorporated		5,594		1,172,502
STERIS plc		3,283		636,278
Stryker Corporation		12,614		2,944,108
Teleflex Incorporated		1,796		687,419
The Cooper Companies Incorporated		1,897		635,912
Varian Medical Systems Incorporated †		3,518		612,062
West Pharmaceutical Services Incorporated		2,850		784,206
Zimmer Biomet Holdings Incorporated		7,993		1,191,916
				44,297,801

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

Wells Fargo Index Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care Providers & Services: 2.64%
AmerisourceBergen Corporation		5,674	$	585,046
Anthem Incorporated		9,709		3,024,548
Cardinal Health Incorporated		11,289		616,267
Centene Corporation †		22,369		1,379,049
Cigna Corporation		14,175		2,964,560
CVS Health Corporation		50,519		3,424,683
DaVita Incorporated †		2,905		319,114
HCA Healthcare Incorporated		10,178		1,527,820
Henry Schein Incorporated †		5,511		354,412
Humana Incorporated		5,107		2,045,456
Laboratory Corporation of America Holdings †		3,760		751,398
McKesson Corporation		6,261		1,126,417
Quest Diagnostics Incorporated		5,184		642,712
UnitedHealth Group Incorporated		36,685		12,338,633
Universal Health Services Incorporated Class B		2,999		391,609
				31,491,724
Health Care Technology: 0.08%
Cerner Corporation		11,788		882,214
Life Sciences Tools & Services: 1.19%
Agilent Technologies Incorporated		11,901		1,391,227
Bio-Rad Laboratories Incorporated Class A †		826		444,801
Illumina Incorporated †		5,636		1,815,299
IQVIA Holdings Incorporated †		7,383		1,247,653
Mettler-Toledo International Incorporated †		925		1,063,787
PerkinElmer Incorporated		4,316		574,028
Thermo Fisher Scientific Incorporated		15,271		7,100,710
Waters Corporation †		2,390		554,504
				14,192,009
Pharmaceuticals: 3.80%
Bristol-Myers Squibb Company		87,007		5,429,237
Catalent Incorporated †		6,336		609,143
Eli Lilly & Company		30,645		4,463,444
Johnson & Johnson		101,633		14,704,262
Merck & Company Incorporated		97,634		7,848,797
Perrigo Company plc		5,268		254,023
Pfizer Incorporated		214,508		8,217,801
Viatris Incorporated †		46,570		783,307
Zoetis Incorporated		18,342		2,941,690
				45,251,704
Industrials: 8.51%
Aerospace & Defense: 1.64%
General Dynamics Corporation		8,972		1,339,968
Howmet Aerospace Incorporated		15,152		355,466
Huntington Ingalls Industries Incorporated		1,563		250,377
L3Harris Technologies Incorporated		8,346		1,602,349
Lockheed Martin Corporation		9,496		3,466,040
Northrop Grumman Corporation		5,985		1,809,026
Raytheon Technologies Corporation		58,971		4,229,400
Teledyne Technologies Incorporated †		1,423		537,809
Textron Incorporated		8,803		397,015
The Boeing Company		20,482		4,315,762

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

26  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Aerospace & Defense (continued)
TransDigm Group Incorporated		2,092	$	1,211,665
				19,514,877
Air Freight & Logistics: 0.70%
C.H. Robinson Worldwide Incorporated		5,204		489,020
Expeditors International of Washington Incorporated		6,472		578,403
FedEx Corporation		9,305		2,666,627
United Parcel Service Incorporated Class B		27,295		4,669,356
				8,403,406
Airlines: 0.26%
Alaska Air Group Incorporated		4,773		243,280
American Airlines Group Incorporated «		21,118		298,397
Delta Air Lines Incorporated		24,623		991,076
Southwest Airlines Company		22,770		1,055,162
United Airlines Holdings Incorporated †		11,233		506,047
				3,093,962
Building Products: 0.47%
A.O. Smith Corporation		5,226		294,276
Allegion plc		3,560		405,982
Carrier Global Corporation		31,430		1,196,540
Fortune Brands Home & Security Incorporated		5,333		445,306
Johnson Controls International plc		28,722		1,322,361
Masco Corporation		10,096		541,852
Trane Technologies plc		9,240		1,351,258
				5,557,575
Commercial Services & Supplies: 0.42%
Cintas Corporation		3,356		1,192,387
Copart Incorporated †		7,975		920,714
Republic Services Incorporated		8,114		784,786
Rollins Incorporated		5,694		325,583
Waste Management Incorporated		15,003		1,787,307
				5,010,777
Construction & Engineering: 0.08%
Jacobs Engineering Group Incorporated		5,026		542,004
Quanta Services Incorporated		5,328		364,116
				906,120
Electrical Equipment: 0.49%
AMETEK Incorporated		8,864		1,050,650
Eaton Corporation plc		15,445		1,870,544
Emerson Electric Company		23,068		1,772,084
Rockwell Automation Incorporated		4,477		1,144,142
				5,837,420
Industrial Conglomerates: 1.22%
3M Company		22,236		3,840,824
General Electric Company		337,897		3,439,791
Honeywell International Incorporated		27,090		5,524,193
Roper Technologies Incorporated		4,042		1,725,934
				14,530,742

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

Wells Fargo Index Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Machinery: 1.67%
Caterpillar Incorporated		20,903	$	3,628,552
Cummins Incorporated		5,701		1,317,900
Deere & Company		12,097		3,164,817
Dover Corporation		5,558		678,243
Flowserve Corporation		5,024		171,218
Fortive Corporation		13,012		912,532
IDEX Corporation		2,915		563,032
Illinois Tool Works Incorporated		11,106		2,344,366
Ingersoll Rand Incorporated †		14,328		634,301
Otis Worldwide Corporation		15,715		1,051,962
PACCAR Incorporated		13,362		1,163,296
Parker-Hannifin Corporation		4,963		1,326,411
Pentair plc		6,404		331,855
Snap-on Incorporated		2,103		369,813
Stanley Black & Decker Incorporated		6,164		1,136,087
Wabtec Corporation		6,905		506,137
Xylem Incorporated		6,947		666,704
				19,967,226
Professional Services: 0.33%
Equifax Incorporated		4,689		782,594
IHS Markit Limited		14,399		1,432,125
Nielsen Holdings plc		13,772		222,693
Robert Half International Incorporated		4,425		283,997
Verisk Analytics Incorporated		6,268		1,243,007
				3,964,416
Road & Rail: 1.02%
CSX Corporation		29,533		2,659,447
J.B. Hunt Transport Services Incorporated		3,218		435,331
Kansas City Southern		3,642		678,031
Norfolk Southern Corporation		9,848		2,334,173
Old Dominion Freight Line Incorporated		3,714		755,279
Union Pacific Corporation		26,205		5,347,916
				12,210,177
Trading Companies & Distributors: 0.21%
Fastenal Company		22,143		1,094,971
United Rentals Incorporated †		2,782		631,458
W.W. Grainger Incorporated		1,737		726,587
				2,453,016
Information Technology: 26.83%
Communications Equipment: 0.79%
Arista Networks Incorporated †		2,113		571,989
Cisco Systems Incorporated		163,420		7,030,328
F5 Networks Incorporated †		2,361		384,394
Juniper Networks Incorporated		12,806		278,787
Motorola Solutions Incorporated		6,554		1,124,208
				9,389,706
Electronic Equipment, Instruments & Components: 0.59%
Amphenol Corporation Class A		11,518		1,506,670
CDW Corporation of Delaware		5,507		718,608

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

28  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Corning Incorporated		29,374	$	1,099,175
FLIR Systems Incorporated		5,062		193,571
IPG Photonics Corporation †		1,377		285,053
Keysight Technologies Incorporated †		7,224		867,169
TE Connectivity Limited		12,740		1,451,978
Vontier Corporation †		5,205		172,650
Zebra Technologies Corporation Class A †		2,059		779,167
				7,074,041
IT Services: 5.39%
Accenture plc Class A		24,559		6,117,401
Akamai Technologies Incorporated †		6,281		650,146
Automatic Data Processing Incorporated		16,598		2,886,060
Broadridge Financial Solutions Incorporated		4,446		653,028
Cognizant Technology Solutions Corporation Class A		20,932		1,635,417
DXC Technology Company		9,813		215,003
Fidelity National Information Services Incorporated		23,918		3,549,670
Fiserv Incorporated †		21,456		2,471,302
FleetCor Technologies Incorporated †		3,245		860,606
Gartner Incorporated †		3,445		523,640
Global Payments Incorporated		11,551		2,254,640
International Business Machines Corporation		34,378		4,246,371
Jack Henry & Associates Incorporated		2,959		475,985
Leidos Holdings Incorporated		5,160		519,612
MasterCard Incorporated Class A		34,100		11,474,991
Paychex Incorporated		12,367		1,151,986
PayPal Holdings Incorporated †		45,292		9,697,923
VeriSign Incorporated †		3,902		783,209
Visa Incorporated Class A		65,084		13,690,419
Western Union Company		15,866		357,937
				64,215,346
Semiconductors & Semiconductor Equipment: 5.10%
Advanced Micro Devices Incorporated †		45,321		4,199,444
Analog Devices Incorporated		14,266		1,984,115
Applied Materials Incorporated		35,255		2,907,832
Broadcom Incorporated		15,525		6,234,530
Intel Corporation		164,176		7,937,910
KLA Corporation		6,001		1,512,072
Lam Research Corporation		5,621		2,544,402
Maxim Integrated Products Incorporated		10,306		855,810
Microchip Technology Incorporated		9,745		1,309,631
Micron Technology Incorporated †		42,887		2,748,628
NVIDIA Corporation		23,818		12,767,877
Qorvo Incorporated †		4,410		690,959
QUALCOMM Incorporated		43,554		6,409,842
Skyworks Solutions Incorporated		6,448		910,264
Teradyne Incorporated		6,409		707,169
Texas Instruments Incorporated		35,358		5,701,478
Xilinx Incorporated		9,431		1,372,682
				60,794,645
Software: 8.48%
Adobe Incorporated †		18,516		8,859,351
ANSYS Incorporated †		3,312		1,119,655
Autodesk Incorporated †		8,465		2,372,147

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

Wells Fargo Index Portfolio  |  29

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Software (continued)
Cadence Design Systems Incorporated †		10,762	$	1,251,621
Citrix Systems Incorporated		4,769		590,974
Fortinet Incorporated †		5,185		638,948
Intuit Incorporated		10,106		3,557,514
Microsoft Corporation		292,129		62,536,055
NortonLifeLock Incorporated		22,814		415,899
Oracle Corporation		74,629		4,307,586
Paycom Software Incorporated †		1,890		788,281
Salesforce.com Incorporated †		35,128		8,634,462
ServiceNow Incorporated †		7,404		3,957,808
Synopsys Incorporated †		5,858		1,332,695
Tyler Technologies Incorporated †		1,553		664,063
				101,027,059
Technology Hardware, Storage & Peripherals: 6.48%
Apple Incorporated		620,585		73,880,644
Hewlett Packard Enterprise Company		49,657		548,213
HP Incorporated		53,020		1,162,729
NetApp Incorporated		8,570		456,867
Seagate Technology plc		8,616		506,707
Western Digital Corporation		11,678		524,109
Xerox Holdings Corporation		6,907		151,194
				77,230,463
Materials: 2.64%
Chemicals: 1.85%
Air Products & Chemicals Incorporated		8,527		2,388,754
Albemarle Corporation		4,106		558,293
Celanese Corporation Series A		4,566		590,521
CF Industries Holdings Incorporated		8,256		307,949
Corteva Incorporated		28,896		1,107,295
Dow Incorporated		28,609		1,516,563
DuPont de Nemours Incorporated		28,327		1,797,065
Eastman Chemical Company		5,225		508,915
Ecolab Incorporated		9,584		2,129,086
FMC Corporation		5,002		580,282
International Flavors & Fragrances Incorporated «		4,128		462,749
Linde plc		20,280		5,200,198
LyondellBasell Industries NV Class A		9,923		844,447
PPG Industries Incorporated		9,109		1,336,928
The Mosaic Company		13,317		292,441
The Sherwin-Williams Company		3,163		2,364,754
				21,986,240
Construction Materials: 0.11%
Martin Marietta Materials Incorporated		2,404		638,575
Vulcan Materials Company		5,113		714,030
				1,352,605
Containers & Packaging: 0.36%
Amcor plc		60,547		685,998
Avery Dennison Corporation		3,222		481,173
Ball Corporation		12,606		1,210,302
International Paper Company		15,174		750,810
Packaging Corporation of America		3,661		475,930

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

30  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Containers & Packaging (continued)
Sealed Air Corporation		6,009	$	270,766
WestRock Company		10,023		423,071
				4,298,050
Metals & Mining: 0.32%
Freeport-McMoRan Incorporated		56,059		1,311,220
Newmont Corporation		31,000		1,823,420
Nucor Corporation		11,654		625,820
				3,760,460
Real Estate: 2.46%
Equity REITs: 2.40%
Alexandria Real Estate Equities Incorporated		4,528		741,369
American Tower Corporation		17,123		3,958,838
Apartment Investment & Management Company Class A		7,077		214,787
AvalonBay Communities Incorporated		5,433		905,083
Boston Properties Incorporated		5,467		536,641
Crown Castle International Corporation		16,200		2,714,634
Digital Realty Trust Incorporated		10,384		1,399,244
Duke Realty Corporation		14,305		544,448
Equinix Incorporated		3,419		2,385,744
Equity Residential Company Limited		13,219		765,644
Essex Property Trust Incorporated		2,517		618,880
Extra Space Storage Incorporated		4,982		561,621
Federal Realty Investment Trust		2,657		231,744
Healthpeak Properties Incorporated		20,780		599,711
Host Hotels & Resorts Incorporated		27,225		381,967
Iron Mountain Incorporated		11,123		305,883
Kimco Realty Corporation		16,696		241,090
Mid-America Apartment Communities Incorporated		4,415		556,996
Prologis Incorporated		28,518		2,853,226
Public Storage Incorporated		5,871		1,317,805
Realty Income Corporation		13,319		798,740
Regency Centers Corporation		6,090		277,582
SBA Communications Corporation		4,321		1,240,905
Simon Property Group Incorporated		12,555		1,036,666
SL Green Realty Corporation		2,828		163,741
UDR Incorporated		11,390		438,173
Ventas Incorporated		14,402		690,000
Vornado Realty Trust		6,051		235,444
Welltower Incorporated		16,109		1,014,545
Weyerhaeuser Company		28,808		836,584
				28,567,735
Real Estate Management & Development: 0.06%
CBRE Group Incorporated Class A †		12,942		791,274
Utilities: 2.82%
Electric Utilities: 1.77%
Alliant Energy Corporation		9,637		506,906
American Electric Power Company Incorporated		19,153		1,625,898
Duke Energy Corporation		28,389		2,630,525
Edison International		14,600		895,856
Entergy Corporation		7,729		841,302
Evergy Incorporated		8,756		485,170

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

Wells Fargo Index Portfolio  |  31

Portfolio of investments—November 30, 2020 (unaudited)

				Shares		Value
Electric Utilities (continued)
Eversource Energy					13,228	$	1,157,582
Exelon Corporation					37,618		1,544,971
FirstEnergy Corporation					20,927		555,821
NextEra Energy Incorporated					75,606		5,563,846
NRG Energy Incorporated					9,424		308,636
Pinnacle West Capital Corporation					4,345		355,638
PPL Corporation					29,677		843,420
The Southern Company					40,769		2,440,025
Xcel Energy Incorporated					20,279		1,365,993
							21,121,589
Gas Utilities: 0.04%
Atmos Energy Corporation					4,762		456,628
Independent Power & Renewable Electricity Producers: 0.04%
AES Corporation					25,676		524,817
Multi-Utilities: 0.88%
Ameren Corporation					9,538		741,866
CenterPoint Energy Incorporated					21,031		487,709
CMS Energy Corporation					11,051		680,079
Consolidated Edison Incorporated					12,912		984,540
Dominion Energy Incorporated					32,431		2,545,509
DTE Energy Company					7,437		935,649
NiSource Incorporated					14,786		357,821
Public Service Enterprise Group Incorporated					19,523		1,137,800
Sempra Energy					11,166		1,423,442
WEC Energy Group Incorporated					12,177		1,156,206
							10,450,621
Water Utilities: 0.09%
American Water Works Company Incorporated					6,995		1,072,888
Total Common Stocks (Cost $292,003,222)							1,159,708,080
	Yield
Short-Term Investments: 2.29%
Investment Companies: 2.29%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%		759,475		759,475
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02			26,524,325		26,524,325
Total Short-Term Investments (Cost $27,283,800)							27,283,800

Total investments in securities (Cost $319,287,022)	99.60	%		1,186,991,880
Other assets and liabilities, net	0.40			4,762,103
Total net assets	100.00	%	$	1,191,753,983

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

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

32  |  Wells Fargo Index Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
E-Mini S&P 500 Index		176		12-18-2020	$	29,704,327	$	31,884,160	$	2,179,833	$	0

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)			Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Common Stocks
Financials
Banks
Wells Fargo & Company	$	4,100,362	$	374,346	$	(266,767	)	$	(12,701	)	$	154,586	$	4,349,826		0.36	%		159,043	$	31,013
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		4,270,675		(3,511,200	)		0			0		759,475					759,475		269	#
Wells Fargo Government Money Market Fund Select Class		30,205,942		66,530,491		(70,212,108	)		0			0		26,524,325					26,524,325		8,479
														27,283,800		2.29
								$	(12,701	)	$	154,586	$	31,633,626		2.65	%			$	39,761

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Index Portfolio  |  33

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $739,793 of securities loaned), at value (cost $288,412,508)	$	1,155,358,254
Investments in affiliated securities, at value (cost $30,874,514)		31,633,626
Segregated cash for futures contracts		3,867,009
Receivable for dividends		1,804,218
Receivable for securities lending income, net		884
Prepaid expenses and other assets		156,087
Total assets		1,192,820,078
Liabilities
Payable upon receipt of securities loaned		759,475
Payable for investments purchased		41,210
Payable for daily variation margin on open futures contracts		120,688
Advisory fee payable		92,565
Accrued expenses and other liabilities		52,157
Total liabilities		1,066,095
Total net assets	$	1,191,753,983

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

34  |  Wells Fargo Index Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $46,145)	$	9,304,900
Income from affiliated securities		41,288
Interest		1,009
Total investment income		9,347,197
Expenses
Advisory fee		547,788
Custody and accounting fees		37,198
Professional fees		28,258
Shareholder report expenses		3,500
Trustees’ fees and expenses		9,556
Other fees and expenses		16,680
Net expenses		642,980
Net investment income		8,704,217
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		36,035,120
Affiiliated securities		(12,701	)
Futures contracts		4,245,394
Net realized gains on investments		40,267,813
Net change in unrealized gains (losses) on
Unaffiliated securities		153,393,045
Affiiliated securities		154,586
Futures contracts		1,514,162
Net change in unrealized gains (losses) on investments		155,061,793
Net realized and unrealized gains (losses) on investments		195,329,606
Net increase in net assets resulting from operations	$	204,033,823

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

Wells Fargo Index Portfolio  |  35

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	8,704,217		$	20,718,704
Net realized gains on investments		40,267,813			187,218,582
Net change in unrealized gains (losses) on investments		155,061,793			(66,539,266	)
Net increase in net assets resulting from operations		204,033,823			141,398,020
Capital transactions
Transactions in investors’ beneficial interests
Contributions		4,037,341			47,457,547
Withdrawals		(71,822,449	)		(328,736,831	)
Net decrease in net assets resulting from capital transactions		(67,785,108	)		(281,279,284	)
Total increase (decrease) in net assets		136,248,715			(139,881,264	)
Net assets
Beginning of period		1,055,505,268			1,195,386,532
End of period	$	1,191,753,983		$	1,055,505,268

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

36  |  Wells Fargo Index Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		19.92	%		12.74	%		3.67	%		14.27	%		17.36	%		1.62	%
Ratios to average net assets (annualized)
Gross expenses		0.11	%		0.12	%		0.11	%		0.10	%		0.10	%		0.11	%
Net expenses		0.11	%		0.12	%		0.11	%		0.10	%		0.10	%		0.10	%
Net investment income		1.55	%		1.80	%		1.86	%		1.84	%		2.03	%		2.12	%
Supplemental data
Portfolio turnover rate		2	%		3	%		4	%		3	%		9	%		4	%

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

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

Wells Fargo Index Portfolio  |  37

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in

38  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

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

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

Security transactions and income recognition

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

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

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

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $319,330,636 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	878,928,396
Gross unrealized losses		(9,087,319	)
Net unrealized gains	$	869,841,077

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Wells Fargo Index Portfolio   |  39

Notes to financial statements (unaudited)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	127,927,898	$	0	$	0	$	127,927,898
Consumer discretionary		131,482,133		0		0		131,482,133
Consumer staples		78,665,943		0		0		78,665,943
Energy		26,690,250		0		0		26,690,250
Financials		120,701,219		0		0		120,701,219
Health care		158,676,756		0		0		158,676,756
Industrials		101,449,714		0		0		101,449,714
Information technology		319,731,260		0		0		319,731,260
Materials		31,397,355		0		0		31,397,355
Real estate		29,359,009		0		0		29,359,009
Utilities		33,626,543		0		0		33,626,543
Short-term investments
Investment companies		27,283,800		0		0		27,283,800
		1,186,991,880		0		0		1,186,991,880
Futures contracts		2,179,833		0		0		2,179,833
Total assets	$	1,189,171,713	$	0	$	0	$	1,189,171,713

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

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

For the six months ended November, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Average daily net assets	Advisory fee
First $500 million		0.100	%
Next $500 million		0.100
Next $2 billion		0.075
Next $2 billion		0.075
Over $5 billion		0.050

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.10% of the Portfolio’s average daily net assets.

40  |  Wells Fargo Index Portfolio

Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Portfolio increase.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $13,668,935 and $62,147,671, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 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
Morgan Stanley & Co. LLC	$	440,193	$	(440,193	)	$	0
National Financial Services LLC		299,600		(299,600	)		0

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

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $30,694,638 in long futures contracts during the six months ended November 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, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to portfolio shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

Wells Fargo Index Portfolio   |  41

Notes to financial statements (unaudited)

9. CONCENTRATION RISK

Concentration risk results from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to 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 Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio 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.

42  |  Wells Fargo Index Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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 Fund   |  43

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 144 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 Chair, 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

44  |  Wells Fargo Index 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; Chair, 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 Index Fund   |  45

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 and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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.

46  |  Wells Fargo Index Fund

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00729 01-20

SA283/SAR283 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo International Value Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo International Value Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo International Value Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	29
Statement of operations	30
Statement of changes in net assets	31
Financial highlights	32
Notes to financial statements	33
Other information	38

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 November 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 Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Value Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo International Value Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

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

Wells Fargo International Value Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo International Value Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

LSV Asset Management

Portfolio managers

Josef Lakonishok, Ph.D.

Puneet Mansharamani, CFA^®‡

Menno Vermeulen, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFFAX)	10-31-2003		-8.85		1.79		2.94		-3.29		3.00		3.55		1.37		1.24
Class C (WFVCX)	4-8-2005		-5.03		2.23		2.77		-4.03		2.23		2.77		2.12		1.99
Class R6 (WFRVX)4	7-31-2018		–		–		–		-2.92		3.40		3.97		0.94		0.84
Administrator Class (WFVDX)	4-8-2005		–		–		–		-3.19		3.10		3.69		1.29		1.14
Institutional Class (WFVIX)	8-31-2006		–		–		–		-2.85		3.37		3.96		10.4		0.89
MSCI EAFE Value Index (Net)5	–		–		–		–		-3.35		2.90		3.75		–		–

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

Please see footnotes on page 7.

6  |  Wells Fargo International Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
Roche Holding AG	2.59
Sanofi SA	2.03
Novartis AG	1.86
KDDI Corporation	1.52
Nippon Telegraph & Telephone Corporation	1.48
GlaxoSmithKline plc	1.40
Volvo AB Class B	1.24
Securities Lending Cash Investments LLC	1.16
Koninklijke Ahold Delhaize NV	1.14
Bayer AG	1.08

Sector allocation as of November 30, 2020⁷

Geographic allocation as of November 30, 2020⁷

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.24% for Class A, 1.99% for Class C, 0.84% 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) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

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

⁵  The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Value Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of value securities within developed equity markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo International Value Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,175.63	$	6.76		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Class C
Actual	$	1,000.00	$	1,172.27	$	10.78		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.14	$	10.00		1.98	%
Class R6
Actual	$	1,000.00	$	1,178.72	$	4.59		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.26		0.84	%
Administrator Class
Actual	$	1,000.00	$	1,176.67	$	6.22		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.35	$	5.77		1.14	%
Institutional Class
Actual	$	1,000.00	$	1,178.57	$	4.86		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%

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

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

8  |  Wells Fargo International Value Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 99.80%
Affiliated Master Portfolio: 99.80%
Wells Fargo International Value Portfolio	$	153,230,473
Total Investment Companies (Cost $161,761,570)		153,230,473

Total investments in securities (Cost $161,761,570)	99.80	%		153,230,473
Other assets and liabilities, net	0.20			301,262
Total net assets	100.00	%	$	153,531,735

Transactions with the affiliated Master Portfolio were as follows:    

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo International Value Portfolio		75	%		52	%	$	(58,553,038	)	$	104,192,457	$	2,510,396	$	20,482	$	153,230,473		99.80	%

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

Wells Fargo International Value Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $161,761,570)	$	153,230,473
Receivable for Fund shares sold		377,540
Receivable from manager		48,354
Prepaid expenses and other assets		147,024
Total assets		153,803,391
Liabilities
Payable for Fund shares redeemed		138,635
Administration fees payable		18,551
Distribution fee payable		245
Trustees’ fees and expenses payable		1,097
Accrued expenses and other liabilities		113,128
Total liabilities		271,656
Total net assets	$	153,531,735
Net assets consist of
Paid-in capital	$	231,189,091
Total distributable loss		(77,657,356	)
Total net assets	$	153,531,735
Computation of net asset value and offering price per share
Net assets – Class A	$	52,370,609
Shares outstanding – Class A1		3,743,561
Net asset value per share – Class A		$13.99
Maximum offering price per share – Class A2		$14.84
Net assets – Class C	$	398,773
Shares outstanding – Class C1		29,308
Net asset value per share – Class C		$13.61
Net assets – Class R6	$	10,292,892
Shares outstanding – Class R6		743,230
Net asset value per share – Class R6		$13.85
Net assets – Administrator Class	$	2,125,741
Shares outstanding – Administrator Class1		150,558
Net asset value per share – Administrator Class		$14.12
Net assets – Institutional Class	$	88,343,720
Shares outstanding – Institutional Class1		6,375,295
Net asset value per share – Institutional Class		$13.86

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo International Value Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $302,189)	$	2,510,396
Affiliated income allocated from affiliated Master Portfolio		20,482
Expenses allocated from affiliated Master Portfolio		(826,557	)
Waivers allocated from affiliated Master Portfolio		76,053
Total investment income		1,780,374
Expenses
Management fee		43,666
Administration fees
Class A		58,471
Class C		435
Class R6		780
Administrator Class		1,493
Institutional Class		72,191
Shareholder servicing fees
Class A		69,535
Class C		512
Administrator Class		2,858
Distribution fee
Class C		1,535
Custody and accounting fees		13,000
Professional fees		19,711
Registration fees		92,225
Shareholder report expenses		101,578
Trustees’ fees and expenses		11,029
Other fees and expenses		12,735
Total expenses		501,754
Less: Fee waivers and/or expense reimbursements
Fund-level		(359,745	)
Class A		(11,913	)
Class C		(70	)
Class R6		(519	)
Administrator Class		(675	)
Net expenses		128,832
Net investment income		1,651,542
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(58,553,038	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		104,192,457
Net realized and unrealized gains (losses) on investments		45,639,419
Net increase in net assets resulting from operations	$	47,290,961

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

Wells Fargo International Value Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,651,542					$	17,494,448
Net realized losses on investments					(58,553,038	)					(11,553,693	)
Net change in unrealized gains (losses) on investments					104,192,457						(47,127,244	)
Net increase (decrease) in net assets resulting from operations					47,290,961						(41,186,489	)
Distributions to shareholders from Net investment income
Class A					0						(1,987,586	)
Class C					0						(10,928	)
Class R6					0						(20,220	)
Administrator Class					0						(93,039	)
Institutional Class					0						(29,054,083	)
Total distributions to shareholders					0						(31,165,856	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		307,280			3,941,400			2,695,644			34,135,676
Class C		939			11,588			7,349			103,617
Class R6		541,971			6,826,572			245,451			3,473,318
Administrator Class		8,425			109,023			12,438			168,373
Institutional Class		1,808,210			22,476,530			14,319,614			186,253,039
					33,365,113						224,134,023
Reinvestment of distributions
Class A		0			0			131,792			1,986,109
Class C		0			0			741			10,928
Class R6		0			0			1,307			19,422
Administrator Class		0			0			6,052			91,935
Institutional Class		0			0			1,945,419			28,908,926
					0						31,017,320
Payment for shares redeemed
Class A		(1,978,359	)		(24,918,884	)		(1,650,931	)		(23,070,567	)
Class C		(7,277	)		(92,056	)		(23,596	)		(307,728	)
Class R6		(40,631	)		(516,704	)		(29,425	)		(350,322	)
Administrator Class		(47,104	)		(613,727	)		(76,336	)		(1,034,358	)
Institutional Class		(38,834,505	)		(481,133,315	)		(31,599,337	)		(426,275,889	)
					(507,274,686	)					(451,038,864	)
Net decrease in net assets resulting from capital share transactions					(473,909,573	)					(195,887,521	)
Total decrease in net assets					(426,618,612	)					(268,239,866	)
Net assets
Beginning of period					580,150,347						848,390,213
End of period				$	153,531,735					$	580,150,347

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

12  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.90			$13.55			$15.68			$14.88			$12.83			$14.85
Net investment income		0.10	1		0.27	1		0.47	1		0.72	1		0.09	1		0.26
Net realized and unrealized gains (losses) on investments		1.99			(1.49	)		(2.27	)		0.35			2.26			(2.08	)
Total from investment operations		2.09			(1.22	)		(1.80	)		1.07			2.35			(1.82	)
Distributions to shareholders from
Net investment income		0.00			(0.43	)		(0.33	)		(0.27	)		(0.30	)		(0.20	)
Net asset value, end of period		$13.99			$11.90			$13.55			$15.68			$14.88			$12.83
Total return2		17.56	%		(9.66	)%		(11.42	)%		7.12	%		18.65	%		(12.31	)%
Ratios to average net assets (annualized)
Gross expenses3		1.69	%		1.37	%		1.34	%		1.34	%		1.39	%		1.46	%
Net expenses3		1.24	%		1.25	%		1.33	%		1.34	%		1.35	%		1.39	%
Net investment income3		1.58	%		1.99	%		3.22	%		4.48	%		0.69	%		1.98	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$52,371			$64,414			$57,427			$38,677			$2,571			$4,981

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.87	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.85	%
Year ended May 31, 2016	0.91	%

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

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

Wells Fargo International Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.61			$13.20			$15.24			$14.60			$12.56			$14.54
Net investment income		0.05	1		0.15	1		0.36			0.21			0.23			0.17
Net realized and unrealized gains (losses) on investments		1.95			(1.46	)		(2.21	)		0.73			1.97			(2.05	)
Total from investment operations		2.00			(1.31	)		(1.85	)		0.94			2.20			(1.88	)
Distributions to shareholders from
Net investment income		0.00			(0.28	)		(0.19	)		(0.30	)		(0.16	)		(0.10	)
Net asset value, end of period		$13.61			$11.61			$13.20			$15.24			$14.60			$12.56
Total return2		17.23	%		(10.38	)%		(12.10	)%		6.36	%		17.69	%		(12.95	)%
Ratios to average net assets (annualized)
Gross expenses3		2.43	%		2.12	%		2.08	%		2.10	%		2.16	%		2.21	%
Net expenses3		1.98	%		2.00	%		2.08	%		2.10	%		2.10	%		2.14	%
Net investment income3		0.83	%		1.13	%		1.92	%		1.40	%		1.57	%		1.25	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$399			$414			$675			$1,135			$832			$783

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.86	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%

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

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

14  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			20191
Net asset value, beginning of period		$11.75			$13.39			$15.44
Net investment income		0.19			0.37	2		0.51
Net realized and unrealized gains (losses) on investments		1.91			(1.52	)		(2.19	)
Total from investment operations		2.10			(1.15	)		(1.68	)
Distributions to shareholders from
Net investment income		0.00			(0.49	)		(0.37	)
Net asset value, end of period		$13.85			$11.75			$13.39
Total return3		17.87	%		(9.27	)%		(10.85	)%
Ratios to average net assets (annualized)
Gross expenses4		1.26	%		0.97	%		0.92	%
Net expenses4		0.84	%		0.84	%		0.89	%
Net investment income4		1.96	%		3.01	%		7.19	%
Supplemental data
Portfolio turnover rate5		2	%		20	%		13	%
Net assets, end of period (000s omitted)		$10,293			$2,843			$329

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

² Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.85	%
Year ended May 31, 2020	0.81	%
Year ended May 31, 20191	0.79	%

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

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

Wells Fargo International Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$12.00			$13.66			$15.76			$15.04			$12.91			$14.73
Net investment income		0.11	1		0.27	1		0.43	1		0.37	1		0.33	1		0.14	1
Net realized and unrealized gains (losses) on investments		2.01			(1.49	)		(2.23	)		0.73			2.05			(1.96	)
Total from investment operations		2.12			(1.22	)		(1.80	)		1.10			2.38			(1.82	)
Distributions to shareholders from
Net investment income		0.00			(0.44	)		(0.30	)		(0.38	)		(0.25	)		0.00
Net asset value, end of period		$14.12			$12.00			$13.66			$15.76			$15.04			$12.91
Total return2		17.67	%		(9.60	)%		(11.33	)%		7.25	%		18.66	%		(12.36	)%
Ratios to average net assets (annualized)
Gross expenses3		1.61	%		1.29	%		1.25	%		1.27	%		1.33	%		1.36	%
Net expenses3		1.14	%		1.15	%		1.24	%		1.25	%		1.25	%		1.25	%
Net investment income3		1.72	%		1.99	%		2.92	%		2.30	%		2.46	%		0.99	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$2,126			$2,271			$3,375			$5,961			$5,407			$11,873

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.86	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%

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

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

16  |  Wells Fargo International Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$11.76			$13.39			$15.48			$14.80			$12.73			$14.75
Net investment income		0.13	1		0.29	1		0.48	1		0.41			0.39			0.36
Net realized and unrealized gains (losses) on investments		1.97			(1.44	)		(2.22	)		0.71			1.99			(2.12	)
Total from investment operations		2.10			(1.15	)		(1.74	)		1.12			2.38			(1.76	)
Distributions to shareholders from
Net investment income		0.00			(0.48	)		(0.35	)		(0.44	)		(0.31	)		(0.26	)
Net asset value, end of period		$13.86			$11.76			$13.39			$15.48			$14.80			$12.73
Total return2		17.86	%		(9.32	)%		(11.13	)%		7.51	%		19.04	%		(11.98	)%
Ratios to average net assets (annualized)
Gross expenses3		1.30	%		1.04	%		1.01	%		1.02	%		1.07	%		1.13	%
Net expenses3		0.89	%		0.90	%		0.99	%		1.00	%		1.00	%		1.00	%
Net investment income3		2.05	%		2.13	%		3.35	%		2.43	%		2.95	%		2.81	%
Supplemental data
Portfolio turnover rate4		2	%		20	%		13	%		15	%		41	%		14	%
Net assets, end of period (000s omitted)		$88,344			$510,209			$786,584			$825,247			$713,180			$456,239

¹ Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.86	%
Year ended May 31, 2020	0.80	%
Year ended May 31, 2019	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.86	%
Year ended May 31, 2016	0.91	%

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

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

Wells Fargo International Value Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 52% of Wells Fargo International Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo International Value Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $166,393,416 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		(13,162,943	)
Net unrealized losses	$	(13,162,943	)

As of May 31, 2020, the Fund had capital loss carryforwards which consisted of $13,306,325 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Fair value of affiliated Master Portfolio
Wells Fargo International Value Portfolio	Seek long-term capital appreciation	$153,230,473

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo International Value Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.24% for Class A shares, 1.99% for Class C shares, 0.84% for Class R6 shares, 1.14% for Administrator Class shares, and 0.89% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $24 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $4,559,914 and $291,780,550, respectively.

6. 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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo International Value Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISK

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

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

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

Wells Fargo International Value Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 97.48%
Australia: 5.55%
AGL Energy Limited (Utilities, Multi-Utilities)		132,100	$	1,309,068
Beach Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		906,700		1,171,391
BlueScope Steel Limited (Materials, Metals & Mining)		126,700		1,590,371
Fortescue Metals Group Limited (Materials, Metals & Mining)		188,500		2,522,456
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		534,000		1,807,040
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		104,900		1,090,346
Metcash Limited (Consumer Staples, Food & Staples Retailing)		498,500		1,079,476
Mirvac Group (Real Estate, Equity REITs)		439,900		833,104
Qantas Airways Limited (Industrials, Airlines) †		366,700		1,448,168
Rio Tinto Limited (Materials, Metals & Mining)		15,900		1,183,479
St. Barbara Limited (Materials, Metals & Mining)		559,600		1,006,397
Super Cheap Auto Group Limited (Consumer Discretionary, Specialty Retail)		183,200		1,328,642
				16,369,938
Austria: 0.74%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		34,400		1,165,367
Raiffeisen Bank International AG (Financials, Banks) †		52,900		1,013,415
				2,178,782
Belgium: 0.78%
Bpost SA (Industrials, Air Freight & Logistics)		105,700		1,278,495
UCB SA (Health Care, Pharmaceuticals)		9,600		1,025,584
				2,304,079
Brazil: 0.76%
Banco do Brasil SA (Financials, Banks)		121,700		769,172
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		225,900		626,586
JBS SA (Consumer Staples, Food Products)		197,500		853,422
				2,249,180
Canada: 0.97%
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		22,400		1,107,323
Magna International Incorporated (Consumer Discretionary, Auto Components)		28,500		1,747,702
				2,855,025
China: 2.28%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		632,000		913,218
China Communications Services Corporation Limited Class H (Industrials, Construction & Engineering)		1,302,000		695,426
China Railway Construction Corporation Limited Class H (Industrials, Construction & Engineering)		957,000		632,152
China Resources Cement Holdings Limited (Materials, Construction Materials)		1,076,000		1,338,224
China Telecom Corporation Limited Class H (Communication Services, Diversified Telecommunication Services)		2,794,000		843,493
Shanghai Pharmaceuticals Holding Company Limited Class H (Health Care, Health Care Providers & Services)		458,900		776,768
Shenzhen International Holdings Limited Class H (Industrials, Transportation Infrastructure)		502,000		825,111
YiChang HEC ChangJiang Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals) 144A		541,000		704,950
				6,729,342
Denmark: 1.37%
Danske Bank AS (Financials, Banks) †		63,800		1,051,542
DFDS AS (Industrials, Marine) †		23,600		1,021,121
Pandora AS (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,100		911,429

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

22  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Denmark (continued)
Sydbank AS (Financials, Banks) †		51,500	$	1,067,931
				4,052,023
Finland: 0.33%
Nordea Bank AB (Financials, Banks) †		115,100		983,266
France: 9.90%
Arkema SA (Materials, Chemicals)		20,400		2,377,933
AXA SA (Financials, Insurance)		84,900		1,996,294
BNP Paribas SA (Financials, Banks) †		44,100		2,260,161
Bouygues SA (Industrials, Construction & Engineering)		38,600		1,536,950
Capgemini SE (Information Technology, IT Services)		13,300		1,845,089
Carrefour SA (Consumer Staples, Food & Staples Retailing)		71,300		1,167,740
Compagnie de Saint-Gobain SA (Industrials, Building Products) †		52,900		2,512,713
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		16,600		2,068,248
Credit Agricole SA (Financials, Banks) †		124,500		1,436,685
Engie SA (Utilities, Multi-Utilities) †		62,200		917,796
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		55,600		991,521
Orange SA (Communication Services, Diversified Telecommunication Services) «		77,000		972,686
Sanofi SA (Health Care, Pharmaceuticals)		59,200		5,981,945
Societe Bic SA (Industrials, Commercial Services & Supplies)		19,900		1,181,189
Total SA (Energy, Oil, Gas & Consumable Fuels)		45,900		1,961,485
				29,208,435
Germany: 8.39%
Allianz AG (Financials, Insurance)		13,300		3,135,859
Aurubis AG (Materials, Metals & Mining)		21,200		1,614,919
Bayer AG (Health Care, Pharmaceuticals)		55,500		3,195,629
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		15,100		1,315,600
Daimler AG (Consumer Discretionary, Automobiles)		23,600		1,589,139
Deutsche Lufthansa AG (Industrials, Airlines) †		96,600		1,111,502
Deutsche Post AG (Industrials, Air Freight & Logistics)		52,300		2,526,636
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		32,100		1,435,894
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		4,000		1,114,600
Rheinmetall AG (Industrials, Industrial Conglomerates)		16,400		1,458,599
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		11,900		1,734,619
United Internet AG (Communication Services, Diversified Telecommunication Services)		57,800		2,304,890
Volkswagen AG (Consumer Discretionary, Automobiles)		11,900		2,207,310
				24,745,196
Hong Kong: 2.98%
China Water Affairs Group Limited (Utilities, Water Utilities)		1,110,000		872,127
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		145,500		1,055,905
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		572,500		926,216
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		1,526,000		1,240,322
Sinotruk Hong Kong Limited (Industrials, Machinery)		280,000		695,028
WH Group Limited (Consumer Staples, Food Products) 144A		1,938,000		1,582,694
Xinyi Glass Holdings Limited (Industrials, Building Products)		584,000		1,310,997
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		542,500		1,115,649
				8,798,938
India: 0.64%
REC Limited (Financials, Diversified Financial Services)		513,100		836,766
Tech Mahindra Limited (Information Technology, IT Services)		89,200		1,048,525
				1,885,291

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

Wells Fargo International Value Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Ireland: 1.02%
C&C Group plc (Consumer Staples, Beverages) †		240,000	$	703,903
Grafton Group plc (Industrials, Trading Companies & Distributors) †		83,000		942,197
Smurfit Kappa Group plc (Materials, Containers & Packaging)		32,100		1,364,673
				3,010,773
Israel: 0.27%
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) †		83,500		807,763
Italy: 2.26%
A2A SpA (Utilities, Multi-Utilities)		674,100		1,027,640
Enel SpA (Utilities, Electric Utilities)		252,700		2,522,997
Leonardo SpA (Industrials, Aerospace & Defense)		147,900		1,069,827
Mediobanca SpA (Financials, Banks)		110,500		985,148
UnipolSai Assicurazioni SpA (Financials, Insurance)		399,200		1,060,942
				6,666,554
Japan: 22.09%
Adeka Corporation (Materials, Chemicals)		96,000		1,524,598
AGC Incorporated (Industrials, Building Products)		30,600		1,018,534
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		48,100		962,921
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		84,100		1,195,042
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		108,800		2,084,291
Credit Saison Company Limited (Financials, Consumer Finance)		90,700		1,038,185
Daiwa House Industry Company Limited (Real Estate, Real Estate Management & Development)		32,200		986,973
Denka Company Limited (Materials, Chemicals)		53,200		1,645,939
DIC Incorporated (Materials, Chemicals)		50,900		1,251,535
Fuji Machine Manufacturing Company Limited (Industrials, Machinery)		44,200		1,070,707
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		64,300		781,578
Hitachi Capital Corporation (Financials, Consumer Finance)		44,100		1,011,259
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		39,900		1,515,741
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		97,100		2,670,715
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		148,300		1,446,067
Itochu Corporation (Industrials, Trading Companies & Distributors)		45,100		1,191,651
Japan Airlines Company Limited (Industrials, Airlines) †		53,800		1,018,799
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		270,800		929,902
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,900		616,753
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		157,000		4,485,177
Marubeni Corporation (Industrials, Trading Companies & Distributors)		301,500		1,757,306
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		27,200		1,272,720
MediPal Holdings Corporation (Health Care, Health Care Providers & Services)		42,400		797,234
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		87,500		1,855,603
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		247,700		1,064,114
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		208,200		955,247
Mitsui Chemicals Incorporated (Materials, Chemicals)		60,400		1,696,870
Mizuho Financial Group Incorporated (Financials, Banks)		79,980		1,016,987
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		184,800		4,363,333
Nomura Holdings Incorporated (Financials, Capital Markets)		217,500		1,091,667
ORIX Corporation (Financials, Diversified Financial Services)		112,600		1,674,979
Resona Holdings Incorporated (Financials, Banks)		378,000		1,324,086
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,200		731,638
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,500		1,488,281
Sompo Holdings Incorporated (Financials, Insurance)		22,700		871,906
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		84,500		1,041,276
Sumitomo Heavy Industries Limited (Industrials, Machinery)		75,500		1,629,325
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		44,900		1,303,992

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

24  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Japan (continued)
T&D Holdings Incorporated (Financials, Insurance)		76,800	$	896,736
Teijin Limited (Materials, Chemicals)		79,300		1,355,088
The Keiyo Bank Limited (Financials, Banks)		203,300		889,924
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		85,500		1,247,284
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		50,700		924,158
Tokuyama Corporation (Materials, Chemicals)		55,500		1,178,578
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		67,300		1,264,131
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		61,100		801,791
UBE Industries Limited (Materials, Chemicals)		75,600		1,285,345
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		23,300		941,820
				65,167,786
Netherlands: 3.76%
ABN AMRO Group NV (Financials, Banks) †144A		91,500		944,111
Aegon NV (Financials, Insurance)		240,800		900,780
ASR Nederland NV (Financials, Insurance)		31,200		1,164,146
ING Groep NV (Financials, Banks) †		112,300		1,095,099
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		117,200		3,353,852
RHI Magnesita NV (Materials, Construction Materials)		25,200		1,094,779
Signify NV (Industrials, Electrical Equipment) †144A		60,000		2,540,772
				11,093,539
Norway: 0.88%
Den Norske Bank ASA (Financials, Banks) †		86,700		1,570,578
Leroy Seafood Group ASA (Consumer Staples, Food Products)		162,000		1,012,511
				2,583,089
Poland: 0.29%
Asseco Poland SA (Information Technology, Software)		48,400		854,937
Russia: 0.63%
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		53,914		1,105,237
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		886		18,234
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		11,300		745,800
				1,869,271
Singapore: 0.71%
DBS Group Holdings Limited (Financials, Banks)		53,900		1,012,773
United Overseas Bank Limited (Financials, Banks)		65,000		1,090,967
				2,103,740
South Africa: 0.31%
Absa Group Limited (Financials, Banks)		126,700		901,596
South Korea: 1.95%
Industrial Bank of Korea (Financials, Banks)		112,500		945,506
KB Financial Group Incorporated (Financials, Banks)		27,700		1,135,236
KT&G Corporation (Consumer Staples, Tobacco)		12,200		909,584
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		81,400		879,066
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		4,800		1,030,229
Woori Financial Group Incorporated (Financials, Banks)		94,600		840,376
				5,739,997
Spain: 1.50%
Banco Santander Central Hispano SA (Financials, Banks) †		311,800		899,143
Cia de Distribucion Integral Logista Holdings SA (Industrials, Air Freight & Logistics)		20,000		366,921

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

Wells Fargo International Value Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Spain (continued)
Enagás SA (Utilities, Gas Utilities)		49,700	$	1,210,593
International Consolidated Airlines Group SA (Industrials, Airlines)		367,100		754,654
Repsol SA (Energy, Oil, Gas & Consumable Fuels)		124,200		1,193,809
				4,425,120
Sweden: 2.42%
Boliden AB (Materials, Metals & Mining)		68,100		2,346,250
Securitas AB Class B (Industrials, Commercial Services & Supplies) †		68,700		1,129,394
Volvo AB Class B (Industrials, Machinery) †		161,400		3,665,744
				7,141,388
Switzerland: 8.35%
Baloise Holding AG (Financials, Insurance)		7,100		1,224,286
Credit Suisse Group AG (Financials, Capital Markets)		184,800		2,334,530
Helvetia Holding AG (Financials, Insurance)		8,900		874,085
Novartis AG (Health Care, Pharmaceuticals)		60,700		5,495,229
Roche Holding AG (Health Care, Pharmaceuticals)		23,200		7,634,623
Swiss Life Holding AG (Financials, Insurance)		4,400		1,964,809
UBS Group AG (Financials, Capital Markets)		214,200		3,038,281
Valiant Holding AG (Financials, Banks)		10,500		980,963
Zurich Insurance Group AG (Financials, Insurance)		2,700		1,096,044
				24,642,850
Taiwan: 1.45%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		119,000		784,914
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		333,000		961,526
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		257,000		829,541
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		212,000		911,148
Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		769,000		805,356
				4,292,485
Thailand: 0.86%
Krung Thai Bank PCL ADR (Financials, Banks)		2,365,200		836,616
Quality House PCL (Real Estate, Real Estate Management & Development)		12,240,900		938,806
Thanachart Capital PCL (Financials, Banks)		676,600		760,476
				2,535,898
Turkey: 0.30%
Coca-Cola Icecek Uretim AS (Consumer Staples, Beverages)		121,861		873,441
United Kingdom: 13.74%
3i Group plc (Financials, Capital Markets)		80,400		1,147,418
Anglo American plc (Materials, Metals & Mining)		82,100		2,422,712
Aviva plc (Financials, Insurance)		241,200		1,032,837
Babcock International Group plc (Industrials, Commercial Services & Supplies)		241,900		1,089,690
BAE Systems plc (Industrials, Aerospace & Defense)		438,200		2,944,300
Barclays plc (Financials, Banks) †		449,400		806,173
Barratt Developments plc (Consumer Discretionary, Household Durables) †		109,200		902,596
Bellway plc (Consumer Discretionary, Household Durables)		25,100		947,311
Bovis Homes Group plc (Consumer Discretionary, Household Durables) †		91,111		1,005,727
British American Tobacco plc (Consumer Staples, Tobacco)		58,900		2,072,603

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

26  |  Wells Fargo International Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

						Shares		Value
United Kingdom (continued)
BT Group plc (Communication Services, Diversified Telecommunication Services)							700,200	$	1,090,295
Centrica plc (Utilities, Multi-Utilities) †							1,625,800		956,273
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables) †							254,500		996,824
GlaxoSmithKline plc (Health Care, Pharmaceuticals)							226,200		4,131,353
Highland Gold Mining Limited (Materials, Metals & Mining) «(a)							637,800		2,550,850
Imperial Brands plc (Consumer Staples, Tobacco)							46,400		841,890
Inchcape plc (Consumer Discretionary, Distributors) †							128,000		1,021,300
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)							532,300		1,498,041
Kingfisher plc (Consumer Discretionary, Specialty Retail) †							399,800		1,458,270
Legal & General Group plc (Financials, Insurance)							288,300		971,245
Lloyds Banking Group plc (Financials, Banks) †							1,986,600		943,373
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)							580,700		973,507
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							660,700		535,974
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †							235,200		661,605
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)							121,500		653,742
Petrofac Limited (Energy, Energy Equipment & Services) †							242,000		494,419
Premier Foods plc (Consumer Staples, Food Products) †							73,926		87,122
QinetiQ Group plc (Industrials, Aerospace & Defense)							238,400		932,493
Redrow plc (Consumer Discretionary, Household Durables) †							143,800		995,918
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							90,200		1,484,127
Tate & Lyle plc (Consumer Staples, Food Products)							119,000		1,011,837
Tesco plc (Consumer Staples, Food & Staples Retailing)							620,500		1,877,789
									40,539,614
Total Common Stocks (Cost $275,221,250)									287,609,336
	Dividend yield
Preferred Stocks: 0.24%
Brazil: 0.24%
Banco do Estado do Rio Grande do Sul SA Class B (Financials, Banks)		1.49	%				286,600		706,149
Total Preferred Stocks (Cost $1,078,867)									706,149
				Expiration date
Rights: 0.02%
Spain: 0.02%
Banco Santander SA †					11-30-2020		311,800		38,941
Total Rights (Cost $61,803)									38,941
	Yield
Short-Term Investments: 1.16%
Investment Companies: 1.16%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					3,430,730		3,430,730
Total Short-Term Investments (Cost $3,430,730)									3,430,730

Total investments in securities (Cost $279,792,650)	98.90	%		291,785,156
Other assets and liabilities, net	1.10			3,259,526
Total net assets	100.00	%	$	295,044,682

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

Wells Fargo International Value Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of priod		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	18,400,601	$	(14,969,871	)	$	0	$	0	$	3,430,730					3,430,730	$	920	#
Wells Fargo Government Money Market Fund Select Class*		3,130,999		58,018,344		(61,149,343	)		0		0		0					0		1,174
								$	0	$	0	$	3,430,730		1.16	%			$	2,094

^#  Amount shown represents income before fees and rebates.

* No longer held at the end of the period

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

28  |  Wells Fargo International Value Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $3,228,044 of securities loaned), at value (cost $276,361,920)	$	288,354,426
Investments in affiliated securities, at value (cost $3,430,730)		3,430,730
Foreign currency, at value (cost $3,527,045)		3,546,417
Receivable for dividends		3,771,735
Receivable for securities lending income, net		5,784
Prepaid expenses and other assets		133,812
Total assets		299,242,904
Liabilities
Payable upon receipt of securities loaned		3,430,730
Payable for investments purchased		195,824
Overdraft due to custodian bank		408,536
Advisory fee payable		163,132
Total liabilities		4,198,222
Total net assets	$	295,044,682

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

Wells Fargo International Value Portfolio  |  29

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $574,404)	$	4,614,385
Income from affiliated securities		39,537
Total investment income		4,653,922
Expenses
Advisory fee		1,328,794
Custody and accounting fees		127,554
Professional fees		25,159
Shareholder report expenses		6,579
Trustees’ fees and expenses		9,582
Interest expense		3,991
Other fees and expenses		33,606
Total expenses		1,535,265
Less: Fee waivers and/or expense reimbursements		(149,688	)
Net expenses		1,385,577
Net investment income		3,268,345
Realized and unrealized gains (losses) on investments
Net realized losses on investments		(87,439,262	)
Net change in unrealized gains (losses) on investments		158,611,991
Net realized and unrealized gains (losses) on investments		71,172,729
Net increase in net assets resulting from operations	$	74,441,074

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

30  |  Wells Fargo International Value Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	3,268,345		$	23,667,773
Net realized losses on investments		(87,439,262	)		(20,032,340	)
Net change in unrealized gains (losses) on investments		158,611,991			(56,686,314	)
Net increase (decrease) in net assets resulting from operations		74,441,074			(53,050,881	)
Capital transactions
Transactions in investors’ beneficial interests
Contributions		147,712,104			111,076,835
Withdrawals		(717,301,675	)		(336,573,528	)
Net decrease in net assets resulting from capital transactions		(569,589,571	)		(225,496,693	)
Total decrease in net assets		(495,148,497	)		(278,547,574	)
Net assets
Beginning of period		790,193,179			1,068,740,753
End of period	$	295,044,682		$	790,193,179

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

Wells Fargo International Value Portfolio  |  31

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		18.31	%		(8.99	)%		(10.98	)%		7.74	%		19.16	%		(11.85	)%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.80	%		0.80	%		0.82	%		0.87	%		0.91	%
Net expenses		0.83	%		0.80	%		0.80	%		0.82	%		0.87	%		0.91	%
Net investment income		1.96	%		2.28	%		3.53	%		2.65	%		3.03	%		2.50	%
Supplemental data
Portfolio turnover rate		2	%		20	%		13	%		15	%		41	%		14	%

¹  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 International Value Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 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 at. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

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

Wells Fargo International Value Portfolio  |  33

Notes to financial statements (unaudited)

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $280,764,694 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	51,851,249
Gross unrealized losses		(40,830,787	)
Net unrealized gains	$	11,020,460

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

34  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	16,369,938	$	0	$	0	$	16,369,938
Austria		2,178,782		0		0		2,178,782
Belgium		2,304,079		0		0		2,304,079
Brazil		2,249,180		0		0		2,249,180
Canada		2,855,025		0		0		2,855,025
China		6,729,342		0		0		6,729,342
Denmark		4,052,023		0		0		4,052,023
Finland		983,266		0		0		983,266
France		29,208,435		0		0		29,208,435
Germany		24,745,196		0		0		24,745,196
Hong Kong		8,798,938		0		0		8,798,938
India		0		1,885,291		0		1,885,291
Ireland		3,010,773		0		0		3,010,773
Israel		807,763		0		0		807,763
Italy		6,666,554		0		0		6,666,554
Japan		65,167,786		0		0		65,167,786
Netherlands		11,093,539		0		0		11,093,539
Norway		2,583,089		0		0		2,583,089
Poland		854,937		0		0		854,937
Russia		1,869,271		0		0		1,869,271
Singapore		2,103,740		0		0		2,103,740
South Africa		901,596		0		0		901,596
South Korea		5,739,997		0		0		5,739,997
Spain		4,425,120		0		0		4,425,120
Sweden		7,141,388		0		0		7,141,388
Switzerland		24,642,850		0		0		24,642,850
Taiwan		4,292,485		0		0		4,292,485
Thailand		2,535,898		0		0		2,535,898
Turkey		873,441		0		0		873,441
United Kingdom		37,988,764		2,550,850		0		40,539,614
Preferred stocks
Brazil		706,149		0		0		706,149
Right
Spain		0		38,941		0		38,941
Short-term investments
Investment companies		3,430,730		0		0		3,430,730
Total assets	$	287,310,074	$	4,475,082	$	0	$	291,785,156

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

Wells Fargo International Value Portfolio  |  35

Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Average daily net assets	Advisory fee
First $500 million		0.800	%
Next $500 million		0.750
Next $1 billion		0.700
Next $2 billion		0.675
Over $4 billion		0.650

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. LSV Asset Management, which is not an affiliate of the Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $8,780,097 and $561,822,318, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	799,634	$	(799,634	)	$	0
Citigroup Global Markets Inc.		934,340		(934,340	)		0
UBS Securities LLC		1,494,070		(1,494,070	)		0

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

36  |  Wells Fargo International Value Portfolio

Notes to financial statements (unaudited)

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

During the six months ended November 30, 2020, the Portfolio had average borrowings outstanding of $293,456 (on an annualized basis) at an average rate of 1.36% and paid interest in the amount of $3,991.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of geographic regions. As of the end of the period, the Portfolio concentrated its portfolio in investments in Europe. A fund that invests a substantial portion of its assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

Wells Fargo International Value Portfolio  |  37

Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended May 31, 2020. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$2,008,417	$0.040753	100%

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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.

38  |  Wells Fargo International Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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 Value Fund  |  39

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; Chair, 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.

40  |  Wells Fargo International Value Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 International Value Fund  |  41

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00731 01-20

SA284/SAR284 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo

Small Company Growth Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Small Company Growth Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Small Company Growth Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	32
Other information	37

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 November 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 Small Company Growth Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Growth Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Small Company Growth Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

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

Wells Fargo Small Company Growth Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo Small Company Growth Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA^®‡

Daniel J. Hagen, CFA^®‡

Paul E. von Kuster, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WFSAX)	1-30-2004		12.42		10.37		12.23		19.28		11.69		12.90		1.33		1.29
Class C (WSMCX)	1-30-2004		17.49		10.88		12.07		18.49		10.88		12.07		2.08		2.04
Class R6 (WSCRX)4	10-31-2014		–		–		–		19.77		12.18		13.41		0.90		0.86
Administrator Class (NVSCX)	11-11-1994		–		–		–		19.39		11.83		13.10		1.25		1.19
Institutional Class (WSCGX)	3-31-2008		–		–		–		19.70		12.10		13.37		1.00		0.94
Russell 2000® Growth Index5	–		–		–		–		25.95		13.19		13.30		–		–

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 Small Company Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20206
PTC Incorporated	1.71
Syneos Health Incorporated	1.60
SS&C Technologies Holdings Incorporated	1.54
Nuance Communications Incorporated	1.51
RealPage Incorporated	1.45
Black Knight Incorporated	1.43
ASGN Incorporated	1.38
Ciena Corporation	1.32
Goosehead Insurance Incorporated Class A	1.31
ICON plc ADR	1.29

Sector allocation as of November 30, 2020⁷

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

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

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

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

⁶  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁷  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Small Company Growth Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,285.07	$	7.39		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53		1.29	%
Class C
Actual	$	1,000.00	$	1,281.38	$	11.67		2.04	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.84	$	10.30		2.04	%
Class R6
Actual	$	1,000.00	$	1,287.91	$	4.93		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Administrator Class
Actual	$	1,000.00	$	1,285.66	$	6.82		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.02		1.19	%
Institutional Class
Actual	$	1,000.00	$	1,287.30	$	5.39		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.76		0.94	%

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

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

8  |  Wells Fargo Small Company Growth Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.05%
Affiliated Master Portfolio: 100.05%
Wells Fargo Small Company Growth Portfolio	$	1,424,192,122
Total Investment Companies (Cost $956,274,423)		1,424,192,122

Total investments in securities (Cost $956,274,423)	100.05	%		1,424,192,122
Other assets and liabilities, net	(0.05	)		(709,670	)
Total net assets	100.00	%	$	1,423,482,452

Investments in Affiliates

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Growth Portfolio		98	%		98	%	$	168,746,288	$	180,810,304	$	3,989,948	$	41,770	$	1,424,192,122		100.05	%

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

Wells Fargo Small Company Growth Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $956,274,423)	$	1,424,192,122
Receivable for Fund shares sold		1,553,449
Prepaid expenses and other assets		664
Total assets		1,425,746,235
Liabilities
Payable for Fund shares redeemed		1,777,296
Management fee payable		136,987
Administration fees payable		116,447
Distribution fee payable		5,676
Shareholder report expenses payable		148,467
Trustees’ fees and expenses payable		1,057
Accrued expenses and other liabilities		77,853
Total liabilities		2,263,783
Total net assets	$	1,423,482,452
Net assets consist of
Paid-in capital	$	762,227,907
Total distributable earnings		661,254,545
Total net assets	$	1,423,482,452
Computation of net asset value and offering price per share
Net assets – Class A	$	39,810,415
Shares outstanding – Class A1		664,553
Net asset value per share – Class A		$59.91
Maximum offering price per share – Class A2		$63.56
Net assets – Class C	$	9,323,304
Shares outstanding – Class C1		182,622
Net asset value per share – Class C		$51.05
Net assets – Class R6	$	431,303,903
Shares outstanding – Class R61		6,613,317
Net asset value per share – Class R6		$65.22
Net assets – Administrator Class	$	58,485,512
Shares outstanding – Administrator Class1		930,809
Net asset value per share – Administrator Class		$62.83
Net assets – Institutional Class	$	884,559,318
Shares outstanding – Institutional Class1		13,615,527
Net asset value per share – Institutional Class		$64.97

¹  The Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Small Company Growth Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio	$	3,989,948
Affiliated income allocated from affiliated Master Portfolio		41,770
Expenses allocated from affiliated Master Portfolio		(5,436,002	)
Total investment income		(1,404,284	)
Expenses
Management fee		343,111
Administration fees
Class A		38,415
Class C		9,826
Class R6		67,140
Administrator Class		37,592
Institutional Class		533,693
Shareholder servicing fees
Class A		45,485
Class C		11,647
Administrator Class		71,978
Distribution fee
Class C		34,871
Custody and accounting fees		33,191
Professional fees		16,543
Registration fees		77,596
Shareholder report expenses		86,081
Trustees’ fees and expenses		11,029
Other fees and expenses		31,590
Total expenses		1,449,788
Less: Fee waivers and/or expense reimbursements
Fund-level		(271,199	)
Class A		(1,824	)
Class C		(4	)
Class R6		(22,319	)
Administrator Class		(8,651	)
Institutional Class		(122,823	)
Net expenses		1,022,968
Net investment loss		(2,427,252	)
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		168,746,288
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		180,810,304
Net realized and unrealized gains (losses) on investments		349,556,592
Net increase in net assets resulting from operations	$	347,129,340

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

Wells Fargo Small Company Growth Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment loss				$	(2,427,252	)				$	(5,409,448	)
Net realized gains on investments					168,746,288						107,501,645
Net change in unrealized gains (losses) on investments					180,810,304						(28,564,804	)
Net increase in net assets resulting from operations					347,129,340						73,527,393
Distributions to shareholders from net investment income and net realized gains
Class A					0						(4,577,702	)
Class C					0						(1,219,067	)
Class R6					0						(43,043,975	)
Administrator Class					0						(6,401,809	)
Institutional Class					0						(80,415,302	)
Total distributions to shareholders					0						(135,657,855	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		88,948			4,770,527			188,284			8,973,220
Class C		3,526			159,075			5,111			206,315
Class R6		488,912			27,962,896			1,859,972			92,450,593
Administrator Class		61,938			3,405,888			170,705			8,517,203
Institutional Class		1,158,606			64,880,118			4,127,985			204,967,976
					101,178,504						315,115,307
Reinvestment of distributions
Class A		0			0			79,105			3,985,289
Class C		0			0			24,921			1,076,603
Class R6		0			0			698,418			38,147,601
Administrator Class		0			0			121,124			6,394,121
Institutional Class		0			0			1,085,956			59,130,286
					0						108,733,900
Payment for shares redeemed
Class A		(208,087	)		(10,752,769	)		(793,982	)		(38,317,325	)
Class C		(55,257	)		(2,482,933	)		(122,441	)		(5,026,553	)
Class R6		(2,999,288	)		(170,803,951	)		(4,156,884	)		(211,307,944	)
Administrator Class		(275,291	)		(15,413,669	)		(866,918	)		(42,999,639	)
Institutional Class		(3,267,512	)		(182,790,352	)		(9,445,990	)		(485,047,988	)
					(382,243,674	)					(782,699,449	)
Net decrease in net assets resulting from capital share transactions					(281,065,170	)					(358,850,242	)
Total increase (decrease) in net assets					66,064,170						(420,980,704	)
Net assets
Beginning of period					1,357,418,282						1,778,398,986
End of period				$	1,423,482,452					$	1,357,418,282

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

12  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$46.62			$48.98			$56.66			$44.26			$37.69			$44.23
Net investment loss		(0.18	)1		(0.34	)1		(0.36	)		(0.35	)1		(0.28	)1		(0.22	)1
Net realized and unrealized gains (losses) on investments		13.47			2.49			(3.22	)		12.75			6.85			(6.05	)
Total from investment operations		13.29			2.15			(3.58	)		12.40			6.57			(6.27	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$59.91			$46.62			$48.98			$56.66			$44.26			$37.69
Total return2		28.51	%		3.70	%		(6.13	)%		28.02	%		17.43	%		(14.20	)%
Ratios to average net assets (annualized)
Gross expenses3		1.34	%		1.32	%		1.31	%		1.32	%		1.33	%		1.34	%
Net expenses3		1.29	%		1.32	%		1.31	%		1.32	%		1.33	%		1.34	%
Net investment loss3		(0.69	)%		(0.69	)%		(0.63	)%		(0.71	)%		(0.68	)%		(0.57	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$39,810			$36,534			$64,182			$76,065			$76,087			$128,675

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Small Company Growth Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$39.84			$42.75			$50.38			$39.65			$34.02			$40.25
Net investment loss		(0.32	)1		(0.61	)1		(0.66	)1		(0.64	)1		(0.54	)1		(0.46	)1
Net realized and unrealized gains (losses) on investments		11.53			2.21			(2.87	)		11.37			6.17			(5.50	)
Total from investment operations		11.21			1.60			(3.53	)		10.73			5.63			(5.96	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$51.05			$39.84			$42.75			$50.38			$39.65			$34.02
Total return2		28.14	%		2.92	%		(6.82	)%		27.06	%		16.55	%		(14.84	)%
Ratios to average net assets (annualized)
Gross expenses3		2.08	%		2.07	%		2.06	%		2.07	%		2.08	%		2.09	%
Net expenses3		2.04	%		2.07	%		2.06	%		2.07	%		2.08	%		2.09	%
Net investment loss3		(1.46	)%		(1.44	)%		(1.38	)%		(1.47	)%		(1.43	)%		(1.32	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$9,323			$9,336			$13,968			$19,979			$22,410			$26,946

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

14  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			2017			2016
Net asset value, beginning of period		$50.64			$52.65			$60.31			$46.91			$39.77			$46.45
Net investment loss		(0.08	)		(0.14	)1		(0.12	)		(0.14	)		(0.11	)		(0.03	)
Net realized and unrealized gains (losses) on investments		14.66			2.64			(3.44	)		13.54			7.25			(6.38	)
Total from investment operations		14.58			2.50			(3.56	)		13.40			7.14			(6.41	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$65.22			$50.64			$52.65			$60.31			$46.91			$39.77
Total return2		28.79	%		4.12	%		(5.73	)%		28.59	%		17.95	%		(13.83	)%
Ratios to average net assets (annualized)
Gross expenses3		0.91	%		0.90	%		0.88	%		0.89	%		0.90	%		0.91	%
Net expenses3		0.86	%		0.89	%		0.88	%		0.89	%		0.90	%		0.90	%
Net investment loss3		(0.28	)%		(0.27	)%		(0.20	)%		(0.29	)%		(0.25	)%		(0.09	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$431,304			$462,050			$564,516			$618,523			$418,111			$229,391

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Small Company Growth Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$48.87			$51.10			$58.85			$45.91			$39.05			$45.73
Net investment loss		(0.16	)1		(0.29	)1		(0.29	)1		(0.30	)1		(0.24	)1		(0.19	)1
Net realized and unrealized gains (losses) on investments		14.12			2.57			(3.36	)		13.24			7.10			(6.22	)
Total from investment operations		13.96			2.28			(3.65	)		12.94			6.86			(6.41	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$62.83			$48.87			$51.10			$58.85			$45.91			$39.05
Total return2		28.57	%		3.80	%		(6.02	)%		28.19	%		17.57	%		(14.04	)%
Ratios to average net assets (annualized)
Gross expenses3		1.26	%		1.24	%		1.23	%		1.24	%		1.25	%		1.25	%
Net expenses3		1.19	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss3		(0.60	)%		(0.57	)%		(0.51	)%		(0.60	)%		(0.55	)%		(0.46	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$58,486			$55,917			$87,850			$114,429			$130,311			$130,104

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

16  |  Wells Fargo Small Company Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$50.47			$52.51			$60.20			$46.85			$39.75			$46.44
Net investment loss		(0.10	)1		(0.17	)1		(0.15	)		(0.19	)		(0.15	)		(0.09	)
Net realized and unrealized gains (losses) on investments		14.60			2.64			(3.44	)		13.54			7.25			(6.33	)
Total from investment operations		14.50			2.47			(3.59	)		13.35			7.10			(6.42	)
Distributions to shareholders from
Net realized gains		0.00			(4.51	)		(4.10	)		0.00			0.00			(0.27	)
Net asset value, end of period		$64.97			$50.47			$52.51			$60.20			$46.85			$39.75
Total return2		28.73	%		4.07	%		(5.77	)%		28.50	%		17.86	%		(13.85	)%
Ratios to average net assets (annualized)
Gross expenses3		1.01	%		1.00	%		0.98	%		0.99	%		1.00	%		1.01	%
Net expenses3		0.94	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment loss3		(0.35	)%		(0.32	)%		(0.26	)%		(0.35	)%		(0.31	)%		(0.18	)%
Supplemental data
Portfolio turnover rate4		22	%		41	%		54	%		37	%		82	%		49	%
Net assets, end of period (000s omitted)		$884,559			$793,581			$1,047,883			$1,169,555			$1,014,847			$678,699

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.79	%
Year ended May 31, 2020	0.78	%
Year ended May 31, 2019	0.78	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%

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

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

Wells Fargo Small Company Growth Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Small Company Growth Portfolio (the “affiliated Master Portfolio”) which is a separate diversified portfolio of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 98% of Wells Fargo Small Company Growth Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Small Company Growth Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $960,758,123, and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	463,433,999
Gross unrealized losses		0
Net unrealized gains	$	463,433,999

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Growth Portfolio	Seeks long-term capital appreciation	$	1,424,192,122

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

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

Wells Fargo Small Company Growth Fund  |  19

Notes to financial statements (unaudited)

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.29% for Class A shares, 2.04% for Class C shares, 0.86% for Class R6 shares, 1.19% for Administrator Class shares and 0.94% 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 June 1, 2020, the Fund’s expenses were capped at 1.33% for Class A shares, 2.08% for Class C shares, 0.90% for Class R6 shares, 1.20% for Administrator Class shares and 0.95% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $462 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were $287,398,957 and $554,313,870, respectively.

6. 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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

20  |  Wells Fargo Small Company Growth Fund

Notes to financial statements (unaudited)

7. CONCENTRATION RISKS

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

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

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

Wells Fargo Small Company Growth Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.43%
Communication Services: 1.26%
Entertainment: 1.26%
Lions Gate Entertainment Class B †		605,355	$	5,436,088
Zynga Incorporated Class A †		1,564,773		12,909,377
				18,345,465
Consumer Discretionary: 9.39%
Auto Components: 0.73%
Fox Factory Holding Corporation †		121,981		10,645,282
Diversified Consumer Services: 0.41%
Strategic Education Incorporated		63,515		5,963,423
Hotels, Restaurants & Leisure: 2.02%
Extended Stay America Incorporated		691,900		9,485,949
International Game Technology		790,800		9,956,172
Papa John’s International Incorporated		123,092		9,891,673
				29,333,794
Household Durables: 0.81%
Skyline Champion Corporation †		383,389		11,781,544
Leisure Products: 0.74%
Callaway Golf Company		508,995		10,816,144
Multiline Retail: 0.99%
Ollie’s Bargain Outlet Holdings Incorporated †		163,132		14,365,404
Specialty Retail: 3.69%
American Eagle Outfitters Incorporated		594,061		10,687,157
Burlington Stores Incorporated †		50,134		10,956,284
Five Below Incorporated †		59,311		9,276,240
Monro Muffler Brake Incorporated		164,488		7,732,581
Sleep Number Corporation †		215,204		14,933,006
				53,585,268
Consumer Staples: 1.01%
Food & Staples Retailing: 1.01%
Performance Food Group Company †		337,534		14,642,225
Energy: 0.42%
Oil, Gas & Consumable Fuels: 0.42%
GasLog Limited «		584,730		1,724,954
Parsley Energy Incorporated Class A		350,944		4,397,328
				6,122,282
Financials: 11.05%
Banks: 1.69%
SVB Financial Group †		40,356		13,917,170
Triumph Bancorp Incorporated †		234,137		10,639,185
				24,556,355
Capital Markets: 4.24%
Evercore Partners Incorporated Class A		165,795		15,075,739
Focus Financial Partners Incorporated Class A †		352,981		13,981,577

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

22  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Capital Markets (continued)
Open Lending Corporation Ǡ		250,451	$	7,042,682
Stifel Financial Corporation		228,564		15,839,485
VIRTU Financial Incorporated Class A		427,955		9,753,094
				61,692,577
Consumer Finance: 0.58%
FirstCash Financial Services Incorporated		130,369		8,374,905
Insurance: 3.46%
Argo Group International Holdings Limited		200,594		7,861,279
BRP Group Incorporated Class A †		382,621		11,268,188
Goosehead Insurance Incorporated Class A		151,392		18,637,869
Palomar Holdings Incorporated †		188,936		12,488,670
				50,256,006
Thrifts & Mortgage Finance: 1.08%
Essent Group Limited		357,423		15,676,573
Health Care: 27.84%
Biotechnology: 8.18%
ACADIA Pharmaceuticals Incorporated †		125,479		7,109,640
Agios Pharmaceuticals Incorporated †		109,693		5,080,980
Amicus Therapeutics Incorporated †		488,609		11,184,260
Black Diamond Therapeutics Incorporated †		127,916		4,264,719
Blueprint Medicines Corporation †		125,246		13,536,588
Chemocentryx Incorporated †		125,074		6,897,831
Cytokinetics Incorporated †		372,806		6,263,141
Emergent BioSolutions Incorporated †		117,831		9,653,894
Flexion Therapeutics Incorporated Ǡ		347,358		3,720,204
Global Blood Therapeutics Incorprated †		138,415		6,354,633
Immunovant Incorporated †		120,167		5,911,015
Ionis Pharmaceuticals Incorporated †		128,801		6,508,315
Iovance Biotherapeutics Incorporated †		218,037		8,462,016
Ironwood Pharmaceuticals Incorporated †		743,901		8,569,740
Turning Point Therapeutics Incorporated †		80,862		8,611,803
Zymeworks Incorporated †		127,412		6,708,242
				118,837,021
Health Care Equipment & Supplies: 5.15%
Atricure Incorporated †		273,524		11,892,824
Axonics Modulation Technologies Incorporated †		344,429		15,116,989
Cardiovascular Systems Incorporated †		270,136		9,308,887
Cerus Corporation †		1,148,123		7,635,018
Novocure Limited †		61,404		7,715,413
Silk Road Medical Incorporated †		233,435		13,375,826
Tactile Systems Technology Class I †		226,336		9,757,345
				74,802,302
Health Care Providers & Services: 3.81%
AMN Healthcare Services Incorporated †		188,950		12,311,982
HealthEquity Incorporated †		186,169		13,346,456
Oak Street Health Incorporated †		180,570		8,517,487
PetIQ Incorporated †		368,948		10,618,323
U.S. Physical Therapy Incorporated		99,248		10,542,123
				55,336,371

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

Wells Fargo Small Company Growth Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care Technology: 3.90%
Allscripts Healthcare Solutions Incorporated †		806,118	$	11,027,694
Evolent Health Incorporated Class A †		615,864		8,948,504
Omnicell Incorporated †		174,470		18,293,180
Phreesia Incorporated †		303,325		13,394,832
Tabula Rasa Healthcare Incorporated Ǡ		145,028		4,997,665
				56,661,875
Life Sciences Tools & Services: 5.67%
Adaptive Biotechnologies Corporation †		240,249		11,584,807
Avantor Incorporated †		670,097		18,280,246
ICON plc ADR †		94,076		18,333,531
PRA Health Sciences Incorporated †		102,477		11,497,919
Syneos Health Incorporated †		345,029		22,716,709
				82,413,212
Pharmaceuticals: 1.13%
Pacira Pharmaceuticals Incorporated †		161,440		9,781,650
Theravance Biopharma Incorporated †		402,597		6,679,084
				16,460,734
Industrials: 17.17%
Aerospace & Defense: 0.92%
Kratos Defense & Security Solutions Incorporated †		629,833		13,333,565
Building Products: 2.84%
A.O. Smith Corporation		94,390		5,315,101
Masonite International Corporation †		154,627		15,470,431
PGT Incorporated †		394,450		7,344,659
The AZEK Company Incorporated †		369,641		13,203,577
				41,333,768
Commercial Services & Supplies: 1.37%
IAA Incorporated †		193,243		11,579,121
KAR Auction Services Incorporated		457,336		8,254,915
				19,834,036
Construction & Engineering: 0.56%
Dycom Industries Incorporated †		129,175		8,119,941
Electrical Equipment: 1.58%
Atkore International Incorporated †		273,854		10,674,829
Generac Holdings Incorporated †		56,790		12,243,924
				22,918,753
Machinery: 4.71%
Chart Industries Incorporated †		132,900		13,736,544
Ingersoll Rand Incorporated †		386,900		17,128,063
SPX Corporation †		344,545		17,651,040
Wabash National Corporation		578,825		10,233,626
Woodward Governor Company		86,140		9,633,036
				68,382,309
Professional Services: 3.82%
ASGN Incorporated †		250,932		19,617,864
Clarivate plc †		497,751		13,658,287

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

24  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Professional Services (continued)
FTI Consulting Incorporated †		73,995	$	7,770,955
ICF International Incorporated		199,253		14,431,895
				55,479,001
Road & Rail: 1.37%
Knight-Swift Transportation Holdings Incorporated		246,096		10,161,304
Schneider National Incorporated Class B		469,647		9,815,622
				19,976,926
Information Technology: 25.35%
Communications Equipment: 2.32%
Ciena Corporation †		419,079		18,774,739
Lumentum Holdings Incorporated †		173,769		15,010,166
				33,784,905
IT Services: 5.24%
Black Knight Incorporated †		221,911		20,331,486
EVO Payments Incorporated Class A †		433,891		10,908,020
KBR Incorporated		436,572		12,123,604
LiveRamp Holdings Incorporated †		295,209		17,272,679
Verra Mobility Corporation †		499,489		6,093,766
WEX Incorporated †		54,030		9,360,157
				76,089,712
Semiconductors & Semiconductor Equipment: 3.89%
CMC Materials Incorporated		72,048		11,115,565
FormFactor Incorporated †		233,570		9,576,370
Onto Innovation Incorporated †		267,354		11,819,720
Silicon Motion Technology Corporation ADR		222,556		8,831,022
Teradyne Incorporated		137,506		15,172,412
				56,515,089
Software: 13.90%
Box Incorporated Class A †		720,380		13,463,902
Cloudera Incorporated †		599,769		7,005,302
Cornerstone OnDemand Incorporated †		280,529		12,385,355
CyberArk Software Limited †		115,389		13,254,734
Mimecast Limited †		279,736		12,582,525
Nuance Communications Incorporated †		497,230		21,445,530
Pagerduty Incorporated †		462,531		15,920,314
PTC Incorporated †		226,358		24,412,710
RealPage Incorporated †		298,547		20,596,758
Sprout Social Incorporated Class A †		228,649		11,747,986
SS&C Technologies Holdings Incorporated		318,642		21,951,247
Talend SA ADR †		129,039		4,842,834
Zendesk Incorporated †		96,357		12,863,660
Zuora Incorporated †		829,364		9,446,456
				201,919,313
Materials: 3.38%
Chemicals: 1.70%
Element Solutions Incorporated		1,042,966		14,403,360
Orion Engineered Carbons SA		663,935		10,330,829
				24,734,189

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

Wells Fargo Small Company Growth Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

						Shares		Value
Metals & Mining: 0.75%
Steel Dynamics Incorporated							300,689	$	10,887,949
Paper & Forest Products: 0.93%
Boise Cascade Company							310,492		13,428,779
Real Estate: 1.56%
Equity REITs: 1.56%
QTS Realty Trust Incorporated Class A							182,537		10,844,523
Ryman Hospitality Properties Incorporated							183,057		11,750,429
									22,594,952
Total Common Stocks (Cost $904,335,955)									1,430,001,949
				Expiration date
Rights: 0.00%
Communication Services: 0.00%
Media: 0.00%
Media General Incorporated †(a)					12-31-2020		347,897		0
Total Rights (Cost $0)									0
	Yield
Short-Term Investments: 2.25%
Investment Companies: 2.25%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%				9,406,660		9,406,660
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02					23,334,146		23,334,146
Total Short-Term Investments (Cost $32,740,806)									32,740,806

Total investments in securities (Cost $937,076,761)	100.68	%		1,462,742,755
Other assets and liabilities, net	(0.68	)		(9,951,272	)
Total net assets	100.00	%	$	1,452,791,483

† Non-income-earning security

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

REIT Real estate investment trust

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

26  |  Wells Fargo Small Company Growth Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sale proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares end of period		Income from affiliated securities
Short-Term Invesstments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	76,915,805	$	(67,509,145	)	$	0	$	0	$	9,406,660					9,406,660	$	5,736	#
Wells Fargo Government Money Market Fund Select Class		39,427,080		304,407,269		(320,500,203	)		0		0		23,334,146					23,334,146		11,467
								$	0	$	0	$	32,740,806		2.25	%			$	17,203

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Small Company Growth Portfolio  |  27

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $9,176,541 of securities loaned), at value (cost $904,335,955)	$	1,430,001,949
Investments in affiliated securities, at value (cost $32,740,806)		32,740,806
Receivable for investments sold		839,706
Receivable for dividends		549,470
Receivable for securities lending income, net		8,039
Prepaid expenses and other assets		68,393
Total assets		1,464,208,363
Liabilities
Payable upon receipt of securities loaned		9,406,660
Payable for investments purchased		1,084,698
Advisory fee		905,794
Accrued expenses and other liabilities		19,728
Total liabilities		11,416,880
Total net assets	$	1,452,791,483

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

28  |  Wells Fargo Small Company Growth Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends	$	4,070,430
Income from affiliated securities		42,619
Total investment income		4,113,049
Expenses
Advisory fee		5,437,878
Custody and accounting fees		47,698
Professional fees		23,119
Shareholder report expenses		3,596
Trustees’ fees and expenses		9,582
Other fees and expenses		23,805
Total expenses		5,545,678
Net investment loss		(1,432,629	)
Realized and unrealized gains (losses) on investments
Net realized gains on investments		172,149,103
Net change in unrealized gains (losses) on investments		184,474,903
Net realized and unrealized gains (losses) on investments		356,624,006
Net increase in net assets resulting from operations	$	355,191,377

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

Wells Fargo Small Company Growth Portfolio  |  29

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment loss	$	(1,432,629	)	$	(2,562,794	)
Net realized gains on investments		172,149,103			108,634,846
Net change in unrealized gains (losses) on investments		184,474,903			(27,501,699	)
Net increase in net assets resulting from operations		355,191,377			78,570,353
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,575,021			51,028,631
Withdrawals		(294,355,535	)		(551,302,982	)
Net decrease in net assets resulting from capital share transactions		(287,780,514	)		(500,274,351	)
Total increase (decrease) in net assets		67,410,863			(421,703,998	)
Net assets
Beginning of period		1,385,380,620			1,807,084,618
End of period	$	1,452,791,483		$	1,385,380,620

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

30  |  Wells Fargo Small Company Growth Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		28.83	%		4.08	%		(5.64	)%		28.74	%		18.15	%		(13.86	)%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.78	%		0.78	%		0.79	%		0.80	%
Net expenses		0.79	%		0.78	%		0.78	%		0.78	%		0.79	%		0.80	%
Net investment loss		(0.20	)%		(0.16	)%		(0.09	)%		(0.18	)%		(0.14	)%		(0.03	)%
Supplemental data
Portfolio turnover rate		22	%		41	%		54	%		37	%		82	%		49	%

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

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

Wells Fargo Small Company Growth Portfolio  |  31

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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

Security transactions and income recognition

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

32  |  Wells Fargo Small Company Growth Portfolio

Notes to financial statements (unaudited)

Dividend income is recognized on the ex-dividend date.

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $964,179,219 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	561,350,752
Gross unrealized losses		(62,787,216	)
Net unrealized gains	$	498,563,536

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Wells Fargo Small Company Growth Portfolio  |  33

Notes to financial statements (unaudited)

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	18,345,465	$	0	$	0	$	18,345,465
Consumer discretionary		136,490,859						136,490,859
Consumer staples		14,642,225		0		0		14,642,225
Energy		6,122,282		0		0		6,122,282
Financials		160,556,416		0		0		160,556,416
Health care		404,511,515		0		0		404,511,515
Industrials		249,378,299		0		0		249,378,299
Information technology		368,309,019		0		0		368,309,019
Materials		49,050,917		0		0		49,050,917
Real estate		22,594,952		0		0		22,594,952
Rights
Communication services		0		0		0		0
Short-term investments
Investment companies		32,740,806		0		0		32,740,806
Total assets	$	1,462,742,755	$	0	$	0	$	1,462,742,755

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

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

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.78% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate of 0.38% of the Portfolio’s average daily net assets. Prior to June 1, 2020, the subadviser received an annual fee which started at 0.50% and declined to 0.45% as the average daily net assets of the Portfolio increased.

34  |  Wells Fargo Small Company Growth Portfolio

Notes to financial statements (unaudited)

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $293,170,247 and $565,445,109, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily 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.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Bank of America Securities Inc.	$	6,959,520	$	(6,959,520	)	$	0
BNP Paribas Securities Corp.		235,876		(235,876	)		0
Citigroup Global Markets Inc.		417,950		(417,950	)		0
Credit Suisse Securities (USA) LLC		109,200		(109,200	)		0
Deutsche Bank Securities Inc.		409,055		(409,055	)		0
National Financial Services LLC		71,140		(71,140	)		0
UBS Securities LLC		973,800		(973,800	)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. CONCENTRATION RISKS

Concentration risks result from exposure to a limited number of sectors. As of the end of the period, the Portfolio concentrated its portfolio in investments related to 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.

Wells Fargo Small Company Growth Portfolio  |  35

Notes to financial statements (unaudited)

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

36  |  Wells Fargo Small Company Growth Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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 Small Company Growth Fund  |  37

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 144 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 Chair, 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

38  |  Wells Fargo Small Company Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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 Small Company Growth Fund  |  39

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 and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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.

40  |  Wells Fargo Small Company Growth Fund

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

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

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

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00733 01-20

SA285/SAR285 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo

Small Company Value Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Small Company Value Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Small Company Value Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	28
Statement of operations	29
Statement of changes in net assets	30
Financial highlights	31
Notes to financial statements	32
Other information	36

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 November 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 Small Company Value Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Value Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Small Company Value Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Small Company Value Fund  |  3

Letter to shareholders (unaudited)

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.

4  |  Wells Fargo Small Company Value Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective    

The Fund seeks long-term capital appreciation.     

Manager    

Wells Fargo Funds Management, LLC    

Subadviser for the affiliated master portfolio¹    

Wells Capital Management Incorporated    

Portfolio managers    

Jeff Goverman    

Garth R. Nisbet, CFA^®‡    

Craig Pieringer, CFA^®‡    

Ryan H. Smith, CFA^®‡*

Samuel D. Smith, CFA^®‡*

Average annual total returns (%) as of November 30, 2020    

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SCVAX)	1-31-2002		-7.11		4.42		7.75		-1.44		5.66		8.39		1.33		1.15
Class C (SCVFX)	8-30-2002		-3.00		4.91		7.60		-2.00		4.91		7.60		2.08		1.90
Class R6 (SCVJX)4	10-31-2016		–		–		–		-0.99		6.10		8.75		0.90		0.75
Administrator Class (SCVIX)	1-31-2002		–		–		–		-1.34		5.79		8.58		1.25		1.05
Institutional Class (SCVNX)5	7-30-2010		–		–		–		-1.12		6.02		8.80		1.00		0.85
Russell 2000® Value Index6	–		–		–		–		0.35		6.83		8.70		–		–

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

Please see footnotes on page 7.

6  |  Wells Fargo Small Company Value Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20207
Alaska Air Group Incorporated	1.44
Schnitzer Steel Industries Incorporated Class A	1.41
Synovus Financial Corporation	1.39
Dana Incorporated	1.38
Piper Jaffray Companies Incorporated	1.38
Walker & Dunlop Incorporated	1.36
Western Alliance Bancorp	1.35
Ameris Bancorp	1.32
Axos Financial Incorporated	1.26
Atlantic Union Bankshares Corporation	1.24

Sector allocation as of November 30, 2020⁸

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

* Ryan Smith and Samuel Smith became portfolio managers of the Fund on January 12, 2021.

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

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

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

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

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

⁶  The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁷  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁸  Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Small Company Value Fund  |  7

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,270.04	$	6.43		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.40	$	5.72		1.13	%
Class C
Actual	$	1,000.00	$	1,267.71	$	10.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
R6 Class
Actual	$	1,000.00	$	1,273.95	$	4.28		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Administrator Class
Actual	$	1,000.00	$	1,270.86	$	5.98		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,272.90	$	4.84		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%

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

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

8  |  Wells Fargo Small Company Value Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.03%
Affiliated Master Portfolio: 100.03%
Wells Fargo Small Company Value Portfolio	$	383,705,483
Total Investment Companies (Cost $333,955,430)		383,705,483

Total investments in securities (Cost $333,955,430)	100.03	%		383,705,483
Other assets and liabilities, net	(0.03	)		(134,222	)
Total net assets	100.00	%	$	383,571,261

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Value Portfolio		80	%		83	%	$	511,980	$	81,737,956	$	3,505,533	$	22,407	$	383,705,483		100.03	%

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

Wells Fargo Small Company Value Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $333,955,430)	$	383,705,483
Receivable for Fund shares sold		222,535
Receivable from manager		35,374
Prepaid expenses and other assets		182,334
Total assets		384,145,726
Liabilities
Payable for Fund shares redeemed		459,737
Administration fees payable		58,592
Distribution fee payable		1,708
Trustees’ fees and expenses payable		1,389
Accrued expenses and other liabilities		53,039
Total liabilities		574,465
Total net assets		$383,571,261
Net assets consist of
Paid-in capital	$	380,541,014
Total distributable earnings		3,030,247
Total net assets	$	383,571,261
Computation of net asset value and offering price per share
Net assets – Class A	$	308,601,320
Shares outstanding – Class A1		11,590,740
Net asset value per share – Class A		$26.62
Maximum offering price per share – Class A2		$28.24
Net assets – Class C	$	2,648,020
Shares outstanding – Class C1		112,950
Net asset value per share – Class C		$23.44
Net assets – Class R6	$	7,422,246
Shares outstanding – Class R61		269,636
Net asset value per share – Class R6		$27.53
Net assets – Administrator Class	$	21,962,531
Shares outstanding – Administrator Class1		805,729
Net asset value per share – Administrator Class		$27.26
Net assets – Institutional Class	$	42,937,144
Shares outstanding – Institutional Class1		1,568,454
Net asset value per share – Institutional Class		$27.38

¹  Each Fund has an unlimited number of authorized shares.

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

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

10  |  Wells Fargo Small Company Value Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends allocated from affiliated Master Portfolio (net foreign withholding taxes of $2,739)	$	3,505,533
Affiliated income allocated from affiliated Master Portfolio		22,407
Expenses allocated from affiliated Master Portfolio		(1,405,600	)
Waivers allocated from affiliated Master Portfolio		149,334
Total investment income		2,271,674
Expenses
Management fee		84,952
Administration fees
Class A		290,586
Class C		4,064
Class R6		861
Administrator Class		11,401
Institutional Class		23,340
Shareholder servicing fees
Class A		344,751
Class C		4,795
Administrator Class		21,827
Distribution fee
Class C		14,352
Custody and accounting fees		3,071
Professional fees		16,543
Registration fees		65,655
Shareholder report expenses		23,715
Trustees’ fees and expenses		11,029
Other fees and expenses		6,750
Total expenses		927,692
Less: Fee waivers and/or expense reimbursements
Fund-level		(240,679	)
Class A		(68,998	)
Class C		(386	)
Administrator Class		(4,373	)
Net expenses		613,256
Net investment income		1,658,418
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		511,980
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		81,737,956
Net realized and unrealized gains (losses) on investments		82,249,936
Net increase in net assets resulting from operations	$	83,908,354

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

Wells Fargo Small Company Value Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	1,658,418					$	2,260,170
Net realized gains (losses) on investments					511,980						(36,100,494	)
Net change in unrealized gains (losses) on investments					81,737,956						(40,806,657	)
Net increase (decrease) in net assets resulting from operations					83,908,354						(74,646,981	)
Distributions to shareholders from net investment income and net realized gains
Class A					0						(1,775,108	)
Class C					0						(20,482	)
Class R6					0						(57,654	)
Administrator Class					0						(132,559	)
Institutional Class					0						(389,037	)
Total distributions to shareholders					0						(2,374,840	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		471,826			10,788,939			660,800			16,227,538
Class C		1,572			30,548			9,961			227,898
Class R6		134,614			3,129,254			64,570			1,642,037
Administrator Class		165,688			3,860,814			106,132			2,470,380
Institutional Class		248,570			5,972,054			309,975			7,352,769
					23,781,609						27,920,622
Reinvestment of distributions
Class A		0			0			61,791			1,738,175
Class C		0			0			745			18,543
Class R6		0			0			1,984			57,454
Administrator Class		0			0			4,358			125,424
Institutional Class		0			0			13,253			382,205
					0						2,321,801
Payment for shares redeemed
Class A		(1,437,623	)		(32,661,166	)		(1,647,283	)		(40,312,932	)
Class C		(129,007	)		(2,619,937	)		(150,237	)		(3,268,340	)
Class R6		(165,981	)		(3,765,249	)		(949,988	)		(24,922,236	)
Administrator Class		(88,043	)		(2,105,061	)		(185,643	)		(4,423,218	)
Institutional Class		(245,849	)		(5,643,390	)		(876,293	)		(21,210,870	)
					(46,794,803	)					(94,137,596	)
Net asset value of shares issue in acquisition
Class A		0			0			12,989,900			337,017,442
Class C		0			0			328,733			7,545,278
Class R6		0			0			1,155,117			30,863,882
Administrator Class		0			0			242,559			6,444,855
Institutional Class		0			0			786,790			20,969,975
					0						402,841,432
Net increase (decrease) in net assets resulting from capital share transactions					(23,013,194	)					338,946,259
Total increase in net assets					60,895,160						261,924,438
Net assets
Beginning of period					322,676,101						60,751,663
End of period				$	383,571,261					$	322,676,101

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

12  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$20.91			$24.22			$28.60			$24.01			$20.22			$21.42
Net investment income		0.11			0.18	1		0.09			0.09			0.05			0.08
Net realized and unrealized gains (losses) on investments		5.60			(3.35	)		(4.31	)		4.58			3.75			(1.25	)
Total from investment operations		5.71			(3.17	)		(4.22	)		4.67			3.80			(1.17	)
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.16	)		(0.08	)		(0.01	)		(0.03	)
Net asset value, end of period		$26.62			$20.91			$24.22			$28.60			$24.01			$20.22
Total return2		27.31	%		(13.25	)%		(14.72	)%		19.48	%		18.86	%		(5.48	)%
Ratios to average net assets (annualized)
Gross expenses3		1.32	%		1.32	%		1.49	%		1.47	%		1.47	%		1.48	%
Net expenses3		1.13	%		1.13	%		1.15	%		1.33	%		1.35	%		1.37	%
Net investment income3		0.94	%		0.74	%		0.38	%		0.46	%		0.20	%		0.11	%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$308,601			$262,574			$11,902			$15,665			$16,280			$23,151

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

Wells Fargo Small Company Value Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$18.43			$21.48			$25.38			$21.40			$18.15			$19.34
Net investment income (loss)		0.02	1		0.01	1		(0.08	)1		(0.07	)1		(0.11	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		4.99			(3.00	)		(3.82	)		4.05			3.36			(1.08	)
Total from investment operations		5.01			(2.99	)		(3.90	)		3.98			3.25			(1.19	)
Distributions to shareholders from
Net investment income		0.00			(0.06	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$23.44			$18.43			$21.48			$25.38			$21.40			$18.15
Total return2		27.18	%		(13.98	)%		(15.37	)%		18.60	%		17.97	%		(6.20	)%
Ratios to average net assets (annualized)
Gross expenses3		2.06	%		2.08	%		2.22	%		2.21	%		2.22	%		2.23	%
Net expenses3		1.90	%		1.90	%		1.90	%		2.08	%		2.10	%		2.12	%
Net investment income (loss)3		0.17	%		0.02	%		(0.35	)%		(0.29	)%		(0.54	)%		(0.62	)%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$2,648			$4,431			$1,099			$1,980			$1,962			$2,004

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

14  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			20171
Net asset value, beginning of period		$21.56			$24.92			$29.44			$24.69			$21.37
Net investment income		0.16	2		0.31			0.21	2		0.29	2		0.08
Net realized and unrealized gains (losses) on investments		5.81			(3.50	)		(4.45	)		4.65			3.33
Total from investment operations		5.97			(3.19	)		(4.24	)		4.94			3.41
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.28	)		(0.19	)		(0.09	)
Net asset value, end of period		$27.53			$21.56			$24.92			$29.44			$24.69
Total return3		27.69	%		(12.97	)%		(14.38	)%		20.03	%		15.95	%
Ratios to average net assets (annualized)
Gross expenses4		0.89	%		0.90	%		1.09	%		1.03	%		1.02	%
Net expenses4		0.75	%		0.75	%		0.75	%		0.88	%		0.90	%
Net investment income4		1.37	%		1.22	%		0.77	%		1.04	%		0.58	%
Supplemental data
Portfolio turnover rate5		43	%		78	%		168	%		144	%		110	%
Net assets, end of period (000s omitted)		$7,422			$6,491			$731			$322			$29

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

²  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 20171	0.83	%

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

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

Wells Fargo Small Company Value Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.40			$24.80			$29.23			$24.53			$20.66			$21.90
Net investment income		0.12	1		0.21	1		0.14	1		0.20			0.08	1		0.13
Net realized and unrealized gains (losses) on investments		5.74			(3.43	)		(4.43	)		4.63			3.83			(1.30	)
Total from investment operations		5.86			(3.22	)		(4.29	)		4.83			3.91			(1.17	)
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.14	)		(0.13	)		(0.04	)		(0.07	)
Net asset value, end of period		$27.26			$21.40			$24.80			$29.23			$24.53			$20.66
Total return2		27.38	%		(13.18	)%		(14.65	)%		19.71	%		19.00	%		(5.36	)%
Ratios to average net assets (annualized)
Gross expenses3		1.24	%		1.32	%		1.35	%		1.38	%		1.39	%		1.39	%
Net expenses3		1.05	%		1.05	%		1.05	%		1.19	%		1.20	%		1.20	%
Net investment income3		1.00	%		0.82	%		0.49	%		0.59	%		0.36	%		0.28	%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$21,963			$15,581			$13,905			$60,379			$57,591			$64,023

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

16  |  Wells Fargo Small Company Value Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$21.46			$24.86			$29.40			$24.68			$20.77			$22.02
Net investment income		0.14			0.25			0.19	1		0.21			0.11			0.08	1
Net realized and unrealized gains (losses) on investments		5.78			(3.43	)		(4.45	)		4.69			3.89			(1.22	)
Total from investment operations		5.92			(3.18	)		(4.26	)		4.90			4.00			(1.14	)
Distributions to shareholders from
Net investment income		0.00			(0.22	)		(0.28	)		(0.18	)		(0.09	)		(0.11	)
Net asset value, end of period		$27.38			$21.46			$24.86			$29.40			$24.68			$20.77
Total return2		27.59	%		(13.03	)%		(14.46	)%		19.90	%		13.70	%		(5.13	)%
Ratios to average net assets (annualized)
Gross expenses3		0.99	%		1.07	%		1.14	%		1.14	%		1.14	%		1.14	%
Net expenses3		0.85	%		0.85	%		0.85	%		0.99	%		1.00	%		1.00	%
Net investment income3		1.23	%		1.04	%		0.68	%		0.78	%		0.55	%		0.40	%
Supplemental data
Portfolio turnover rate4		43	%		78	%		168	%		144	%		110	%		72	%
Net assets, end of period (000s omitted)		$42,937			$33,600			$33,116			$60,973			$52,072			$31,768

¹  Calculated based upon average shares outstanding

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

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

Six months ended November 30, 2020 (unaudited)	0.74	%
Year ended May 31, 2020	0.74	%
Year ended May 31, 2019	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%

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

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

Wells Fargo Small Company Value Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

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

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Small Company Value Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 83% of Wells Fargo Small Company Value Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments which are not valued using the method 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.

Investment transactions, income and expenses

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

Distributions to shareholders

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

Federal and other taxes

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

18  |  Wells Fargo Small Company Value Fund

Notes to financial statements (unaudited)

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $336,994,123 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	46,711,360
Gross unrealized losses		0
Net unrealized gain	$	46,711,360

As of May 31, 2020, the Fund had capital loss carryforwards which consisted of $31,483,064 in short-term capital losses and $3,107,998 in long-term capital losses. Losses may be subject to certain limitations under Sections 382-384 of the InternalRevenue Code.

As of May 31, 2020, the Fund had a qualified late-year ordinary loss of $161,669 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation	$383,705,483

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Wells Fargo Small Company Value Fund  |  19

Notes to financial statements (unaudited)

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

Administration fees

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

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

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.75% for Class R6 shares, 1.05% for Administrator Class shares and 0.85% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $910 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $147,075,891 and $182,725,879, respectively.

6. ACQUISITION

After the close of business on September 20, 2019, the Fund acquired the net assets of Wells Fargo Small Cap Value Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Wells Fargo Small Cap Value Fund transferred all of its portfolio securities to Wells Fargo Small Company Value Portfolio (a master portfolio in which it invested all of its assets) in exchange for interests in Wells Fargo Small Company Value Portfolio. Immediately thereafter, Wells Fargo Small Cap Value Fund transferred all of its equity interests in Wells Fargo Small Company Value Portfolio to

20  |  Wells Fargo Small Company Value Fund

Notes to financial statements (unaudited)

Wells Fargo Small Cap Value Fund in exchange for shares of the Fund. Shareholders holding Class A, Class C, Class R6, Administrator Class, and Institutional Class shares of Wells Fargo Small Cap Value Fund received Class A, Class C, Class R6, Administrator Class, and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Small Cap Value Fund for 15,503,099 shares of the Fund valued at $402,841,432 at an exchange ratio of 0.45, 0.28, 0.49, 0.49, and 0.49 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Wells Fargo Small Cap Value Fund with a fair value of $399,448,746, identified cost of $378,004,130 and unrealized gains of $21,444,616 at September 20, 2019 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Small Cap Value Fund and the Fund immediately prior to the acquisition were $402,841,432 and $58,675,150, respectively. The aggregate net assets of the Fund immediately after the acquisition were $461,516,582. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Small Cap Value Fund was carried forward to align with ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

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

Wells Fargo Small Company Value Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 98.98%
Communication Services: 0.47%
Entertainment: 0.47%
Cinemark Holdings Incorporated		139,624	$	2,157,192
Consumer Discretionary: 16.74%
Auto Components: 1.38%
Dana Incorporated		377,502		6,357,134
Diversified Consumer Services: 0.40%
Collectors Universe Incorporated		24,124		1,861,167
Hotels, Restaurants & Leisure: 3.39%
Dave & Buster’s Entertainment Incorporated «		85,191		2,157,036
Del Taco Restaurants Incorporated †		308,108		2,726,756
Denny’s Corporation †		235,664		2,712,493
Dine Brands Global Incorporated		39,648		2,496,635
Wyndham Hotels & Resorts Incorporated		96,121		5,526,958
				15,619,878
Household Durables: 3.81%
Beazer Homes Incorporated †		216,726		3,209,712
GoPro Incorporated Class A †		496,697		3,471,912
Green Brick Partners Incorporated †		116,569		2,537,707
Hamilton Beach Brand Class A		74,980		1,408,124
Hooker Furniture Corporation		158,394		4,794,586
iRobot Corporation Ǡ		27,239		2,136,355
				17,558,396
Internet & Direct Marketing Retail: 0.16%
Stamps.com Incorporated †		3,845		720,784
Leisure Products: 1.07%
Johnson Outdoors Incorporated Class A		31,874		2,664,666
Malibu Boats Incorporated Class A †		39,837		2,270,311
				4,934,977
Multiline Retail: 1.66%
Big Lots Stores Incorporated		89,202		4,609,067
Nordstrom Incorporated «		116,629		3,023,024
				7,632,091
Specialty Retail: 3.10%
American Eagle Outfitters Incorporated		292,251		5,257,595
Dick’s Sporting Goods Incorporated		58,538		3,325,544
Shoe Carnival Incorporated		122,666		4,485,896
Urban Outfitters Incorporated †		44,818		1,227,117
				14,296,152
Textiles, Apparel & Luxury Goods: 1.77%
Carter’s Incorporated		21,202		1,886,766
Lakeland Industries Incorporated †		123,509		2,447,948
Rocky Brands Incorporated		131,113		3,802,277
				8,136,991

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

22  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Energy: 3.68%
Energy Equipment & Services: 1.81%
Helmerich & Payne Incorporated		195,566	$	4,453,038
Patterson-UTI Energy Incorporated		899,418		3,876,492
				8,329,530
Oil, Gas & Consumable Fuels: 1.87%
Diamondback Energy Incorporated		102,447		4,093,782
Southwestern Energy Company †		953,313		2,964,803
W&T Offshore Incorporated Ǡ		789,069		1,546,575
				8,605,160
Financials: 23.50%
Banks: 16.18%
Ameris Bancorp		179,087		6,090,749
Atlantic Union Bankshares Corporation		191,187		5,718,403
Banc of California Incorporated		169,864		2,259,191
Banner Corporation		110,160		4,552,913
Customers Bancorp Incorporated †		193,141		3,262,151
FB Financial Corporation		129,204		4,124,192
First Foundation Incorporated		225,404		4,003,175
First Interstate BancSystem Class A		124,844		4,750,314
Great Southern Bancorp Incorporated		80,973		3,716,661
Heritage Financial Corporation		193,037		4,491,971
Independent Bank Corporation		140,165		2,384,207
Midland States Bancorp Incorporated		151,969		2,575,875
OceanFirst Financial Corporation		184,113		2,903,462
OFG Bancorp		232,843		3,900,120
Synovus Financial Corporation		202,458		6,391,599
Umpqua Holdings Corporation		290,956		4,041,379
Univest Corporation of Pennsylvania		172,205		3,153,074
Western Alliance Bancorp		121,257		6,216,846
				74,536,282
Capital Markets: 1.38%
Piper Jaffray Companies Incorporated		68,970		6,356,965
Insurance: 1.58%
American Equity Investment Life Holding Company		91,784		2,412,084
FBL Financial Group Incorporated		54,400		2,828,800
State Auto Financial Corporation		75,209		1,129,639
United Fire Group Incorporated		41,591		909,595
				7,280,118
Mortgage REITs: 0.84%
Capstead Mortgage Corporation		683,908		3,850,402
Thrifts & Mortgage Finance: 3.52%
Axos Financial Incorporated †		172,570		5,781,095
Homestreet Incorporated		128,484		4,156,457
Walker & Dunlop Incorporated		78,434		6,275,504
				16,213,056

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

Wells Fargo Small Company Value Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Health Care: 5.40%
Biotechnology: 0.82%
Eagle Pharmaceuticals Incorporated †		10,555	$	480,253
Five Prime Therapeutics Incorporated †		174,938		3,288,834
				3,769,087
Health Care Equipment & Supplies: 1.58%
AngioDynamics Incorporated †		129,886		1,846,979
ICU Medical Incorporated †		12,192		2,300,630
Merit Medical Systems Incorporated †		56,613		3,117,678
				7,265,287
Health Care Providers & Services: 2.68%
AMN Healthcare Services Incorporated †		52,494		3,420,509
Brookdale Senior Living Incorporated †		397,621		1,685,913
LHC Group Incorporated †		5,851		1,148,668
Option Care Health Incorporated †		159,995		2,519,921
The Ensign Group Incorporated		49,891		3,585,666
				12,360,677
Health Care Technology: 0.32%
Computer Programs & Systems Incorporated		52,340		1,488,026
Industrials: 22.91%
Aerospace & Defense: 1.06%
Ducommun Incorporated †		98,513		4,898,066
Air Freight & Logistics: 0.52%
Radiant Logistics Incorporated †		404,206		2,392,900
Airlines: 2.08%
Alaska Air Group Incorporated		130,525		6,652,859
SkyWest Incorporated		68,328		2,933,321
				9,586,180
Building Products: 2.28%
American Woodmark Corporation †		49,650		4,344,872
CSW Industrials Incorporated		24,864		2,667,659
Patrick Industries Incorporated		55,180		3,478,547
				10,491,078
Commercial Services & Supplies: 2.77%
ABM Industries Incorporated		95,906		3,692,381
Healthcare Services Group Incorporated		103,200		2,442,744
Herman Miller Incorporated		151,631		5,404,129
Stericycle Incorporated †		17,359		1,222,768
				12,762,022
Construction & Engineering: 2.08%
Comfort Systems Incorporated		52,348		2,637,816
Great Lakes Dredge & Dock Company †		133,748		1,510,015
MYR Group Incorporated †		38,687		1,978,066
Northwest Pipe Company †		62,134		1,788,217
Sterling Construction Company Incorporated †		102,745		1,642,893
				9,557,007

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

24  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Electrical Equipment: 2.21%
Atkore International Incorporated †		123,204	$	4,802,492
Encore Wire Corporation		26,585		1,373,647
Regal-Beloit Corporation		33,466		3,983,793
				10,159,932
Machinery: 6.28%
Columbus McKinnon Corporation		63,255		2,390,406
Federal Signal Corporation		83,339		2,586,009
Hillenbrand Incorporated		134,520		5,040,464
Kadant Incorporated		29,650		3,792,532
Lydall Incorporated †		86,741		2,376,703
Miller Industries Incorporated		107,646		3,594,300
Mueller Water Products Incorporated Class A		210,380		2,497,211
Rexnord Corporation		75,969		2,849,597
The Shyft Group Incorporated		146,265		3,792,651
				28,919,873
Professional Services: 1.07%
CBIZ Incorporated †		54,185		1,312,361
Kelly Services Incorporated Class A		176,942		3,620,233
				4,932,594
Road & Rail: 1.06%
Arcbest Corporation		116,813		4,895,633
Trading Companies & Distributors: 1.50%
BMC Stock Holdings Incorporated †		78,417		3,837,728
CAI International Incorporated		97,489		3,085,527
				6,923,255
Information Technology: 8.54%
Communications Equipment: 0.62%
NETGEAR Incorporated †		89,472		2,846,104
Electronic Equipment, Instruments & Components: 3.04%
ePlus Incorporated †		32,327		2,725,489
Insight Enterprises Incorporated †		67,895		4,853,135
Methode Electronics Incorporated		112,274		3,931,835
PC Connection Incorporated		54,816		2,502,350
				14,012,809
IT Services: 1.53%
Conduent Incorporated †		676,117		2,853,214
Hackett Group Incorporated		14,521		204,456
TTEC Holdings Incorporated		37,291		2,523,109
Unisys Corporation †		101,903		1,485,746
				7,066,525
Semiconductors & Semiconductor Equipment: 2.47%
Cirrus Logic Incorporated †		25,478		2,040,788
Diodes Incorporated †		29,328		1,993,131
FormFactor Incorporated †		61,252		2,511,332
Ichor Holdings Limited †		71,087		2,267,675
Onto Innovation Incorporated †		57,691		2,550,519
				11,363,445

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

Wells Fargo Small Company Value Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Software: 0.23%
American Software Incorporated Class A		65,316	$	1,072,489
Technology Hardware, Storage & Peripherals: 0.65%
NCR Corporation †		107,737		2,981,083
Materials: 8.91%
Chemicals: 2.93%
Hawkins Incorporated		57,504		2,885,551
Ingevity Corporation †		61,355		4,085,016
Minerals Technologies Incorporated		86,423		5,243,283
Stepan Company		10,982		1,275,669
				13,489,519
Construction Materials: 1.07%
Eagle Materials Incorporated		54,280		4,938,937
Containers & Packaging: 0.38%
UFP Technologies Incorporated †		39,500		1,740,765
Metals & Mining: 3.67%
Kaiser Aluminum Corporation		68,445		5,337,341
Schnitzer Steel Industries Incorporated Class A		253,761		6,501,357
United States Steel Corporation		355,820		5,049,086
				16,887,784
Paper & Forest Products: 0.86%
Schweitzer-Mauduit International Incorporated		114,098		3,968,328
Real Estate: 8.83%
Equity REITs: 8.83%
Agree Realty Corporation		45,207		2,979,141
American Campus Communities Incorporated		79,191		3,151,802
Armada Hoffler Properties Incorporated		271,395		2,879,501
Global Medical REIT Incorporated		198,134		2,712,454
Independence Realty Trust Incorporated		285,382		3,675,720
Investors Real Estate Trust		31,812		2,207,753
Lexington Corporate Properties Trust		205,949		2,102,739
Monmouth Real Estate Investment Corporation		147,786		2,191,666
One Liberty Properties Incorporated		133,722		2,377,577
Outfront Media Incorporated		215,894		4,089,032
PotlatchDeltic Corporation		91,580		4,262,133
Retail Opportunity Investment Corporation		64,077		831,719
RLJ Lodging Trust		157,208		1,938,375
STAG Industrial Incorporated		113,214		3,371,513
Summit Hotel Properties Incorporated		217,987		1,894,307
				40,665,432
Total Common Stocks (Cost $378,017,724)				455,881,112

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

26  |  Wells Fargo Small Company Value Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

				Expiration date		Shares		Value
Warrants: 0.00%
Energy: 0.00%
Energy Equipment & Services: 0.00%
Parker Drilling Company †(a)					9-16-2024		8,457	$	0
Total Warrants (Cost $0)									0
	Yield
Short-Term Investments: 2.16%
Investment Companies: 2.16%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%				6,188,169		6,188,169
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02					3,783,891		3,783,891
Total Short-Term Investments (Cost $9,972,060)									9,972,060

Total investments in securities (Cost $387,989,784)	101.14	%		465,853,172
Other assets and liabilities, net	(1.14	)		(5,261,152	)
Total net assets	100.00	%	$	460,592,020

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

† Non-income-earning security

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

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

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

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

Abbreviations:

REIT Real estate investment trust

Investments in Affiliates

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

	Value, beginning of period		Purchases		Sale proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	43,768,644	$	(37,580,475	)	$	0	$	0	$	6,188,169					6,188,169	$	2,085	#
Wells Fargo Government Money Market Fund Select Class		2,323,207		41,031,781		(39,571,097	)		0		0		3,783,891					3,783,891		1,132
								$	0	$	0	$	9,972,060		2.16	%			$	3,217

^#  Amount shown represents income before fees and rebates.    

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

Wells Fargo Small Company Value Portfolio  |  27

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (Including $5,995,628 of securities loaned), at value (cost $378,017,724)	$	455,881,112
Investments in affiliated securities, at value (cost $9,972,060)		9,972,060
Receivable for investments sold		792,576
Receivable for dividends		311,616
Receivable for securities lending income, net		3,981
Prepaid expenses and other assets		81,239
Total assets		467,042,584
Liabilities
Payable upon receipt of securities loaned		6,188,169
Advisory fee payable		251,487
Accrued expenses and other liabilities		10,908
Total liabilities		6,450,564
Total net assets	$	460,592,020

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

28  |  Wells Fargo Small Company Value Portfolio

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,419)	$	4,344,865
Income from affiliated securities		27,838
Total investment income		4,372,703
Expenses
Advisory fee		1,684,761
Custody and accounting fees		14,644
Professional fees		23,653
Shareholder report expenses		6,167
Trustees’ fees and expenses		9,583
Other fees and expenses		4,867
Total expenses		1,743,675
Less: Fee waivers and/or expense reimbursements		(185,271	)
Net expenses		1,558,404
Net investment income		2,814,299
Realized and unrealized gains (losses) on investments
Net realized gains on investments		547,220
Net change in unrealized gains (losses) on investments		100,393,468
Net realized and unrealized gains (losses) on investments		100,940,688
Net increase in net assets resulting from operations	$	103,754,987

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

Wells Fargo Small Company Value Portfolio  |  29

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	2,814,299		$	4,223,447
Net realized gains (losses) on investments		547,220			(50,607,316	)
Net change in unrealized gains (losses) on investments		100,393,468			(40,450,997	)
Net increase (decrease) in net assets resulting from operations		103,754,987			(86,834,866	)
Capital Transactions
Transactions in investors’ beneficial interests
Contribution		17,803,789			464,639,096
Withdrawals		(62,636,146	)		(103,765,259	)
Net increase (decrease) in net assets resulting from capital transactions		(44,832,357	)		360,873,837
Total increase in net assets		58,922,630			274,038,971
Net assets
Beginning of period		401,669,390			127,630,419
End of period	$	460,592,020		$	401,669,390

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

30  |  Wells Fargo Small Company Value Portfolio

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		27.60	%		(13.74	)%		(14.51	)%		20.10	%		19.44	%		(4.96	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.82	%		0.86	%		0.85	%		0.84	%		0.85	%
Net expenses		0.74	%		0.74	%		0.75	%		0.84	%		0.84	%		0.85	%
Net investment income		1.34	%		1.15	%		0.80	%		0.87	%		0.72	%		0.62	%
Supplemental data
Portfolio turnover rate		43	%		78	%		168	%		144	%		110	%		72	%

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

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

Wells Fargo Small Company Value Portfolio  |  31

Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statements of Operations.

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

Security transactions and income recognition

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

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

32  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $400,245,512 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	92,388,287
Gross unrealized losses		(26,780,627	)
Net unrealized gains	$	65,607,660

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Communication services	$	2,157,192	$	0	$	0	$	2,157,192
Consumer discretionary		77,117,570		0		0		77,117,570
Energy		16,934,690		0		0		16,934,690
Financials		108,236,823		0		0		108,236,823
Health care		24,883,077		0		0		24,883,077
Industrials		105,518,540		0		0		105,518,540
Information technology		39,342,455		0		0		39,342,455
Materials		41,025,333		0		0		41,025,333
Real estate		40,665,432		0		0		40,665,432
Warrants
Energy		0		0		0		0
Short-term investments
Investment companies		9,972,060		0		0		9,972,060
Total assets	$	465,853,172	$	0	$	0	$	465,853,172

Wells Fargo Small Company Value Portfolio  |  33

Notes to financial statements (unaudited)

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

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

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

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at the following annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2020 were $176,546,816 and $219,340,316, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily 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.

34  |  Wells Fargo Small Company Value Portfolio

Notes to financial statements (unaudited)

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of November 30, 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.	$	2,210,379	$	(2,210,379	)	$	0
Barclays Capital Inc.		1,636,097		(1,636,097	)		0
Citigroup Global Markets Inc.		1,667,952		(1,667,952	)		0
Credit Suisse Securities (USA) LLC		277,113		(277,113	)		0
JPMorgan Securities LLC		29,595		(29,595	)		0
Morgan Stanley & Co. LLC		174,492		(174,492	)		0

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

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Small Company Value Portfolio  |  35

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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.

36  |  Wells Fargo Small Company Value Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS    

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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 Small Company Value Fund  |  37

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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.    

38  |  Wells Fargo Small Company Value Fund

Other information (unaudited)

Officers    

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 Small Company Value Fund  |  39

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00734 01-20

SA286/SAR286 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Core Bond Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Core Bond Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	20
Wells Fargo Core Bond Portfolio
Portfolio of investments	24
Financial statements
Statement of assets and liabilities	47
Statement of operations	48
Statement of changes in net assets	49
Financial highlights	50
Notes to financial statements	51
Other information	56

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 November 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 Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Bond Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Core Bond Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Core Bond Fund  |  3

Letter to shareholders (unaudited)

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.

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.

4  |  Wells Fargo Core Bond Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Jarad Vasquez

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (MBFAX)	10-31-2001		3.21		3.15		3.27		8.07		4.09		3.75		0.82		0.78
Class C (MBFCX)	10-31-2001		6.25		3.33		2.98		7.25		3.33		2.98		1.57		1.53
Class R (WTRRX)4	7-9-2010		–		–		–		7.90		3.85		3.50		1.07		1.03
Class R4 (MBFRX)5	11-30-2012		–		–		–		8.35		4.39		4.04		0.59		0.52
Class R6 (WTRIX)6	11-30-2012		–		–		–		8.52		4.52		4.18		0.44		0.37
Administrator Class (MNTRX)	6-30-1997		–		–		–		8.16		4.17		3.84		0.76		0.70
Institutional Class (MBFIX)	10-31-2001		–		–		–		8.47		4.48		4.14		0.49		0.42
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		7.28		4.34		3.71		–		–

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 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Fund is exposed to foreign investment risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Core Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20208
FNMA, 2.00%, 1-14-2051	2.15
U.S. Treasury Bond, 1.13%, 5-15-2040	2.12
U.S. Treasury Note, 0.25%, 11-15-2023	1.96
U.S. Treasury Note, 0.13%, 9-15-2023	1.90
U.S. Treasury Note, 1.38%, 5-31-2021	1.78
U.S. Treasury Note, 0.13%, 9-30-2022	1.72
U.S. Treasury Note, 0.13%, 8-31-2022	1.63
U.S. Treasury Note, 1.38%, 1-31-2021	1.54
FNMA, 2.00%, 2-12-2051	1.53
GNMA, 2.00%, 2-20-2051	1.52

Portfolio composition as of November 30, 2020⁹

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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 theseis 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.

⁴  Historical performance shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Class R shares.

⁵  Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares.

⁶  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.

⁷  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁸  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁹  Figures represent the portfolio composition of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Core Bond Fund  |  7

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,026.14	$	3.96		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	1,022.46	$	7.76		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R
Actual	$	1,000.00	$	1,025.26	$	4.52		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%
Class R4
Actual	$	1,000.00	$	1,027.96	$	2.64		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,028.75	$	1.88		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,026.31	$	3.56		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Institutional Class
Actual	$	1,000.00	$	1,028.50	$	2.14		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

¹ Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

² Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

8  |  Wells Fargo Core Bond Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 100.07%
Affiliated Master Portfolio: 100.07%
Wells Fargo Core Bond Portfolio	$	5,774,258,310
Total Investment Companies (Cost $5,595,388,697)		5,774,258,310

Total investments in securities (Cost $5,595,388,697)	100.07	%		5,774,258,310
Other assets and liabilities, net	(0.07	)		(3,821,966	)
Total net assets	100.00	%	$	5,770,436,344

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Net change in unrealized gains (losses)  on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Core Bond Portfolio		95	%		95	%	$	113,703,226	$	4,956,522	$	51,164,373	$	117,135	$	5,774,258,310		100.07	%

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $5,595,388,697)	$	5,774,258,310
Receivable for Fund shares sold		6,921,477
Prepaid expenses and other assets		10,947
Total assets		5,781,190,734
Liabilities
Payable for Fund shares redeemed		8,501,084
Management fee payable		21,853
Distributions payable		1,256,892
Administration fees payable		306,127
Distribution fees and expenses payable		10,948
Trustee’s fees payable		1,155
Accrued expenses and other liabilities		656,331
Total liabilities		10,754,390
Total net assets	$	5,770,436,344
Net assets consist of
Paid-in capital	$	5,326,067,146
Total distributable earnings		444,369,198
Total net assets	$	5,770,436,344
Computation of net asset value and offering price per share
Net assets – Class A	$	330,206,396
Shares outstanding – Class A1		22,836,988
Net asset value per share – Class A		$14.46
Maximum offering price per share – Class A2		$15.14
Net assets – Class C	$	16,746,775
Shares outstanding – Class C1		1,169,603
Net asset value per share – Class C		$14.32
Net assets – Class R	$	1,882,127
Shares outstanding – Class R1		133,373
Net asset value per share – Class R		$14.11
Net assets – Class R4	$	4,289,893
Share outstanding – Class R41		304,094
Net asset value per share – Class R4		$14.11
Net assets – Class R6	$	2,415,430,780
Shares outstanding – Class R61		171,314,189
Net asset value per share – Class R6		$14.10
Net assets – Administrator Class	$	256,657,027
Shares outstanding – Administrator Class1		18,185,217
Net asset value per share – Administrator Class		$14.11
Net assets – Institutional Class	$	2,745,223,346
Shares outstanding – Institutional Class1		194,764,861
Net asset value per share – Institutional Class		$14.10

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.

10  |  Wells Fargo Core Bond Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $3,669)	$	51,164,373
Affiliated income allocated from affiliated Master Portfolio		117,135
Expenses allocated from affiliated Master Portfolio		(9,967,396	)
Total investment income		41,314,112
Expenses
Management fee		1,398,006
Administration fees
Class A		258,034
Class C		19,157
Class R		1,971
Class R4		1,703
Class R6		384,930
Administrator Class		120,870
Institutional Class		1,030,953
Shareholder servicing fees
Class A		400,910
Class C		29,805
Class R		1,753
Class R4		2,122
Administrator Class		295,375
Distribution fees
Class C		89,332
Class R		2,324
Custody and accounting fees		92,574
Professional fees		17,758
Registration fees		119,283
Shareholder report expenses		163,673
Trustees’ fees and expenses		11,029
Other fees and expenses		51,398
Total expenses		4,492,960
Less: Fee waivers and/or expense reimbursements
Fund-level		(1,079,043	)
Class A		(36,938	)
Class C		(2,462	)
Class R4		(763	)
Class R6		(384,930	)
Administrator Class		(35,319	)
Institutional Class		(466,119	)
Net expenses		2,487,386
Net investment income		38,826,726
Realized and unrealized gains (losses) on investments
Net realized gains on securities transactions allocated from affiliated Master Portfolio		113,703,226
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		4,956,522
Net realized and unrealized gains (losses) on investments		118,659,748
Net increase in net assets resulting from operations	$	157,486,474

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	38,826,726					$	120,113,953
Net realized gains on investments					113,703,226						306,742,964
Net change in unrealized gains (losses) on investments					4,956,522						56,934,677
Net increase in net assets resulting from operations					157,486,474						483,791,594
Distributions to shareholders from net investment income and net realized gains
Class A					(1,998,606	)					(6,294,414	)
Class C					(61,316	)					(417,858	)
Class R					(14,194	)					(97,982	)
Class R4					(31,989	)					(161,109	)
Class R6					(21,256,070	)					(63,508,068	)
Administrator Class					(1,592,881	)					(4,506,235	)
Institutional Class					(20,630,505	)					(59,496,339	)
Total distributions to shareholders					(45,585,561	)					(134,482,005	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,975,423			57,145,100			5,035,376			68,831,957
Class C		348,418			4,961,849			737,031			9,984,279
Class R		14,553			203,415			91,423			1,215,599
Class R4		39,118			547,659			183,129			2,446,252
Class R6		20,787,518			291,035,956			46,956,601			627,133,874
Administrator Class		5,641,679			79,270,173			5,387,937			72,239,222
Institutional Class		42,702,899			598,700,209			67,880,909			903,670,274
					1,031,864,361						1,685,521,457
Reinvestment of distributions
Class A		122,458			1,761,667			399,765			5,475,932
Class C		2,877			40,971			14,131			191,525
Class R		457			6,409			1,589			21,221
Class R4		2,273			31,898			12,039			160,382
Class R6		1,088,189			15,265,637			3,578,858			47,809,034
Administrator Class		109,602			1,538,931			324,731			4,342,589
Institutional Class		1,305,997			18,315,815			3,940,416			52,636,436
					36,961,328						110,637,119
Payment for shares redeemed
Class A		(2,404,024	)		(34,535,591	)		(7,058,184	)		(96,112,855	)
Class C		(1,174,718	)		(16,749,433	)		(1,381,669	)		(18,673,889	)
Class R		(115,921	)		(1,623,923	)		(519,677	)		(6,891,248	)
Class R4		(66,275	)		(924,399	)		(700,264	)		(9,317,864	)
Class R6		(34,745,894	)		(487,222,961	)		(60,509,001	)		(803,022,923	)
Administrator Class		(3,363,283	)		(47,207,210	)		(5,797,513	)		(77,110,768	)
Institutional Class		(20,463,288	)		(286,704,563	)		(81,653,483	)		(1,088,476,808	)
					(874,968,080	)					(2,099,606,355	)
Net increase (decrease) in net assets resulting from capital share transactions					193,857,609						(303,447,779	)
Total increase in net assets					305,758,522						45,861,810
Net assets
Beginning of period					5,464,677,822						5,418,816,012
End of period				$	5,770,436,344					$	5,464,677,822

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.17			$13.28			$12.86			$13.22			$13.28			$13.16
Net investment income		0.07			0.25			0.32			0.24			0.19	1		0.19	1
Net realized and unrealized gains (losses) on investments		0.31			0.93			0.42			(0.36	)		0.00			0.12
Total from investment operations		0.38			1.18			0.74			(0.12	)		0.19			0.31
Distributions to shareholders from
Net investment income		(0.09	)		(0.26	)		(0.32	)		(0.24	)		(0.19	)		(0.19	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.09	)		(0.29	)		(0.32	)		(0.24	)		(0.25	)		(0.19	)
Net asset value, end of period		$14.46			$14.17			$13.28			$12.86			$13.22			$13.28
Total return2		2.69	%		9.03	%		5.87	%		(0.96	)%		1.48	%		2.36	%
Ratios to average net assets (annualized)
Gross expenses3		0.82	%		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%
Net expenses3		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income3		1.01	%		1.85	%		2.50	%		1.79	%		1.40	%		1.43	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$330,206			$299,642			$302,246			$320,208			$360,276			$699,273

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$14.03			$13.15			$12.74			$13.09			$13.15			$13.03
Net investment income		0.03			0.15			0.23			0.14			0.09			0.09
Net realized and unrealized gains (losses) on investments		0.30			0.92			0.40			(0.35	)		0.00			0.12
Total from investment operations		0.33			1.07			0.63			(0.21	)		0.09			0.21
Distributions to shareholders from
Net investment income		(0.04	)		(0.16	)		(0.22	)		(0.14	)		(0.09	)		(0.09	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.04	)		(0.19	)		(0.22	)		(0.14	)		(0.15	)		(0.09	)
Net asset value, end of period		$14.32			$14.03			$13.15			$12.74			$13.09			$13.15
Total return1		2.32	%		8.22	%		5.04	%		(1.65	)%		0.72	%		1.61	%
Ratios to average net assets (annualized)
Gross expenses2		1.57	%		1.57	%		1.58	%		1.58	%		1.58	%		1.58	%
Net expenses2		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income2		0.27	%		1.11	%		1.75	%		1.04	%		0.68	%		0.68	%
Supplemental data
Portfolio turnover rate3		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$16,747			$27,971			$34,494			$47,843			$59,049			$66,612

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.83			$12.96			$12.55			$12.90			$12.97			$12.85
Net investment income		0.06	1		0.22	1		0.28	1		0.20	1		0.15	1		0.15	1
Net realized and unrealized gains (losses) on investments		0.30			0.90			0.41			(0.35	)		(0.01	)		0.12
Total from investment operations		0.36			1.12			0.69			(0.15	)		0.14			0.27
Distributions to shareholders from
Net investment income		(0.08	)		(0.22	)		(0.28	)		(0.20	)		(0.15	)		(0.15	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.08	)		(0.25	)		(0.28	)		(0.20	)		(0.21	)		(0.15	)
Net asset value, end of period		$14.11			$13.83			$12.96			$12.55			$12.90			$12.97
Total return2		2.60	%		8.80	%		5.61	%		(1.19	)%		1.15	%		2.13	%
Ratios to average net assets (annualized)
Gross expenses3		0.90	%		1.05	%		1.07	%		1.08	%		1.08	%		1.08	%
Net expenses3		0.89	%		1.02	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income3		0.90	%		1.66	%		2.25	%		1.54	%		1.18	%		1.18	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$1,882			$3,241			$8,565			$12,230			$13,826			$17,985

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R4				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.83			$12.95			$12.55			$12.89			$12.95			$12.83
Net investment income		0.09	1		0.29	1		0.35			0.26	1		0.22			0.22
Net realized and unrealized gains (losses) on investments		0.30			0.91			0.40			(0.34	)		0.00			0.12
Total from investment operations		0.39			1.20			0.75			(0.08	)		0.22			0.34
Distributions to shareholders from
Net investment income		(0.11	)		(0.29	)		(0.35	)		(0.26	)		(0.22	)		(0.22	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.11	)		(0.32	)		(0.35	)		(0.26	)		(0.28	)		(0.22	)
Net asset value, end of period		$14.11			$13.83			$12.95			$12.55			$12.89			$12.95
Total return2		2.80	%		9.34	%		6.07	%		(0.61	)%		1.74	%		2.65	%
Ratios to average net assets (annualized)
Gross expenses3		0.59	%		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Net expenses3		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net investment income3		1.26	%		2.19	%		2.76	%		2.01	%		1.70	%		1.69	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$4,290			$4,549			$10,805			$11,680			$43,205			$41,272

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.82			$12.95			$12.54			$12.89			$12.95			$12.83
Net investment income		0.10			0.30			0.37			0.28			0.24			0.24
Net realized and unrealized gains (losses) on investments		0.30			0.91			0.41			(0.35	)		0.00			0.12
Total from investment operations		0.40			1.21			0.78			(0.07	)		0.24			0.36
Distributions to shareholders from
Net investment income		(0.12	)		(0.31	)		(0.37	)		(0.28	)		(0.24	)		(0.24	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.12	)		(0.34	)		(0.37	)		(0.28	)		(0.30	)		(0.24	)
Net asset value, end of period		$14.10			$13.82			$12.95			$12.54			$12.89			$12.95
Total return1		2.87	%		9.42	%		6.31	%		(0.54	)%		1.90	%		2.81	%
Ratios to average net assets (annualized)
Gross expenses2		0.44	%		0.44	%		0.45	%		0.45	%		0.45	%		0.45	%
Net expenses2		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income2		1.42	%		2.26	%		2.92	%		2.24	%		1.87	%		1.84	%
Supplemental data
Portfolio turnover rate3		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$2,415,431			$2,545,332			$2,513,644			$1,360,847			$797,896			$450,791

¹  Returns for periods of less than one year are not annualized.

²  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.83			$12.96			$12.56			$12.90			$12.97			$12.85
Net investment income		0.08	1		0.26			0.33	1		0.24	1		0.21			0.19
Net realized and unrealized gains (losses) on investments		0.29			0.90			0.40			(0.34	)		(0.02	)		0.12
Total from investment operations		0.37			1.16			0.73			(0.10	)		0.19			0.31
Distributions to shareholders from
Net investment income		(0.09	)		(0.26	)		(0.33	)		(0.24	)		(0.20	)		(0.19	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.09	)		(0.29	)		(0.33	)		(0.24	)		(0.26	)		(0.19	)
Net asset value, end of period		$14.11			$13.83			$12.96			$12.56			$12.90			$12.97
Total return2		2.70	%		9.14	%		5.87	%		(0.79	)%		1.48	%		2.47	%
Ratios to average net assets (annualized)
Gross expenses3		0.76	%		0.76	%		0.76	%		0.77	%		0.77	%		0.77	%
Net expenses3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income3		1.09	%		1.92	%		2.58	%		1.86	%		1.50	%		1.51	%
Supplemental data
Portfolio turnover rate4		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$256,657			$218,522			$205,825			$269,057			$373,042			$529,530

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

18  |  Wells Fargo Core Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$13.82			$12.94			$12.54			$12.88			$12.95			$12.83
Net investment income		0.10			0.29			0.36			0.28			0.23			0.23
Net realized and unrealized gains (losses) on investments		0.29			0.92			0.40			(0.34	)		(0.01	)		0.12
Total from investment operations		0.39			1.21			0.76			(0.06	)		0.22			0.35
Distributions to shareholders from
Net investment income		(0.11	)		(0.30	)		(0.36	)		(0.28	)		(0.23	)		(0.23	)
Net realized gains		0.00			(0.03	)		0.00			0.00			(0.06	)		0.00
Total distributions to shareholders		(0.11	)		(0.33	)		(0.36	)		(0.28	)		(0.29	)		(0.23	)
Net asset value, end of period		$14.10			$13.82			$12.94			$12.54			$12.88			$12.95
Total return1		2.85	%		9.45	%		6.18	%		(0.51	)%		1.77	%		2.76	%
Ratios to average net assets (annualized)
Gross expenses2		0.49	%		0.49	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses2		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income2		1.37	%		2.21	%		2.86	%		2.16	%		1.82	%		1.79	%
Supplemental data
Portfolio turnover rate3		213	%		603	%		577	%		542	%		614	%		667	%
Net assets, end of period (000s omitted)		$2,745,223			$2,365,421			$2,343,238			$3,318,290			$3,166,348			$2,102,073

¹  Returns for periods of less than one year are not annualized.

²  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.35	%
Year ended May 31, 2020	0.35	%
Year ended May 31, 2019	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%

³  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Fund  |  19

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Core Bond Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Core Bond Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 95% of Wells Fargo Core Bond Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

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 income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Investments in the affiliated Master Portfolio are valued daily based on the Fund’s proportionate share of the affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

20  |  Wells Fargo Core Bond Fund

Notes to financial statements (unaudited)

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $5,592,245,257 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	182,013,053
Gross unrealized losses		0
Net unrealized gains	$	182,013,053

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation	$5,774,258,310

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion	0.05%
Next $5 billion	0.04
Over $10 billion	0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Wells Fargo Core Bond Fund  |  21

Notes to financial statements (unaudited)

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A, Class C, Class R		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 1.03% for Class R shares, 0.52% for Class R4 shares, 0.37% for Class R6 shares, 0.70% for Administrator shares, and 0.42% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $5,417 from the sale of Class A shares. Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended November 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. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$11,611,152,238	$1,892,826,772	$11,164,563,457	$1,682,795,393

22  |  Wells Fargo Core Bond Fund

Notes to financial statements (unaudited)

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $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 six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

9. 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 Core Bond Fund  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 30.69%
FHLMC (1 Month LIBOR +0.35%) ±		0.49	%		12-15-2048	$	1,241,276	$	1,245,562
FHLMC		1.75			5-15-2043		2,994,601		3,088,286
FHLMC (1 Month LIBOR +0.35%) ±		2.85			10-15-2037		4,838,938		4,823,768
FHLMC		3.00			10-15-2047		12,028,184		12,572,319
FHLMC		3.00			2-1-2050		999,365		1,062,799
FHLMC		3.00			5-15-2050		6,249,920		6,724,267
FHLMC		3.50			4-1-2049		4,899,034		5,397,453
FHLMC		3.50			8-1-2049		4,704,516		5,150,078
FHLMC		3.50			11-1-2049		15,429,035		16,404,180
FHLMC		4.00			1-1-2035		154,988		172,723
FHLMC		4.00			1-1-2036		255,855		281,670
FHLMC		4.00			10-1-2036		1,805,311		1,969,850
FHLMC		4.00			3-1-2037		212,339		235,822
FHLMC		4.00			3-1-2037		238,197		269,008
FHLMC		4.00			3-1-2037		410,576		451,765
FHLMC		4.00			4-1-2037		1,684,545		1,853,526
FHLMC		4.00			4-1-2037		2,181,716		2,422,843
FHLMC		4.00			8-1-2038		12,901,520		13,842,109
FHLMC		4.00			1-1-2048		1,496,008		1,660,780
FHLMC		4.00			11-1-2048		11,721,246		12,870,973
FHLMC		4.00			7-1-2049		14,835,567		16,471,897
FHLMC		4.00			7-1-2049		41,720,255		45,781,948
FHLMC		4.50			6-1-2039		205,096		230,158
FHLMC		4.50			7-1-2039		265,786		307,961
FHLMC		4.50			11-1-2048		6,624,862		7,357,708
FHLMC		4.50			3-1-2049		2,725,406		3,039,919
FHLMC		4.50			8-1-2049		23,749,644		26,367,718
FHLMC		5.00			5-1-2048		8,014,649		9,170,632
FHLMC		5.00			3-1-2049		15,707,313		17,769,267
FHLMC		6.50			4-1-2021		26		26
FHLMC Series 1897 Class K		7.00			9-15-2026		288		320
FHLMC Series 264 Class 30		3.00			7-15-2042		11,998,645		12,852,316
FHLMC Series 4426 Class QC		1.75			7-15-2037		5,301,433		5,481,258
FHLMC Series 4705 Class A		4.50			9-15-2042		2,315,575		2,388,260
FHLMC Series 4763 Class CA		3.00			9-15-2038		1,399,145		1,511,698
FHLMC Series 4767 Class KA		3.00			3-15-2048		3,746,893		4,052,167
FHLMC Series 4786 Class DP		4.50			7-15-2042		435,584		436,844
FNMA (1 Month LIBOR +0.35%) ±		0.50			10-15-2037		16,718,983		16,715,417
FNMA %%		1.50			12-16-2035		21,000,000		21,532,793
FNMA		1.50			1-25-2043		10,531,018		10,765,867
FNMA		1.50			1-25-2043		4,037,971		4,169,746
FNMA		1.50			4-25-2043		1,235,601		1,262,686
FNMA %%		1.50			2-12-2051		29,300,000		29,542,091
FNMA		1.70			8-25-2033		13,310,341		13,766,663
FNMA		1.75			5-25-2043		4,274,525		4,444,756
FNMA		1.75			6-25-2046		24,807,498		25,812,239
FNMA		2.00			11-1-2035		44,231,062		46,062,434
FNMA %%		2.00			12-16-2035		5,300,000		5,517,072
FNMA		2.00			6-25-2038		13,509,119		14,116,080
FNMA %%		2.00			12-14-2050		3,800,000		3,947,575
FNMA %%		2.00			1-14-2051		126,100,000		130,752,978
FNMA %%		2.00			2-12-2051		90,400,000		93,477,555
FNMA		2.50			11-25-2044		2,937,559		3,128,019
FNMA		2.50			9-1-2050		44,826,088		47,637,645
FNMA		2.50			10-1-2050		41,012,763		43,635,387
FNMA (12 Month LIBOR +1.59%) ±		2.69			1-1-2046		12,493,973		12,974,097

The accompanying notes are an integral part of these financial statements.

24  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (12 Month LIBOR +1.58%) ±		2.76	%		6-1-2045	$	3,553,064	$	3,690,066
FNMA		3.00			1-1-2043		6,892,618		7,343,763
FNMA		3.00			11-25-2043		3,177,965		3,290,250
FNMA		3.00			5-25-2048		8,731,081		9,365,213
FNMA		3.00			7-25-2049		4,132,951		4,341,350
FNMA		3.00			2-1-2050		718,950		764,585
FNMA		3.00			6-1-2050		24,700,793		26,162,784
FNMA		3.50			9-1-2032		6,348,273		6,716,170
FNMA		3.50			6-1-2049		1,902,794		2,023,342
FNMA		3.50			11-1-2049		16,625,953		17,652,565
FNMA		4.00			9-1-2033		3,448,831		3,695,123
FNMA		4.00			12-1-2036		290,366		319,603
FNMA		4.00			10-1-2037		2,012,567		2,193,926
FNMA		4.00			5-1-2038		572,289		613,117
FNMA		4.00			9-1-2045		1,098,171		1,237,453
FNMA		4.00			1-1-2046		7,077,503		7,974,448
FNMA		4.00			10-1-2046		487,806		529,631
FNMA		4.00			12-1-2046		667,955		725,175
FNMA		4.00			1-1-2047		4,584,390		4,940,274
FNMA		4.00			2-1-2047		5,152,121		5,720,847
FNMA		4.00			4-1-2047		685,153		774,037
FNMA		4.00			4-1-2047		657,984		707,923
FNMA		4.00			4-1-2047		722,022		801,169
FNMA		4.00			9-1-2047		2,674,505		2,897,304
FNMA		4.00			10-1-2047		669,245		756,075
FNMA		4.00			10-1-2047		677,142		757,314
FNMA		4.00			10-1-2047		1,794,078		1,939,327
FNMA		4.00			11-1-2047		308,743		334,063
FNMA		4.00			11-1-2047		632,918		685,015
FNMA		4.00			3-1-2048		17,658,490		19,943,970
FNMA		4.00			7-1-2048		24,920,352		27,296,693
FNMA		4.00			9-1-2048		6,054,769		6,640,743
FNMA		4.00			10-1-2048		5,152,271		5,615,813
FNMA		4.00			11-1-2048		5,430,745		5,985,651
FNMA		4.00			12-1-2048		3,709,641		4,189,821
FNMA		4.00			2-1-2049		6,156,430		6,842,953
FNMA		4.00			3-1-2049		2,553,506		2,777,349
FNMA		4.00			4-1-2049		3,418,562		3,719,981
FNMA		4.00			5-1-2049		475,797		518,108
FNMA		4.00			5-1-2049		382,274		418,739
FNMA		4.00			5-1-2049		3,443,179		3,738,932
FNMA		4.00			5-1-2049		3,706,965		4,145,784
FNMA		4.00			5-1-2049		12,556,626		14,185,396
FNMA		4.00			6-1-2049		3,093,980		3,366,190
FNMA		4.00			6-1-2049		1,512,509		1,635,743
FNMA		4.00			12-1-2049		7,123,660		8,052,182
FNMA		4.00			12-1-2049		4,170,839		4,631,181
FNMA		4.50			5-1-2034		1,316,465		1,460,959
FNMA		4.50			6-1-2041		264,913		304,675
FNMA		4.50			3-1-2043		3,070,232		3,530,540
FNMA		4.50			3-1-2044		940,905		1,082,256
FNMA		4.50			10-1-2045		4,791,807		5,511,723
FNMA		4.50			2-1-2046		95,448		106,276
FNMA		4.50			3-1-2048		1,463,919		1,617,131
FNMA		4.50			4-1-2048		2,977,409		3,289,036
FNMA		4.50			5-1-2048		1,757,516		1,940,400

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		6-1-2048	$	1,905,528	$	2,175,867
FNMA		4.50			7-1-2048		5,944,888		6,693,755
FNMA		4.50			8-1-2048		9,884,873		11,040,724
FNMA		4.50			10-1-2048		2,132,788		2,361,893
FNMA		4.50			10-1-2048		8,913,751		9,949,456
FNMA		4.50			10-1-2048		12,989,098		14,422,729
FNMA		4.50			11-1-2048		2,683,933		3,064,692
FNMA		4.50			1-1-2049		15,699,276		17,535,217
FNMA		4.50			2-1-2049		8,899,247		9,935,990
FNMA		4.50			4-1-2049		3,055,979		3,386,714
FNMA		4.50			5-1-2049		1,401,131		1,552,766
FNMA		4.50			5-1-2049		7,114,799		7,744,785
FNMA		4.50			6-1-2049		6,840,452		7,663,220
FNMA		4.50			7-1-2049		6,813,800		7,633,383
FNMA		4.50			7-1-2049		10,965,172		12,214,920
FNMA		4.50			8-1-2049		6,455,573		7,232,045
FNMA		4.50			2-1-2050		2,103,116		2,313,792
FNMA		4.50			3-1-2050		7,462,179		8,392,041
FNMA		4.50			3-1-2050		12,936,619		14,443,894
FNMA		4.50			3-1-2050		855,664		942,748
FNMA		4.50			4-1-2050		2,518,007		2,852,685
FNMA		4.50			4-1-2050		3,919,988		4,500,523
FNMA		4.50			4-1-2050		1,923,593		2,116,428
FNMA		4.50			1-1-2059		11,553,611		13,270,019
FNMA		5.00			7-1-2044		420,469		470,502
FNMA		5.00			9-1-2048		2,268,453		2,556,434
FNMA		5.00			9-1-2048		761,580		855,487
FNMA		5.00			10-1-2048		117,064		133,636
FNMA		5.00			12-1-2048		5,250,760		5,866,532
FNMA		5.00			1-1-2049		8,843,551		9,970,886
FNMA		5.00			6-1-2049		34,888,422		39,783,879
FNMA		5.00			8-1-2049		42,434,365		49,068,430
FNMA		5.00			8-1-2049		22,762,620		26,133,477
FNMA		5.00			11-1-2049		7,417,367		8,359,012
FNMA		5.50			12-1-2048		5,393,025		6,190,523
FNMA		5.50			6-1-2049		14,242,272		16,643,028
FNMA		6.00			4-1-2022		1,383		1,546
FNMA		6.00			2-1-2029		2,439		2,737
FNMA		6.00			3-1-2033		27,610		32,525
FNMA		6.00			11-1-2033		9,649		11,438
FNMA Series 2017-13 Class PA		3.00			8-25-2046		4,574,674		4,828,726
FNMA Series 2017-M7 Class A2 ±±		2.96			2-25-2027		2,040,000		2,289,166
FNMA Series 2018-14 Class KC		3.00			3-25-2048		4,451,997		4,795,776
FNMA Series 2018-15 Class AB		3.00			3-25-2048		1,533,255		1,654,266
FNMA Series 2018-8 Class KL		2.50			3-25-2047		6,325,982		6,604,326
FNMA Series 414 Class A35		3.50			10-25-2042		10,323,934		11,058,386
GNMA %%		2.00			12-21-2050		70,800,000		74,058,425
GNMA %%		2.00			2-20-2051		88,900,000		92,529,239
GNMA %%		2.50			1-21-2051		45,900,000		48,249,125
GNMA		3.50			1-20-2048		5,042,777		5,551,084
GNMA		3.50			3-20-2049		4,286,355		4,529,243
GNMA		4.00			6-20-2047		45,075,053		48,733,958
GNMA		4.00			3-20-2048		1,358,516		1,470,310
GNMA		4.00			4-20-2048		2,412,068		2,622,252
GNMA		4.00			4-20-2048		2,056,798		2,263,090
GNMA		4.00			4-20-2048		1,544,479		1,712,002

The accompanying notes are an integral part of these financial statements.

26  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		4.00	%		4-20-2048	$	4,821,172	$	5,181,938
GNMA		4.00			5-20-2048		13,939,628		15,024,813
GNMA		4.00			5-20-2049		2,785,240		3,028,524
GNMA		4.00			6-20-2049		9,380,200		10,198,540
GNMA		4.00			7-20-2049		6,966,128		7,573,479
GNMA		4.50			8-15-2047		1,244,283		1,383,707
GNMA %%		4.50			6-20-2048		8,957,671		9,676,727
GNMA		4.50			2-20-2049		8,277,391		9,243,942
GNMA		4.50			3-20-2049		1,109,647		1,215,949
GNMA		4.50			4-20-2049		2,059,299		2,255,892
GNMA		4.50			5-20-2049		1,953,101		2,141,126
GNMA		4.50			5-20-2049		2,164,682		2,379,498
GNMA		4.50			5-20-2049		1,657,671		1,824,032
GNMA		5.00			12-20-2039		177,781		205,525
GNMA		5.00			11-20-2045		269,625		300,153
GNMA		5.00			3-20-2048		13,119,324		14,516,312
GNMA		5.00			5-20-2048		6,921,441		7,595,613
GNMA		5.00			6-20-2048		25,470,807		27,899,051
GNMA		5.00			7-20-2048		4,668,147		5,119,821
GNMA		5.00			8-20-2048		7,488,073		8,199,666
GNMA		5.00			12-20-2048		8,043,965		8,787,625
GNMA		5.00			1-20-2049		1,594,809		1,745,648
GNMA		5.00			1-20-2049		6,274,771		7,189,303
GNMA		5.00			2-20-2049		1,499,467		1,677,066
GNMA		5.00			3-20-2049		1,842,677		2,058,658
GNMA Series 2012-141 Class WA ±±		4.54			11-16-2041		1,287,430		1,437,292
GNMA Series 2017-167 Class BQ		2.50			8-20-2044		5,634,081		5,843,340
GNMA Series 2018-11 Class PC		2.75			12-20-2047		9,803,895		10,216,527
GNMA Series 2019-132 Class NA		3.50			9-20-2049		7,254,641		7,627,697
Total Agency Securities (Cost $1,821,261,389)									1,870,498,311
Asset-Backed Securities: 10.01%
AmeriCredit Automobile Receivables Series 2020-1 Class A2		1.10			3-20-2023		942,746		945,514
AmeriCredit Automobile Receivables Series 2020-2 Class A2		0.60			12-18-2023		9,636,000		9,652,935
AmeriCredit Automobile Receivables Series 2020-3 Class A3		0.53			6-18-2025		5,324,000		5,331,528
Avis Budget Rental Car Funding LLC Series 2017-1A Class A 144A		3.07			9-20-2023		1,620,000		1,662,018
Avis Budget Rental Car Funding LLC Series 2020-2A Class A 144A		2.02			2-20-2027		9,026,000		9,146,769
Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 144A		2.36			3-20-2026		3,825,000		3,938,889
Capital One Multi-Asset Execution Trust Series 2016-A2 Class A2 (1 Month LIBOR +0.63%) ±		0.77			2-15-2024		8,478,000		8,496,003
Capital One Multi-Asset Execution Trust Series 2016-A7 Class A7 (1 Month LIBOR +0.51%) ±		0.65			9-16-2024		5,081,000		5,102,646
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A ±		1.80			11-26-2046		2,819,783		2,847,675
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13			12-26-2047		2,036,406		2,149,138
College Avenue Student Loan Trust Series 2019- A Class A2 144A		3.28			12-28-2048		3,873,941		4,031,320
Ford Credit Auto Lease Trust Series 2020-B Class A3		0.62			8-15-2023		11,029,000		11,072,765
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19			7-15-2031		16,494,000		18,081,714
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		6,806,000		7,309,076
Ford Credit Auto Owner Trust Series 2019-1 Class A 144A		3.52			7-15-2030		11,868,000		12,947,474
Ford Credit Auto Owner Trust Series 2020-1 Class A 144A		2.04			8-15-2031		13,168,000		13,841,342
Ford Credit Auto Owner Trust Series 2020-2 Class A 144A		1.06			4-15-2033		14,632,000		14,705,369
Ford Credit Auto Owner Trust Series 2020-A Class A3		1.04			8-15-2024		5,068,000		5,125,434
Ford Credit Auto Owner Trust Series 2020-C Class A3		0.41			7-15-2025		5,229,000		5,235,175
Ford Credit Auto Owner Trust Series 2020-C Class A4		0.51			8-15-2026		3,750,000		3,763,091
Ford Credit Floorplan Master Owner Trust Series 2020-1 Class A1		0.70			9-15-2025		14,869,000		14,940,997
Ford Credit Floorplan Master Owner Trust Series 2020-2 Class A		1.06			9-15-2027		21,118,000		21,339,458

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
General Motors Company Series 2020-2 Class A 144A		0.69	%		10-15-2025	$	4,580,000	$	4,584,357
GM Financial Consumer Automobile Receivables Trust Series 2020-2 Class A4		1.01			7-22-2024		1,127,000		1,141,722
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) 144A ±		1.00			6-25-2065		122,412		122,432
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A ±		2.29			12-15-2045		1,928,019		1,972,072
Navient Student Loan Trust Series 2018-BA Class A2A 144A		3.61			12-15-2059		3,819,615		3,979,716
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52			6-16-2042		1,359,221		1,384,628
Navient Student Loan Trust Series 2018-DA Class A2A 144A		4.00			12-15-2059		9,761,040		10,321,453
Navient Student Loan Trust Series 2018-EA Class A2 144A		4.00			12-15-2059		5,011,010		5,192,090
Navient Student Loan Trust Series 2019-A Class A2A 144A		3.42			1-15-2043		10,118,535		10,582,574
Navient Student Loan Trust Series 2019-BA Class A2A 144A		3.39			12-15-2059		8,228,000		8,630,422
Navient Student Loan Trust Series 2019-CA Class A2 144A		3.13			2-15-2068		6,899,000		7,089,817
Navient Student Loan Trust Series 2019-D Class A2A 144A		3.01			12-15-2059		10,199,000		10,722,167
Navient Student Loan Trust Series 2019-D Class A2B (1 Month LIBOR +1.05%) 144A ±		1.19			12-15-2059		4,627,000		4,638,689
Navient Student Loan Trust Series 2019-FA Class A2 144A		2.60			8-15-2068		11,883,000		12,269,170
Navient Student Loan Trust Series 2019-GA Class A 144A		2.40			10-15-2068		7,971,902		8,161,819
Navient Student Loan Trust Series 2020-2A Class A1A 144A		1.32			8-26-2069		9,985,000		9,983,400
Navient Student Loan Trust Series 2020-2A Class A1B (1 Month LIBOR +0.90%) 144A ±		1.05			8-26-2069		5,769,000		5,787,228
Navient Student Loan Trust Series 2020-A Class A2A 144A		2.46			11-15-2068		7,508,000		7,819,495
Navient Student Loan Trust Series 2020-A Class A2B (1 Month LIBOR +0.90%) 144A ±		1.04			11-15-2068		4,776,000		4,756,767
Navient Student Loan Trust Series 2020-BA Class A2 144A		2.12			1-15-2069		4,271,000		4,382,657
Navient Student Loan Trust Series 2020-DA Class A 144A		1.69			5-15-2069		4,023,761		4,091,676
Navient Student Loan Trust Series 2020-EA Class A 144A		1.69			5-15-2069		1,360,553		1,380,984
Navient Student Loan Trust Series 2020-FA Class A 144A		1.22			7-15-2069		2,214,725		2,228,086
Navient Student Loan Trust Series 2020-GA Class A 144A		1.17			9-16-2069		10,546,238		10,604,515
Navient Student Loan Trust Series 2020-HA Class A 144A		1.31			1-15-2069		11,127,000		11,213,279
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		0.37			1-25-2037		6,222,565		6,105,757
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		0.39			10-27-2036		2,275,718		2,237,214
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		0.32			10-25-2033		18,921,938		18,364,793
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		0.33			3-23-2037		18,348,902		17,780,552
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		0.35			12-24-2035		13,937,051		13,687,267
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		0.41			3-22-2032		3,316,251		3,127,719
Santander Drive Auto Receivables Trust Series 2020-1 Class A3		2.03			2-15-2024		2,240,000		2,273,610
Santander Drive Auto Receivables Trust Series 2020-2 Class A2		0.62			5-15-2023		9,959,337		9,969,081
Santander Drive Auto Receivables Trust Series 2020-3 Class A3		0.52			7-15-2024		4,072,000		4,081,127
Santander Drive Auto Receivables Trust Series 2020-4 Class A3		0.48			7-15-2024		3,655,000		3,657,268
Santander Revolving Auto Loan Trust Series 2019-A Class A 144A		2.51			1-26-2032		12,015,000		12,785,052
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A ±		1.00			12-15-2032		3,166,428		3,006,906
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		0.27			7-25-2022		8,947,615		8,563,376
SLM Student Loan Trust Series 2008-1 Class A4A (3 Month LIBOR +1.60%) ±		1.85			12-15-2032		3,150,726		3,198,545
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		0.55			3-25-2025		1,486,343		1,441,429
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		1.10			9-25-2028		10,877,954		10,512,112
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		0.85			1-25-2029		9,480,212		8,994,305
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		0.90			5-26-2026		2,431,265		2,353,870

The accompanying notes are an integral part of these financial statements.

28  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98	%		7-15-2027	$	307,093	$	312,400
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		5,961,652		6,109,122
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		2,877,364		2,939,870
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A ±		1.59			2-17-2032		7,923,668		7,983,737
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A ±		1.24			9-15-2034		3,094,512		3,096,933
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A ±		1.04			9-15-2034		2,351,626		2,359,835
SMB Private Education Loan Trust Series 2018-C Class A2A 144A		3.63			11-15-2035		3,552,686		3,767,400
SMB Private Education Loan Trust Series 2019-A Class A2A 144A		3.44			7-15-2036		16,441,924		17,338,948
SMB Private Education Loan Trust Series 2020-BA Class A1A 144A		1.29			7-15-2053		11,157,108		11,187,374
SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A		1.60			9-15-2054		10,058,000		10,132,124
SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A		1.60			9-15-2054		26,019,000		26,148,939
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		1,487,851		1,509,190
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A ±		1.10			1-25-2039		252,814		254,022
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A ±		1.00			7-25-2039		439,278		438,580
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A ±		0.85			3-26-2040		557,599		557,591
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65			9-25-2040		385,216		396,351
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A ±		0.65			11-26-2040		320,023		319,684
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		1,933,755		1,964,326
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A		2.95			2-25-2042		2,831,812		2,896,276
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34			8-25-2047		6,401,679		6,583,752
SoFi Professional Loan Program LLC Series 2020-A Class A2 144A		2.54			5-15-2046		10,245,000		10,580,760
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A		1.95			2-15-2046		4,729,990		4,827,869
Triton Container Finance LLC Series 2020-1A Class A 144A		2.11			9-20-2045		4,637,357		4,657,502
Verizon Owner Trust Series 2019-C Class A1A		1.94			4-22-2024		3,017,000		3,083,771
Verizon Owner Trust Series 2020-A Class A1A		1.85			7-22-2024		9,683,000		9,920,254
Verizon Owner Trust Series 2020-C Class A		0.41			4-21-2025		4,323,000		4,325,869
Total Asset-Backed Securities (Cost $601,163,929)									610,540,007
Corporate Bonds and Notes: 25.92%
Communication Services: 2.82%
Diversified Telecommunication Services: 1.82%
AT&T Incorporated		1.65			2-1-2028		2,982,000		3,023,902
AT&T Incorporated		2.25			2-1-2032		3,962,000		4,008,833
AT&T Incorporated		2.30			6-1-2027		5,989,000		6,347,364
AT&T Incorporated		2.75			6-1-2031		5,989,000		6,362,198
AT&T Incorporated		3.00			6-30-2022		4,597,000		4,768,084
AT&T Incorporated		3.10			2-1-2043		966,000		987,959
AT&T Incorporated		3.30			2-1-2052		3,673,000		3,649,859
AT&T Incorporated		3.50			6-1-2041		1,995,000		2,148,492
AT&T Incorporated 144A		3.50			9-15-2053		3,462,000		3,545,569
AT&T Incorporated 144A		3.55			9-15-2055		2,907,000		2,975,111
AT&T Incorporated 144A		3.65			9-15-2059		2,712,000		2,763,055
AT&T Incorporated		3.85			6-1-2060		1,995,000		2,109,424
AT&T Incorporated		4.50			3-9-2048		3,045,000		3,710,806
T-Mobile USA Incorporated 144A		1.50			2-15-2026		4,971,000		5,045,118
T-Mobile USA Incorporated 144A		2.05			2-15-2028		10,104,000		10,395,702
T-Mobile USA Incorporated 144A		3.00			2-15-2041		890,000		915,863

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  29

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
T-Mobile USA Incorporated 144A		3.50	%		4-15-2025	$	2,831,000	$	3,130,746
T-Mobile USA Incorporated 144A		3.75			4-15-2027		6,159,000		6,972,604
Verizon Communications Incorporated		1.75			1-20-2031		7,008,000		7,045,932
Verizon Communications Incorporated		2.65			11-20-2040		7,809,000		8,030,038
Verizon Communications Incorporated		3.00			3-22-2027		1,874,000		2,080,919
Verizon Communications Incorporated		3.00			11-20-2060		3,794,000		4,010,150
Verizon Communications Incorporated		3.50			11-1-2024		4,354,000		4,805,902
Verizon Communications Incorporated		4.02			12-3-2029		2,246,000		2,671,204
Verizon Communications Incorporated		4.27			1-15-2036		817,000		1,023,837
Verizon Communications Incorporated		4.40			11-1-2034		3,909,000		4,936,258
Verizon Communications Incorporated		4.52			9-15-2048		2,431,000		3,229,822
									110,694,751
Entertainment: 0.16%
Activision Blizzard Incorporated		2.50			9-15-2050		3,277,000		3,164,863
The Walt Disney Company		3.50			5-13-2040		2,277,000		2,662,618
The Walt Disney Company		3.60			1-13-2051		2,044,000		2,419,622
The Walt Disney Company		3.80			5-13-2060		1,420,000		1,757,038
									10,004,141
Media: 0.84%
Charter Communications Operating LLC		4.46			7-23-2022		1,779,000		1,880,332
Charter Communications Operating LLC		4.80			3-1-2050		3,622,000		4,341,264
Comcast Corporation		1.50			2-15-2031		3,530,000		3,509,902
Comcast Corporation		1.95			1-15-2031		2,665,000		2,748,971
Comcast Corporation		2.45			8-15-2052		4,509,000		4,427,834
Comcast Corporation		2.80			1-15-2051		1,178,000		1,235,697
Comcast Corporation		3.10			4-1-2025		1,860,000		2,045,443
Comcast Corporation		3.75			4-1-2040		4,551,000		5,522,204
Comcast Corporation		3.95			10-15-2025		1,314,000		1,506,275
Comcast Corporation		4.15			10-15-2028		2,262,000		2,721,917
Comcast Corporation		4.60			10-15-2038		4,569,000		6,038,760
Time Warner Cable Incorporated		6.55			5-1-2037		1,283,000		1,768,535
ViacomCBS Incorporated		4.20			5-19-2032		5,872,000		6,947,430
ViacomCBS Incorporated		4.38			3-15-2043		554,000		643,180
ViacomCBS Incorporated		4.60			1-15-2045		358,000		420,539
ViacomCBS Incorporated		4.75			5-15-2025		3,091,000		3,580,465
ViacomCBS Incorporated		4.95			5-19-2050		67,000		85,435
ViacomCBS Incorporated		5.85			9-1-2043		1,305,000		1,794,826
									51,219,009
Consumer Discretionary: 1.77%
Auto Components: 0.07%
BorgWarner Incorporated «		2.65			7-1-2027		4,142,000		4,426,987
Beverages: 0.07%
Anheuser-Busch InBev Company		4.38			4-15-2038		3,667,000		4,531,149
Diversified Consumer Services: 0.12%
Stanford University		1.29			6-1-2027		782,000		800,813
Yale University		0.87			4-15-2025		3,329,000		3,378,233
Yale University		1.48			4-15-2030		2,852,000		2,897,921
									7,076,967

The accompanying notes are an integral part of these financial statements.

30  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure: 0.37%
GLP Capital LP		4.00	%		1-15-2030	$	1,546,000	$	1,657,467
GLP Capital LP		5.30			1-15-2029		1,887,000		2,166,276
Marriott International Incorporated		4.63			6-15-2030		736,000		849,790
Marriott International Incorporated		5.75			5-1-2025		3,451,000		4,000,386
McDonald’s Corporation		1.45			9-1-2025		1,447,000		1,498,629
McDonald’s Corporation		2.13			3-1-2030		543,000		570,881
McDonald’s Corporation		3.70			1-30-2026		2,852,000		3,239,145
Starbucks Corporation		1.30			5-7-2022		2,372,000		2,402,685
Starbucks Corporation		3.35			3-12-2050		1,901,000		2,102,814
Starbucks Corporation		3.50			11-15-2050		3,371,000		3,861,014
									22,349,087
Internet & Direct Marketing Retail: 0.07%
Amazon.com Incorporated		2.50			6-3-2050		2,183,000		2,303,622
Amazon.com Incorporated		2.70			6-3-2060		1,985,000		2,159,991
									4,463,613
Specialty Retail: 0.75%
Advance Auto Parts Company		1.75			10-1-2027		3,881,000		3,914,589
Advance Auto Parts Company		3.90			4-15-2030		7,970,000		9,152,737
Home Depot Incorporated		2.70			4-15-2030		2,318,000		2,569,554
Home Depot Incorporated		2.95			6-15-2029		1,082,000		1,224,408
Home Depot Incorporated		3.13			12-15-2049		5,301,000		6,102,364
Home Depot Incorporated		3.30			4-15-2040		793,000		937,485
Home Depot Incorporated		3.35			4-15-2050		3,821,000		4,542,128
Lowe’s Companies Incorporated		1.70			10-15-2030		5,017,000		5,037,916
Lowe’s Companies Incorporated		3.00			10-15-2050		1,178,000		1,265,216
Lowe’s Companies Incorporated		4.00			4-15-2025		2,022,000		2,294,303
O’Reilly Automotive Incorporated		1.75			3-15-2031		6,046,000		6,012,512
O’Reilly Automotive Incorporated		4.20			4-1-2030		1,938,000		2,325,130
									45,378,342
Textiles, Apparel & Luxury Goods: 0.32%
Nike Incorporated		2.40			3-27-2025		2,754,000		2,959,046
Nike Incorporated		2.75			3-27-2027		1,838,000		2,039,522
Nike Incorporated		2.85			3-27-2030		1,810,000		2,049,320
Nike Incorporated		3.38			3-27-2050		2,246,000		2,710,210
Ralph Lauren Corporation		1.70			6-15-2022		3,235,000		3,300,040
Ralph Lauren Corporation		2.95			6-15-2030		6,269,000		6,643,340
									19,701,478
Consumer Staples: 1.16%
Beverages: 0.42%
Anheuser-Busch InBev Company		4.90			2-1-2046		556,000		725,102
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		766,000		875,729
Anheuser-Busch InBev Worldwide Incorporated		4.15			1-23-2025		3,927,000		4,460,162
Anheuser-Busch InBev Worldwide Incorporated		4.60			4-15-2048		3,837,000		4,886,230
Anheuser-Busch InBev Worldwide Incorporated		4.70			2-1-2036		5,301,000		6,771,787
Constellation Brands Incorporated		3.20			2-15-2023		931,000		983,845
Constellation Brands Incorporated		3.70			12-6-2026		578,000		662,941
Constellation Brands Incorporated		4.40			11-15-2025		280,000		325,544
Keurig Dr Pepper Incorporated		3.43			6-15-2027		2,841,000		3,236,097
Keurig Dr Pepper Incorporated		3.80			5-1-2050		1,945,000		2,341,599
									25,269,036

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  31

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Food & Staples Retailing: 0.27%
Costco Wholesale Corporation		1.60	%		4-20-2030	$	11,250,000	$	11,543,475
Costco Wholesale Corporation		1.75			4-20-2032		1,287,000		1,333,469
Sysco Corporation		6.60			4-1-2050		1,004,000		1,556,939
Walmart Incorporated		3.05			7-8-2026		1,752,000		1,968,566
Walmart Incorporated		4.05			6-29-2048		43,000		59,167
									16,461,616
Food Products: 0.10%
General Mills Incorporated		2.88			4-15-2030		1,341,000		1,490,953
Mars Incorporated 144A		1.63			7-16-2032		4,814,000		4,786,758
									6,277,711
Tobacco: 0.37%
Altria Group Incorporated		2.35			5-6-2025		830,000		879,602
Altria Group Incorporated		3.88			9-16-2046		1,631,000		1,755,575
Altria Group Incorporated		4.45			5-6-2050		1,690,000		1,987,909
BAT Capital Corporation		2.26			3-25-2028		212,000		218,600
BAT Capital Corporation		2.73			3-25-2031		7,288,000		7,493,228
BAT Capital Corporation		3.56			8-15-2027		3,725,000		4,138,812
BAT Capital Corporation		4.70			4-2-2027		3,989,000		4,669,653
BAT Capital Corporation		4.91			4-2-2030		1,021,000		1,226,907
									22,370,286
Energy: 1.50%
Oil, Gas & Consumable Fuels: 1.50%
BP Capital Markets America Incorporated		1.75			8-10-2030		3,805,000		3,829,874
BP Capital Markets America Incorporated		2.77			11-10-2050		4,568,000		4,523,602
BP Capital Markets America Incorporated		3.19			4-6-2025		4,637,000		5,090,516
BP Capital Markets America Incorporated		3.54			4-6-2027		4,672,000		5,244,766
Concho Resources Incorporated		2.40			2-15-2031		2,380,000		2,485,058
Devon Energy Corporation		5.00			6-15-2045		1,011,000		1,135,158
Devon Energy Corporation		5.60			7-15-2041		1,506,000		1,762,309
Diamondback Energy Incorporated		3.25			12-1-2026		3,688,000		3,903,021
Diamondback Energy Incorporated		3.50			12-1-2029		2,422,000		2,537,319
Energy Transfer Operating Partners LP		2.90			5-15-2025		1,827,000		1,895,529
Energy Transfer Operating Partners LP		3.60			2-1-2023		475,000		493,312
Energy Transfer Operating Partners LP		4.05			3-15-2025		6,724,000		7,230,232
Energy Transfer Operating Partners LP		4.20			4-15-2027		1,421,000		1,539,568
Energy Transfer Operating Partners LP		4.25			3-15-2023		2,722,000		2,864,945
Energy Transfer Operating Partners LP		4.50			4-15-2024		605,000		652,099
Energy Transfer Operating Partners LP		4.75			1-15-2026		1,323,000		1,468,321
Energy Transfer Operating Partners LP		5.50			6-1-2027		983,000		1,129,772
Energy Transfer Operating Partners LP		6.05			6-1-2041		890,000		990,727
Enterprise Products Operating LLC		2.80			1-31-2030		4,000		4,331
Enterprise Products Operating LLC		3.70			1-31-2051		1,743,000		1,891,143
Enterprise Products Operating LLC		3.95			1-31-2060		1,927,000		2,085,301
Gray Oak Pipeline LLC 144A		2.60			10-15-2025		1,998,000		2,028,408
HollyFrontier Corporation		2.63			10-1-2023		2,018,000		2,035,514
Marathon Oil Corporation		5.20			6-1-2045		975,000		1,070,685
Marathon Oil Corporation		6.80			3-15-2032		702,000		831,049
Marathon Petroleum Corporation		4.40			7-15-2027		3,661,000		3,993,716
MPLX LP		1.75			3-1-2026		2,976,000		3,015,385
MPLX LP		2.65			8-15-2030		3,996,000		4,043,143
Pioneer Natural Resource		1.90			8-15-2030		4,987,000		4,901,147

The accompanying notes are an integral part of these financial statements.

32  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP		3.55	%		12-15-2029	$	4,179,000	$	4,283,517
Plains All American Pipeline LP		4.90			2-15-2045		825,000		830,504
Regency Energy Partners LP		4.50			11-1-2023		918,000		989,735
Sunoco Logistics Partner LP		3.45			1-15-2023		464,000		481,738
Sunoco Logistics Partner LP		4.25			4-1-2024		1,222,000		1,308,975
Transcontinental Gas Pipe Line Company LLC 144A		3.25			5-15-2030		1,973,000		2,171,052
Transcontinental Gas Pipe Line Company LLC 144A		3.95			5-15-2050		3,159,000		3,491,336
Valero Energy Corporation		1.20			3-15-2024		1,905,000		1,904,644
Williams Companies Incorporated		3.90			1-15-2025		1,321,000		1,457,988
									91,595,439
Financials: 7.10%
Banks: 2.95%
Bank of America Corporation (U.S. SOFR +0.74%) ±		0.81			10-24-2024		9,982,000		10,020,960
Bank of America Corporation (U.S. SOFR +0.91%) ±		0.98			9-25-2025		8,409,000		8,456,816
Bank of America Corporation (U.S. SOFR +1.01%) ±		1.20			10-24-2026		9,608,000		9,670,259
Bank of America Corporation (U.S. SOFR +1.15%) ±		1.32			6-19-2026		8,418,000		8,518,161
Bank of America Corporation (U.S. SOFR +1.53%) ±		1.90			7-23-2031		7,619,000		7,648,058
Bank of America Corporation (U.S. SOFR +1.37%) ±		1.92			10-24-2031		3,117,000		3,141,907
Bank of America Corporation (3 Month LIBOR +0.64%) ±		2.02			2-13-2026		970,000		1,012,034
Bank of America Corporation (3 Month LIBOR +0.87%) ±		2.46			10-22-2025		5,159,000		5,475,241
Bank of America Corporation (3 Month LIBOR +0.99%) ±		2.50			2-13-2031		5,241,000		5,542,146
Bank of America Corporation (U.S. SOFR +2.15%) ±		2.59			4-29-2031		5,099,000		5,429,978
Bank of America Corporation (3 Month LIBOR +0.79%) ±		3.00			12-20-2023		9,893,000		10,393,015
Bank of America Corporation (3 Month LIBOR +1.09%) ±		3.09			10-1-2025		7,075,000		7,649,008
Bank of America Corporation (3 Month LIBOR +1.04%) ±		3.42			12-20-2028		12,745,000		14,341,583
Bank of America Corporation		3.50			4-19-2026		1,671,000		1,895,004
Bank of America Corporation		4.13			1-22-2024		638,000		705,938
Bank of America Corporation		4.18			11-25-2027		5,279,000		6,091,578
Citigroup Incorporated (U.S. SOFR +0.69%) ±		0.78			10-30-2024		6,412,000		6,429,400
Citigroup Incorporated		3.20			10-21-2026		9,784,000		10,853,938
Deutsche Bank (U.S. SOFR +1.87%) ±		2.13			11-24-2026		5,752,000		5,821,597
Deutsche Bank (U.S. SOFR +2.16%) ±		2.22			9-18-2024		3,965,000		4,045,813
JPMorgan Chase & Company (U.S. SOFR +0.80%) ±		1.05			11-19-2026		11,403,000		11,463,323
JPMorgan Chase & Company (U.S. SOFR +1.11%) ±		1.76			11-19-2031		5,700,000		5,714,126
JPMorgan Chase & Company (U.S. SOFR +1.89%) ±		2.18			6-1-2028		5,715,000		5,994,316
JPMorgan Chase & Company (U.S. SOFR +2.52%) ±		2.96			5-13-2031		5,329,000		5,797,676
Santander Holdings USA Incorporated		3.24			10-5-2026		4,276,000		4,632,009
Santander Holdings USA Incorporated		3.40			1-18-2023		1,369,000		1,438,806
Santander Holdings USA Incorporated		3.45			6-2-2025		8,011,000		8,674,407
Santander Holdings USA Incorporated		4.40			7-13-2027		2,155,000		2,442,027
Santander Holdings USA Incorporated		4.50			7-17-2025		429,000		481,541
									179,780,665
Capital Markets: 1.88%
Affiliated Managers Group Incorporated		3.30			6-15-2030		5,956,000		6,483,070
Ares Capital Corporation		3.88			1-15-2026		3,487,000		3,663,640
Franklin Resources Incorporated		1.60			10-30-2030		4,518,000		4,458,489
Goldman Sachs Group Incorporated (U.S. SOFR +0.54%) ±		0.63			11-17-2023		15,498,000		15,539,042
Goldman Sachs Group Incorporated		3.50			4-1-2025		7,270,000		8,054,078
Goldman Sachs Group Incorporated		3.50			11-16-2026		2,690,000		3,008,299
Goldman Sachs Group Incorporated		6.75			10-1-2037		3,168,000		4,848,349
Golub Capital LLC		3.38			4-15-2024		9,617,000		9,679,657

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  33

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Capital Markets (continued)
IntercontinentalExchange Incorporated		1.85	%		9-15-2032	$	3,991,000	$	4,034,442
IntercontinentalExchange Incorporated		2.65			9-15-2040		1,398,000		1,449,669
Morgan Stanley (U.S. SOFR +0.47%) ±		0.56			11-10-2023		6,669,000		6,673,624
Morgan Stanley (U.S. SOFR +0.75%) ±		0.86			10-21-2025		6,719,000		6,760,990
Morgan Stanley (U.S. SOFR +1.03%) ±		1.79			2-13-2032		11,433,000		11,511,399
Morgan Stanley (U.S. SOFR +1.99%) ±		2.19			4-28-2026		951,000		1,003,029
Morgan Stanley (U.S. SOFR +3.12%) ±		3.62			4-1-2031		703,000		817,828
Morgan Stanley		3.63			1-20-2027		5,035,000		5,753,572
Morgan Stanley		4.00			7-23-2025		6,646,000		7,607,525
PPL Capital Funding Incorporated		3.10			5-15-2026		4,538,000		5,042,195
PPL Capital Funding Incorporated		3.40			6-1-2023		550,000		585,360
PPL Capital Funding Incorporated		4.13			4-15-2030		4,852,000		5,753,833
PPL Capital Funding Incorporated		5.00			3-15-2044		1,522,000		1,985,636
									114,713,726
Consumer Finance: 1.62%
Ally Financial Incorporated		1.45			10-2-2023		7,741,000		7,890,590
Ally Financial Incorporated		5.13			9-30-2024		6,159,000		7,063,685
Ally Financial Incorporated		5.75			11-20-2025		6,708,000		7,833,404
Aviation Capital Group LLC 144A		5.50			12-15-2024		4,962,000		5,312,066
Bunge Limited Finance Corporation		1.63			8-17-2025		4,949,000		5,051,359
Bunge Limited Finance Corporation		3.25			8-15-2026		4,037,000		4,430,579
Bunge Limited Finance Corporation		3.75			9-25-2027		3,508,000		3,908,051
General Motors Financial Company Incorporated		1.70			8-18-2023		6,161,000		6,309,887
General Motors Financial Company Incorporated		2.70			8-20-2027		8,692,000		9,170,566
General Motors Financial Company Incorporated		2.75			6-20-2025		6,210,000		6,572,160
General Motors Financial Company Incorporated		5.20			3-20-2023		4,234,000		4,643,844
General Motors Financial Company Incorporated		5.40			4-1-2048		3,760,000		4,742,423
Harley Davidson Financial Services Company 144A		3.35			6-8-2025		3,823,000		4,109,913
Hyundai Capital America 144A		1.25			9-18-2023		2,903,000		2,923,390
Hyundai Capital America 144A		1.80			10-15-2025		2,903,000		2,941,752
Hyundai Capital America 144A		2.38			10-15-2027		2,903,000		2,993,394
John Deere Capital Corporation		0.55			7-5-2022		5,706,000		5,735,153
John Deere Capital Corporation		1.20			4-6-2023		4,394,000		4,487,437
John Deere Capital Corporation		1.75			3-9-2027		2,633,000		2,769,056
									98,888,709
Diversified Financial Services: 0.04%
Andrew W. Mellon Foundation		0.95			8-1-2027		2,272,000		2,269,060
Insurance: 0.61%
American International Group Incorporated		3.40			6-30-2030		4,204,000		4,792,159
American International Group Incorporated		4.20			4-1-2028		2,799,000		3,335,353
American International Group Incorporated		4.50			7-16-2044		2,493,000		3,198,896
American International Group Incorporated		4.75			4-1-2048		3,869,000		5,218,106
American International Group Incorporated		5.25			4-2-2030		4,803,000		5,796,325
Brighthouse Financial Incorporated		4.70			6-22-2047		2,089,000		2,158,113
Fidelity & Guaranty Life Company 144A		5.50			5-1-2025		1,911,000		2,208,848
Fidelity National Financial Incorporated		3.40			6-15-2030		2,405,000		2,649,662
Nationwide Financial Services Incorporated 144A		3.90			11-30-2049		4,484,000		4,967,521
Nationwide Mutual Insurance Company 144A		4.35			4-30-2050		2,498,000		2,920,368
									37,245,351

The accompanying notes are an integral part of these financial statements.

34  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care: 3.20%
Biotechnology: 1.18%
AbbVie Incorporated		2.30	%		11-21-2022	$	5,819,000	$	6,023,916
AbbVie Incorporated		2.60			11-21-2024		4,641,000		4,960,250
AbbVie Incorporated		2.90			11-6-2022		5,980,000		6,253,455
AbbVie Incorporated		2.95			11-21-2026		1,865,000		2,062,242
AbbVie Incorporated		3.20			11-21-2029		7,876,000		8,929,968
AbbVie Incorporated		3.75			11-14-2023		513,000		560,992
AbbVie Incorporated		3.80			3-15-2025		7,754,000		8,662,821
AbbVie Incorporated		4.05			11-21-2039		2,166,000		2,625,565
AbbVie Incorporated		4.25			11-14-2028		1,401,000		1,690,730
AbbVie Incorporated		4.25			11-21-2049		4,936,000		6,238,304
AbbVie Incorporated		4.30			5-14-2036		1,354,000		1,684,061
AbbVie Incorporated		4.45			5-14-2046		1,372,000		1,729,302
Amgen Incorporated		3.15			2-21-2040		674,000		727,938
Gilead Sciences Incorporated		1.20			10-1-2027		3,035,000		3,054,229
Gilead Sciences Incorporated		1.65			10-1-2030		3,035,000		3,021,358
Gilead Sciences Incorporated		2.60			10-1-2040		2,290,000		2,318,833
Gilead Sciences Incorporated		2.80			10-1-2050		1,416,000		1,422,389
Regeneron Pharmaceutical Incorporated		1.75			9-15-2030		7,615,000		7,486,714
Regeneron Pharmaceutical Incorporated		2.80			9-15-2050		2,303,000		2,258,648
									71,711,715
Health Care Equipment & Supplies: 0.27%
Abbott Laboratories		3.75			11-30-2026		2,350,000		2,742,187
Danaher Corporation		2.60			10-1-2050		2,383,000		2,505,878
Danaher Corporation		3.35			9-15-2025		1,869,000		2,077,432
Stryker Corporation		1.15			6-15-2025		3,995,000		4,060,901
Stryker Corporation		1.95			6-15-2030		1,755,000		1,815,338
Stryker Corporation		2.90			6-15-2050		2,799,000		2,978,243
									16,179,979
Health Care Providers & Services: 0.74%
Aetna Incorporated		3.88			8-15-2047		1,478,000		1,761,885
Anthem Incorporated		2.25			5-15-2030		4,942,000		5,173,788
Cigna Corporation		3.40			9-17-2021		4,106,000		4,204,987
Cigna Corporation		3.40			3-1-2027		2,887,000		3,242,324
Cigna Corporation		3.88			10-15-2047		3,958,000		4,750,617
Cigna Corporation		4.38			10-15-2028		955,000		1,147,604
CVS Health Corporation		3.00			8-15-2026		2,013,000		2,216,979
CVS Health Corporation		1.75			8-21-2030		998,000		997,827
CVS Health Corporation		2.70			8-21-2040		1,391,000		1,405,926
CVS Health Corporation		3.70			3-9-2023		2,148,000		2,297,866
CVS Health Corporation		4.30			3-25-2028		4,779,000		5,620,444
CVS Health Corporation		4.78			3-25-2038		1,438,000		1,822,577
HCA Incorporated		5.13			6-15-2039		1,054,000		1,354,634
HCA Incorporated		5.25			6-15-2049		1,015,000		1,337,613
UnitedHealth Group Incorporated		2.75			5-15-2040		1,428,000		1,564,519
UnitedHealth Group Incorporated		3.50			8-15-2039		651,000		774,503
UnitedHealth Group Incorporated		3.70			12-15-2025		2,013,000		2,302,520
UnitedHealth Group Incorporated		3.75			10-15-2047		1,604,000		2,017,421
UnitedHealth Group Incorporated		3.88			8-15-2059		1,041,000		1,378,655
									45,372,689

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  35

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Life Sciences Tools & Services: 0.14%
Thermo Fisher Scientific Incorporated		4.50	%		3-25-2030	$	6,955,000	$	8,722,259
Pharmaceuticals: 0.87%
Bristol Myers Squibb Company		0.75			11-13-2025		3,987,000		3,989,406
Bristol Myers Squibb Company		1.13			11-13-2027		5,980,000		6,023,189
Bristol Myers Squibb Company		1.45			11-13-2030		6,974,000		7,002,064
Bristol Myers Squibb Company		2.35			11-13-2040		1,495,000		1,534,716
Bristol Myers Squibb Company		2.55			11-13-2050		4,584,000		4,727,222
Bristol Myers Squibb Company		3.40			7-26-2029		2,440,000		2,847,702
Bristol Myers Squibb Company		3.45			11-15-2027		2,692,000		3,092,615
Bristol Myers Squibb Company		3.90			2-20-2028		2,885,000		3,416,532
Bristol Myers Squibb Company		4.25			10-26-2049		1,518,000		2,054,534
Bristol Myers Squibb Company		4.35			11-15-2047		912,000		1,241,441
Eli Lilly and Company		2.25			5-15-2050		2,827,000		2,750,289
Eli Lilly and Company		2.50			9-15-2060		1,905,000		1,920,572
Johnson & Johnson		2.10			9-1-2040		681,000		695,505
Johnson & Johnson		2.45			9-1-2060		972,000		1,018,574
Merck & Company Incorporated		2.35			6-24-2040		1,386,000		1,449,064
Merck & Company Incorporated		2.45			6-24-2050		1,386,000		1,444,631
Merck & Company Incorporated		3.70			2-10-2045		1,325,000		1,666,790
Pfizer Incorporated		2.80			3-11-2022		1,792,000		1,849,113
Royalty Pharma plc 144A		0.75			9-2-2023		989,000		993,278
Royalty Pharma plc 144A		1.20			9-2-2025		989,000		997,313
Royalty Pharma plc 144A		3.55			9-2-2050		2,520,000		2,617,503
									53,332,053
Industrials: 1.91%
Aerospace & Defense: 0.70%
Northrop Grumman Corporation		2.55			10-15-2022		5,898,000		6,127,974
Northrop Grumman Corporation		2.93			1-15-2025		271,000		294,298
Northrop Grumman Corporation		3.25			8-1-2023		5,436,000		5,863,910
Northrop Grumman Corporation		3.25			1-15-2028		3,365,000		3,798,395
Northrop Grumman Corporation		4.03			10-15-2047		1,936,000		2,460,323
Northrop Grumman Corporation		5.15			5-1-2040		2,907,000		4,047,183
The Boeing Company		3.25			2-1-2028		4,038,000		4,205,609
The Boeing Company		3.63			2-1-2031		5,082,000		5,363,945
The Boeing Company		3.75			2-1-2050		2,117,000		2,141,554
The Boeing Company		5.81			5-1-2050		1,262,000		1,667,208
United Technologies Corporation		3.65			8-16-2023		390,000		420,409
United Technologies Corporation		3.95			8-16-2025		2,686,000		3,077,494
United Technologies Corporation		4.45			11-16-2038		2,502,000		3,227,914
									42,696,216
Airlines: 0.36%
Delta Air Lines Incorporated 144A		4.50			10-20-2025		6,004,000		6,338,253
Delta Air Lines Incorporated 144A		4.75			10-20-2028		4,004,000		4,310,220
Southwest Airlines Company		4.75			5-4-2023		3,989,000		4,325,491
Southwest Airlines Company		5.13			6-15-2027		5,984,000		6,960,267
									21,934,231
Commercial Services & Supplies: 0.08%
Republic Services Incorporated		1.75			2-15-2032		3,990,000		4,017,813
Waste Management Incorporated		2.50			11-15-2050		956,000		962,794
									4,980,607

The accompanying notes are an integral part of these financial statements.

36  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Industrial Conglomerates: 0.25%
Alphabet Incorporated		2.25	%		8-15-2060	$	2,664,000	$	2,639,240
General Electric Company		3.10			1-9-2023		666,000		700,156
General Electric Company		3.45			5-1-2027		5,548,000		6,111,013
General Electric Company		3.63			5-1-2030		2,849,000		3,193,548
General Electric Company		4.35			5-1-2050		1,491,000		1,750,369
General Electric Company		5.88			1-14-2038		317,000		409,926
									14,804,252
Machinery: 0.10%
Deere & Company		2.75			4-15-2025		3,891,000		4,233,644
Deere & Company		3.75			4-15-2050		1,507,000		1,967,084
									6,200,728
Road & Rail: 0.37%
Burlington Northern Santa Fe LLC		3.05			2-15-2051		1,332,000		1,538,475
CSX Corporation		4.30			3-1-2048		238,000		312,944
CSX Corporation		4.75			11-15-2048		1,292,000		1,806,659
Union Pacific Corporation		2.15			2-5-2027		2,951,000		3,130,747
Union Pacific Corporation		2.40			2-5-2030		3,653,000		3,952,482
Union Pacific Corporation		2.95			3-1-2022		3,307,000		3,414,945
Union Pacific Corporation 144A		2.97			9-16-2062		500,000		528,319
Union Pacific Corporation		3.15			3-1-2024		1,582,000		1,707,986
Union Pacific Corporation		3.25			2-5-2050		4,690,000		5,369,944
Union Pacific Corporation		3.75			2-5-2070		606,000		729,921
									22,492,422
Transportation Infrastructure: 0.05%
Crowley Conro LLC		4.18			8-15-2043		2,667,033		3,214,280
Information Technology: 2.12%
Electronic Equipment, Instruments & Components: 0.10%
Flex Limited		4.88			5-12-2030		4,987,000		5,927,389
IT Services: 0.32%
Fiserv Incorporated		3.20			7-1-2026		3,199,000		3,586,542
Fiserv Incorporated		3.50			7-1-2029		922,000		1,055,601
IBM Corporation		3.30			5-15-2026		1,095,000		1,234,347
IBM Corporation		4.15			5-15-2039		477,000		611,075
Paypal Holdings Incorporated		1.35			6-1-2023		5,148,000		5,275,086
Paypal Holdings Incorporated		1.65			6-1-2025		7,206,000		7,492,806
									19,255,457
Semiconductors & Semiconductor Equipment: 0.94%
Broadcom Incorporated		3.15			11-15-2025		10,440,000		11,372,666
Broadcom Incorporated		3.88			1-15-2027		4,520,000		5,078,645
Broadcom Incorporated		4.15			11-15-2030		5,914,000		6,860,086
Broadcom Incorporated		4.25			4-15-2026		3,199,000		3,652,873
Broadcom Incorporated		4.70			4-15-2025		4,699,000		5,377,967
Intel Corporation		4.60			3-25-2040		1,896,000		2,546,606
KLA Corporation		3.30			3-1-2050		2,538,000		2,848,470
Micron Technology Incorporated		2.50			4-24-2023		5,891,000		6,151,741
NVIDIA Corporation		2.85			4-1-2030		1,047,000		1,173,460
NVIDIA Corporation		3.50			4-1-2050		8,033,000		9,765,705
Texas Instruments Incorporated		1.38			3-12-2025		2,363,000		2,441,496
									57,269,715

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  37

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Software: 0.38%
Microsoft Corporation		2.68	%		6-1-2060	$	1,467,000	$	1,608,093
Microsoft Corporation		4.10			2-6-2037		1,883,000		2,481,307
Oracle Corporation		2.63			2-15-2023		2,471,000		2,586,383
Oracle Corporation		2.80			4-1-2027		5,697,000		6,268,846
Oracle Corporation		2.95			11-15-2024		1,321,000		1,433,048
Oracle Corporation		3.80			11-15-2037		1,349,000		1,614,308
Oracle Corporation		3.85			4-1-2060		3,144,000		3,865,398
Oracle Corporation		4.00			11-15-2047		2,871,000		3,508,573
									23,365,956
Technology Hardware, Storage & Peripherals: 0.38%
Apple Incorporated		2.65			5-11-2050		4,595,000		4,927,367
Apple Incorporated		4.25			2-9-2047		1,346,000		1,850,465
Apple Incorporated		2.55			8-20-2060		4,378,000		4,539,112
Dell International LLC 144A		4.90			10-1-2026		972,000		1,135,157
Dell International LLC 144A		5.30			10-1-2029		1,911,000		2,308,508
Dell International LLC 144A		6.10			7-15-2027		1,902,000		2,330,653
HP Incorporated		2.20			6-17-2025		5,989,000		6,327,725
									23,418,987
Materials: 0.76%
Chemicals: 0.34%
Dow Chemical Corporation		2.10			11-15-2030		5,715,000		5,833,340
Dow Chemical Corporation		3.60			11-15-2050		2,026,000		2,260,257
Dow Chemical Corporation		4.38			11-15-2042		974,000		1,188,902
LYB International Finance III Company		1.25			10-1-2025		2,222,000		2,241,833
LYB International Finance III Company		2.25			10-1-2030		980,000		1,000,370
LYB International Finance III Company		3.38			10-1-2040		1,246,000		1,311,826
LYB International Finance III Company		3.63			4-1-2051		1,746,000		1,885,196
Nutrition and Biosciences Incorporated 144A		1.23			10-1-2025		2,016,000		2,040,985
Nutrition and Biosciences Incorporated 144A		2.30			11-1-2030		3,022,000		3,106,832
									20,869,541
Metals & Mining: 0.42%
Barrick Gold Finance Company LLC		5.70			5-30-2041		1,154,000		1,660,109
Newmont Mining Corporation		2.25			10-1-2030		12,670,000		13,271,678
Nucor Corporation		2.00			6-1-2025		1,991,000		2,091,274
Nucor Corporation		2.70			6-1-2030		2,549,000		2,782,447
Reliance Steel & Aluminum Company		1.30			8-15-2025		1,571,000		1,589,111
Reliance Steel & Aluminum Company		2.15			8-15-2030		4,080,000		4,164,820
									25,559,439
Real Estate: 1.18%
Equity REITs: 0.96%
Agree LP		2.90			10-1-2030		1,391,000		1,457,420
Crown Castle International Corporation		3.30			7-1-2030		1,585,000		1,768,843
Crown Castle International Corporation		4.00			3-1-2027		951,000		1,086,042
Equinix Incorporated		2.63			11-18-2024		2,516,000		2,680,067
Equinix Incorporated		2.90			11-18-2026		5,252,000		5,727,080
Healthpeak Properties		2.88			1-15-2031		1,316,000		1,405,658
Kimco Realty Corporation		1.90			3-1-2028		1,985,000		1,994,244
Mid-America Apartments LP		1.70			2-15-2031		1,759,000		1,745,842
Mid-America Apartments LP		3.60			6-1-2027		284,000		319,764

The accompanying notes are an integral part of these financial statements.

38  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
Mid-America Apartments LP		3.75	%		6-15-2024	$	4,371,000	$	4,737,861
Mid-America Apartments LP		3.95			3-15-2029		1,878,000		2,196,497
Mid-America Apartments LP		4.00			11-15-2025		2,287,000		2,586,674
Mid-America Apartments LP		4.30			10-15-2023		1,914,000		2,089,331
Realty Income Corporation		3.25			1-15-2031		4,263,000		4,824,380
Regency Centers LP		2.95			9-15-2029		4,062,000		4,291,002
Store Capital Corporation		2.75			11-18-2030		3,294,000		3,325,094
Store Capital Corporation		4.50			3-15-2028		7,031,000		7,901,087
Store Capital Corporation		4.63			3-15-2029		2,381,000		2,721,079
VEREIT Operating Partnership LP		2.20			6-15-2028		1,992,000		2,003,779
VEREIT Operating Partnership LP		2.85			12-15-2032		1,394,000		1,427,609
VEREIT Operating Partnership LP		3.40			1-15-2028		1,985,000		2,148,057
									58,437,410
Real Estate Management & Development: 0.22%
Federal Realty Investment Trust		3.95			1-15-2024		2,960,000		3,216,306
Highwoods Realty LP		2.60			2-1-2031		1,645,000		1,656,427
Spirit Realty LP		3.20			2-15-2031		4,423,000		4,622,562
Spirit Realty LP		3.40			1-15-2030		2,250,000		2,391,694
Spirit Realty LP		4.00			7-15-2029		1,104,000		1,226,828
Spirit Realty LP		4.45			9-15-2026		233,000		261,583
									13,375,400
Utilities: 2.40%
Electric Utilities: 1.48%
Duke Energy Corporation		1.80			9-1-2021		3,936,000		3,973,624
Duke Energy Progress Incorporated		2.50			8-15-2050		2,283,000		2,320,939
Entergy Arkansas LLC 1st Mortgage		2.65			6-15-2051		2,495,000		2,599,500
Entergy Texas Incorporated 1st Mortgage		1.75			3-15-2031		2,522,000		2,530,302
Evergy Incorporated		2.25			6-1-2030		2,440,000		2,593,102
Evergy Incorporated		2.45			9-15-2024		3,491,000		3,698,645
Evergy Incorporated		2.90			9-15-2029		2,480,000		2,692,508
Evergy Kansas Central Incorporated		3.45			4-15-2050		4,060,000		4,751,107
Exelon Corporation		4.70			4-15-2050		3,613,000		4,876,829
Interstate Power & Light Company		3.50			9-30-2049		1,431,000		1,610,260
ITC Holdings Corporation		2.70			11-15-2022		3,761,000		3,911,472
Metropolitan Edison Company 144A		4.30			1-15-2029		4,189,000		4,791,552
Mississippi Power Company		3.95			3-30-2028		4,588,000		5,295,913
Mississippi Power Company		4.25			3-15-2042		2,754,000		3,369,710
Pacific Gas & Electric Company		2.10			8-1-2027		3,745,000		3,776,624
Pacific Gas & Electric Company		2.50			2-1-2031		5,160,000		5,196,668
Pacific Gas & Electric Company		3.15			1-1-2026		803,000		848,359
Pacific Gas & Electric Company		3.30			12-1-2027		6,785,000		7,206,140
Pacific Gas & Electric Company		3.30			8-1-2040		1,254,000		1,267,343
Pacific Gas & Electric Company		3.95			12-1-2047		3,055,000		3,182,454
Pacific Gas & Electric Company		4.50			7-1-2040		968,000		1,085,785
Pacific Gas & Electric Company		4.55			7-1-2030		4,164,000		4,753,823
Pennsylvania Electric Company 144A		3.25			3-15-2028		1,582,000		1,704,591
Public Service Electric and Gas Company		2.05			8-1-2050		778,000		723,078
Public Service Electric and Gas Company		2.70			5-1-2050		4,146,000		4,401,170
South Carolina Edison Company		4.13			3-1-2048		2,097,000		2,540,047
Southern California Edison Company		2.85			8-1-2029		1,900,000		2,054,666
Southern California Edison Company		4.65			10-1-2043		914,000		1,136,898
Trans-Allegheny Interstate Line Company 144A		3.85			6-1-2025		1,312,000		1,429,301
									90,322,410

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  39

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Gas Utilities: 0.06%
Southern Company Gas Capital Corporation		1.75	%		1-15-2031	$	3,810,000	$	3,840,877
Independent Power & Renewable Electricity Producers: 0.07%
The AES Corporation 144A%%		1.38			1-15-2026		4,017,000		4,050,656
Multi-Utilities: 0.79%
Black Hills Corporation		3.05			10-15-2029		2,286,000		2,497,605
Black Hills Corporation		3.88			10-15-2049		1,681,000		1,924,501
CenterPoint Energy Incorporated		2.50			9-1-2022		386,000		399,049
CenterPoint Energy Incorporated		2.50			9-1-2024		4,069,000		4,319,821
CenterPoint Energy Incorporated		2.90			7-1-2050		1,290,000		1,403,280
CenterPoint Energy Incorporated		2.95			3-1-2030		1,593,000		1,741,556
CenterPoint Energy Incorporated		4.10			9-1-2047		1,825,000		2,219,581
Consumers Energy Company		2.50			5-1-2060		1,582,000		1,614,181
Dominion Resources Incorporated		2.00			8-15-2021		2,628,000		2,654,352
DTE Energy Company		1.05			6-1-2025		3,805,000		3,836,468
DTE Energy Company		2.53			10-1-2024		515,000		548,389
DTE Energy Company		2.95			3-1-2030		2,502,000		2,734,945
DTE Energy Company		2.95			3-1-2050		4,128,000		4,600,814
DTE Energy Company		3.80			3-15-2027		3,765,000		4,285,275
Midamerican Energy Company		3.65			8-1-2048		1,985,000		2,443,903
NextEra Energy Capital Company		2.25			6-1-2030		3,038,000		3,180,636
NextEra Energy Capital Company		2.75			5-1-2025		3,210,000		3,478,035
WEC Energy Group Incorporated		1.38			10-15-2027		4,179,000		4,194,247
									48,076,638
Total Corporate Bonds and Notes (Cost $1,481,624,908)									1,580,128,429
Municipal Obligations: 0.45%
California: 0.06%
GO Revenue: 0.06%
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		2,105,000		3,772,497
Nevada: 0.09%
Airport Revenue: 0.09%
Clark County NV Airport Authority Build America Bonds Series C		6.82			7-1-2045		3,365,000		5,556,826
New York: 0.12%
Airport Revenue: 0.12%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		5,505,000		7,172,024
Ohio: 0.05%
Education Revenue: 0.05%
Ohio State University General Receipts Taxable Bonds Series A		4.80			6-1-2111		1,957,000		2,819,274
Texas: 0.13%
Education Revenue: 0.03%
University of Texas Financing System Bond Series B		2.44			8-15-2049		1,695,000		1,728,900
Transportation Revenue: 0.10%
North Texas Tollway Authority		6.72			1-1-2049		3,609,000		6,251,690
									7,980,590
Total Municipal Obligations (Cost $19,305,170)									27,301,211

The accompanying notes are an integral part of these financial statements.

40  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 3.36%
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A ±±		3.63	%		3-25-2049	$	1,838,790	$	1,883,962
Angel Oak Mortgage Trust Series 2020-2 Class A1 144A ±±		2.53			1-26-2065		6,576,616		6,710,976
Angel Oak Mortgage Trust Series 2020-5 Class A1 144A ±±		1.37			5-25-2065		2,269,702		2,273,353
Benchmark Mortgage Trust Series 2018-B1 Class ASB ±±		3.60			1-15-2051		787,000		880,607
Benchmark Mortgage Trust Series 2020-B20 Class A5		2.03			10-15-2053		5,004,000		5,195,930
Benchmark Mortgage Trust Series 2020-B21 Class A5		1.98			12-15-2053		4,871,000		5,021,647
Bunker Hill Loan Depositary Trust Series 2019-1 Class A1 144A		3.61			10-26-2048		2,578,287		2,684,815
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A		2.88			7-25-2049		4,494,226		4,619,633
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A		2.72			11-25-2059		5,215,307		5,358,227
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,295,507
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33			11-13-2050		5,323,000		5,859,686
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96			6-15-2050		156,405		156,429
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		2,190,022
Citigroup Commercial Mortgage Trust Series 2016- P5 Class A1		1.41			10-10-2049		270,817		270,983
Colt Funding LLC Series 2019-1 Class A1 144A ±±		3.71			3-25-2049		1,452,224		1,467,635
Colt Funding LLC Series 2019-2 Class A1 144A ±±		3.34			5-25-2049		2,787,108		2,808,622
Colt Funding LLC Series 2019-4 Class A1 144A ±±		2.58			11-25-2049		3,760,558		3,805,798
Colt Funding LLC Series 2020-2 Class A1 144A ±±		1.85			3-25-2065		4,069,146		4,122,689
Commercial Mortgage Trust Series 2013-CR6 Class A4		3.10			3-10-2046		8,286,000		8,580,492
Commercial Mortgage Trust Series 2014-UBS4 Class A4		3.42			8-10-2047		4,380,000		4,643,087
Commercial Mortgage Trust Series 2015-LC21 Class A4		3.71			7-10-2048		1,777,000		1,968,636
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		2,010,200		2,249,217
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,351,327
Deutsche Bank Commercial Mortgage Trust Series 2020-C9 Class A5		1.93			9-15-2053		976,000		1,004,686
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		1,642,990		1,674,650
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		8,937		8,936
Goldman Sachs Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,727,233		1,788,648
Goldman Sachs Mortgage Securities Trust Series 2015-GC34 Class A4		3.51			10-10-2048		3,317,000		3,657,050
GS Mortgage Securities Trust Series 2014-GC18 Class A4		4.07			1-10-2047		5,804,323		6,257,534
GS Mortgage Securities Trust Series 2017-GS18 Class A4		3.47			11-10-2050		4,741,000		5,365,882
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		6,182,518		6,679,630
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,597,756
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49			3-15-2050		861,000		936,661
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15			6-15-2051		2,714,000		3,118,335
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		9,951,788		10,464,537
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C29 Class A4		3.61			5-15-2048		2,663,000		2,941,689
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP6 Class ASB		3.28			7-15-2050		2,343,000		2,553,442
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4		3.25			2-15-2048		800,041		863,781
New Residential Mortgage Loan Trust Series 2019-NQM2 Class A1 144A ±±		3.60			4-25-2049		2,084,966		2,115,150
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A ±±		2.49			9-25-2059		3,555,840		3,620,773
SG Capital Partners Series 2019-3 Class A1 144A ±±		2.70			9-25-2059		3,184,135		3,227,661
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A ±±		2.61			9-27-2049		3,879,453		3,948,115
Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A ±±		2.28			2-25-2050		6,422,610		6,559,660
Starwood Mortgage Residential Trust Series 2020-3 Class A1 144A ±±		1.49			4-25-2065		5,912,701		5,948,234
Verus Securitization Trust Series 2019-1 Class A1 144A ±±		3.40			12-25-2059		2,930,161		3,015,859
Verus Securitization Trust Series 2019-1 Class A1 144A ±±		3.84			2-25-2059		1,410,330		1,421,442
Verus Securitization Trust Series 2019-2 Class A1 144A ±±		2.91			7-25-2059		3,885,311		3,987,052
Verus Securitization Trust Series 2019-2 Class A1 144A ±±		3.21			5-25-2059		5,288,937		5,355,142

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  41

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Verus Securitization Trust Series 2019-3 Class A1 144A ±±		2.69	%		11-25-2059	$	2,525,534	$	2,591,437
Verus Securitization Trust Series 2019-3 Class A1 144A		2.78			7-25-2059		7,218,128		7,378,425
Verus Securitization Trust Series 2019-4 Class A1 144A		2.64			11-25-2059		9,768,571		9,989,730
Verus Securitization Trust Series 2020-1 Class A1 144A		2.42			1-25-2060		2,346,576		2,390,166
Verus Securitization Trust Series 2020-2 Class A1 144A ±±		2.23			5-25-2060		8,674,251		8,758,709
Verus Securitization Trust Series 2020-5 Class A1 144A		1.22			5-25-2065		1,749,724		1,751,309
Visio Trust Series 2019-1 Class A1 144A ±±		3.57			6-25-2054		2,120,637		2,149,054
Visio Trust Series 2020-1R Class A1 144A%%(a)		1.31			11-25-2055		4,520,000		4,519,989
Total Non-Agency Mortgage-Backed Securities (Cost $200,297,244)									205,040,404
U.S. Treasury Securities: 27.33%
U.S. Treasury Bond		0.25			8-31-2025		24,908,000		24,797,082
U.S. Treasury Bond		1.13			5-15-2040		134,293,000		129,026,196
U.S. Treasury Bond		1.13			8-15-2040		71,466,000		68,484,528
U.S. Treasury Bond		1.25			5-15-2050		22,057,000		20,309,672
U.S. Treasury Bond		1.38			11-15-2040		35,274,000		35,285,023
U.S. Treasury Bond		1.38			8-15-2050		89,210,000		84,763,439
U.S. Treasury Bond		1.63			11-15-2050		29,373,000		29,680,499
U.S. Treasury Bond		2.50			2-15-2045		15,226,000		18,380,042
U.S. Treasury Bond		2.88			5-15-2043		52,278,000		66,921,966
U.S. Treasury Note		0.13			5-31-2022		33,602,000		33,598,062
U.S. Treasury Note		0.13			6-30-2022		22,213,000		22,209,529
U.S. Treasury Note		0.13			7-31-2022		5,663,000		5,661,230
U.S. Treasury Note		0.13			8-31-2022		99,251,000		99,216,107
U.S. Treasury Note ##		0.13			9-30-2022		104,950,000		104,921,302
U.S. Treasury Note		0.13			10-31-2022		41,390,000		41,373,832
U.S. Treasury Note		0.13			11-30-2022		31,203,000		31,190,811
U.S. Treasury Note		0.13			9-15-2023		116,043,000		115,852,618
U.S. Treasury Note		0.13			10-15-2023		82,284,000		82,136,146
U.S. Treasury Note		0.25			6-15-2023		18,871,000		18,907,857
U.S. Treasury Note ##		0.25			11-15-2023		119,381,000		119,595,513
U.S. Treasury Note		0.25			9-30-2025		33,600,000		33,434,625
U.S. Treasury Note «		0.25			10-31-2025		60,663,000		60,345,467
U.S. Treasury Note		0.38			11-30-2025		59,272,000		59,304,415
U.S. Treasury Note		0.50			10-31-2027		39,860,000		39,548,594
U.S. Treasury Note		0.88			11-15-2030		60,185,000		60,326,059
U.S. Treasury Note ##		1.38			1-31-2021		93,393,000		93,584,046
U.S. Treasury Note ##		1.38			5-31-2021		107,586,000		108,275,223
U.S. Treasury Note		2.13			5-15-2022		3,363,000		3,459,818
U.S. Treasury Note		2.25			4-30-2021		28,262,000		28,514,812
U.S. Treasury Note		3.13			5-15-2021		26,340,000		26,704,233
Total U.S. Treasury Securities (Cost $1,667,179,959)									1,665,808,746
Yankee Corporate Bonds and Notes: 7.00%
Communication Services: 0.07%
Wireless Telecommunication Services: 0.07%
Vodafone Group plc		4.25			9-17-2050		3,540,000		4,332,239
Consumer Discretionary: 0.16%
Automobiles: 0.16%
Nissan Motor Company 144A		3.52			9-17-2025		1,806,000		1,885,431
Nissan Motor Company 144A		4.35			9-17-2027		4,887,000		5,239,771
Nissan Motor Company 144A		4.81			9-17-2030		2,244,000		2,477,513
									9,602,715

The accompanying notes are an integral part of these financial statements.

42  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Staples: 0.15%
Beverages: 0.15%
Bacardi Limited 144A		4.70	%		5-15-2028	$	3,449,000	$	3,989,799
Bacardi Limited 144A		5.15			5-15-2038		1,632,000		2,051,445
Bacardi Limited 144A		5.30			5-15-2048		2,450,000		3,300,374
									9,341,618
Energy: 1.06%
Oil, Gas & Consumable Fuels: 1.06%
Aker BP ASA 144A		2.88			1-15-2026		5,234,000		5,241,893
Aker BP ASA 144A		4.00			1-15-2031		2,699,000		2,724,183
Ecopetrol SA		5.88			5-28-2045		2,196,000		2,610,495
Enbridge Incorporated		2.50			1-15-2025		8,829,000		9,301,674
Enbridge Incorporated		3.13			11-15-2029		4,038,000		4,382,544
Equinor ASA		1.75			1-22-2026		2,343,000		2,449,442
Equinor ASA		3.25			11-18-2049		1,370,000		1,524,745
FEL Energy Company 144A%%		5.75			12-1-2040		1,937,000		2,037,724
Galaxy Pipeline Assets Company 144A		1.75			9-30-2027		5,844,000		5,876,563
Galaxy Pipeline Assets Company 144A		2.63			3-31-2036		2,755,000		2,848,321
Oleoducto Central SA 144A		4.00			7-14-2027		1,951,000		2,107,080
Petroleos Mexicanos Company		2.38			4-15-2025		1,633,050		1,703,336
Petroleos Mexicanos Company		2.46			12-15-2025		4,435,750		4,628,550
Saudi Arabian Oil Company 144A		1.63			11-24-2025		2,967,000		3,020,436
Saudi Arabian Oil Company 144A		2.25			11-24-2030		2,967,000		3,005,637
Saudi Arabian Oil Company 144A		3.25			11-24-2050		660,000		661,373
Suncor Energy Incorporated		3.10			5-15-2025		3,958,000		4,299,906
Tengizchevroil LLP 144A		2.63			8-15-2025		3,111,000		3,217,552
Total Capital International SA		3.13			5-29-2050		2,916,000		3,191,953
									64,833,407
Financials: 4.61%
Banks: 2.59%
Asian Development Bank		0.63			4-7-2022		7,177,000		7,219,294
Banco Bilbao Vizcaya Argentaria SA		1.13			9-18-2025		4,600,000		4,615,437
Banco Santander SA		2.75			5-28-2025		3,600,000		3,831,827
Banco Santander SA %%		2.75			12-3-2030		3,000,000		3,000,000
Banco Santander SA		3.49			5-28-2030		1,800,000		2,005,670
Barclays plc (3 Month LIBOR +3.05%) ±		5.09			6-20-2030		6,684,000		7,876,944
Danske Bank A/S (1 Year Treasury Constant Maturity +1.03%) 144A±		1.17			12-8-2023		7,825,000		7,854,600
Danske Bank A/S (3 Month LIBOR +1.25%) 144A±		3.00			9-20-2022		9,081,000		9,235,466
Danske Bank A/S (3 Month LIBOR +1.59%) 144A±		3.24			12-20-2025		8,694,000		9,288,976
Danske Bank A/S 144A		5.00			1-12-2022		4,619,000		4,835,112
HSBC Holdings plc (U.S. SOFR +1.29%) ±		1.59			5-24-2027		10,944,000		11,038,179
HSBC Holdings plc (U.S. SOFR +1.54%) ±		1.65			4-18-2026		8,489,000		8,608,835
HSBC Holdings plc (U.S. SOFR +1.73%) ±		2.01			9-22-2028		9,614,000		9,768,954
Inter-American Development Bank		0.88			4-3-2025		7,363,000		7,501,119
Landwirtschaftliche Rentenbank		0.50			5-27-2025		11,429,000		11,451,709
National Australia Bank 144A		2.33			8-21-2030		5,461,000		5,501,929
Perrigo Finance plc		4.90			12-15-2044		1,656,000		1,861,444
Perrigo Finance Unlimited Company		3.15			6-15-2030		3,125,000		3,308,532
Royal Bank Scotland Group plc (1 Year Treasury Constant Maturity +2.15%) ±		2.36			5-22-2024		1,639,000		1,698,600
Royal Bank Scotland Group plc (1 Year Treasury Constant Maturity +2.55%) ±		3.07			5-22-2028		2,969,000		3,205,559
Royal Bank Scotland Group plc (5 Year Treasury Constant Maturity +2.10%) ±		3.75			11-1-2029		2,937,000		3,109,795

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  43

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Banks (continued)
Santander UK Group Holdings plc (1 Year Treasury Constant Maturity +1.25%) ±		1.53	%		8-21-2026	$	12,378,000	$	12,470,217
Societe Generale (5 Year Treasury Constant Maturity +3.00%) 144A ±		3.65			7-8-2035		2,532,000		2,658,692
Swedish Export Credit Corporation		0.75			4-6-2023		9,883,000		9,984,032
Westpac Banking Corporation (5 Year Treasury Constant Maturity +1.75%) ±		2.67			11-15-2035		4,764,000		4,923,022
Westpac Banking Corporation		2.96			11-16-2040		1,151,000		1,238,072
									158,092,016
Capital Markets: 0.65%
Credit Suisse Group Funding Limited (U.S. SOFR +2.04%) 144A ±		2.19			6-5-2026		7,231,000		7,539,821
Credit Suisse Group Funding Limited (U.S. SOFR +1.56%) 144A ±		2.59			9-11-2025		1,367,000		1,442,223
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A ±		3.00			12-14-2023		3,476,000		3,632,942
Credit Suisse Group Funding Limited		3.80			6-9-2023		3,131,000		3,369,679
Credit Suisse Group Funding Limited (U.S. SOFR +3.73%) 144A ±		4.19			4-1-2031		8,443,000		9,949,633
Nomura Holdings Incorporated		2.65			1-16-2025		3,450,000		3,663,223
Nomura Holdings Incorporated		2.68			7-16-2030		2,862,000		3,023,004
Nomura Holdings Incorporated		3.10			1-16-2030		6,118,000		6,664,931
									39,285,456
Diversified Financial Services: 1.24%
AerCap Ireland Capital DAC		3.15			2-15-2024		3,940,000		4,055,681
AerCap Ireland Capital DAC		3.50			5-26-2022		1,794,000		1,845,110
AerCap Ireland Capital DAC		3.95			2-1-2022		992,000		1,018,033
AerCap Ireland Capital DAC		4.63			7-1-2022		838,000		879,248
AerCap Ireland Capital DAC		4.88			1-16-2024		1,868,000		2,011,903
AerCap Ireland Capital DAC		6.50			7-15-2025		3,843,000		4,441,882
BAT International Finance plc		1.67			3-25-2026		10,411,000		10,596,854
Brookfield Finance Incorporated		4.35			4-15-2030		4,883,000		5,925,045
DH Europe Finance II		2.05			11-15-2022		2,978,000		3,075,717
DH Europe Finance II		2.20			11-15-2024		5,104,000		5,412,496
DH Europe Finance II		2.60			11-15-2029		5,520,000		6,082,493
DH Europe Finance II		3.40			11-15-2049		39,000		46,451
Element Fleet Management Corporation 144A		3.85			6-15-2025		3,823,000		4,084,821
GE Capital International Funding Company 144A		3.45			5-15-2025		2,250,000		2,450,109
GE Capital International Funding Company 144A		4.40			5-15-2030		4,527,000		5,212,703
GE Capital International Funding Company		4.42			11-15-2035		6,562,000		7,568,407
Trust Fibrauno 144A		4.87			1-15-2030		2,649,000		2,925,821
Trust Fibrauno 144A		6.39			1-15-2050		1,663,000		1,835,952
UBS Group AG (1 Year Treasury Constant Maturity +1.08%) 144A ±		1.36			1-30-2027		6,030,000		6,091,499
									75,560,225
Insurance: 0.13%
Arch Capital Group Limited		3.64			6-30-2050		2,476,000		2,921,393
Athene Holding Limited		3.50			1-15-2031		1,405,000		1,485,339
Athene Holding Limited		6.15			4-3-2030		2,927,000		3,646,805
									8,053,537
Health Care: 0.39%
Pharmaceuticals: 0.39%
Astrazeneca plc		0.70			4-8-2026		3,861,000		3,845,128
Shire plc ADR		2.88			9-23-2023		3,878,000		4,115,838
Takeda Pharmaceutical		2.05			3-31-2030		7,069,000		7,219,757
Takeda Pharmaceutical		3.18			7-9-2050		4,327,000		4,624,482

The accompanying notes are an integral part of these financial statements.

44  |  Wells Fargo Core Bond Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Pharmaceuticals (continued)
Takeda Pharmaceutical		4.40	%		11-26-2023	$	3,391,000	$	3,764,003
									23,569,208
Industrials: 0.10%
Construction & Engineering: 0.04%
Hutama Karya Persero PT 144A		3.75			5-11-2030		2,193,000		2,436,182
Transportation Infrastructure: 0.06%
Adani Ports & Special Company 144A		4.20			8-4-2027		3,484,000		3,709,694
Information Technology: 0.27%
Semiconductors & Semiconductor Equipment: 0.27%
NXP BV 144A		3.15			5-1-2027		3,217,000		3,510,174
NXP BV 144A		3.88			6-18-2026		7,599,000		8,610,829
NXP BV 144A		4.30			6-18-2029		2,498,000		2,930,401
TSMC Global Limited Company 144A		1.38			9-28-2030		1,227,000		1,201,769
									16,253,173
Materials: 0.14%
Chemicals: 0.07%
Nutrien Limited		5.00			4-1-2049		2,885,000		3,992,597
Metals & Mining: 0.07%
Teck Resources Limited		5.20			3-1-2042		1,462,000		1,629,663
Teck Resources Limited		6.25			7-15-2041		2,339,000		2,908,035
									4,537,698
Real Estate: 0.05%
Real Estate Management & Development: 0.05%
Scentre Group Trust 144A		3.63			1-28-2026		2,951,000		3,201,923
Total Yankee Corporate Bonds and Notes (Cost $406,679,715)									426,801,688
Yankee Government Bonds: 1.28%
Abu Dhabi Government International 144A		2.50			4-16-2025		10,650,000		11,367,370
Bermuda 144A		3.38			8-20-2050		2,234,000		2,368,040
Japan Bank for International Cooperation		1.75			10-17-2024		5,082,000		5,317,976
Republic of Indonesia		4.45			4-15-2070		2,939,000		3,629,769
Republic of Paraguay 144A		4.95			4-28-2031		2,400,000		2,844,024
Republic of Paraguay 144A		5.40			3-30-2050		2,956,000		3,687,610
Republic of Peru %%		1.86			12-1-2032		2,866,000		2,843,072
Republic of Peru		2.39			1-23-2026		5,029,000		5,293,023
Republic of Peru %%		2.78			12-1-2060		1,579,000		1,559,263
Republic of Peru %%		3.23			7-28-2121		765,000		755,438
State of Israel		3.38			1-15-2050		2,126,000		2,347,189
State of Israel		4.50			4-3-2120		728,000		963,326
State of Qatar 144A		3.40			4-16-2025		205,000		225,500
United Mexican States		2.66			5-24-2031		11,292,000		11,293,807
United Mexican States		3.77			5-24-2061		1,725,000		1,720,688
United Mexican States		3.90			4-27-2025		4,768,000		5,280,560
United Mexican States		4.35			1-15-2047		1,753,000		1,938,836
United Mexican States		4.50			4-22-2029		8,500,000		9,813,250
United Mexican States		4.60			2-10-2048		1,782,000		2,020,806
United Mexican States		4.75			3-8-2044		2,478,000		2,852,798
Total Yankee Government Bonds (Cost $72,047,240)									78,122,345

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  45

Portfolio of investments—November 30, 2020 (unaudited)

	Yield			Principal		Value
Short-Term Investments: 3.68%
Investment Companies: 3.68%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12	%	$	54,037,500	$	54,037,500
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.02			170,055,243		170,055,243
Total Short-Term Investments (Cost $224,092,743)							224,092,743

Total investments in securities (Cost $6,493,652,297)	109.72	%		6,688,333,884
Other assets and liabilities, net	(9.72	)		(592,746,887	)
Total net assets	100.00	%	$	6,095,586,997

± Variable rate investment. The rate shown is the rate in effect at period end.

%% The security is purchased on a when-issued basis.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

« All or a portion of this security is on loan.

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

## All or a portion of this security is segregated for when-issued securities.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

SOFR Secured Overnight Financing Rate

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses)		Net change in unrealized gains (losses)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	54,097,500	$	(60,000	)	$	0	$	0	$	54,037,500					54,037,500	$	534	#
Wells Fargo Government Money Market Fund Select Class		315,907,475		2,475,977,232		(2,621,829,464	)		0		0		170,055,243					170,055,243		121,381
								$	0	$	0	$	224,092,743		3.68	%			$	121,915

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

46  |  Wells Fargo Core Bond Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $52,976,648 of securities loaned), at value (cost $6,269,559,554)	$	6,464,241,141
Investments in affiliated securities, at value (cost $224,092,743)		224,092,743
Receivable for investments sold		826,853,596
Principal paydown receivable		673,358
Receivable for interest		20,194,640
Receivable for securities lending income, net		915
Prepaid expenses and other assets		271,927
Total assets		7,536,328,320
Liabilities
Payable upon receipt of securities loaned		53,869,375
Payable for investments purchased		828,498,144
Payable for when-issued transactions		553,637,122
Cash collateral due to broker		3,082,539
Overdraft due to custodian bank		2,856
Advisory fee payable		1,651,287
Total liabilities		1,440,741,323
Total net assets	$	6,095,586,997

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  47

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest (net of foreign withholding taxes of $3,863)	$	53,928,274
Income from affiliated securities		123,544
Total investment income		54,051,818
Expenses
Advisory fee		10,267,456
Custody and accounting fees		132,138
Professional fees		48,147
Shareholder report expenses		3,829
Trustees’ fees and expenses		9,576
Other fees and expenses		44,708
Net expenses		10,505,854
Net investment income		43,545,964
Realized and unrealized gains (losses) on investments
Net realized gains on investments		119,819,612
Net change in unrealized gains (losses) on investments		5,227,398
Net realized and unrealized gains (losses) on investments		125,047,010
Net increase in net assets resulting from operations	$	168,592,974

The accompanying notes are an integral part of these financial statements.

48  |  Wells Fargo Core Bond Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	43,545,964		$	132,899,852
Net realized gains on investments		119,819,612			327,904,415
Net change in unrealized gains (losses) on investments		5,227,398			58,392,982
Net increase in net assets resulting from operations		168,592,974			519,197,249
Capital transactions
Transactions in investors’ beneficial interests
Contributions		684,363,108			2,488,553,741
Withdrawals		(519,224,929	)		(3,071,640,078	)
Net increase (decrease) in net assets resulting from capital transactions		165,138,179			(583,086,337	)
Total increase (decrease) in net assets		333,731,153			(63,889,088	)
Net assets
Beginning of period		5,761,855,844			5,825,744,932
End of period	$	6,095,586,997		$	5,761,855,844

The accompanying notes are an integral part of these financial statements.

Wells Fargo Core Bond Portfolio  |  49

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		2.85	%		9.49	%		6.30	%		(0.53	)%		1.89	%		2.78	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.44	%		2.28	%		2.93	%		2.23	%		1.87	%		1.86	%
Supplemental data
Portfolio turnover rate		213	%		603	%		577	%		542	%		614	%		667	%

¹  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

50  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Core Bond Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Portfolio. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Wells Fargo Core Bond Portfolio  |  51

Notes to financial statements (unaudited)

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All interest, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether interest and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $6,498,269,871 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	202,197,380
Gross unrealized losses		(12,133,367	)
Net unrealized gains	$	190,064,013

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

52  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,870,498,311	$	0	$	1,870,498,311
Asset-backed securities		0		610,540,007		0		610,540,007
Corporate bonds and notes		0		1,580,128,429		0		1,580,128,429
Municipal obligations		0		27,301,211		0		27,301,211
Non-agency mortgage-back securities		0		205,040,404		0		205,040,404
U.S. Treasury securities		1,665,808,746		0		0		1,665,808,746
Yankee corporate bonds and notes		0		426,801,688		0		426,801,688
Yankee government bonds		0		78,122,345		0		78,122,345
Short-term investments
Investment companies		224,092,743		0		0		224,092,743
Total assets	$	1,889,901,489	$	4,798,432,395	$	0	$	6,688,333,884

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million	0.400%
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.300
Over $10 billion	0.290

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.34% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

Wells Fargo Core Bond Portfolio  |  53

Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$12,257,295,189	$1,998,159,702	$11,785,854,423	$1,776,440,396

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Nomura Securities International Inc.	$49,732,070	$(49,732,070)		$0
UBS Securities LLC	3,244,578	(3,244,578)		0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

54  |  Wells Fargo Core Bond Portfolio

Notes to financial statements (unaudited)

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

Wells Fargo Core Bond Portfolio  |  55

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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.

56  |  Wells Fargo Core Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 144 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 Chair, 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 Core Bond Fund  |  57

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; Chair, 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.

58  |  Wells Fargo Core Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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 Core Bond Fund  |  59

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00735 01-20

SA287/SAR287 11-20

Semi-Annual Report

November 30, 2020

Wells Fargo Real Return Fund

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Wells Fargo Real Return Fund
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Wells Fargo Real Return Portfolio
Portfolio of investments	22
Financial statements
Statement of assets and liabilities	33
Statement of operations	34
Statement of changes in net assets	35
Financial highlights	36
Notes to financial statements	37
Other information	43

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 November 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 Real Return Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Real Return Fund for the six-month period that ended November 30, 2020. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Real Return Fund

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Real Return Fund  |  3

Letter to shareholders (unaudited)

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.

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.

4  |  Wells Fargo Real Return Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio¹

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Petros N. Bocray, CFA^®‡, FRM

Michael Bradshaw, CFA^®‡

Christian L. Chan, CFA^®‡

Jay N. Mueller, CFA^®‡

Garth B. Newport, CFA^®‡

Michael Schueller, CFA^®‡

Average annual total returns (%) as of November 30, 2020

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (IPBAX)	2-28-2003		2.80		3.27		2.57		7.64		4.23		3.04		1.43		0.78
Class C (IPBCX)	2-28-2003		5.79		3.45		2.28		6.79		3.45		2.28		2.18		1.53
Class R6 (IPBJX)4	10-31-2016		–		–		–		7.98		4.60		3.35		1.05		0.40
Administrator Class (IPBIX)	2-28-2003		–		–		–		7.90		4.46		3.28		1.37		0.60
Institutional Class (IPBNX)5	10-31-2016		–		–		–		8.02		4.57		3.34		1.10		0.45
Bloomberg Barclays U.S. TIPS Index6	–		–		–		–		10.15		4.68		3.53		–		–
CPI7	–		–		–		–		1.17		1.86		1.75		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on 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. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to mortgage- and asset-backed securities risk and small company securities risk. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Real Return Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of November 30, 20208
TIPS, 0.38%, 7-15-2025	3.07
TIPS, 0.63%, 1-15-2026	2.73
TIPS, 0.13%, 1-15-2023	2.56
TIPS, 0.63%, 1-15-2024	2.46
TIPS, 0.13%, 7-15-2024	2.39
TIPS, 0.38%, 7-15-2023	2.24
TIPS, 0.25%, 1-15-2025	2.23
TIPS, 0.13%, 7-15-2022	2.20
TIPS, 0.13%, 7-15-2030	2.15
TIPS, 0.50%, 1-15-2028	2.04

Portfolio allocation as of November 30, 2020⁹

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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.

⁴  Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁷  The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index.

⁸  Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

⁹  Figures represent the portfolio composition of the affiliated master portfolio as a percentage of the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Real Return Fund  |  7

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,052.92	$	4.01		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	1,048.99	$	7.86		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R6
Actual	$	1,000.00	$	1,054.39	$	2.06		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	2.03		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,054.37	$	3.09		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,055.06	$	2.32		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%

¹  Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²  Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

8  |  Wells Fargo Real Return Fund

Portfolio of investments—November 30, 2020 (unaudited)

	Value
Investment Companies: 99.87%
Affiliated Master Portfolio: 99.87%
Wells Fargo Real Return Portfolio	$	59,698,728
Total Investment Companies (Cost $52,913,313)		59,698,728

Total investments in securities (Cost $52,913,313)	99.87	%		59,698,728
Other assets and liabilities, net	0.13			78,964
Total net assets	100.00	%	$	59,777,692

Transactions with the affiliated Master Portfolio were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Real Return Portfolio		35	%		27	%	$	(69,454	)	$	2,692,438	$	637,079	$	94,708	$	350	$	59,698,728		99.87	%

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Fund  |  9

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in affiliated Master Portfolio, at value (cost $52,913,313)	$	59,698,728
Receivable for Fund shares sold		115,356
Receivable from manager		10,397
Prepaid expenses and other assets		1,352
Total assets		59,825,833
Liabilities
Payable for Fund shares redeemed		25,981
Administration fees payable		4,216
Distribution fee payable		923
Shareholder report expenses payable		4,858
Shareholder servicing fees payable		5,650
Trustees’ fees and expenses payable		1,066
Accrued expenses and other liabilities		5,447
Total liabilities		48,141
Total net assets	$	59,777,692
Net assets consist of
Paid-in capital	$	55,087,686
Total distributable earnings		4,690,006
Total net assets	$	59,777,692
Computation of net asset value and offering price per share
Net assets – Class A	$	13,273,112
Shares outstanding – Class A1		1,243,835
Net asset value per share – Class A		$10.67
Maximum offering price per share – Class A2		$11.17
Net assets – Class C	$	1,472,429
Shares outstanding – Class C1		140,413
Net asset value per share – Class C		$10.49
Net assets – Class R6	$	21,641,244
Shares outstanding – Class R61		2,007,254
Net asset value per share – Class R6		$10.78
Net assets – Administrator Class	$	13,443,186
Shares outstanding – Administrator Class1		1,239,568
Net asset value per share – Administrator Class		$10.85
Net assets – Institutional Class	$	9,947,721
Shares outstanding – Institutional Class1		922,260
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 100/95.50 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.

10  |  Wells Fargo Real Return Fund

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest allocated from affiliated Master Portfolio	$	637,079
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $791)		94,708
Affiliated income allocated from affiliated Master Portfolio		350
Expenses allocated from affiliated Master Portfolio		(139,904	)
Waivers allocated from affiliated Master Portfolio		24,123
Total investment income		616,356
Expenses
Management fee		14,886
Administration fees
Class A		11,164
Class C		1,349
Class R6		2,945
Administrator Class		7,047
Institutional Class		4,070
Shareholder servicing fees
Class A		17,428
Class C		2,101
Administrator Class		17,599
Distribution fee
Class C		6,319
Custody and accounting fees		2,020
Professional fees		18,048
Registration fees		100,273
Shareholder report expenses		34,759
Trustees’ fees and expenses		11,029
Other fees and expenses		7,721
Total expenses		258,758
Less: Fee waivers and/or expense reimbursements
Fund-level		(193,866	)
Class A		(696	)
Administrator Class		(8,434	)
Net expenses		55,762
Net investment income		560,594
Realized and unrealized gains (losses) on investments
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(69,454	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		2,692,438
Net realized and unrealized gains (losses) on investments		2,622,984
Net increase in net assets resulting from operations	$	3,183,578

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Fund  |  11

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	560,594					$	1,149,193
Net realized losses on investments					(69,454	)					(1,121,387	)
Net change in unrealized gains (losses) on investments					2,692,438						3,059,682
Net increase in net assets resulting from operations					3,183,578						3,087,488
Distributions to shareholders from net investment income and net realized gains
Class A					(113,765	)					(333,051	)
Class C					(9,527	)					(28,644	)
Class R6					(203,448	)					(410,590	)
Administrator Class					(118,115	)					(268,283	)
Institutional Class					(97,958	)					(274,619	)
Total distributions to shareholders					(542,813	)					(1,315,187	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		234,470			2,450,862			341,385			3,446,122
Class C		22,278			228,745			58,887			586,232
Class R6		486,193			5,175,121			700,870			7,155,041
Administrator Class		319,355			3,412,800			754,263			7,722,657
Institutional Class		186,884			1,980,252			587,649			6,004,061
					13,247,780						24,914,113
Reinvestment of distributions
Class A		8,021			84,905			23,714			238,785
Class C		871			9,052			2,484			24,671
Class R6		11,490			122,982			22,788			231,443
Administrator Class		10,659			114,697			25,943			265,162
Institutional Class		9,127			97,689			26,962			274,014
					429,325						1,034,075
Payment for shares redeemed
Class A		(289,746	)		(3,073,050	)		(865,507	)		(8,666,594	)
Class C		(53,208	)		(552,035	)		(153,174	)		(1,519,143	)
Class R6		(255,333	)		(2,736,788	)		(395,994	)		(4,031,485	)
Administrator Class		(395,313	)		(4,254,378	)		(827,804	)		(8,434,604	)
Institutional Class		(298,671	)		(3,189,919	)		(699,776	)		(7,084,487	)
					(13,806,170	)					(29,736,313	)
Net decrease in net assets resulting from capital share transactions					(129,065	)					(3,788,125	)
Total increase (decrease) in net assets					2,511,700						(2,015,824	)
Net assets
Beginning of period					57,265,992						59,281,816
End of period				$	59,777,692					$	57,265,992

The accompanying notes are an integral part of these financial statements.

12  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS A				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.22			$9.89			$9.87			$9.96			$9.95			$10.07
Net investment income		0.09			0.12			0.15			0.21			0.19	1		0.10	1
Net realized and unrealized gains (losses) on investments		0.45			0.42			0.09			(0.09	)		0.03			(0.01	)
Total from investment operations		0.54			0.54			0.24			0.12			0.22			0.09
Distributions to shareholders from
Net investment income		(0.09	)		(0.21	)		(0.19	)		(0.21	)		(0.20	)		(0.07	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)		(0.14	)
Total distributions to shareholders		(0.09	)		(0.21	)		(0.22	)		(0.21	)		(0.21	)		(0.21	)
Net asset value, end of period		$10.67			$10.22			$9.89			$9.87			$9.96			$9.95
Total return2		5.29	%		5.48	%		2.56	%		1.25	%		2.23	%		1.01	%
Ratios to average net assets (annualized)
Gross expenses3		1.43	%		1.43	%		1.16	%		1.04	%		1.11	%		1.20	%
Net expenses3		0.78	%		0.78	%		0.77	%		0.80	%		0.85	%		0.85	%
Net investment income3		1.68	%		1.79	%		1.95	%		2.15	%		1.92	%		0.98	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%		29	%
Net assets, end of period (000s omitted)		$13,273			$13,196			$17,716			$26,133			$29,678			$18,938

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS C				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.06			$9.73			$9.73			$9.82			$9.77			$9.92
Net investment income		0.05	1		0.11	1		0.10	1		0.03			0.04			0.03	1
Net realized and unrealized gains (losses) on investments		0.44			0.35			0.07			0.02			0.10			(0.02	)
Total from investment operations		0.49			0.46			0.17			0.05			0.14			0.01
Distributions to shareholders from
Net investment income		(0.06	)		(0.13	)		(0.14	)		(0.14	)		(0.08	)		(0.02	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)		(0.14	)
Total distributions to shareholders		(0.06	)		(0.13	)		(0.17	)		(0.14	)		(0.09	)		(0.16	)
Net asset value, end of period		$10.49			$10.06			$9.73			$9.73			$9.82			$9.77
Total return2		4.90	%		4.77	%		1.79	%		0.53	%		1.44	%		0.21	%
Ratios to average net assets (annualized)
Gross expenses3		2.18	%		2.18	%		1.91	%		1.79	%		1.86	%		1.95	%
Net expenses3		1.53	%		1.53	%		1.52	%		1.56	%		1.60	%		1.60	%
Net investment income3		0.87	%		1.09	%		1.08	%		1.39	%		1.23	%		0.30	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%		29	%
Net assets, end of period (000s omitted)		$1,472			$1,714			$2,553			$3,517			$4,580			$5,654

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

14  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
CLASS R6				2020			2019			2018			20171
Net asset value, beginning of period		$10.33			$9.99			$9.96			$10.05			$10.17
Net investment income		0.12			0.22			0.23	2		0.22			0.10
Net realized and unrealized gains (losses) on investments		0.44			0.37			0.06			(0.06	)		(0.07	)
Total from investment operations		0.56			0.59			0.29			0.16			0.03
Distributions to shareholders from
Net investment income		(0.11	)		(0.25	)		(0.23	)		(0.25	)		(0.14	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)
Total distributions to shareholders		(0.11	)		(0.25	)		(0.26	)		(0.25	)		(0.15	)
Net asset value, end of period		$10.78			$10.33			$9.99			$9.96			$10.05
Total return3		5.44	%		5.94	%		2.99	%		1.63	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses4		1.05	%		1.05	%		0.82	%		0.66	%		0.69	%
Net expenses4		0.40	%		0.40	%		0.39	%		0.42	%		0.47	%
Net investment income4		2.10	%		2.08	%		2.34	%		2.52	%		1.32	%
Supplemental data
Portfolio turnover rate5		9	%		24	%		39	%		29	%		25	%
Net assets, end of period (000s omitted)		$21,641			$18,224			$14,358			$11,750			$7,438

¹  For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

²  Calculated based upon average shares outstanding

³  Returns for periods of less than one year are not annualized.

⁴  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

⁵  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS				2020			2019			2018			2017			2016
Net asset value, beginning of period		$10.38			$10.03			$9.99			$10.06			$10.03			$10.15
Net investment income		0.10	1		0.20	1		0.21	1		0.24	1		0.22	1		0.13	1
Net realized and unrealized gains (losses) on investments		0.46			0.36			0.06			(0.09	)		0.02			(0.02	)
Total from investment operations		0.56			0.56			0.27			0.15			0.24			0.11
Distributions to shareholders from
Net investment income		(0.09	)		(0.21	)		(0.20	)		(0.22	)		(0.20	)		(0.09	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)		(0.14	)
Total distributions to shareholders		(0.09	)		(0.21	)		(0.23	)		(0.22	)		(0.21	)		(0.23	)
Net asset value, end of period		$10.85			$10.38			$10.03			$9.99			$10.06			$10.03
Total return2		5.44	%		5.67	%		2.78	%		1.50	%		2.46	%		1.21	%
Ratios to average net assets (annualized)
Gross expenses3		1.37	%		1.37	%		1.10	%		0.97	%		1.04	%		1.13	%
Net expenses3		0.60	%		0.60	%		0.59	%		0.60	%		0.60	%		0.60	%
Net investment income3		1.91	%		1.92	%		2.15	%		2.39	%		2.20	%		1.30	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%		29	%
Net assets, end of period (000s omitted)		$13,443			$13,544			$13,562			$23,331			$26,100			$20,607

¹  Calculated based upon average shares outstanding

²  Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

16  |  Wells Fargo Real Return Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS				2020			2019			2018			20171
Net asset value, beginning of period		$10.33			$9.99			$9.97			$10.06			$10.17
Net investment income		0.10			0.21			0.22			0.24			0.14
Net realized and unrealized gains (losses) on investments		0.47			0.37			0.05			(0.08	)		(0.10	)
Total from investment operations		0.57			0.58			0.27			0.16			0.04
Distributions to shareholders from
Net investment income		(0.11	)		(0.24	)		(0.22	)		(0.25	)		(0.14	)
Net realized gains		0.00			0.00			(0.03	)		0.00			(0.01	)
Total distributions to shareholders		(0.11	)		(0.24	)		(0.25	)		(0.25	)		(0.15	)
Net asset value, end of period		$10.79			$10.33			$9.99			$9.97			$10.06
Total return2		5.51	%		5.78	%		2.84	%		1.57	%		0.41	%
Ratios to average net assets (annualized)
Gross expenses3		1.10	%		1.10	%		0.84	%		0.71	%		0.76	%
Net expenses3		0.45	%		0.45	%		0.44	%		0.47	%		0.52	%
Net investment income3		1.87	%		2.09	%		2.20	%		2.62	%		2.24	%
Supplemental data
Portfolio turnover rate4		9	%		24	%		39	%		29	%		25	%
Net assets, end of period (000s omitted)		$9,948			$10,587			$11,094			$12,110			$5,229

¹  For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

²  Returns for periods of less than one year are not annualized.

³  Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:

Six months ended November 30, 2020 (unaudited)	0.39	%
Year ended May 31, 2020	0.39	%
Year ended May 31, 2019	0.39	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 20171	0.44	%

⁴  Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Fund  |  17

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Real Return Fund (the “Fund”) which is a diversified series of the Trust.

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund invests in Wells Fargo Real Return Portfolio, a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. As of November 30, 2020, the Fund owned 27% of Wells Fargo Real Return Portfolio. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2020 are included in this report and should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Investments in the affiliated Master Portfolio are valued daily based on the Fund’s proportionate share of the affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investments which are not valued using the method 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.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis. The Fund records daily its proportionate share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

18  |  Wells Fargo Real Return Fund

Notes to financial statements (unaudited)

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $53,040,192 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	6,658,536
Gross unrealized losses		0
Net unrealized gains	$	6,658,536

As of May 31, 2020, the Fund had capital loss carryforwards which consisted of $1,082,708 in short-term capital losses and $906,231 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2020, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:

Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term	$	59,698,728

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $5 billion		0.05	%
Next $5 billion		0.04
Over $10 billion		0.03

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account

Wells Fargo Real Return Fund  |  19

Notes to financial statements (unaudited)

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Net expenses from the affiliated Master Portfolio are included in the expense caps. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.40% for Class R6 shares, and 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received $367 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$9,094,158	$8,171,588	$839,712	$3,480,931

6. 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.

20  |  Wells Fargo Real Return Fund

Notes to financial statements (unaudited)

For the six months ended November 30, 2020, there were no borrowings by the Fund under the agreement.

7. 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.

8. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

9. 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 Real Return Fund  |  21

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Common Stocks: 13.41%
Consumer Staples: 4.47%
Beverages: 0.68%
PepsiCo Incorporated		10,246	$	1,477,781
Food & Staples Retailing: 1.47%
Costco Wholesale Corporation		2,497		978,250
Sysco Corporation		8,236		587,144
Walmart Incorporated		10,637		1,625,227
				3,190,621
Food Products: 0.61%
Mondelez International Incorporated Class A		13,731		788,846
Nomad Foods Limited †		22,626		546,418
				1,335,264
Household Products: 1.56%
Church & Dwight Company Incorporated		8,444		741,130
The Clorox Company		2,189		444,279
The Procter & Gamble Company		15,936		2,213,032
				3,398,441
Tobacco: 0.15%
Philip Morris International Incorporated		4,390		332,543
Energy: 0.98%
Oil, Gas & Consumable Fuels: 0.98%
Chevron Corporation		14,933		1,301,859
Phillips 66		13,681		828,795
				2,130,654
Financials: 0.11%
Mortgage REITs: 0.11%
AGNC Investment Corporation		15,892		242,830
Materials: 3.49%
Chemicals: 1.46%
Ecolab Incorporated		2,642		586,920
Linde plc		4,987		1,278,767
The Sherwin-Williams Company		1,009		754,359
Westlake Chemical Corporation		7,573		569,111
				3,189,157
Construction Materials: 0.18%
Martin Marietta Materials Incorporated		1,432		380,382
Containers & Packaging: 0.18%
Crown Holdings Incorporated †		4,206		396,416
Metals & Mining: 1.67%
Agnico-Eagle Mines Limited		2,500		164,675
Alamos Gold Incorporated Class A		8,000		66,220
AngloGold Ashanti Limited ADR		4,200		91,014
B2Gold Corporation		28,000		156,095

The accompanying notes are an integral part of these financial statements.

22  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Shares		Value
Metals & Mining (continued)
Barrick Gold Corporation		10,956	$	253,522
Centerra Gold Incorporated		6,000		58,582
Endeavour Mining Corporation †		3,300		77,831
Evolution Mining Limited		22,000		80,261
Fortuna Silver Mines Incorporated †		6,000		38,207
Franco-Nevada Corporation		1,300		173,043
Gold Fields Limited ADR		11,500		100,165
Kinross Gold Corporation		30,000		213,675
Kirkland Lake Gold Limited		5,037		206,375
Lundin Gold Incorporated †		5,000		44,275
MAG Silver Corporation †		6,000		91,384
Newcrest Mining Limited		6,000		118,608
Newmont Corporation		5,090		299,394
Northern Star Resources Limited		14,000		129,589
Pan American Silver Corporation		3,300		97,449
Royal Gold Incorporated		3,084		340,689
SilverCrest Metals Incorporated †		4,000		35,112
SSR Mining Incorporated †		2,272		42,057
SSR Mining Incorporated †		3,100		57,071
Steel Dynamics Incorporated		9,914		358,986
Teranga Gold Corporation †		4,000		44,167
Torex Gold Resources Incorporated †		6,600		91,070
Wheaton Precious Metals Corporation		3,900		150,541
Yamana Gold Incorporated		12,000		62,647
				3,642,704
Real Estate: 4.36%
Equity REITs: 4.36%
Alexandria Real Estate Equities Incorporated		2,828		463,028
American Homes 4 Rent Class A		13,884		398,748
American Tower Corporation		4,503		1,041,094
Camden Property Trust		4,094		404,610
CoreSite Realty Corporation		3,197		400,872
Equinix Incorporated		1,388		968,533
Federal Realty Investment Trust		2,676		233,401
Four Corners Property Trust Incorporated		17,679		495,189
Healthcare Realty Trust Incorporated		10,353		305,414
Host Hotels & Resorts Incorporated		19,066		267,496
Invitation Homes Incorporated		15,334		438,246
Mid-America Apartment Communities Incorporated		3,257		410,903
Prologis Incorporated		8,930		893,447
SBA Communications Corporation		2,086		599,057
Simon Property Group Incorporated		2,409		198,911
STAG Industrial Incorporated		11,242		334,787
Sun Communities Incorporated		4,020		558,780
VICI Properties Incorporated		25,295		639,711
Welltower Incorporated		6,879		433,239
				9,485,466
Total Common Stocks (Cost $22,516,767)				29,202,259

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  23

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 14.31%
Communication Services: 2.02%
Diversified Telecommunication Services: 0.44%
CenturyLink Incorporated		6.75	%		12-1-2023	$	260,000	$	288,353
CenturyLink Incorporated		6.45			6-15-2021		155,000		159,108
CommScope Holding Company Incorporated 144A		5.50			3-1-2024		290,000		297,975
Level 3 Financing Incorporated		5.38			1-15-2024		125,000		125,875
Level 3 Financing Incorporated		5.38			5-1-2025		85,000		87,257
									958,568
Entertainment: 0.43%
Live Nation Entertainment Incorporated 144A		4.88			11-1-2024		170,000		168,725
Live Nation Entertainment Incorporated 144A		6.50			5-15-2027		150,000		166,125
Netflix Incorporated		5.38			2-1-2021		600,000		604,500
									939,350
Media: 0.98%
CCO Holdings LLC 144A		5.13			5-1-2027		600,000		631,269
CSC Holdings LLC 144A		5.50			4-15-2027		200,000		211,100
CSC Holdings LLC		6.75			11-15-2021		105,000		109,840
DISH DBS Corporation		5.88			7-15-2022		190,000		199,553
DISH DBS Corporation		6.75			6-1-2021		155,000		158,371
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		800,000		812,000
									2,122,133
Wireless Telecommunication Services: 0.17%
Sprint Corporation		7.88			9-15-2023		155,000		178,638
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		43,750		44,215
T-Mobile USA Incorporated		4.00			4-15-2022		145,000		149,534
									372,387
Consumer Discretionary: 2.34%
Auto Components: 0.11%
Goodyear Tire & Rubber Company		5.13			11-15-2023		245,000		245,196
Automobiles: 0.18%
Ford Motor Company		8.50			4-21-2023		355,000		398,267
Hotels, Restaurants & Leisure: 0.19%
Carnival Corporation 144A		11.50			4-1-2023		50,000		56,938
Royal Caribbean Cruises Limited 144A		9.13			6-15-2023		325,000		351,813
									408,751
Household Durables: 0.61%
KB Home Class B		7.50			9-15-2022		315,000		344,925
Lennar Corporation		6.25			12-15-2021		250,000		257,000
Newell Brands Incorporated		4.35			4-1-2023		93,000		97,878
PulteGroup Incorporated		4.25			3-1-2021		400,000		401,840
Toll Brothers Finance Corporation		5.88			2-15-2022		225,000		233,928
									1,335,571
Internet & Direct Marketing Retail: 0.07%
QVC Incorporated		4.38			3-15-2023		140,000		146,650

The accompanying notes are an integral part of these financial statements.

24  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.72%
Macy’s Incorporated 144A		8.38	%		6-15-2025	$	605,000	$	659,420
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		100,000		99,922
Nordstrom Incorporated 144A		8.75			5-15-2025		730,000		813,950
									1,573,292
Specialty Retail: 0.37%
L Brands Incorporated		5.63			10-15-2023		65,000		69,443
L Brands Incorporated 144A		9.38			7-1-2025		225,000		274,500
Penske Auto Group Incorporated		3.50			9-1-2025		140,000		141,400
The Gap Incorporated 144A		8.63			5-15-2025		295,000		327,819
									813,162
Textiles, Apparel & Luxury Goods: 0.09%
Levi Strauss & Company		5.00			5-1-2025		180,000		184,950
Consumer Staples: 0.03%
Personal Products: 0.03%
Edgewell Personal Care Company		4.70			5-24-2022		60,000		62,250
Energy: 2.72%
Energy Equipment & Services: 0.09%
Hilcorp Energy Company 144A		5.00			12-1-2024		175,000		170,625
USA Compression Partners LP		6.88			9-1-2027		20,000		21,082
									191,707
Oil, Gas & Consumable Fuels: 2.63%
Apache Corporation		4.63			11-15-2025		70,000		72,779
Buckeye Partners LP 144A		4.13			3-1-2025		50,000		49,875
Buckeye Partners LP		4.15			7-1-2023		200,000		202,000
Cheniere Energy Partners LP		5.25			10-1-2025		500,000		513,125
Continental Resources Incorporated		4.50			4-15-2023		600,000		615,000
Crestwood Midstream Partners LP		6.25			4-1-2023		480,000		482,174
DCP Midstream Operating LP 144A		4.75			9-30-2021		300,000		304,125
EnLink Midstream Partners LP		4.15			6-1-2025		685,000		635,338
Enviva Partners LP 144A		6.50			1-15-2026		445,000		475,445
EQT Corporation		7.88			2-1-2025		85,000		97,325
Newfield Exploration Company		5.75			1-30-2022		90,000		93,199
Occidental Petroleum Corporation (3 Month LIBOR +1.45%) ±		1.67			8-15-2022		120,000		114,641
Occidental Petroleum Corporation «		8.00			7-15-2025		155,000		169,965
Ovintiiv Incorporated		3.90			11-15-2021		155,000		156,116
Sabine Pass Liquefaction LLC		6.25			3-15-2022		250,000		264,018
Southern Star Central Corporation 144A		5.13			7-15-2022		222,000		222,134
Suburban Propane Partners LP		5.50			6-1-2024		345,000		352,671
Tallgrass Energy Partners LP 144A		4.75			10-1-2023		460,000		451,352
Tallgrass Energy Partners LP 144A		7.50			10-1-2025		115,000		118,450
Targa Resources Partners LP		4.25			11-15-2023		345,000		346,725
									5,736,457
Financials: 2.28%
Banks: 0.15%
CIT Group Incorporated		5.00			8-15-2022		305,000		324,444

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  25

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Capital Markets: 0.19%
Blue Cube Spinco Incorporated		10.00	%		10-15-2025	$	390,000	$	411,938
Consumer Finance: 0.85%
Ford Motor Credit Company LLC		4.13			8-17-2027		400,000		413,500
General Motors Financial Company Incorporated		2.75			6-20-2025		135,000		142,873
Navient Corporation		7.25			9-25-2023		145,000		158,050
Onemain Finance Corporation		6.13			3-15-2024		295,000		319,618
Onemain Finance Corporation		7.75			10-1-2021		390,000		408,525
SLM Corporation		5.50			1-25-2023		400,000		415,000
									1,857,566
Diversified Financial Services: 0.24%
LPL Holdings Incorporated 144A		5.75			9-15-2025		495,000		512,335
Insurance: 0.37%
Genworth Mortgage Holdings LLC 144A		6.50			8-15-2025		750,000		798,750
Mortgage REITs: 0.23%
Starwood Property Trust Incorporated		5.00			12-15-2021		500,000		507,500
Thrifts & Mortgage Finance: 0.25%
Ladder Capital Finance Holdings LP 144A		5.25			3-15-2022		545,000		543,638
Health Care: 1.04%
Health Care Providers & Services: 0.99%
Centene Corporation		4.75			1-15-2025		130,000		133,995
Emcompass Health Corporation		5.13			3-15-2023		290,000		291,450
Magellan Health Incorporated		4.90			9-22-2024		680,000		714,000
MEDNAX Incorporated 144A		5.25			12-1-2023		335,000		338,343
Molina Healthcare Incorporated 144A		4.88			6-15-2025		5,000		5,122
Molina Healthcare Incorporated		5.38			11-15-2022		400,000		420,000
Tenet Healthcare Corporation		4.63			7-15-2024		240,000		244,200
									2,147,110
Life Sciences Tools & Services: 0.05%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		110,000		115,500
Industrials: 2.29%
Aerospace & Defense: 0.09%
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		200,000		204,000
Airlines: 1.17%
American Airlines Group Company 144A		5.00			6-1-2022		430,000		355,825
Delta Air Lines Incorporated 144A		4.50			10-20-2025		995,000		1,050,393
Mileage Plus Holdings LLC 144A		6.50			6-20-2027		850,000		921,719
United Airlines Pass-Through Trust Certificates Series 2020-1 Class A		5.88			4-15-2029		210,000		223,506
									2,551,443
Commercial Services & Supplies: 0.21%
Covanta Holding Corporation		5.88			7-1-2025		65,000		67,681
Plastipak Holdings Incorporated 144A		6.25			10-15-2025		380,000		391,400
									459,081

The accompanying notes are an integral part of these financial statements.

26  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Construction & Engineering: 0.24%
Great Lakes Dredge & Dock Corporation		8.00	%		5-15-2022	$	395,000	$	404,875
Taylor Morrison Communities Incorporated 144A		5.88			4-15-2023		110,000		116,325
									521,200
Electronic Equipment, Instruments & Components: 0.03%
Wesco Distribution Incorporated Company 144A		7.13			6-15-2025		55,000		59,881
Machinery: 0.05%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		10,000		10,838
Trimas Corporation 144A		4.88			10-15-2025		85,000		86,726
									97,564
Trading Companies & Distributors: 0.50%
Aircastle Limited		5.13			3-15-2021		275,000		278,202
Fortress Transportation & Infrastructure Investors LLC 144A		6.75			3-15-2022		815,000		820,844
									1,099,046
Information Technology: 0.34%
IT Services: 0.16%
Cardtronics Incorporated 144A		5.50			5-1-2025		345,000		356,213
Software: 0.06%
NortonLifeLock Incorporated 144A		5.00			4-15-2025		120,000		122,404
Technology Hardware, Storage & Peripherals: 0.12%
Dell International LLC 144A		7.13			6-15-2024		245,000		254,158
Materials: 0.31%
Chemicals: 0.03%
Chemours Company		6.63			5-15-2023		65,000		66,151
Containers & Packaging: 0.12%
Reynolds Group Holding Limited 144A		5.13			7-15-2023		5,000		5,061
Sealed Air Corporation 144A		5.13			12-1-2024		50,000		54,813
Sealed Air Corporation 144A		5.25			4-1-2023		190,000		202,056
									261,930
Metals & Mining: 0.16%
Cleveland-Cliffs Incorporated 144A		9.88			10-17-2025		300,000		349,875
Real Estate: 0.61%
Equity REITs: 0.61%
CoreCivic Incorporated		4.63			5-1-2023		245,000		230,300
CoreCivic Incorporated		5.00			10-15-2022		105,000		103,289
SBA Communications Corporation		4.00			10-1-2022		60,000		60,675
Service Properties Trust Company		4.35			10-1-2024		500,000		478,750
Service Properties Trust Company		7.50			9-15-2025		420,000		467,993
									1,341,007
Utilities: 0.33%
Electric Utilities: 0.05%
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		100,000		105,253

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  27

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Independent Power & Renewable Electricity Producers: 0.28%
TerraForm Power Operating LLC 144A		4.25	%		1-31-2023	$	600,000	$	619,500
Total Corporate Bonds and Notes (Cost $30,731,247)									31,176,178
Loans: 2.37%
Communication Services: 0.63%
Entertainment: 0.06%
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±		1.94			10-17-2026		135,474		129,716
Media: 0.38%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		2.64			4-15-2027		368,830		359,872
Diamond Sports Group LLC (1 Month LIBOR +3.25%) ±		3.40			8-24-2026		346,500		287,595
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		2.64			1-31-2028		175,000		171,483
									818,950
Wireless Telecommunication Services: 0.19%
SBA Senior Finance II LLC (1 Month LIBOR +1.75%) ±		1.90			4-11-2025		428,596		422,129
Consumer Discretionary: 0.22%
Auto Components: 0.07%
Belron Finance US LLC (3 Month LIBOR +2.25%) ±‡		2.46			11-7-2024		155,600		152,877
Hotels, Restaurants & Leisure: 0.12%
Carnival Corporation (1 Month LIBOR +7.50%) ±		8.50			6-30-2025		49,875		51,496
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		1.90			5-30-2025		215,600		210,480
									261,976
Specialty Retail: 0.03%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±		2.40			7-5-2024		64,064		62,943
Consumer Staples: 0.05%
Food Products: 0.05%
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		2.15			1-26-2024		106,657		106,479
Energy: 0.16%
Oil, Gas & Consumable Fuels: 0.16%
Apergy Corporation (3 Month LIBOR +5.00%) ±‡		5.50			5-28-2027		339,967		342,516
Financials: 0.06%
Diversified Financial Services: 0.06%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		1.97			10-6-2023		140,000		137,550
Health Care: 0.25%
Health Care Providers & Services: 0.25%
Select Medical Corporation (6 Month LIBOR +2.50%) ±		2.78			3-6-2025		549,214		538,746
Industrials: 0.57%
Aerospace & Defense: 0.07%
Rexnord LLC (1 Month LIBOR +1.75%) ±		1.90			8-21-2024		156,250		155,636

The accompanying notes are an integral part of these financial statements.

28  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Building Products: 0.25%
Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ±		2.44	%		7-31-2026	$	271,500	$	270,821
Flex Acquisition Company (1 Month LIBOR +3.00%) ±		5.12			12-29-2023		288,996		284,901
									555,722
Commercial Services & Supplies: 0.23%
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		1.90			3-28-2024		106,844		103,528
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		1.90			3-11-2025		364,323		352,286
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±		2.44			9-19-2026		38,774		37,804
									493,618
Machinery: 0.02%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		3.50			1-31-2024		37,558		37,464
Information Technology: 0.30%
Electronic Equipment, Instruments & Components: 0.09%
CDW LLC (1 Month LIBOR +1.75%) ±		1.90			10-13-2026		194,911		194,728
Semiconductors & Semiconductor Equipment: 0.14%
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ±		2.15			9-19-2026		311,850		309,424
Software: 0.07%
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±		1.90			4-16-2025		91,006		89,448
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ±		1.90			4-16-2025		68,925		67,745
									157,193
Materials: 0.13%
Chemicals: 0.05%
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		2.15			4-1-2024		108,830		106,574
Containers & Packaging: 0.08%
Berry Global Incorporated (1 Month LIBOR +2.00%) ±		2.13			10-1-2022		175,000		174,270
Total Loans (Cost $5,277,240)									5,158,511
U.S. Treasury Securities: 66.15%
TIPS		0.13			7-15-2022		4,685,569		4,802,525
TIPS		0.13			1-15-2023		5,423,612		5,586,391
TIPS		0.13			7-15-2024		4,927,014		5,211,473
TIPS		0.13			10-15-2024		3,753,391		3,975,320
TIPS		0.13			4-15-2025		3,768,499		4,000,988
TIPS		0.13			10-15-2025		1,986,098		2,131,177
TIPS		0.13			7-15-2026		3,686,291		3,992,186
TIPS		0.13			1-15-2030		4,248,720		4,678,018
TIPS		0.13			7-15-2030		3,085,965		3,416,139
TIPS		0.25			1-15-2025		4,560,228		4,857,889
TIPS		0.25			7-15-2029		3,428,941		3,821,350
TIPS		0.25			2-15-2050		1,741,225		2,061,062
TIPS		0.38			7-15-2023		4,669,237		4,899,902
TIPS		0.38			7-15-2025		6,168,006		6,683,854
TIPS		0.38			1-15-2027		3,205,414		3,523,409
TIPS		0.38			7-15-2027		1,553,411		1,722,789
TIPS		0.50			4-15-2024		3,214,555		3,408,517
TIPS		0.50			1-15-2028		3,972,602		4,443,418
TIPS		0.63			4-15-2023		4,138,850		4,322,619

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  29

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
TIPS		0.63	%		1-15-2024	$	5,047,411	$	5,359,391
TIPS		0.63			1-15-2026		5,416,506		5,957,381
TIPS		0.63			2-15-2043		2,077,293		2,571,976
TIPS		0.75			7-15-2028		3,535,693		4,058,266
TIPS		0.75			2-15-2042		2,804,706		3,543,899
TIPS		0.75			2-15-2045		2,514,467		3,219,925
TIPS		0.88			1-15-2029		2,906,715		3,370,578
TIPS		0.88			2-15-2047		1,590,330		2,123,277
TIPS		1.00			2-15-2046		1,570,755		2,127,432
TIPS		1.00			2-15-2048		1,208,479		1,672,091
TIPS		1.00			2-15-2049		1,380,804		1,932,320
TIPS		1.38			2-15-2044		2,267,003		3,244,795
TIPS		1.75			1-15-2028		2,379,100		2,884,039
TIPS		2.00			1-15-2026		2,950,470		3,461,462
TIPS		2.13			2-15-2040		1,252,337		1,927,196
TIPS		2.13			2-15-2041		1,598,519		2,488,382
TIPS		2.38			1-15-2025		3,037,672		3,511,399
TIPS		2.38			1-15-2027		2,187,567		2,684,526
TIPS		2.50			1-15-2029		2,291,134		2,975,371
TIPS		3.38			4-15-2032		923,769		1,389,984
TIPS		3.63			4-15-2028		1,858,591		2,530,153
TIPS		3.88			4-15-2029		2,438,128		3,478,491
Total U.S. Treasury Securities (Cost $130,263,887)									144,051,360
Yankee Corporate Bonds and Notes: 2.20%
Communication Services: 0.26%
Media: 0.26%
Nielsen Holding and Finance BV 144A		5.00			2-1-2025		65,000		66,869
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		102,000		101,490
Videotron Limited		5.00			7-15-2022		375,000		395,156
									563,515
Consumer Discretionary: 0.12%
Hotels, Restaurants & Leisure: 0.12%
International Game Technology plc 144A		6.25			2-15-2022		250,000		256,250
Energy: 0.17%
Energy Equipment & Services: 0.16%
Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		355,000		366,981
Oil, Gas & Consumable Fuels: 0.01%
Cenovus Energy Incorporated		5.38			7-15-2025		10,000		11,028
Financials: 0.64%
Diversified Financial Services: 0.64%
DAE Funding LLC 144A		5.25			11-15-2021		270,000		277,763
DAE Funding LLC 144A		5.75			11-15-2023		175,000		180,250
Park Aerospace Holdings Company 144A		5.25			8-15-2022		550,000		575,157
Park Aerospace Holdings Limited 144A		5.50			2-15-2024		345,000		368,267
									1,401,437

The accompanying notes are an integral part of these financial statements.

30  |  Wells Fargo Real Return Portfolio

Portfolio of investments—November 30, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care: 0.30%
Pharmaceuticals: 0.30%
Teva Pharmaceutical Finance BV		2.20	%		7-21-2021	$	275,000	$	275,096
Teva Pharmaceutical Finance BV		2.80			7-21-2023		310,000		304,532
Teva Pharmaceutical Finance BV		3.65			11-10-2021		70,000		70,525
									650,153
Industrials: 0.34%
Airlines: 0.26%
Air Canada Company 144A		7.75			4-15-2021		565,000		567,825
Commercial Services & Supplies: 0.08%
NorthRiver Midstream Finance LP 144A		5.63			2-15-2026		170,000		172,550
Information Technology: 0.09%
Communications Equipment: 0.09%
Nokia OYJ		3.38			6-12-2022		180,000		185,456
Materials: 0.28%
Metals & Mining: 0.28%
Constellium Company 144A		5.75			5-15-2024		250,000		254,988
FMG Resources Proprietary Limited 144A		4.75			5-15-2022		345,000		355,350
									610,338
Total Yankee Corporate Bonds and Notes (Cost $4,667,134)									4,785,533
	Yield					Shares
Short-Term Investments: 1.17%
Investment Companies: 1.17%
Securities Lending Cash Investments LLC (l)(r)(u)		0.12					115,000		115,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02					2,434,127		2,434,127
Total Short-Term Investments (Cost $2,549,127)									2,549,127

Total investments in securities (Cost $196,005,402)	99.61	%		216,922,968
Other assets and liabilities, net	0.39			847,014
Total net assets	100.00	%	$	217,769,982

† Non-income-earning security

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

± Variable rate investment. The rate shown is the rate in effect at period end.

« All or a portion of this security is on loan.

‡ Security is valued using significant unobservable inputs.

(l) The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR American depositary receipt

LIBOR London Interbank Offered Rate

TIPS Treasury Inflation-Protected Securities

REIT Real estate investment trust

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  31

Portfolio of investments—November 30, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		14		3-31-2021	$	3,090,851		$	3,091,922		$	1,071	$	0
Short
10-Year U.S. Treasury Notes		(5)		3-22-2021		(689,241	)		(690,859	)		0		(1,618	)
10-Year Ultra Futures		(3)		3-22-2021		(469,889	)		(471,375	)		0		(1,486	)
U.S. Ultra Bond		(8)		3-22-2021		(1,725,734	)		(1,728,250	)		0		(2,516	)
5-Year U.S. Treasury Notes		(63)		3-31-2021		(7,929,532	)		(7,939,969	)		0		(10,437	)
											$	1,071	$	(16,057	)

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliates of the Portfolio 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)		Value, end of period		% of net assets			Shares, end of period		Income from affiliated securities
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC	$	0	$	1,071,969	$	(956,969	)	$	0	$	0	$	115,000					115,000	$	42	#
Wells Fargo Government Money Market Fund Select Class		923,723		64,212,161		(62,701,757	)		0		0		2,434,127					2,434,127		899
								$	0	$	0	$	2,549,127		1.17	%			$	941

^#  Amount shown represents income before fees and rebates.

The accompanying notes are an integral part of these financial statements.

32  |  Wells Fargo Real Return Portfolio

Statement of assets and liabilities—November 30, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $113,235 of securities loaned), at value (cost $193,456,275)	$	214,373,841
Investments in affiliated securities, at value (cost $2,549,127)		2,549,127
Segregated cash for future contracts		226,321
Foreign currency, at value (cost $10)		11
Receivable for investments sold		195,247
Receivable for dividends and interest		834,588
Receivable for securities lending income, net		20
Prepaid expenses and other assets		40,335
Total assets		218,219,490
Liabilities
Payable upon receipt of securities loaned		115,000
Payable for investments purchased		275,376
Payable for daily variation margin on open futures contracts		1,655
Advisory fee payable		57,477
Total liabilities		449,508
Total net assets	$	217,769,982

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  33

Statement of operations—six months ended November 30, 2020 (unaudited)

Investment income
Interest	$	1,890,886
Dividends (net of foreign withholding taxes of $2,372)		281,946
Income from affiliated securities		1,027
Total investment income		2,173,859
Expenses
Advisory fee		351,221
Custody and accounting fees		12,918
Professional fees		21,915
Shareholder report expenses		7,679
Trustees’ fees and expenses		9,716
Other fees and expenses		9,860
Total expenses		413,309
Less: Fee waivers and/or expense reimbursements		(70,868	)
Net expenses		342,441
Net investment income		1,831,418
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(172,286	)
Futures contracts		1,178
Net realized losses on investments		(171,108	)
Net change in unrealized gains (losses) on
Unaffiliated securities		8,057,253
Futures contracts		17,906
Net change in unrealized gains (losses) on investments		8,075,159
Net realized and unrealized gains (losses) on investments		7,904,051
Net increase in net assets resulting from operations	$	9,735,469

The accompanying notes are an integral part of these financial statements.

34  |  Wells Fargo Real Return Portfolio

Statement of changes in net assets

	Six months ended November 30, 2020 (unaudited)			Year ended May 31, 2020
Operations
Net investment income	$	1,831,418		$	3,780,486
Net realized losses on investments		(171,108	)		(2,934,511	)
Net change in unrealized gains (losses) on investments		8,075,159			8,799,280
Net increase in net assets resulting from operations		9,735,469			9,645,255
Capital transactions
Transactions in investors’ beneficial interests
Contributions		66,425,740			25,838,830
Withdrawals		(20,446,099	)		(56,167,504	)
Net increase (decrease) in net assets resulting from capital transactions		45,979,641			(30,328,674	)
Total increase (decrease) in net assets		55,715,110			(20,683,419	)
Net assets
Beginning of period		162,054,872			182,738,291
End of period	$	217,769,982		$	162,054,872

The accompanying notes are an integral part of these financial statements.

Wells Fargo Real Return Portfolio  |  35

Financial highlights

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Total return1		5.49	%		5.92	%		2.99	%		1.67	%		2.65	%		1.29	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.45	%		0.45	%		0.48	%		0.52	%		0.56	%
Net expenses		0.39	%		0.39	%		0.40	%		0.41	%		0.44	%		0.44	%
Net investment income		2.09	%		2.16	%		2.29	%		2.40	%		2.36	%		1.45	%
Supplemental data
Portfolio turnover rate		9	%		24	%		39	%		29	%		25	%		29	%

¹  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

36  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Real Return Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Portfolio’s Valuation Procedures.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolio are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 2020, such fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities

Wells Fargo Real Return Portfolio  |  37

Notes to financial statements (unaudited)

resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Securities lending

The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.

When-issued transactions

The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

38  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes was $196,787,193 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	21,510,205
Gross unrealized losses		(1,389,416	)
Net unrealized gains	$	20,120,789

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Wells Fargo Real Return Portfolio  |  39

Notes to financial statements (unaudited)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	9,734,650	$	0	$	0	$	9,734,650
Energy		2,130,654		0		0		2,130,654
Financials		242,830		0		0		242,830
Materials		7,608,659		0		0		7,608,659
Real estate		9,485,466		0		0		9,485,466
Corporate bonds and notes		0		31,176,178		0		31,176,178
Loans		0		4,625,654		532,857		5,158,511
U.S. Treasury securities		144,051,360		0		0		144,051,360
Yankee corporate bonds and notes		0		4,785,533		0		4,785,533
Short-term investments
Investment companies		2,549,127		0		0		2,549,127
		175,802,746		40,587,365		532,857		216,922,968
Futures contracts		1,071		0		0		1,071
Total assets	$	175,803,817	$	40,587,365	$	532,857	$	216,924,039
Liabilities
Futures contracts	$	16,057	$	0	$	0	$	16,057
Total liabilities	$	16,057	$	0	$	0	$	16,057

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2020, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:

Average daily net assets	Advisory fee
First $500 million		0.400	%
Next $500 million		0.375
Next $2 billion		0.350
Next $2 billion		0.325
Next $5 billion		0.300
Over $10 billion		0.290

40  |  Wells Fargo Real Return Portfolio

Notes to financial statements (unaudited)

For the six months ended November 30, 2020, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Portfolio had $4,796,238, $0 and $0 in interfund purchases, sales and net realized gains (losses), respectively, during the six months ended November 30, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$33,173,817	$29,808,452	$3,063,116	$12,697,798

6. SECURITIES LENDING TRANSACTIONS

The Portfolio lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Portfolio and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily 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 Portfolio has the right to use the collateral to offset any losses incurred. As of November 30, 2020, the Portfolio had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Barclays Capital Inc.	$113,235	$(113,235)	$	0

¹  Collateral received within this table is limited to the collateral for the net transaction with the counterparty.

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Portfolio had an average notional amount of $3,108,435 in long futures contracts and $11,944,403 in short futures contracts during the six months ended November 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.

Wells Fargo Real Return Portfolio  |  41

Notes to financial statements (unaudited)

8. BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by the Portfolio under the agreement.

9. INDEMNIFICATION

Under the Portfolio’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 Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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 Real Return Portfolio

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund and Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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 Real Return Fund  |  43

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 144 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 Chair, 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

44  |  Wells Fargo Real Return 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; Chair, 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 Real Return Fund  |  45

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 and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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 67 funds in the Fund Complex. Jeremy DePalma acts as the Treasurer of 77 funds and Assistant Treasurer of 67 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.    

46  |  Wells Fargo Real Return Fund

This page is intentionally left blank.

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00737 01-20

SA288/SAR288 11-20

Semi-Annual Report

November 30, 2020

Multi-Asset Funds

∎ Wells Fargo Spectrum Aggressive Growth Fund (formerly, Wells Fargo WealthBuilder Equity Fund)

∎ Wells Fargo Spectrum Conservative Growth Fund (formerly, Wells Fargo WealthBuilder Moderate Balanced Fund)

∎ Wells Fargo Spectrum Growth Fund (formerly, Wells Fargo WealthBuilder Growth Allocation Fund)

∎ Wells Fargo Spectrum Income Allocation Fund (formerly, Wells Fargo WealthBuilder Conservative Allocation Fund)

∎ Wells Fargo Spectrum Moderate Growth Fund (formerly, Wells Fargo WealthBuilder Growth Balanced Fund)

Contents

Letter to shareholders	2
Performance highlights
Wells Fargo Spectrum Aggressive Growth Fund	6
Wells Fargo Spectrum Conservative Growth Fund	8
Wells Fargo Spectrum Growth Fund	10
Wells Fargo Spectrum Income Allocation Fund	12
Wells Fargo Spectrum Moderate Growth Fund	14
Fund expenses	16
Portfolio of investments
Wells Fargo Spectrum Aggressive Growth Fund	18
Wells Fargo Spectrum Conservative Growth Fund	21
Wells Fargo Spectrum Growth Fund	24
Wells Fargo Spectrum Income Allocation Fund	27
Wells Fargo Spectrum Moderate Growth Fund	30
Financial statements
Statements of assets and liabilities	33
Statements of operations	35
Statements of changes in net assets	37
Financial highlights	42
Notes to financial statements	52
Other information	63

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 November 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 Multi-Asset Funds  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic._”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Spectrum Funds for the six-month period that ended November 30, 2020. Effective November 2, 2020, the Funds changed their name from Wells Fargo WealthBuilder Funds to Wells Fargo Spectrum Funds. Global stock markets rallied strongly, driven by aggressive stimulus measures introduced by central banks and governments in response to challenges presented by the COVID-19 pandemic. Emerging market equities had particularly robust results during the six-month period. Among bonds, high-yield issues led the way while U.S. bonds generally had more modest returns than their international counterparts.

For the period, U.S. stocks, based on the S&P 500 Index,¹ returned 19.98% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² gained 23.28%. The MSCI EM Index (Net)³ rallied 31.14%. Among bond investments, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ returned a modest 1.79%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained a robust 8.19%, the Bloomberg Barclays Municipal Bond Index⁶ had a 3.29% return, and the ICE BofA U.S. High Yield Index⁷ gained a healthy 10.47%.

Equities enjoyed a strong tailwind from monetary and fiscal stimulus.

Financial markets posted widely positive returns in June despite ongoing economic weakness and uncertainty regarding COVID-19 and the timing of an effective vaccine. As economies reopened, optimism rose. Vitally important to market sentiment was the ongoing global central bank commitment to provide economic support through liquidity and low borrowing costs. U.S. economic activity was boosted by one-time $1,200 stimulus checks and $600 weekly bonus unemployment benefits for tens of millions of Americans through July. However, jobless rates remained historically high, easing somewhat from 14.7% in April to 11.1% in June. By late June, numerous states reported increases of COVID-19 cases, an ominous sign. China’s economic recovery picked up momentum in June.

July was broadly positive 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 need to regain control of the pandemic. Second-quarter gross domestic product (GDP) shrank from the previous quarter by 9.5% and 12.1% in the U.S. and the eurozone, respectively. In contrast, China reported 3.2% year-over-year second-quarter GDP growth. U.S. unemployment remained high despite adding 1.8 million jobs in July, as a double-digit jobless rate persisted. 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. A rising concern was the rapid and broad reemergence of COVID-19 infections.

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 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Multi-Asset Funds

Letter to shareholders (unaudited)

The stock market continued to rally in August despite concerns over rising COVID-19 cases in the U.S. and Europe, as well as the expiration of the $600 weekly bonus unemployment benefit in July. Generally stronger-than-expected second-quarter earnings boosted investor sentiment along with the Federal Reserve’s announcement of a more accommodative policy shift that could lead to longer-term low interest rates. U.S. indices measuring manufacturing and services activities beat expectations while the U.S. housing market maintained strength. In Europe, retail sales expanded and consumer confidence was steady. China’s economy continued to expand.

Stocks grew more volatile in September on mixed economic data. U.S. economic activity continued to grow. However, only half of the 22 million jobs lost since the early spring had returned. The U.S. unemployment rate fell to 7.9% in September, a measurable 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. With the U.S. Congress failing to pass further fiscal relief and uncertainties surrounding a possible vaccine, doubts crept back into the 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.

In October, capital markets took a step back from their six-month rally. Market volatility rose in advance of the U.S. election and amid a global increase in COVID-19 infections. Europe responded with more economic restrictions. Meanwhile, Brexit remained unresolved. U.S. markets looked favorably at a possible Democratic sweep and control of the federal purse strings in anticipation of additional fiscal stimulus, which could boost economic activity. Meanwhile, China continued to stand apart, reporting 4.9% third-quarter GDP growth year over year.

Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials. Global stock indices notched double-digit monthly gains. In a reversal of recent trends, value stocks outperformed growth and cyclical stocks outpaced technology stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February. The Eurozone Services Purchasing Managers’ Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity gauge indicated growth. The U.S. election results added to the market’s upbeat mood as investors gave thumbs-up to the certainty of the outcome after an unusual delay and anticipated more consistent policies in the new administration.

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

“Global stocks rallied broadly in November, propelled by optimism over three promising COVID-19 vaccines, which reported high effectiveness in trials._”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

Wells Fargo Multi-Asset Funds  |  3

Letter to shareholders (unaudited)

Notice to Shareholders

At a meeting held on August 10-12, 2020, the Board of Trustees of the Funds approved a change to each 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.

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.

Each Fund (except Wells Fargo Spectrum Aggressive Growth 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 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.

4  |  Wells Fargo Multi-Asset Funds

This page is intentionally left blank.

Performance highlights (unaudited)

Wells Fargo Spectrum Aggressive Growth Fund

Investment objective

The Fund seeks long-term capital appreciation with no emphasis on income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WEAFX)3	2-10-2017		13.69		9.77		9.31		20.62		11.08		9.96		1.05		1.03
Class C (WEACX)4	10-1-1997		18.80		10.45		9.65		19.80		10.45		9.65		1.80		1.78
Institutional Class (WEAYX)5	7-31-2018		–		–		–		20.95		11.24		10.05		0.72		0.70
Spectrum Aggressive Growth Blended Index6	–		–		–		–		16.16		12.00		11.37		–		–
MSCI ACWI ex USA Index (Net)7	–		–		–		–		9.52		7.38		5.16		–		–
Russell 3000® Index8	–		–		–		–		19.02		13.95		14.04		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

6  |  Wells Fargo Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo Spectrum Aggressive Growth Fund (continued)

Ten largest holdings (%) as of November 30, 20209
Wells Fargo Disciplined Large Cap Portfolio	27.33
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio	21.51
Wells Fargo Factor Enhanced International Equity Portfolio	19.56
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio	6.57
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio	4.83
Wells Fargo Endeavor Select Fund Class R6	3.96
Wells Fargo Large Cap Growth Fund Class R6	3.93
iShares Core MSCI EAFE ETF	2.42
iShares Core S&P 500 Index ETF	1.95
Wells Fargo Emerging Markets Equity Fund Class R6	1.92

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation10
U.S. Large Cap Stock Funds		60		60
International Stock Funds		30		30
U.S. Small Cap Stock Funds		10		10

^‡  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 0.28% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the cap 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. The Spectrum Aggressive Growth Blended Index is composed 70% of the Russell 3000^® Index and 30% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Equity Blended Index was renamed the Spectrum Aggressive Growth Blended Index. You cannot invest directly in an index.

⁷  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁹  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹⁰  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Multi-Asset Funds  |  7

Performance highlights (unaudited)

Wells Fargo Spectrum Conservative Growth Fund

Investment objective

The Fund seeks a combination of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WMBGX)3	2-10-2017		5.22		5.40		5.16		11.64		6.66		5.79		1.10		1.08
Class C (WMBFX)4	9-30-2004		9.80		6.06		5.49		10.80		6.06		5.49		1.85		1.83
Institutional Class (WMBZX)5	7-31-2018		–		–		–		12.04		6.83		5.87		0.77		0.75
Spectrum Conservative Growth Blended Index6	–		–		–		–		10.75		7.50		6.91		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		7.28		4.34		3.71		–		–
Bloomberg Barclays U.S. TIPS Index8	–		–		–		–		10.15		4.68		3.53		–		–
ICE BofA U.S. High Yield Constrained Index9	–		–		–		–		6.26		7.44		6.60		–		–
MSCI ACWI ex USA Index (Net)10	–								9.52		7.38		5.16		–		–
Russell 3000® Index11	–		–		–		–		19.02		13.95		14.04		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.     

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage-and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 9.

8  |  Wells Fargo Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo Spectrum Conservative Growth Fund (continued)

Ten largest holdings (%) as of November 30, 202012
Wells Fargo Core Bond Portfolio	16.86
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	11.96
Wells Fargo Disciplined Large Cap Portfolio	10.17
Wells Fargo Strategic Income Fund Institutional Class	9.01
Wells Fargo Real Return Portfolio	6.24
Wells Fargo Strategic Retirement Bond Portfolio	6.23
Wells Fargo Factor Enhanced International Equity Portfolio	5.29
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio	4.50
Wells Fargo Diversified Income Builder Fund Class R6	3.47
Wells Fargo High Yield Bond Fund Institutional Class	2.92

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation13
Bond Funds		54		55
Stock Funds		28		31
Inflation Sensitive Funds		14		12
Alternative Investment Funds		4		2

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.33% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the cap 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. Spectrum Conservative Growth Blended Index is composed 41% of the Bloomberg Barclays U.S. Aggregate Bond Index, 20% of the Russell 3000^® Index, 15% of the Bloomberg Barclays U.S. TIPS Index, 15% of ICE BofA U.S. High Yield Constrained Index, and 9% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Moderate Balanced Blended Index, which was composed 60% of the Bloomberg Barclays U.S. Aggregate Bond Index, 28% of the Russell 3000^® Index, and 12% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Conservative Growth Blended Index. You cannot invest directly in an index.

⁷  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁸  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁹  The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

¹⁰  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

¹¹  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.

¹²  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹³  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Multi-Asset Funds  |  9

Performance highlights (unaudited)

Wells Fargo Spectrum Growth Fund

Investment objective

The Fund seeks capital appreciation with a secondary emphasis on current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WGAFX)3	2-10-2017		9.22		8.13		8.13		15.89		9.42		8.77		1.10		1.06
Class C (WGCFX)4	9-30-2004		14.02		8.84		8.48		15.02		8.84		8.48		1.85		1.81
Institutional Class (WGAYX)5	7-31-2018		–		–		–		16.25		9.56		8.84		0.77		0.73
Spectrum Growth Blended Index6	–		–		–		–		12.60		10.20		9.76		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		7.28		4.34		3.71		–		–
Bloomberg Barclays U.S. TIPS Index8	–		–		–		–		10.15		4.68		3.53		–		–
ICE BofA U.S. High Yield Constrained Index9	–		–		–		–		6.26		7.44		6.60		–		–
MSCI ACWI ex USA Index (Net)10	–		–		–		–		9.52		7.38		5.16		–		–
Russell 3000® Index11	–		–		–		–		19.02		13.95		14.04		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 11.

10  |  Wells Fargo Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo Spectrum Growth Fund (continued)

Ten largest holdings (%) as of November 30, 202012
Wells Fargo Disciplined Large Cap Portfolio	18.96
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio	11.64
Wells Fargo Factor Enhanced International Equity Portfolio	11.55
Wells Fargo Strategic Retirement Bond Portfolio	6.20
Wells Fargo Real Return Portfolio	6.20
Wells Fargo Income Plus Fund Institutional Class	5.19
Wells Fargo High Yield Bond Fund Institutional Class	3.89
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio	3.89
Wells Fargo Diversified Income Builder Fund Class R6	3.42
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio	2.79

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation13
Stock Funds		58		62
Bond Funds		24		25
Inflation Sensitive Funds		15		12
Alternative Investment Funds		3		1

^‡  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 0.31% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the cap 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. Spectrum Growth Blended Index is composed 40% of the Russell 3000^® Index, 17% of the MSCI ACWI ex USA Index (Net), 15% of the Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Bloomberg Barclays U.S. TIPS Index, and 14% of ICE BofA U.S. High Yield Constrained Index. Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 56% of the Russell 3000^®Index, 24% of the MSCI ACWI ex USA Index (Net), and 20% of the Bloomberg Barclays U.S. Aggregate Bond Index, was renamed the Spectrum Growth Blended Index. You cannot invest directly in an index.

⁷  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁸  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁹  The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

¹⁰  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

¹¹  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.

¹²  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹³  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Multi-Asset Funds  |  11

Performance highlights (unaudited)

Wells Fargo Spectrum Income Allocation Fund

Investment objective    

The Fund seeks current income with a secondary emphasis on capital appreciation.     

Manager    

Wells Fargo Funds Management, LLC    

Subadviser    

Wells Capital Management Incorporated    

Portfolio managers    

Kandarp R. Acharya, CFA^®‡ , FRM    

Christian L. Chan, CFA^®‡     

Travis L. Keshemberg, CFA^®‡ , CIPM, FRM    

Average annual total returns (%) as of November 30, 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 (WCAFX)3	2-10-2017		2.47		3.75		3.33		8.72		4.99		3.94		1.11		1.06
Class C (WCCFX)4	9-30-2004		6.99		4.35		3.62		7.99		4.35		3.62		1.86		1.81
Institutional Class (WCYFX)5	7-31-2018		–		–		–		9.06		5.12		4.00		0.78		0.73
Spectrum Income Allocation Blended Index6	–		–		–		–		8.82		5.90		5.31		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		7.28		4.34		3.71		–		–
Bloomberg Barclays U.S. TIPS Index8	–		–		–		–		10.15		4.68		3.53		–		–
ICE BofA U.S. High Yield Constrained Index9	–		–		–		–		6.26		7.44		6.60		–		–
MSCI ACWI ex USA Index (Net)10	–		–		–		–		9.52		7.38		5.16		–		–
Russell 3000® Index11	–		–		–		–		19.02		13.95		14.04		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.     

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 13.

12  |  Wells Fargo Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo Spectrum Income Allocation Fund (continued)

Ten largest holdings (%) as of November 30, 202012
Wells Fargo Core Bond Portfolio	33.83
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	22.22
Wells Fargo Income Plus Fund Institutional Class	8.06
Wells Fargo Real Return Portfolio	3.93
Wells Fargo Strategic Retirement Bond Portfolio	3.92
Wells Fargo Disciplined Large Cap Portfolio	3.22
iShares Core U.S. Aggregate Bond ETF	2.97
Wells Fargo Global Investment Grade Credit Fund Class R6	2.89
Wells Fargo Diversified Income Builder Fund Class R6	2.48
PIMCO CommodityRealReturn Strategy Fund Institutional Class	1.99

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation13
Bond Funds		77		79
Stock Funds		10		11
Inflation Sensitive Funds		10		8
Alternative Investment Funds		3		2

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.31% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the cap 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. Spectrum Income Allocation Blended Index is composed 65% of the Bloomberg Barclays U.S. Aggregate Bond Index, 15% of ICE BofA U.S. High Yield Constrained Index, 10% of the Bloomberg Barclays U.S. TIPS Index, 7% of the Russell 3000^® Index, and 3% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 80% of Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Russell 3000^® Index, and 6% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Income Allocation Blended Index. You cannot invest directly in an index.

⁷  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁸  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁹  The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

¹⁰  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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

¹¹  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.

¹²  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹³  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Multi-Asset Funds  |  13

Performance highlights (unaudited)

Wells Fargo Spectrum Moderate Growth Fund

Investment objective

The Fund seeks a combination of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®‡, FRM

Christian L. Chan, CFA^®‡

Travis L. Keshemberg, CFA^®‡, CIPM, FRM

Average annual total returns (%) as of November 30, 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 (WGBAX)3	2-10-2017		7.52		6.93		7.01		14.08		8.21		7.65		1.08		1.07
Class C (WGBFX)4	10-1-1997		12.26		7.60		7.35		13.26		7.60		7.35		1.83		1.82
Institutional Class (WGBIX)5	7-31-2018		–		–		–		14.45		8.36		7.72		0.75		0.74
Spectrum Moderate Growth Blended Index6	–		–		–		–		12.15		8.96		8.40		–		–
Bloomberg Barclays U.S. Aggregate Bond Index7	–		–		–		–		7.28		4.34		3.71		–		–
Bloomberg Barclays U.S. TIPS Index8	–		–		–		–		10.15		4.68		3.53		–		–
ICE BofA U.S. High Yield Constrained Index9	–		–		–		–		6.26		7.44		6.60		–		–
MSCI ACWI ex USA Index (Net)10	–		–		–		–		9.52		7.38		5.16		–		–
Russell 3000® Index11	–		–		–		–		19.02		13.95		14.04		–		–

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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 15.

14  |  Wells Fargo Multi-Asset Funds

Performance highlights (unaudited)

Wells Fargo Spectrum Moderate Growth Fund (continued)

Ten largest holdings (%) as of November 30, 202012
Wells Fargo Disciplined Large Cap Portfolio	16.43
Wells Fargo Factor Enhanced International Equity Portfolio	9.23
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio	8.64
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	7.57
Wells Fargo Core Bond Portfolio	7.29
Wells Fargo Income Plus Fund Institutional Class	6.93
Wells Fargo Real Return Portfolio	6.22
Wells Fargo Strategic Retirement Bond Portfolio	6.21
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio	3.01
Wells Fargo Diversified Income Builder Fund Class R6	2.95

Allocations (%) as of November 30, 2020
	Neutral allocation		Effective allocation13
Stock Funds		45		49
Bond Funds		37		37
Inflation Sensitive Funds		14		12
Alternative Investment Funds		4		2

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.32% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through September 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the cap 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.

⁴  Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.

⁵  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁶  Source: Wells Fargo Funds Management, LLC. Spectrum Moderate Growth Blended Index is composed 32% of the Russell 3000^® Index, 26% of the Bloomberg Barclays U.S. Aggregate Bond Index, 14% of the Bloomberg Barclays U.S. TIPS Index, 14% of ICE BofA U.S. High Yield Constrained Index, and 14% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Balanced Blended Index, which was composed of 42% of the Russell 3000^® Index, 40% of the Bloomberg Barclays U.S. Aggregate Bond Index, and 18% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Moderate Growth Blended Index. You cannot invest directly in an index.

⁷  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁸  The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁹  The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

¹⁰  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

¹¹  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.

¹²  Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

¹³  Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, is comprised of the net impact of long and/or short futures contracts held as part of a dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.

Wells Fargo Multi-Asset Funds  |  15

Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2020 to November 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.

Spectrum Aggressive Growth Fund	Beginning account  value 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,180.74	$	4.10		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	1,177.24	$	8.19		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,182.60	$	2.30		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
Spectrum Conservative Growth Fund
Class A
Actual	$	1,000.00	$	1,085.95	$	3.92		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	1,081.88	$	7.83		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,087.88	$	2.20		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

¹ Amounts do not reflect expenses allocated from the affiliated Master Portfolios in which the Fund invests.

² Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

16  |  Wells Fargo Multi-Asset Funds

Fund expenses (unaudited)

Spectrum Growth Fund	Beginning account value 6-1-2020		Ending account value 11-30-2020		Expenses paid during the period1,2		Annualized net expense ratio1
Class A
Actual	$	1,000.00	$	1,136.22	$	4.02		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	1,131.94	$	8.02		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,137.80	$	2.25		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
Spectrum Income Allocation Fund
Class A
Actual	$	1,000.00	$	1,054.67	$	3.86		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	1,050.67	$	7.71		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,056.40	$	2.17		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
Spectrum Moderate Growth Fund
Class A
Actual	$	1,000.00	$	1,112.34	$	3.97		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	1,109.56	$	7.93		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,114.72	$	2.23		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

¹ Amounts do not reflect expenses allocated from the affiliated Master Portfolios in which the Fund invests.

² Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

Wells Fargo Multi-Asset Funds  |  17

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM AGGRESSIVE GROWTH FUND

				Shares		Value
Exchange-Traded Funds: 6.16%
iShares Core MSCI EAFE ETF					151,106	$	10,009,261
iShares Core MSCI Emerging Markets ETF					34,165		2,002,752
iShares Core S&P 500 ETF					22,194		8,063,524
iShares Core S&P Small-Cap ETF					63,212		5,381,870
Total Exchange-Traded Funds (Cost $20,283,213)							25,457,407
Investment Companies: 91.59%
Affiliated Master Portfolios: 81.78%
Wells Fargo Disciplined Large Cap Portfolio							112,850,969
Wells Fargo Emerging Growth Portfolio							4,105,577
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio							19,944,473
Wells Fargo Factor Enhanced International Equity Portfolio							80,764,657
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio							88,794,207
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio							27,115,537
Wells Fargo Small Company Value Portfolio							4,045,655
							337,621,075
Stock Funds: 9.81%
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					252,193		7,941,542
Wells Fargo Endeavor Select Fund Class R6 (l)†					1,296,481		16,361,593
Wells Fargo Large Cap Growth Fund Class R6 (l)					285,093		16,210,411
							40,513,546
Total Investment Companies (Cost $313,137,759)							378,134,621
	Yield
Short-Term Investments: 0.58%
Investment Companies: 0.58%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		2,400,000		2,400,000
Total Short-Term Investments (Cost $2,400,000)							2,400,000

Total investments in securities (Cost $335,820,972)	98.33	%		405,992,028
Other assets and liabilities, net	1.67			6,875,991
Total net assets	100.00	%	$	412,868,019

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

† Non-income-earning security

(u) The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

18  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM AGGRESSIVE GROWTH FUND

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		171		12-14-2020	$	20,426,171		$	20,491,144		$	64,973	$	0
E-Mini Nasdaq 100 Index		33		12-18-2020		7,927,891			8,102,820			174,929		0
E-Mini Russell 2000 Index		140		12-18-2020		12,206,690			12,740,700			534,010		0
IBEX 35 Index		179		12-18-2020		16,889,783			17,215,924			326,141		0
MSCI Emerging Markets Index		69		12-18-2020		4,079,720			4,147,935			68,215		0
Long Gilt Futures		172		3-29-2021		30,718,792			30,770,014			51,222		0
Short
E-Mini S&P 500 Index		(68)		12-18-2020		(12,136,406	)		(12,318,880	)		0		(182,474	)
Mini-DAX Futures		(208)		12-18-2020		(16,358,233	)		(16,539,207	)		0		(180,974	)
Euro-Bund Futures		(120)		3-8-2021		(25,440,385	)		(25,422,031	)		18,354		0
											$	1,237,844	$	(363,448	)

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) on affiliated Underlying Funds		Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6	$	6,253,466	$	1,437,336	$	(1,619,562	)	$	162,562	$	1,707,740	$	7,941,542					252,193	$	0
Wells Fargo Endeavor Select Fund Class R6 †		14,166,330		1,573,634		(2,395,760	)		244,525		2,772,865		16,361,593					1,296,481		0
Wells Fargo Large Cap Growth Fund Class R6		14,167,621		2,553,879		(3,393,521	)		189,569		2,692,863		16,210,411					285,093		0
													40,513,546		9.81	%
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,220,697		48,652,063		(48,472,760	)		0		0		2,400,000		0.58			2,400,000		936
								$	596,656	$	7,173,468	$	42,913,546		10.39	%			$	936

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  19

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM AGGRESSIVE GROWTH FUND

Transactions with the affiliated Master Portfolios were as follows:    

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Disciplined Large Cap Portfolio		31.68	%		35.95	%	$	1,049,614		$	16,731,762	$	879,204	$	4,849	$	378	$	112,850,969
Wells Fargo Emerging Growth Portfolio		1.53			0.48			1,602,961			1,269,876		6,539		1,524		0		4,105,577
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		8.55			9.89			103,894			3,711,080		339,131		147		0		19,944,473
Wells Fargo Factor Enhanced International Equity Portfolio		7.93			11.72			1,927,513			9,060,987		605,949		504		0		80,764,657
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		7.84			9.67			6,281,263			3,682,774		587,754		672		0		88,794,207
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		6.74			11.13			92,422			5,039,485		105,217		184		0		27,115,537
Wells Fargo Small Company Value Portfolio		1.54			0.88			(770	)		1,222,915		63,594		448		0		4,045,655
							$	11,056,897		$	40,718,879	$	2,587,388	$	8,328	$	378	$	337,621,075		81.78	%

The accompanying notes are an integral part of these financial statements.

20  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM CONSERVATIVE GROWTH FUND

				Shares		Value
Exchange-Traded Funds: 7.74%
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF					73,063	$	1,535,784
iShares Core MSCI EAFE ETF					60,725		4,022,424
iShares Core MSCI Emerging Markets ETF					13,369		783,691
iShares Core S&P 500 ETF					17,526		6,367,546
iShares Core S&P Small-Cap ETF					19,414		1,652,908
iShares Core U.S. Aggregate Bond ETF					79,071		9,363,588
The Industrial Select Sector SPDR Fund					70,169		6,176,977
Total Exchange-Traded Funds (Cost $25,691,006)							29,902,918
Investment Companies: 90.47%
Affiliated Master Portfolios: 65.97%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							46,185,100
Wells Fargo Core Bond Portfolio							65,099,316
Wells Fargo Disciplined Large Cap Portfolio							39,272,650
Wells Fargo Emerging Growth Portfolio							1,175,357
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio							5,087,424
Wells Fargo Factor Enhanced International Equity Portfolio							20,433,107
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio							17,359,574
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio							7,400,827
Wells Fargo High Yield Corporate Bond Portfolio							3,398,403
Wells Fargo Real Return Portfolio							24,103,314
Wells Fargo Small Company Value Portfolio							1,094,268
Wells Fargo Strategic Retirement Bond Portfolio							24,049,620
							254,658,960
Alternative Investment Funds: 3.77%
PIMCO CommodityRealReturn Strategy Fund Institutional Class					1,371,899		7,641,476
Wells Fargo Alternative Risk Premia Fund Class R6 (l)					880,591		6,903,833
							14,545,309
Bond Funds: 14.78%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					988,435		10,981,516
Wells Fargo High Yield Bond Fund Institutional Class (l)					3,327,712		11,280,943
Wells Fargo Strategic Income Fund Institutional Class (l)					3,513,536		34,784,008
							57,046,467
Stock Funds: 5.95%
Wells Fargo Diversified Income Builder Fund Class R6 (I)					2,227,213		13,407,823
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					60,700		1,911,434
Wells Fargo Endeavor Select Fund Class R6 (l)†					305,166		3,851,196
Wells Fargo Large Cap Growth Fund Class R6 (l)					67,141		3,817,648
							22,988,101
Total Investment Companies (Cost $324,354,997)							349,238,837
	Yield
Short-Term Investments: 0.33%
Investment Companies: 0.33%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		1,280,700		1,280,700
Total Short-Term Investments (Cost $1,280,700)							1,280,700

Total investments in securities (Cost $351,326,703)	98.54	%		380,422,455
Other assets and liabilities, net	1.46			5,623,340
Total net assets	100.00	%	$	386,045,795

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

† Non-income-earning security

(u) The rate represents the 7-day annualized yield at period end.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  21

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM CONSERVATIVE GROWTH FUND

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		161		12-14-2020	$	19,231,575	$	19,292,831	$	61,256	$	0
E-Mini Nasdaq 100 Index		31		12-18-2020		7,447,413		7,611,740		164,327		0
E-Mini Russell 2000 Index		132		12-18-2020		11,499,614		12,012,660		513,046		0
IBEX 35 Index		170		12-18-2020		16,040,610		16,350,319		309,709		0
MSCI Emerging Markets Index		65		12-18-2020		3,835,535		3,907,475		71,940		0
Long Gilt Bonds		170		3-29-2021		30,361,597		30,412,224		50,627		0
Short
E-Mini S&P 500 Index		64		12-18-2020		11,437,817		11,594,240		0		(156,423	)
Mini-DAX Futures		196		12-18-2020		15,414,418		15,585,022		0		(170,604	)
Euro-Bund Futures		118		12-8-2020		25,016,378		24,998,330		18,048		0
									$	1,188,953	$	(327,027	)

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager or adviser. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Value, beginning of period		Purchases		Sales proceeds			Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6	$	13,783,975	$	30,492	$	(6,387,113	)	$	(1,501,142	)	$	977,621	$	6,903,833		1.79	%		880,591	$	0
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		14,693,669		634,977		(5,009,154	)		146,075			515,949		10,981,516					988,435		239,186
Wells Fargo High Yield Bond Fund Institutional Class		3,984,855		7,536,837		(661,343	)		(11,071	)		431,665		11,280,943					3,327,712		103,723
Wells Fargo Income Plus Fund Institutional Class		35,821,977		2,680,556		(5,787,174	)		121,544			1,947,105		34,784,008					3,513,536		877,559
														57,046,467		14.78
Stock Funds
Wells Fargo Diversified Income Builder Fund Class R6		0		13,105,428		(122,455	)		3,162			421,688		13,407,823					2,227,213		52,321
Wells Fargo Emerging Markets Equity Fund Class R6		2,711,234		2,927		(1,481,246	)		411,624			266,895		1,911,434					60,700		0
Wells Fargo Endeavor Select Fund Class R6 †		6,165,200		6,624		(3,342,885	)		561,331			460,926		3,851,196					305,166		0
Wells Fargo Large Cap Growth Fund Class R6		6,179,364		10,395		(3,378,436	)		239,104			767,221		3,817,648					67,141		0
														22,988,101		5.95
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,087,098		9,494,456		(9,300,774	)		0			0		1,280,700		0.33			1,280,700		449
								$	(29,373	)	$	5,789,070	$	88,219,101		22.85	%			$	1,273,238

† Non-income-earning security    

The accompanying notes are an integral part of these financial statements.

22  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM CONSERVATIVE GROWTH FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		8.64	%		7.92	%	$	335,841		$	(687,795	)	$	0	$	1,121	$	390,670	$	46,185,100
Wells Fargo Core Bond Portfolio		1.08			1.07			1,332,489			(41,053	)		0		1,358		592,380		65,099,316
Wells Fargo Disciplined Large Cap Portfolio		13.67			12.51			359,177			6,577,562			367,597		1,944		51		39,272,650
Wells Fargo Emerging Growth Portfolio		0.67			0.14			646,241			483,204			3,339		577		0		1,175,357
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		3.71			2.52			24,152			1,358,452			111,878		54		0		5,087,424
Wells Fargo Factor Enhanced International Equity Portfolio		3.42			2.96			652,003			2,543,009			211,668		173		0		20,433,107
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		3.38			1.89			2,502,406			(3,689	)		218,491		236		0		17,359,574
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		2.94			3.04			(19,435	)		1,656,534			44,503		56		6		7,400,827
Wells Fargo High Yield Corporate Bond Portfolio		2.33			6.84			252,152			(24,401	)		0		19		119,892		3,398,403
Wells Fargo Real Return Portfolio		7.25			11.07			2,878			672,322			22,945		82		152,485		24,103,314
Wells Fargo Small Company Value Portfolio		0.67			0.24			(1,713	)		426,267			25,397		168		0		1,094,268
Wells Fargo Strategic Retirement Bond Portfolio		0.00			15.95			3,704			58,218			0		0		17,125		24,049,620
							$	6,089,895		$	13,018,630		$	1,005,818	$	5,788	$	1,272,609	$	254,658,960		65.97	%

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  23

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM GROWTH FUND

				Shares		Value
Exchange-Traded Funds: 7.81%
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF					53,281	$	1,119,967
iShares Core MSCI EAFE ETF					58,522		3,876,497
iShares Core MSCI Emerging Markets ETF					19,708		1,155,283
iShares Core S&P 500 ETF					12,809		4,653,765
iShares Core S&P Small-Cap ETF					32,506		2,767,561
iShares Core U.S. Aggregate Bond ETF					36,816		4,359,751
The Industrial Select Sector SPDR Fund					52,189		4,594,198
Total Exchange-Traded Funds (Cost $19,195,904)							22,527,022
Investment Companies: 90.20%
Affiliated Master Portfolios: 66.88%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							6,148,933
Wells Fargo Core Bond Portfolio							4,740,819
Wells Fargo Disciplined Large Cap Portfolio							54,689,066
Wells Fargo Emerging Growth Portfolio							1,432,042
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio							8,061,950
Wells Fargo Factor Enhanced International Equity Portfolio							33,310,821
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio							33,572,299
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio							11,207,925
Wells Fargo High Yield Corporate Bond Portfolio							2,541,052
Wells Fargo Real Return Portfolio							17,871,510
Wells Fargo Small Company Value Portfolio							1,428,777
Wells Fargo Strategic Retirement Bond Portfolio							17,896,513
							192,901,707
Alternative Investment Funds: 3.13%
PIMCO CommodityRealReturn Strategy Fund Institutional Class					1,006,163		5,604,329
Wells Fargo Alternative Risk Premia Fund Class R6 (l)					437,662		3,431,268
							9,035,597
Bond Funds: 11.87%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					723,926		8,042,816
Wells Fargo High Yield Bond Fund Institutional Class (l)					3,309,444		11,219,014
Wells Fargo Income Plus Fund Institutional Class (l)					1,511,269		14,961,562
							34,223,392
Stock Funds: 8.32%
Wells Fargo Diversified Income Builder Fund Class R6 (l)					1,637,863		9,859,933
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					89,824		2,828,570
Wells Fargo Endeavor Select Fund Class R6 (l)†					450,882		5,690,130
Wells Fargo Large Cap Growth Fund Class R6 (l)					99,051		5,632,021
							24,010,654
Total Investment Companies (Cost $228,273,677)							260,171,350
	Yield
Short-Term Investments: 0.33%
Investment Companies: 0.33%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		966,950		966,950
Total Short-Term Investments (Cost $966,950)							966,950

Total investments in securities (Cost $248,436,531)	98.34	%		283,665,322
Other assets and liabilities, net	1.66			4,781,294
Total net assets	100.00	%	$	288,446,616

The accompanying notes are an integral part of these financial statements.

24  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM GROWTH FUND

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

† Non-income-earning security

(u) The rate represents the 7-day annualized yield at period end.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		120		12-14-2020	$	14,334,121		$	14,379,750		$	45,629	$	0
E-Mini Nasdaq 100 Index		23		12-18-2020		5,525,500			5,647,420			121,920		0
E-Mini Russell 2000 Index		98		12-18-2020		8,538,901			8,918,490			379,589		0
IBEX 35 Index		126		12-18-2020		11,888,780			12,118,472			229,692		0
MSCI Emerging Markets Index		48		12-18-2020		2,832,998			2,885,520			52,522		0
Long Gilt Futures		124		3-29-2021		22,146,106			22,183,034			36,928		0
Short
E-Mini S&P 500 Index		(47)		12-18-2020		(8,390,627	)		(8,514,520	)		0		(123,893	)
Mini-DAX Futures		(146)		12-18-2020		(11,482,101	)		(11,609,251	)		0		(127,150	)
Euro-Bund Futures		(86)		3-8-2021		(18,232,275	)		(18,219,122	)		13,153		0
											$	879,433	$	(251,043	)

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) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6	$	9,261,772	$	770,951	$	(6,257,810	)	$	(1,459,719	)	$	1,116,074	$	3,431,268		1.19	%		437,662	$	0
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		2,706,836		5,157,916		(55,146	)		(605	)		233,815		8,042,816					723,926		65,773
Wells Fargo High Yield Bond Fund Institutional Class		742,599		10,619,365		(433,740	)		(2,495	)		293,285		11,219,014					3,309,444		46,001
Wells Fargo Income Plus Fund Institutional Class		6,675,119		8,905,985		(1,239,839	)		1,099			619,198		14,961,562					1,511,269		203,199
														34,223,392		11.87
Stock Funds
Wells Fargo Diversified Income Builder Fund Class R6		0		9,549,829		0			0			310,104		9,859,933					1,637,863		38,453
Wells Fargo Emerging Markets Equity Fund Class R6		3,706,105		115,860		(1,946,773	)		505,131			448,247		2,828,570					89,824		0
Wells Fargo Endeavor Select Fund Class R6 †		8,508,998		269,230		(4,535,619	)		808,155			639,366		5,690,130					450,882		0
Wells Fargo Large Cap Growth Fund Class R6		8,550,041		303,662		(4,644,467	)		334,591			1,088,194		5,632,021					99,051		0
														24,010,654		8.32
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		768,588		44,740,466		(44,542,104	)		0			0		966,950		0.33			966,950		342
								$	186,157		$	4,748,283	$	62,632,264		21.71	%			$	353,768

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  25

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM GROWTH FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		1.61	%		1.06	%	$	56,645		$	(128,458	)	$	0	$	218	$	73,516	$	6,148,933
Wells Fargo Core Bond Portfolio		0.20			0.08			225,826			(37,806	)		0		255		90,442		4,740,819
Wells Fargo Disciplined Large Cap Portfolio		18.85			17.42			495,376			9,079,477			525,362		2,790		46		54,689,066
Wells Fargo Emerging Growth Portfolio		0.93			0.17			922,103			656,822			4,615		829		0		1,432,042
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		5.04			4.00			38,537			1,945,778			158,041		77		0		8,061,950
Wells Fargo Factor Enhanced International Equity Portfolio		4.71			4.83			970,442			3,982,574			308,402		247		0		33,310,821
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		4.65			3.65			3,591,166			737,101			332,577		339		0		33,572,299
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		4.06			4.60			(16,010	)		2,424,078			64,977		81		8		11,207,925
Wells Fargo High Yield Bond Portfolio		0.44			5.11			183,258			(80,278	)		0		4		31,051		2,541,052
Wells Fargo Real Return Portfolio		1.35			8.21			6,160			294,873			8,070		26		48,871		17,871,510
Wells Fargo Small Company Value Portfolio		0.92			0.31			(3,900	)		590,625			36,480		246		0		1,428,777
Wells Fargo Strategic Retirement Bond Portfolio		0.00			11.87			5,595			(128,737	)		0		0		11,571		17,896,513
							$	6,475,198		$	19,336,049		$	1,438,524	$	5,112	$	255,505	$	192,901,707		66.88	%

The accompanying notes are an integral part of these financial statements.

26  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM INCOME ALLOCATION FUND

				Shares		Value
Exchange-Traded Funds: 6.35%
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF					44,570	$	936,861
iShares Core MSCI EAFE ETF					24,475		1,621,224
iShares Core S&P 500 ETF					5,167		1,877,274
iShares Core U.S. Aggregate Bond ETF					58,887		6,973,399
The Industrial Select Sector SPDR Fund					39,867		3,509,492
Total Exchange-Traded Funds (Cost $13,315,727)							14,918,250
Investment Companies: 91.75%
Affiliated Master Portfolios: 71.64%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							52,213,414
Wells Fargo Core Bond Portfolio							79,477,404
Wells Fargo Disciplined Large Cap Portfolio							7,562,970
Wells Fargo Emerging Growth Portfolio							447,462
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio							869,772
Wells Fargo Factor Enhanced International Equity Portfolio							2,963,984
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio							2,395,256
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio							1,397,839
Wells Fargo High Yield Corporate Bond Portfolio							2,081,614
Wells Fargo Real Return Portfolio							9,223,059
Wells Fargo Small Company Value Portfolio							462,864
Wells Fargo Strategic Retirement Bond Portfolio							9,207,502
							168,303,140
Alternative Investment Funds: 3.53%
PIMCO CommodityRealReturn Strategy Fund Institutional Class					837,553		4,665,171
Wells Fargo Alternative Risk Premia Fund Class R6 (l)					462,207		3,623,700
							8,288,871
Bond Funds: 12.90%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					610,251		6,779,893
Wells Fargo High Yield Bond Fund Institutional Class (l)					1,358,041		4,603,758
Wells Fargo Income Plus Fund Institutional Class (l)					1,912,766		18,936,383
							30,320,034
Stock Funds: 3.68%
Wells Fargo Diversified Income Builder Fund Class R6 (l)					969,254		5,834,909
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					14,577		459,037
Wells Fargo Endeavor Select Fund Class R6 (l)†					93,572		1,180,885
Wells Fargo Large Cap Growth Fund Class R6 (l)					20,654		1,174,397
							8,649,228
Total Investment Companies (Cost $205,288,057)							215,561,273
	Yield
Short-Term Investments: 0.47%
Investment Companies: 0.47%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		1,100,000		1,100,000
Total Short-Term Investments (Cost $1,100,000)							1,100,000

Total investments in securities (Cost $219,703,784)	98.57	%		231,579,523
Other assets and liabilities, net	1.43			3,352,665
Total net assets	100.00	%	$	234,932,188

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  27

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM INCOME ALLOCATION FUND

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

† Non-income-earning security

(u) The rate represents the 7-day annualized yield at period end.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		98		12-14-2020	$	11,706,155		$	11,743,464		$	37,309	$	0
E-Mini Nasdaq 100 Index		19		12-18-2020		4,564,544			4,665,260			100,716		0
E-Mini Russell 2000 Index		81		12-18-2020		7,052,505			7,371,405			318,900		0
IBEX 35 Index		104		12-18-2020		9,813,222			10,002,548			189,326		0
MSCI Emerging Markets Index		40		12-18-2020		2,356,874			2,404,600			47,726		0
Long Gilt Futures		106		3-29-2021		18,931,349			18,962,916			31,567		0
Short
E-Mini S&P 500 Index		(39)		12-18-2020		(6,971,757	)		(7,065,240	)		0		(93,483	)
Mini-DAX Futures		(121)		12-18-2020		(9,516,187	)		(9,621,365	)		0		(105,178	)
Euro-Bund Futures		(74)		3-8-2021		(15,688,237	)		(15,676,919	)		11,318		0
											$	736,862	$	(198,661	)

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) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds		Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6	$	8,895,359	$	172,355	$	(5,124,263	)	$	(1,197,187	)	$	877,436	$	3,623,700		1.54	%	$	462,207	$	0
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		12,824,937		347,144		(6,921,059	)		223,741			305,130		6,779,893					610,251		195,806
Wells Fargo High Yield Bond Fund Institutional Class		3,469,313		1,371,269		(478,767	)		(11,209	)		253,152		4,603,758					1,358,041		74,041
Wells Fargo Income Plus Fund Institutional Class		31,161,289		1,542,035		(15,248,113	)		438,396			1,042,776		18,936,383					1,912,766		705,586
														30,320,034		12.90
Stock Funds
Wells Fargo Diversified Income Builder Fund Class R6		0		5,825,480		(179,028	)		4,299			184,158		5,834,909					969,254		22,895
Wells Fargo Emerging Markets Equity Fund Class R6		855,847		3,975		(603,553	)		198,534			4,234		459,037					14,577		0
Wells Fargo Endeavor Select Fund Class R6 †		1,939,111		14,486		(1,093,714	)		189,364			131,638		1,180,885					93,572		0
Wells Fargo Large Cap Growth Fund Class R6		1,940,462		16,359		(1,098,646	)		120,280			195,942		1,174,397					20,654		0
														8,649,228		3.68
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		976,721		21,256,596		(21,133,317	)		0			0		1,100,000		0.47			1,100,000		429
								$	(33,782	)	$	2,994,466	$	43,692,962		18.59	%			$	998,757

† Non-income-earning security    

The accompanying notes are an integral part of these financial statements.

28  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM INCOME ALLOCATION FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		7.52	%		8.96	%	$	295,900		$	(365,683	)	$	0	$	977	$	348,854	$	52,213,414
Wells Fargo Core Bond Portfolio		0.94			1.30			1,156,325			520,648			0		1,177		528,864		79,477,404
Wells Fargo Disciplined Large Cap Portfolio		4.29			2.41			73,899			1,688,817			99,314		534		13		7,562,970
Wells Fargo Emerging Growth Portfolio		0.21			0.05			200,557			158,193			1,099		181		0		447,462
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		1.17			0.43			2,650			(331,226	)		40,036		16		0		869,772
Wells Fargo Factor Enhanced International Equity Portfolio		1.07			0.43			168,049			429,782			62,356		52		0		2,963,984
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		1.06			0.26			764,688			(238,099	)		61,117		71		0		2,395,256
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		0.91			0.57			(18,453	)		423,370			12,616		17		2		1,397,839
Wells Fargo High Yield Corporate Bond Portfolio		2.03			4.19			155,242			24,484			0		16		98,514		2,081,614
Wells Fargo Real Return Portfolio		6.31			4.42			(12,287	)		486,940			16,487		61		111,935		9,223,059
Wells Fargo Small Company Value Portfolio		0.21			0.10			(658	)		156,853			8,150		53		0		462,864
Wells Fargo Strategic Retirement Bond Portfolio		0.00			6.11			1,430			64,265			0		7		6,563		9,207,502
							$	2,787,342		$	3,018,344		$	301,175	$	3,162	$	1,094,745	$	168,303,140		71.64	%

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  29

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM MODERATE GROWTH FUND

				Shares		Value
Exchange-Traded Funds: 6.79%
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF					102,587	$	2,156,379
iShares Core MSCI EAFE ETF					77,903		5,160,295
iShares Core MSCI Emerging Markets ETF					37,885		2,220,819
iShares Core S&P 500 ETF					15,267		5,546,806
iShares Core S&P Small-Cap ETF					34,641		2,949,335
iShares Core U.S. Aggregate Bond ETF					88,467		10,476,261
The Industrial Select Sector SPDR Fund					100,070		8,809,162
Total Exchange-Traded Funds (Cost $32,693,673)							37,319,057
Investment Companies: 91.23%
Affiliated Master Portfolios: 68.62%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							41,592,326
Wells Fargo Core Bond Portfolio							40,053,706
Wells Fargo Disciplined Large Cap Portfolio							90,319,769
Wells Fargo Emerging Growth Portfolio							2,741,474
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio							11,822,111
Wells Fargo Factor Enhanced International Equity Portfolio							50,749,521
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio							47,494,727
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio							16,554,945
Wells Fargo High Yield Corporate Bond Portfolio							4,824,582
Wells Fargo Real Return Portfolio							34,189,837
Wells Fargo Small Company Value Portfolio							2,752,547
Wells Fargo Strategic Retirement Bond Portfolio							34,160,701
							377,256,246
Alternative Investment Funds: 3.80%
PIMCO CommodityRealReturn Strategy Fund Institutional Class					1,933,813		10,771,336
Wells Fargo Alternative Risk Premia Fund Class R6 (l)					1,287,429		10,093,441
							20,864,777
Bond Funds: 12.13%
Wells Fargo Global Investment Grade Credit Fund Class R6 (l)					1,373,005		15,254,086
Wells Fargo High Yield Bond Fund Institutional Class (l)					3,932,831		13,332,296
Wells Fargo Income Plus Fund Institutional Class (l)					3,847,565		38,090,893
							66,677,275
Stock Funds: 6.68%
Wells Fargo Diversified Income Builder Fund Class R6 (l)					2,692,036		16,206,057
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					137,617		4,333,554
Wells Fargo Endeavor Select Fund Class R6 (l)†					644,506		8,133,663
Wells Fargo Large Cap Growth Fund Class R6 (l)					141,883		8,067,450
							36,740,724
Total Investment Companies (Cost $452,466,215)							501,539,022
	Yield
Short-Term Investments: 0.48%
Investment Companies: 0.48%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.02	%		2,652,130		2,652,130
Total Short-Term Investments (Cost $2,652,130)							2,652,130

Total investments in securities (Cost $487,812,018)	98.50	%		541,510,209
Other assets and liabilities, net	1.50			8,254,666
Total net assets	100.00	%	$	549,764,875

The accompanying notes are an integral part of these financial statements.

30  |  Wells Fargo Multi-Asset Funds

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM MODERATE GROWTH FUND

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

† Non-income-earning security

(u) The rate represents the 7-day annualized yield at period end.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Japanese Yen Futures		229		12-14-2020	$	27,354,248		$	27,441,356		$	87,108	$	0
E-Mini Nasdaq 100 Index		44		12-18-2020		10,570,522			10,803,760			233,238		0
E-Mini Russell 2000 Index		187		12-18-2020		16,292,643			17,017,935			725,292		0
IBEX 35 Index		240		12-18-2020		22,645,567			23,082,803			437,236		0
MSCI Emerging Markets Index		92		12-18-2020		5,428,280			5,530,580			102,300		0
Long Gilt Futures		238		3-29-2021		42,506,236			42,577,113			70,877		0
Short
E-Mini S&P 500 Index		(91)		12-18-2020		(16,256,549	)		(16,485,560	)		0		(229,011	)
Mini-DAX Futures		(278)		12-18-2020		(21,863,330	)		(22,105,286	)		0		(241,956	)
Euro-Bund Futures		(166)		3-8-2021		(35,192,531	)		(35,167,142	)		25,389		0
											$	1,681,440	$	(470,967	)

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) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Value, end of period		% of net assets			Shares, end of period		Dividends from affiliated Underlying Funds
Investment Companies
Alternative Investment Funds
Wells Fargo Alternative Risk Premia Fund Class R6	$	18,667,657	$	460,037	$	(8,306,491	)	$	(1,950,358	)	$	1,222,596		$	10,093,441		1.84	%		1,287,429	$	0
Bond Funds
Wells Fargo Global Investment Grade Credit Fund Class R6		12,739,817		2,080,531		(244,086	)		(2,300	)		680,124			15,254,086					1,373,005		229,617
Wells Fargo High Yield Bond Fund Institutional Class		3,490,191		9,991,819		(596,508	)		(10,313	)		457,107			13,332,296					3,932,831		101,328
Wells Fargo Income Plus Fund Institutional Class		31,365,106		7,387,148		(2,677,149	)		9,271			2,006,517			38,090,893					3,847,565		806,170
															66,677,275		12.13
Stock Funds
Wells Fargo Diversified Income Builder Fund Class R6		0		15,760,288		(65,581	)		1,654			509,696			16,206,057					2,692,036		63,206
Wells Fargo Emerging Markets Equity Fund Class R6		5,608,025		77,673		(2,788,046	)		741,521			694,381			4,333,554					137,617		0
Wells Fargo Endeavor Select Fund Class R6 †		12,750,258		174,764		(6,914,343	)		1,205,446			917,538			8,133,663					644,506		0
Wells Fargo Large Cap Growth Fund Class R6		12,787,291		200,715		(7,005,936	)		5,075,090			(2,989,710	)		8,067,450					141,883		0
															36,740,724		6.68
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,350,179		60,962,820		(60,660,869	)		0			0			2,652,130		0.48			2,652,130		998
								$	5,070,011		$	3,498,249		$	116,163,570		21.13	%			$	1,201,319

† Non-income-earning security

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  31

Portfolio of investments—November 30, 2020 (unaudited)

WELLS FARGO SPECTRUM MODERATE GROWTH FUND

Transactions with the affiliated Master Portfolios were as follows:

	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		7.53	%		7.14	%	$	494,649	$	(548,571	)	$	0	$	999	$	345,846	$	41,592,326
Wells Fargo Core Bond Portfolio		0.94			0.66			1,345,966		(130,631	)		0		1,206		493,917		40,053,706
Wells Fargo Disciplined Large Cap Portfolio		28.30			28.77			1,239,644		14,489,738			791,834		4,195		68		90,319,769
Wells Fargo Emerging Growth Portfolio		1.38			0.32			1,371,451		1,038,589			7,249		1,232		0		2,741,474
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		7.64			5.87			114,827		2,907,498			232,787		113		0		11,822,111
Wells Fargo Factor Enhanced International Equity Portfolio		7.08			7.36			1,681,474		6,171,697			451,446		365		0		50,749,521
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		7.00			5.17			5,476,366		981,412			482,445		499		0		47,494,727
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		6.09			6.80			55,146		3,603,001			94,864		119		12		16,554,945
Wells Fargo High Yield Bond Portfolio		2.06			9.71			374,782		(87,280	)		0		17		113,526		4,824,582
Wells Fargo Real Return Portfolio		6.33			15.70			174,539		800,870			23,902		83		153,949		34,189,837
Wells Fargo Small Company Value Portfolio		1.39			0.60			12,384		975,287			54,317		361		0		2,752,547
Wells Fargo Strategic Retirement Bond Portfolio		0.00			22.66			182,210		(556,804	)		0		0		22,149		34,160,701
							$	12,523,438	$	29,644,806		$	2,138,844	$	9,189	$	1,129,467	$	377,256,246		68.62	%

The accompanying notes are an integral part of these financial statements.

32  |  Wells Fargo Multi-Asset Funds

Statements of assets and liabilities—November 30, 2020 (unaudited)

	Spectrum Aggressive Growth Fund		Spectrum Conservative Growth Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	337,621,075	$	254,658,960
Investments in unaffiliated Underlying Funds, at value (see cost below)		25,457,407		37,544,394
Investments in affiliated Underlying Funds, at value (see cost below)		42,913,546		88,219,101
Cash		32,048		0
Segregated cash for futures contracts		7,967,406		6,748,611
Receivable for investments sold		0		86,247
Receivable for Fund shares sold		126,664		34,524
Receivable for dividends		0		32,838
Prepaid expenses and other assets		58,178		108,527
Total assets		414,176,324		387,433,202
Liabilities
Payable for investments purchased		16,564		34,498
Payable for Fund shares redeemed		340,832		385,345
Payable for daily variation margin on open futures contracts		486,689		460,050
Overdraft due to custodian bank		0		79,705
Management fee payable		79,283		72,340
Administration fees payable		69,614		65,942
Distribution fee payable		214,105		211,366
Shareholder servicing fees payable		82,450		78,161
Accrued expenses and other liabilities		18,768		0
Total liabilities		1,308,305		1,387,407
Total net assets	$	412,868,019	$	386,045,795
Net assets consist of
Paid-in capital	$	292,367,629	$	325,546,590
Total distributable earnings		120,500,390		60,499,205
Total net assets	$	412,868,019	$	386,045,795
Computation of net asset value and offering price per share
Net assets – Class A	$	56,212,317	$	38,402,925
Shares outstanding – Class A1		2,561,250		3,256,678
Net asset value per share – Class A		$21.95		$11.79
Maximum offering price per share – Class A2		$23.29		$12.51
Net assets – Class C	$	353,208,391	$	344,775,541
Shares outstanding – Class C1		16,263,194		28,628,914
Net asset value per share – Class C		$21.72		$12.04
Net assets – Institutional Class	$	3,447,311	$	2,867,329
Shares outstanding – Institutional Class1		156,549		242,595
Net asset value per share – Institutional Class		$22.02		$11.82
Investments in affiliated Master Portfolios, at cost	$	284,072,747	$	234,160,073
Investments in unaffiliated Underlying Funds, at cost	$	20,283,213	$	33,154,135
Investments in affiliated Underlying Funds, at cost	$	31,465,012	$	84,012,495

¹  Each Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  33

Statements of assets and liabilities—November 30, 2020 (unaudited)

	Spectrum Growth Fund		Spectrum Income Allocation Fund		Spectrum Moderate Growth Fund
Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	192,901,707	$	168,303,140	$	377,256,246
Investments in unaffiliated Underlying Funds, at value (see cost below)		28,131,351		19,583,421		48,090,393
Investments in affiliated Underlying Funds, at value (see cost below)		62,632,264		43,692,962		116,163,570
Segregated cash for futures contracts		5,347,589		3,999,824		9,887,293
Receivable for investments sold		93,756		191,024		17,594
Receivable for Fund shares sold		46,094		83,444		114,909
Receivable for dividends		32,176		13,653		38,532
Prepaid expenses and other assets		107,777		66,313		15,098
Total assets		289,292,714		235,933,781		551,583,635
Liabilities
Payable for investments purchased		33,465		14,527		40,361
Payable for Fund shares redeemed		73,574		244,279		444,601
Payable for daily variation margin on open futures contracts		340,801		281,341		649,421
Overdraft due to custodian bank		84,643		189,023		4,058
Management fee payable		50,055		38,565		110,279
Administration fees payable		48,946		40,468		93,643
Distribution fee payable		156,580		129,402		302,145
Shareholder servicing fees payable		58,034		48,101		111,305
Accrued expenses and other liabilities		0		15,887		62,947
Total liabilities		846,098		1,001,593		1,818,760
Total net assets	$	288,446,616	$	234,932,188	$	549,764,875
Net assets consist of
Paid-in capital	$	221,530,753	$	209,785,641	$	438,606,913
Total distributable earnings		66,915,863		25,146,547		111,157,962
Total net assets	$	288,446,616	$	234,932,188	$	549,764,875
Computation of net asset value and offering price per share
Net assets – Class A	$	29,056,150	$	24,730,596	$	52,899,859
Shares outstanding – Class A1		2,013,985		2,275,218		3,761,830
Net asset value per share – Class A		$14.43		$10.87		$14.06
Maximum offering price per share – Class A2		$15.31		$11.53		$14.92
Net assets – Class C	$	257,522,245	$	209,574,364	$	495,475,715
Shares outstanding – Class C1		17,558,176		19,299,252		34,690,850
Net asset value per share – Class C		$14.67		$10.86		$14.28
Net assets – Institutional Class	$	1,868,221	$	627,228	$	1,389,301
Shares outstanding – Institutional Class1		129,324		57,801		98,600
Net asset value per share – Institutional Class		$14.45		$10.85		$14.09
Investments in affiliated Master Portfolios, at cost	$	165,727,130	$	159,961,012	$	335,315,891
Investments in unaffiliated Underlying Funds, at cost	$	24,669,433	$	17,872,016	$	43,213,613
Investments in affiliated Underlying Funds, at cost	$	58,039,968	$	41,870,756	$	109,282,514

¹  Each Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

34  |  Wells Fargo Multi-Asset Funds

Statements of operations—six months ended November 30, 2020 (unaudited)

	Spectrum Aggressive Growth Fund			Spectrum Conservative Growth Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$	2,587,388		$	1,005,818
Dividends from unaffiliated Underlying Funds		439,860			331,058
Affiliated income allocated from affiliated Master Portfolios		8,328			5,788
Dividends from affiliated Underlying Funds		936			1,273,238
Interest allocated from affiliated Master Portfolios		378			1,272,609
Expenses allocated from affiliated Master Portfolios		(387,175	)		(324,214	)
Waivers allocated from affiliated Master Portfolios		59,840			34,994
Total investment income		2,709,555			3,599,291
Expenses
Management fee		491,321			479,637
Administration fees
Class A		51,681			36,059
Class C		357,932			363,957
Institutional Class		1,917			1,782
Shareholder servicing fees
Class A		61,435			42,899
Class C		425,297			432,682
Distribution fee
Class C		1,273,120			1,297,252
Custody and accounting fees		19,252			25,569
Professional fees		17,046			17,065
Registration fees		26,348			29,404
Shareholder report expenses		25,064			26,065
Trustees’ fees and expenses		11,029			11,029
Other fees and expenses		6,456			6,567
Total expenses		2,767,898			2,769,967
Less: Fee waivers and/or expense reimbursements
Fund-level		(21,633	)		(37,353	)
Class A		(4	)		(12	)
Class C		0			(38	)
Institutional Class		(138	)		0
Net expenses		2,746,123			2,732,564
Net investment income (loss)		(36,568	)		866,727
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		11,056,897			6,089,895
Unaffiliated Underlying Funds		8,522,133			2,938,438
Affiliated Underlying Funds		596,656			(29,373	)
Futures contracts		(4,012,687	)		2,257,650
Net realized gains on investments		16,162,999			11,256,610
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		40,718,879			13,018,630
Unaffiliated Underlying Funds		(783,154	)		1,648,739
Affiliated Underlying Funds		7,173,468			5,789,070
Futures contracts		893,931			(2,291,116	)
Net change in unrealized gains (losses) on investments		48,003,124			18,165,323
Net realized and unrealized gains (losses) on investments		64,166,123			29,421,933
Net increase in net assets resulting from operations	$	64,129,555		$	30,288,660
* Net of foreign withholding taxes allocated from affiliated Master Portfolios in the amount of		$103,078			$38,654

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  35

Statements of operations—six months ended November 30, 2020 (unaudited)

	Spectrum Growth Fund			Spectrum Income Allocation Fund			Spectrum Moderate Growth Fund
Investment income
Dividends allocated from affiliated Master Portfolios*	$	1,438,524		$	301,175		$	2,138,844
Dividends from unaffiliated Underlying Funds		306,054			194,057			524,239
Affiliated income allocated from affiliated Master Portfolios		5,112			3,162			9,189
Dividends from affiliated Underlying Funds		353,768			998,757			1,201,319
Interest allocated from affiliated Master Portfolios		255,505			1,094,745			1,129,467
Expenses allocated from affiliated Master Portfolios		(252,710	)		(195,674	)		(475,933	)
Waivers allocated from affiliated Master Portfolios		36,795			16,402			60,477
Total investment income		2,143,048			2,412,624			4,587,602
Expenses
Management fee		351,986			297,564			677,547
Administration fees
Class A		28,605			23,992			51,808
Class C		265,170			225,288			515,621
Institutional Class		1,172			417			1,059
Shareholder servicing fees
Class A		34,029			28,562			61,611
Class C		315,095			268,133			612,925
Distribution fee
Class C		943,597			803,602			1,837,316
Custody and accounting fees		20,053			25,744			26,070
Professional fees		17,284			16,545			17,284
Registration fees		29,079			24,363			27,574
Shareholder report expenses		25,009			21,382			27,265
Trustees’ fees and expenses		11,029			11,029			11,029
Other fees and expenses		5,550			6,916			7,655
Total expenses		2,047,658			1,753,537			3,874,764
Less: Fee waivers and/or expense reimbursements
Fund-level		(48,658	)		(57,919	)		(7,067	)
Class A		(76	)		(12	)		(15	)
Class C		(94	)		(35	)		(63	)
Institutional Class		0			0			(41	)
Net expenses		1,998,830			1,695,571			3,867,578
Net investment income		144,218			717,053			720,024
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		6,475,198			2,787,342			12,523,438
Unaffiliated Underlying Funds		4,661,077			1,263,034			7,760,319
Affiliated Underlying Funds		186,157			(33,782	)		5,070,011
Futures contracts		305,136			1,975,280			(76,018	)
Net realized gains on investments		11,627,568			5,991,874			25,277,750
Net change in unrealized gains (losses) on
Securities transactions allocated from affiliated Master Portfolios		19,336,049			3,018,344			29,644,806
Unaffiliated Underlying Funds		363,944			489,497			(142,848	)
Affiliated Underlying Funds		4,748,283			2,994,466			3,498,249
Futures contracts		(1,541,247	)		(1,451,249	)		(2,886,063	)
Net change in unrealized gains (losses) on investments		22,907,029			5,051,058			30,114,144
Net realized and unrealized gains (losses) on investments		34,534,597			11,042,932			55,391,894
Net increase in net assets resulting from operations	$	34,678,815		$	11,759,985		$	56,111,918
* Net of foreign withholding taxes allocated from affiliated Master Portfolios in the amount of		$58,832			$12,523			$86,491

The accompanying notes are an integral part of these financial statements.

36  |  Wells Fargo Multi-Asset Funds

Statements of changes in net assets

	Spectrum Aggressive Growth Fund
	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income (loss)				$	(36,568	)				$	1,639,003
Net realized gains on investments					16,162,999						24,590,770
Net change in unrealized gains (losses) on investments					48,003,124						21,688,508
Net increase in net assets resulting from operations					64,129,555						47,918,281
Distributions to shareholders from net investment income and net realized gains
Class A					0						(567,930	)
Class C					0						(1,552,546	)
Institutional Class					0						(29,699	)
Total distributions to shareholders					0						(2,150,175	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		314,330			6,463,052			298,353			5,199,857
Class C		190,055			3,796,572			359,085			6,260,353
Institutional Class		95,561			1,915,346			160,349			2,796,790
					12,174,970						14,257,000
Reinvestment of distributions
Class A		0			0			30,298			567,646
Class C		0			0			83,857			1,551,446
Institutional Class		0			0			1,565			29,353
					0						2,148,445
Payment for shares redeemed
Class A		(158,982	)		(3,186,514	)		(500,951	)		(8,818,583	)
Class C		(1,478,032	)		(29,783,360	)		(4,600,956	)		(80,224,929	)
Institutional Class		(61,553	)		(1,239,863	)		(110,171	)		(1,953,391	)
					(34,209,737	)					(90,996,903	)
Net decrease in net assets resulting from capital share transactions					(22,034,767	)					(74,591,458	)
Total increase (decrease) in net assets					42,094,788						(28,823,352	)
Net assets
Beginning of period					370,773,231						399,596,583
End of period				$	412,868,019					$	370,773,231

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  37

Statements of changes in net assets

	Spectrum Conservative Growth Fund
	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	866,727					$	3,179,134
Net realized gains on investments					11,256,610						15,599,553
Net change in unrealized gains (losses) on investments					18,165,323						13,024,227
Net increase in net assets resulting from operations					30,288,660						31,802,914
Distributions to shareholders from net investment income and net realized gains
Class A					(193,130	)					(890,327	)
Class C					(344,561	)					(7,430,688	)
Institutional Class					(17,802	)					(71,252	)
Total distributions to shareholders					(555,493	)					(8,392,267	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		591,161			6,772,223			495,127			5,210,475
Class C		329,675			3,846,684			635,339			6,853,024
Institutional Class		114,744			1,316,518			478,608			5,104,224
					11,935,425						17,167,723
Reinvestment of distributions
Class A		17,119			192,421			83,080			889,538
Class C		29,954			344,470			677,973			7,425,458
Institutional Class		1,565			17,627			6,589			70,517
					554,518						8,385,513
Payment for shares redeemed
Class A		(278,197	)		(3,179,135	)		(963,431	)		(10,195,020	)
Class C		(2,206,058	)		(25,762,044	)		(8,292,697	)		(89,328,473	)
Institutional Class		(118,502	)		(1,360,705	)		(416,582	)		(4,444,469	)
					(30,301,884	)					(103,967,962	)
Net decrease in net assets resulting from capital share transactions					(17,811,941	)					(78,414,726	)
Total increase (decrease) in net assets					11,921,226						(55,004,079	)
Net assets
Beginning of period					374,124,569						429,128,648
End of period				$	386,045,795					$	374,124,569

The accompanying notes are an integral part of these financial statements.

38  |  Wells Fargo Multi-Asset Funds

Statements of changes in net assets

	Spectrum Growth Fund
	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	144,218					$	1,302,605
Net realized gains on investments					11,627,568						13,023,850
Net change in unrealized gains (losses) on investments					22,907,029						13,881,246
Net increase in net assets resulting from operations					34,678,815						28,207,701
Distributions to shareholders from net investment income and net realized gains
Class A					0						(354,829	)
Class C					0						(1,568,479	)
Institutional Class					0						(19,520	)
Total distributions to shareholders					0						(1,942,828	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		152,164			2,067,524			328,720			4,010,239
Class C		274,510			3,800,589			732,564			9,057,872
Institutional Class		199,482			2,735,852			255,491			3,119,078
					8,603,965						16,187,189
Reinvestment of distributions
Class A		0			0			27,608			352,213
Class C		0			0			120,114			1,566,754
Institutional Class		0			0			1,501			19,123
					0						1,938,090
Payment for shares redeemed
Class A		(113,501	)		(1,549,828	)		(405,547	)		(4,933,473	)
Class C		(1,388,538	)		(19,305,421	)		(4,402,354	)		(54,313,865	)
Institutional Class		(150,140	)		(2,066,094	)		(237,408	)		(2,898,904	)
					(22,921,343	)					(62,146,242	)
Net decrease in net assets resulting from capital share transactions					(14,317,378	)					(44,020,963	)
Total increase (decrease) in net assets					20,361,437						(17,756,090	)
Net assets
Beginning of period					268,085,179						285,841,269
End of period				$	288,446,616					$	268,085,179

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  39

Statements of changes in net assets

	Spectrum Income Allocation Fund
	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	717,053					$	2,265,590
Net realized gains on investments					5,991,874						7,022,927
Net change in unrealized gains (losses) on investments					5,051,058						7,306,614
Net increase in net assets resulting from operations					11,759,985						16,595,131
Distributions to shareholders from net investment income and net realized gains
Class A					(206,571	)					(296,807	)
Class C					(491,662	)					(2,755,368	)
Institutional Class					(7,385	)					(12,973	)
Total distributions to shareholders					(705,618	)					(3,065,148	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		473,867			5,078,219			784,255			7,929,477
Class C		251,415			2,685,756			1,484,720			14,624,150
Institutional Class		36,037			385,415			154,637			1,542,234
					8,149,390						24,095,861
Reinvestment of distributions
Class A		19,127			206,307			29,412			296,366
Class C		45,556			490,641			271,115			2,729,197
Institutional Class		657			7,078			1,242			12,499
					704,026						3,038,062
Payment for shares redeemed
Class A		(261,312	)		(2,794,263	)		(424,008	)		(4,271,019	)
Class C		(1,504,432	)		(16,108,284	)		(5,428,685	)		(54,474,256	)
Institutional Class		(47,188	)		(503,634	)		(131,864	)		(1,316,978	)
					(19,406,181	)					(60,062,253	)
Net decrease in net assets resulting from capital share transactions					(10,552,765	)					(32,928,330	)
Total increase (decrease) in net assets					501,602						(19,398,347	)
Net assets
Beginning of period					234,430,586						253,828,933
End of period				$	234,932,188					$	234,430,586

The accompanying notes are an integral part of these financial statements.

40  |  Wells Fargo Multi-Asset Funds

Statements of changes in net assets

	Spectrum Moderate Growth Fund
	Six months ended November 30, 2020 (unaudited)						Year ended May 31, 2020
Operations
Net investment income				$	720,024					$	3,517,264
Net realized gains on investments					25,277,750						19,877,805
Net change in unrealized gains (losses) on investments					30,114,144						28,068,408
Net increase in net assets resulting from operations					56,111,918						51,463,477
Distributions to shareholders from net investment income and net realized gains
Class A					0						(813,632	)
Class C					0						(4,579,863	)
Institutional Class					0						(28,805	)
Total distributions to shareholders					0						(5,422,300	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		439,058			5,869,427			470,169			5,729,591
Class C		285,386			3,902,454			736,920			9,120,542
Institutional Class		148,077			1,997,631			450,633			5,535,084
					11,769,512						20,385,217
Reinvestment of distributions
Class A		0			0			64,744			813,231
Class C		0			0			356,445			4,574,503
Institutional Class		0			0			2,256			28,316
					0						5,416,050
Payment for shares redeemed
Class A		(328,271	)		(4,391,791	)		(867,171	)		(10,544,636	)
Class C		(2,721,526	)		(37,078,790	)		(9,473,999	)		(117,217,925	)
Institutional Class		(203,356	)		(2,722,323	)		(390,561	)		(4,802,340	)
					(44,192,904	)					(132,564,901	)
Net decrease in net assets resulting from capital share transactions					(32,423,392	)					(106,763,634	)
Total increase (decrease) in net assets					23,688,526						(60,722,457	)
Net assets
Beginning of period					526,076,349						586,798,806
End of period				$	549,764,875					$	526,076,349

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  41

Financial highlights

	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Spectrum Aggressive Growth Fund
Class A
Six months ended November 30, 2020 (unaudited)	$	18.59		0.07			3.29			0.00			0.00		$	21.95
Year ended May 31, 2020	$	16.52		0.19			2.11			(0.19	)		(0.04	)	$	18.59
Year ended May 31, 2019	$	20.55		0.17	4		(0.81	)		(0.26	)		(3.13	)	$	16.52
Year ended May 31, 2018	$	21.41		0.10			2.59			0.00			(3.55	)	$	20.55
Year ended May 31, 20175	$	20.15		(0.02	)4		1.28			0.00			0.00		$	21.41
Class C6
Six months ended November 30, 2020 (unaudited)	$	18.45		(0.01	)		3.28			0.00			0.00		$	21.72
Year ended May 31, 2020	$	16.39		0.07			2.07			(0.04	)		(0.04	)	$	18.45
Year ended May 31, 2019	$	20.33		0.06			(0.82	)		(0.05	)		(3.13	)	$	16.39
Year ended May 31, 2018	$	21.36		(0.02	)4		2.54			0.00			(3.55	)	$	20.33
Year ended May 31, 2017	$	18.25		(0.07	)		3.19			0.00			(0.01	)	$	21.36
Year ended May 31, 2016	$	19.44		(0.08	)		(1.11	)		0.00			0.00		$	18.25
Institutional Class
Six months ended November 30, 2020 (unaudited)	$	18.62		0.10	4		3.30			0.00			0.00		$	22.02
Year ended May 31, 2020	$	16.55		0.29			2.07			(0.25	)		(0.04	)	$	18.62
Year ended May 31, 20197	$	21.08		0.14			(1.26	)		(0.28	)		(3.13	)	$	16.55

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six Months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Class A		0.17	%		0.18	%		0.18	%		0.12	%		0.12	%5		N/A
Class C6		0.17	%		0.18	%		0.18	%		0.12	%		0.12	%		0.12	%
Institutional Class		0.17	%		0.18	%		0.18	%7		N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

42  |  Wells Fargo Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)			Gross expenses1			Net expenses1
	0.63	%		0.76	%		0.75	%		18.07	%		47	%	$	56,212
	1.08	%		0.77	%		0.75	%		13.91	%		71	%	$	44,714
	0.97	%		0.76	%		0.75	%		(2.35	)%		78	%	$	42,588
	0.75	%		0.75	%		0.75	%		12.61	%		63	%	$	3,993
	(0.30	)%		0.75	%		0.75	%		6.25	%		30	%	$	1,669
	(0.12	)%		1.51	%		1.50	%		17.72	%		47	%	$	353,208
	0.33	%		1.52	%		1.50	%		13.06	%		71	%	$	323,778
	0.32	%		1.51	%		1.50	%		(3.16	)%		78	%	$	355,837
	(0.10	)%		1.50	%		1.50	%		11.80	%		63	%	$	491,304
	(0.37	)%		1.50	%		1.50	%		17.07	%		30	%	$	532,454
	(0.46	)%		1.51	%		1.50	%		(6.12	)%		27	%	$	423,109
	0.96	%		0.43	%		0.42	%		18.26	%		47	%	$	3,447
	1.40	%		0.44	%		0.42	%		14.26	%		71	%	$	2,281
	1.40	%		0.43	%		0.42	%		(4.54	)%		78	%	$	1,172

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  43

Financial highlights

	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Spectrum Conservative Growth Fund
Class A
Six months ended November 30, 2020 (unaudited)	$	10.92		0.07			0.87			(0.07	)		0.00		$	11.79
Year ended May 31, 2020	$	10.30		0.15			0.76			(0.21	)		(0.08	)	$	10.92
Year ended May 31, 2019	$	10.90		0.19	4		0.03			(0.18	)		(0.64	)	$	10.30
Year ended May 31, 2018	$	11.83		0.18	4		0.40			(0.50	)		(1.01	)	$	10.90
Year ended May 31, 20175	$	11.56		0.07			0.28			(0.08	)		0.00		$	11.83
Class C6
Six months ended November 30, 2020 (unaudited)	$	11.14		0.02			0.89			(0.01	)		0.00		$	12.04
Year ended May 31, 2020	$	10.50		0.09			0.77			(0.14	)		(0.08	)	$	11.14
Year ended May 31, 2019	$	11.10		0.12	4		0.02			(0.10	)		(0.64	)	$	10.50
Year ended May 31, 2018	$	11.83		0.09			0.41			(0.22	)		(1.01	)	$	11.10
Year ended May 31, 2017	$	11.40		0.06			0.80			(0.08	)		(0.35	)	$	11.83
Year ended May 31, 2016	$	12.19		0.05			(0.30	)		(0.07	)		(0.47	)	$	11.40
Institutional Class
Six months ended November 30, 2020 (unaudited)	$	10.94		0.09			0.87			(0.08	)		0.00		$	11.82
Year ended May 31, 2020	$	10.32		0.20			0.74			(0.24	)		(0.08	)	$	10.94
Year ended May 31, 20197	$	11.06		0.14			(0.04	)		(0.20	)		(0.64	)	$	10.32

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended May 31, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Class A		0.15	%		0.16	%		0.16	%		0.13	%		0.11	%5		N/A
Class C6		0.15	%		0.16	%		0.17	%		0.13	%		0.11	%		0.11	%
Institutional Class		0.15	%		0.16	%		0.16	%7		N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

44  |  Wells Fargo Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	1.13	%		0.77	%		0.75	%		8.59	%		82	%	$	38,403
	1.47	%		0.77	%		0.75	%		8.95	%		162	%	$	31,965
	1.81	%		0.76	%		0.75	%		2.40	%		155	%	$	34,104
	1.58	%		0.75	%		0.75	%		4.87	%		161	%	$	2,712
	1.03	%		0.74	%		0.74	%		3.06	%		136	%	$	800
	0.38	%		1.52	%		1.50	%		8.19	%		82	%	$	344,776
	0.73	%		1.52	%		1.50	%		8.24	%		162	%	$	339,482
	1.13	%		1.51	%		1.50	%		1.58	%		155	%	$	393,207
	0.81	%		1.50	%		1.50	%		4.11	%		161	%	$	559,104
	0.52	%		1.49	%		1.49	%		7.75	%		136	%	$	707,284
	0.48	%		1.49	%		1.49	%		(2.02	)%		150	%	$	833,218
	1.47	%		0.44	%		0.42	%		8.79	%		82	%	$	2,867
	1.80	%		0.44	%		0.42	%		9.26	%		162	%	$	2,678
	1.37	%		0.43	%		0.42	%		1.28	%		155	%	$	1,817

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  45

Financial highlights

	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Spectrum Growth Fund
Class A
Six months ended November 30, 2020 (unaudited)	$	12.70		0.05	4		1.68			0.00			0.00		$	14.43
Year ended May 31, 2020	$	11.57		0.15			1.17			(0.18	)		(0.01	)	$	12.70
Year ended May 31, 2019	$	13.88		0.14	4		(0.30	)		(0.23	)		(1.92	)	$	11.57
Year ended May 31, 2018	$	14.60		0.12			1.39			(0.30	)		(1.93	)	$	13.88
Year ended May 31, 20176	$	13.92		0.01	4		0.67			0.00			0.00		$	14.60
Class C7
Six months ended November 30, 2020 (unaudited)	$	12.96		0.00	4,5		1.71			0.00			0.00		$	14.67
Year ended May 31, 2020	$	11.78		0.06			1.20			(0.07	)		(0.01	)	$	12.96
Year ended May 31, 2019	$	14.02		0.08			(0.33	)		(0.07	)		(1.92	)	$	11.78
Year ended May 31, 2018	$	14.58		0.04			1.34			(0.01	)		(1.93	)	$	14.02
Year ended May 31, 2017	$	13.39		(0.01	)4		1.84			0.00			(0.64	)	$	14.58
Year ended May 31, 2016	$	14.92		(0.01	)		(0.71	)		(0.04	)		(0.77	)	$	13.39
Institutional Class
Six months ended November 30, 2020 (unaudited)	$	12.70		0.07	4		1.68			0.00			0.00		$	14.45
Year ended May 31, 2020	$	11.57		0.16			1.20			(0.22	)		(0.01	)	$	12.70
Year ended May 31, 20198	$	14.20		0.18			(0.65	)		(0.24	)		(1.92	)	$	11.57

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Class A		0.15	%		0.16	%		0.17	%		0.12	%		0.11	%6		N/A
Class C7		0.15	%		0.16	%		0.17	%		0.12	%		0.11	%		0.11	%
Institutional Class		0.15	%		0.16	%		0.17	%8		N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  Amount is less than $0.005.

⁶  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁷  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁸  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

46  |  Wells Fargo Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income (loss)			Gross expenses1			Net expenses1
	0.77	%		0.79	%		0.75	%		13.62	%		69	%	$	29,056
	1.14	%		0.79	%		0.75	%		11.34	%		98	%	$	25,089
	1.20	%		0.78	%		0.75	%		(0.38	)%		97	%	$	23,420
	1.07	%		0.78	%		0.75	%		10.33	%		93	%	$	2,009
	0.16	%		0.76	%		0.75	%		4.89	%		58	%	$	357
	0.02	%		1.53	%		1.50	%		13.19	%		69	%	$	257,522
	0.40	%		1.53	%		1.50	%		10.67	%		98	%	$	241,980
	0.56	%		1.52	%		1.50	%		(1.12	)%		97	%	$	261,722
	0.26	%		1.51	%		1.50	%		9.45	%		93	%	$	354,185
	(0.06	)%		1.51	%		1.50	%		14.05	%		58	%	$	402,997
	(0.06	)%		1.51	%		1.50	%		(4.79	)%		59	%	$	429,628
	1.09	%		0.46	%		0.42	%		13.78	%		69	%	$	1,868
	1.44	%		0.46	%		0.42	%		11.71	%		98	%	$	1,016
	1.84	%		0.45	%		0.42	%		(2.47	)%		97	%	$	699

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  47

Financial highlights

	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Spectrum Income Allocation Fund
Class A
Six months ended November 30, 2020 (unaudited)	$	10.40		0.07			0.50			(0.10	)		0.00		$	10.87
Year ended May 31, 2020	$	9.82		0.16			0.59			(0.17	)		0.00		$	10.40
Year ended May 31, 2019	$	10.05		0.18			0.18			(0.19	)		(0.40	)	$	9.82
Year ended May 31, 2018	$	10.52		0.20			0.02			(0.19	)		(0.50	)	$	10.05
Year ended May 31, 20174	$	10.34		0.04			0.18			(0.04	)		0.00		$	10.52
Class C5
Six months ended November 30, 2020 (unaudited)	$	10.36		0.03			0.50			(0.03	)		0.00		$	10.86
Year ended May 31, 2020	$	9.81		0.09			0.58			(0.12	)		0.00		$	10.36
Year ended May 31, 2019	$	10.06		0.14	6		0.13			(0.12	)		(0.40	)	$	9.81
Year ended May 31, 2018	$	10.51		0.11			0.04			(0.10	)		(0.50	)	$	10.06
Year ended May 31, 2017	$	10.33		0.07			0.38			(0.10	)		(0.17	)	$	10.51
Year ended May 31, 2016	$	10.82		0.07			(0.20	)		(0.08	)		(0.28	)	$	10.33
Institutional Class
Six months ended November 30, 2020 (unaudited)	$	10.39		0.08			0.50			(0.12	)		0.00		$	10.85
Year ended May 31, 2020	$	9.80		0.21			0.57			(0.19	)		0.00		$	10.39
Year ended May 31, 20197	$	10.15		0.15			0.12			(0.22	)		(0.40	)	$	9.80

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six Months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Class A		0.15	%		0.15	%		0.16	%		0.13	%		0.11	%4		N/A
Class C5		0.15	%		0.15	%		0.16	%		0.13	%		0.11	%		0.11	%
Institutional Class		0.15	%		0.15	%		0.16	%7		N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁵  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁶  Calculated based upon average shares outstanding

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019.

The accompanying notes are an integral part of these financial statements.

48  |  Wells Fargo Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	1.28	%		0.80	%		0.75	%		5.47	%		93	%	$	24,731
	1.61	%		0.80	%		0.75	%		7.72	%		197	%	$	21,256
	2.15	%		0.79	%		0.75	%		3.84	%		183	%	$	16,242
	1.81	%		0.77	%		0.75	%		2.05	%		192	%	$	4,532
	1.34	%		0.76	%		0.75	%		2.14	%		175	%	$	4,468
	0.53	%		1.55	%		1.50	%		5.07	%		93	%	$	209,574
	0.89	%		1.55	%		1.50	%		6.90	%		197	%	$	212,465
	1.41	%		1.54	%		1.50	%		2.89	%		183	%	$	237,153
	1.05	%		1.52	%		1.50	%		1.37	%		192	%	$	319,498
	0.72	%		1.50	%		1.50	%		4.42	%		175	%	$	425,400
	0.68	%		1.51	%		1.50	%		(1.11	)%		198	%	$	523,832
	1.62	%		0.47	%		0.42	%		5.64	%		93	%	$	627
	1.96	%		0.47	%		0.42	%		8.07	%		197	%	$	710
	1.61	%		0.46	%		0.42	%		2.95	%		183	%	$	434

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  49

Financial highlights

	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Spectrum Moderate Growth Fund
Class A
Six months ended November 30, 2020 (unaudited)	$	12.64		0.06	4		1.36			0.00			0.00		$	14.06
Year ended May 31, 2020	$	11.64		0.15			1.07			(0.21	)		(0.01	)	$	12.64
Year ended May 31, 2019	$	13.27		0.18	4		(0.14	)		(0.23	)		(1.44	)	$	11.64
Year ended May 31, 2018	$	14.24		0.19	4		0.89			(0.42	)		(1.63	)	$	13.27
Year ended May 31, 20175	$	13.68		0.01			0.55			0.00			0.00		$	14.24
Class C6
Six months ended November 30, 2020 (unaudited)	$	12.87		0.03			1.38			0.00			0.00		$	14.28
Year ended May 31, 2020	$	11.85		0.08			1.06			(0.11	)		(0.01	)	$	12.87
Year ended May 31, 2019	$	13.40		0.11			(0.14	)		(0.08	)		(1.44	)	$	11.85
Year ended May 31, 2018	$	14.21		0.09			0.87			(0.14	)		(1.63	)	$	13.40
Year ended May 31, 2017	$	13.29		0.05			1.40			0.00			(0.53	)	$	14.21
Year ended May 31, 2016	$	14.52		0.03			(0.53	)		(0.06	)		(0.67	)	$	13.29
Institutional Class
Six months ended November 30, 2020 (unaudited)	$	12.64		0.08	4		1.37			0.00			0.00		$	14.09
Year ended May 31, 2020	$	11.65		0.25			1.01			(0.26	)		(0.01	)	$	12.64
Year ended May 31, 20197	$	13.52		0.15			(0.33	)		(0.25	)		(1.44	)	$	11.65

¹  Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:

	Six months ended November 30, 2020 (unaudited)			Year ended May 31
				2020			2019			2018			2017			2016
Class A		0.15	%		0.16	%		0.17	%		0.12	%		0.11	%5		N/A
Class C6		0.15	%		0.16	%		0.17	%		0.12	%		0.11	%		0.11	%
Institutional Class		0.15	%		0.16	%		0.16	%7		N/A			N/A			N/A

²  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³  Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

⁴  Calculated based upon average shares outstanding

⁵  For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶  Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷  For the period from July 31, 2018 (commencement of class operations) to May 31, 2019

The accompanying notes are an integral part of these financial statements.

50  |  Wells Fargo Multi-Asset Funds

Financial highlights

Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
Net investment income			Gross expenses1			Net expenses1
	0.94	%		0.75	%		0.75	%		11.23	%		75	%	$	52,900
	1.31	%		0.76	%		0.75	%		10.49	%		131	%	$	46,133
	1.51	%		0.76	%		0.75	%		1.02	%		126	%	$	46,380
	1.33	%		0.75	%		0.75	%		7.51	%		129	%	$	3,031
	0.54	%		0.74	%		0.74	%		4.09	%		102	%	$	1,464
	0.19	%		1.50	%		1.50	%		10.96	%		75	%	$	495,476
	0.57	%		1.51	%		1.50	%		9.58	%		131	%	$	477,998
	0.84	%		1.50	%		1.50	%		0.31	%		126	%	$	539,352
	0.56	%		1.50	%		1.50	%		6.65	%		129	%	$	732,031
	0.30	%		1.49	%		1.49	%		11.14	%		102	%	$	867,751
	0.26	%		1.49	%		1.49	%		(3.39	)%		100	%	$	966,932
	1.26	%		0.42	%		0.42	%		11.47	%		75	%	$	1,389
	1.63	%		0.43	%		0.42	%		10.78	%		131	%	$	1,945
	1.38	%		0.43	%		0.42	%		(0.62	)%		126	%	$	1,067

The accompanying notes are an integral part of these financial statements.

Wells Fargo Multi-Asset Funds  |  51

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Spectrum Aggressive Growth Fund (“Spectrum Aggressive Growth Fund”), Wells Fargo Spectrum Conservative Growth Fund (“Spectrum Conservative Growth Fund”), Wells Fargo Spectrum Growth Fund (“Spectrum Growth Fund” ), Wells Fargo Spectrum Income Allocation Fund (“Spectrum Income Allocation Fund” ) and Wells Fargo Spectrum Moderate Growth Fund (“Spectrum Moderate Growth Fund” ) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Effective at the close of business on October 30, 2020, each Fund changed its name and four of the Funds changed its investment strategy and revised its neutral asset allocation. The name changes of each Fund were as follows:

Former fund name	New fund name
WealthBuilder Equity Fund	Spectrum Aggressive Growth Fund
WealthBuilder Moderate Balanced Fund	Spectrum Conservative Growth Fund
WealthBuilder Growth Allocation Fund	Spectrum Growth Fund
WealthBuilder Conservative Allocation Fund	Spectrum Income Allocation Fund
WealthBuilder Growth Balanced Fund	Spectrum Moderate Growth Fund

Each Fund is a fund-of-funds that may invest in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated mutual funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and each Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of each affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the affiliated mutual funds or by contacting the servicing agent of the unaffiliated mutual funds and exchange-traded funds. The financial statements of the affiliated Master Portfolios are available by visiting the SEC website at sec.gov and are filed with the SEC under Wells Fargo Master Trust. The financial statements for all other affiliated Underlying Funds are also publicly available on the SEC website at sec.gov.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Funds may deviate from this calculation time under unusual or unexpected circumstances.

Investments in underlying mutual funds are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Funds’ Valuation Procedures.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

52  |  Wells Fargo Multi-Asset Funds

Notes to financial statements (unaudited)

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Futures contracts

Futures contracts are agreements between each Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. A Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values and foreign exchange rates and is subject to interest rate risk, equity price risk, and/or 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 Statements of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s income, expenses and realized and unrealized gains and losses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date for each Fund as follows:

	Net investment income		Net realized gains
Spectrum Aggressive Growth Fund		Annually		Annually
Spectrum Conservative Growth Fund		Quarterly		Annually
Spectrum Growth Fund		Annually		Annually
Spectrum Income Allocation Fund		Monthly		Annually
Spectrum Moderate Growth Fund		Annually		Annually

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Wells Fargo Multi-Asset Funds  |  53

Notes to financial statements (unaudited)

As of November 30, 2020, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:

	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains
Spectrum Aggressive Growth Fund	$	324,275,285	$	88,047,453	$	(5,456,314	)	$	82,591,139
Spectrum Conservative Growth Fund		352,133,294		30,693,570		(1,542,483	)		29,151,087
Spectrum Growth Fund		256,197,524		147,384,752		(119,288,564	)		28,096,188
Spectrum Income Allocation Fund		214,149,032		19,178,571		(1,209,879	)		17,968,692
Spectrum Moderate Growth Fund		492,331,104		302,223,251		(251,833,673	)		50,389,578

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of November 30, 2020:

Spectrum Aggressive Growth Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	25,457,407	$	0	$	0	$	25,457,407
Investment companies		40,513,546		0		0		40,513,546
Short-term investments
Investment companies		2,400,000		0		0		2,400,000
Investments measured at net asset value*								337,621,075
		68,370,953		0		0		405,992,028
Futures contracts		1,237,844		0		0		1,237,844
Total assets	$	69,608,797	$	0	$	0	$	407,229,872
Liabilities
Futures contracts	$	363,448	$	0	$	0	$	363,448
Total liabilities	$	363,448	$	0	$	0	$	363,448

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios valued at $337,621,075 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

54  |  Wells Fargo Multi-Asset Funds

Notes to financial statements (unaudited)

Spectrum Conservative Growth Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	29,902,918	$	0	$	0	$	29,902,918
Investment companies		94,579,877		0		0		94,579,877
Short-term investments
Investment companies		1,280,700		0		0		1,280,700
Investments measured at net asset value*								254,658,960
		125,763,495		0		0		380,422,455
Futures contracts		1,188,953		0		0		1,188,953
Total assets	$	126,952,448	$	0	$	0	$	381,161,408
Liabilities
Futures contracts	$	327,027	$	0	$	0	$	327,027
Total liabilities	$	327,027	$	0	$	0	$	327,027

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios valued at $254,658,960 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Spectrum Growth Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	22,527,022	$	0	$	0	$	22,527,022
Investment companies		67,269,643		0		0		67,269,643
Short-term investments
Investment companies		966,950		0		0		966,950
Investments measured at net asset value*								192,901,707
		90,763,615		0		0		283,665,322
Futures contracts		879,433		0		0		879,433
Total assets	$	91,643,048	$	0	$	0	$	284,544,755
Liabilities
Futures contracts	$	251,043	$	0	$	0	$	251,043
Total liabilities	$	251,043	$	0	$	0	$	251,043

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios valued at $192,901,707 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Wells Fargo Multi-Asset Funds  |  55

Notes to financial statements (unaudited)

Spectrum Income Allocation Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	14,918,250	$	0	$	0	$	14,918,250
Investment companies		47,258,133		0		0		47,258,133
Short-term investments
Investment companies		1,100,000		0		0		1,100,000
Investments measured at net asset value*								168,303,140
		63,276,383		0		0		231,579,523
Futures contracts		736,862		0		0		736,862
Total assets	$	64,013,245	$	0	$	0	$	232,316,385
Liabilities
Futures contracts	$	198,661	$	0	$	0	$	198,661
Total liabilities	$	198,661	$	0	$	0	$	198,661

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investment in affiliated master portfolios valued at $168,303,140 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Spectrum Moderate Growth Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Exchange-traded funds	$	37,319,057	$	0	$	0	$	37,319,057
Investment companies		124,282,776		0		0		124,282,776
Short-term investments
Investment companies		2,652,130		0		0		2,652,130
Investments measured at net asset value*								377,256,246
		164,253,963		0		0		541,510,209
Futures contracts		1,681,440		0		0		1,681,440
Total assets	$	165,935,403	$	0	$	0	$	543,191,649
Liabilities
Futures contracts	$	470,967	$	0	$	0	$	470,967
Total liabilities	$	470,967	$	0	$	0	$	470,967

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investment in affiliated Master Portfolios valued at $377,256,246 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following each applicable Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended November 30, 2020, the Funds did not have any transfers into/out of Level 3.

56  |  Wells Fargo Multi-Asset Funds

Notes to financial statements (unaudited)

The investment objective of each affiliated Master Portfolio is as follows:

Affiliated Master Portfolio	Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation
Wells Fargo Disciplined Large Cap Portfolio	Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio	Seeks long-term capital appreciation
Wells Fargo Factor Enhanced International Equity Portfolio	Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio	Seeks long-term capital appreciation
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio	Seeks long-term capital appreciation
Wells Fargo High Yield Corporate Bond Portfolio	Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation
Wells Fargo Strategic Retirement Bond Portfolio	Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on each Fund’s average daily net assets

Average daily net assets	Management fee
First $1 billion		0.250	%
Next $4 billion		0.225
Next $5 billion		0.190
Over $10 billion		0.180

For the six months ended November 30, 2020, the management fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a an annual subadvisory fee of 0.15% of each Fund’s average daily net assets

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account

Wells Fargo Multi-Asset Funds  |  57

Notes to financial statements (unaudited)

servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A, Class C		0.21	%
Institutional Class		0.13

Waivers and/or expense reimbursements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of a Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through September 30, 2021 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares, and 0.42% for Institutional Class shares. Acquired fund fees and expenses (including net expenses from affiliated Master Portfolios) are excluded from the expense caps. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2020, Funds Distributor received front-end sales charges and contingent deferred sales charges from the following Funds:

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
Spectrum Aggressive Growth Fund	$	3,566	$	569
Spectrum Conservative Growth Fund		2,685		512
Spectrum Growth Fund		2,151		529
Spectrum Income Allocation Fund		1,384		68
Spectrum Moderate Growth Fund		2,154		535

No contingent deferred sales charges were incurred by Class A shares of each Fund for the six months ended November 30, 2020.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Funds seek to achieve their investment objectives by investing some of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales in Underlying Funds in which the Funds invest are actual aggregate purchases and sales of those investments.

58  |  Wells Fargo Multi-Asset Funds

Notes to financial statements (unaudited)

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2020 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Spectrum Aggressive Growth Fund	$	0	$	171,671,821	$	0	$	227,993,259
Spectrum Conservative Growth Fund		161,313,286		151,197,710		147,269,239		158,575,202
Spectrum Growth Fund		15,815,146		171,580,957		12,221,676		171,863,188
Spectrum Income Allocation Fund		191,448,471		25,719,496		177,608,951		52,818,959
Spectrum Moderate Growth Fund		109,828,134		277,588,482		96,890,982		296,099,278

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2020, the following Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy. The volume of each Fund’s futures contracts during the six months ended November 30, 2020 was as follows:

	Average notional balance
	Long futures		Short futures
Spectrum Aggressive Growth Fund	$	31,924,458	$	43,297,390
Spectrum Conservative Growth Fund		25,266,592		29,749,344
Spectrum Growth Fund		22,892,213		30,755,406
Spectrum Income Allocation Fund		19,400,198		20,241,025
Spectrum Moderate Growth Fund		46,356,740		57,277,922

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined following tables.

The fair value of derivative instruments as of November 30, 2020 by primary risk type was as follows for Spectrum Aggressive Growth Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	1,103,295	*	Unrealized losses on futures contracts	$	363,448	*
Foreign currency risk	Unrealized gains on futures contracts		64,973	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		69,576	*	Unrealized losses on futures contracts		0	*
		$	1,237,844			$	363,448

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

Wells Fargo Multi-Asset Funds  |  59

Notes to financial statements (unaudited)

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2020 was as follows:

	Realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(3,925,695	)	$	597,993
Foreign currency risk		80,268			226,362
Interest rate risk		(167,260	)		69,576
	$	(4,012,687	)	$	893,931

The fair value of derivative instruments as of November 30, 2020 by primary risk type was as follows for Spectrum Conservative Growth Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	1,059,022	*	Unrealized losses on futures contracts	$	327,027	*
Foreign currency risk	Unrealized gains on futures contracts		61,256	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		68,675	*	Unrealized losses on futures contracts		0	*
		$	1,188,953			$	327,027

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2020 was as follows:

	Realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	3,041,512		$	(2,589,305	)
Interest rate risk		181,148			68,675
Foreign currency risk		(965,010	)		229,514
	$	2,257,650		$	(2,291,116	)

The fair value of derivative instruments as of November 30, 2020 by primary risk type was as follows for Spectrum Growth Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risks	Unrealized gains on futures contracts	$	783,723	*	Unrealized losses on futures contracts	$	251,043	*
Interest rate risk	Unrealized gains on futures contracts		50,081	*	Unrealized losses on futures contracts		0	*
Foreign currency risk	Unrealized gains on futures contracts		45,629	*	Unrealized losses on futures contracts		0	*
		$	879,433			$	251,043

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

60  |  Wells Fargo Multi-Asset Funds

Notes to financial statements (unaudited)

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2020 was as follows:

	Realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	848,971		$	(1,754,565	)
Foreign currency risk		(679,392	)		163,237
Interest rate risk		135,557			50,081
	$	305,136		$	(1,541,247	)

The fair value of derivative instruments as of November 30, 2020 by primary risk type was as follows for Spectrum Income Allocation Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	656,668	*	Unrealized losses on futures contracts	$	198,661	*
Foreign currency risk	Unrealized gains on futures contracts		37,309	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		42,885	*	Unrealized losses on futures contracts		0	*
		$	736,862			$	198,661

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2020 was as follows:

	Realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	2,472,509		$	(1,637,122	)
Interest rate risk		109,371			42,885
Foreign currency risk		(606,600	)		142,988
	$	1,975,280		$	(1,451,249	)

The fair value of derivative instruments as of November 30, 2020 by primary risk type was as follows for Spectrum Moderate Growth Fund:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Equity risk	Unrealized gains on futures contracts	$	1,498,066	*	Unrealized losses on futures contracts	$	470,967	*
Foreign currency risk	Unrealized gains on futures contracts		87,108	*	Unrealized losses on futures contracts		0	*
Interest rate risk	Unrealized gains on futures contracts		96,266	*	Unrealized losses on futures contracts		0	*
		$	1,681,440			$	470,967

* Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2020 is reported separately on the Statement of Assets and Liabilities.

Wells Fargo Multi-Asset Funds  |  61

Notes to financial statements (unaudited)

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2020 was as follows:

	Realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	1,010,182		$	(3,303,970	)
Interest rate risk		263,843			96,266
Foreign currency risk		(1,350,043	)		321,641
	$	(76,018	)	$	(2,886,063	)

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 each 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 each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2020, there were no borrowings by each Fund under the agreement.

8. INDEMNIFICATION

Under the Funds’ 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 each Fund. Each 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, each Fund may enter into contracts with service providers that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements 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.

10. CORONAVIRUS (COVID-19) PANDEMIC

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets.

62  |  Wells Fargo Multi-Asset Funds

Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Multi-Asset Funds  |  63

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 144 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 Chair, 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

64  |  Wells Fargo Multi-Asset Funds

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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; Chair, 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 Multi-Asset Funds  |  65

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 and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. 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.    

66  |  Wells Fargo Multi-Asset Funds

This page is intentionally left blank.

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Funds’ website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Funds’ website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2021 Wells Fargo & Company. All rights reserved.

PAR-1220-00738 01-20

SWBP/SAR102 11-20

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 27, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	January 27, 2021

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	January 27, 2021

By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	January 27, 2021

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Asset Allocation Fund, Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo International Value Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund, Wells Fargo Spectrum Income Allocation Fund, Wells Fargo Spectrum Growth Fund, Wells Fargo Spectrum Moderate Growth Fund, Wells Fargo Spectrum Conservative Growth Fund, and Wells Fargo Spectrum Aggressive Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2021

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo International Value Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2021

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Asset Allocation Fund, Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo Spectrum Income Allocation Fund, Wells Fargo Spectrum Growth Fund, Wells Fargo Spectrum Moderate Growth Fund, Wells Fargo Spectrum Conservative Growth Fund, and Wells Fargo Spectrum Aggressive Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: January 27, 2021

/s/ Jeremy DePalma

Jeremy DePalma

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2021

By:
	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of her knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2021

By:
	/s/ Nancy Wiser
	Nancy Wiser Treasurer Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSRS for the six months ended November 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: January 27, 2021

By:
	/s/ Jeremy DePalma
	Jeremy DePalma Treasurer Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

Exhibit 99.906CERT